Latest Releases
U.S. Senators Tina Smith, Cynthia Lummis Introduce Bipartisan Legislation to Protect Prospective Homebuyers from Predatory Financing Agreements
WASHINGTON, D.C. – Today, U.S. Senators Tina Smith (D-MN) and Cynthia Lummis (R-WY) introduced the Preserving Pathways to Homeownership Act, bipartisan legislation to establish basic protections for consumers who seek to purchase a home using a land contract, or contract for deed. Land contracts are an alternative form of seller financing for real estate transactions, often marketed as a way for people who can’t get a conventional mortgage to realize the dream of owning a home. However, land contracts can lack many of the consumer protections available in mortgage lending: full disclosure of costs and fees, protections if a homeowner misses payments or falls on hard times, and protections in the case of fraud. Unscrupulous sellers have used these arrangements to take advantage of unsuspecting buyers. They design the land contract to fail and move to evict when the buyer inevitably breaches it. Buyers typically lose their home and everything they’ve invested in it, and the seller can repeat this process with other buyers. It is estimated that across the country, more than 8 million homes have been sold with land contracts, underscoring the widespread nature of this issue. “Without a safe, decent place to call home, nothing in your life works – not your job, your health, your education, or your family. It is appalling that some Minnesota families trying to pursue the dream of home ownership, who are struggling to receive traditional mortgages, whether due to their credit rating, or because the tenets of their faith preclude them from paying and profiting off
The Affordable Housing and Homeownership Protection Act Would Tackle Housing Crisis by Creating Millions More Homes and Helping Main Street Compete with Wall Street
WASHINGTON, DC – As the nation’s housing shortage pushes home prices and rents to historic levels, a new Senate bill would provide tens of billions of dollars to help create millions of new homes for low-income Americans. U.S. Senators Tina Smith (D-MN), Jack Reed (D-RI)and Tammy Baldwin (D-WI) are teaming up with several colleagues to introduce the Affordable Housing and Homeownership Protection Act (S. 3673). This bill would generate up to $50 billion over ten years to help build and preserve approximately 3 million affordable housing units nationwide. The bill would be fully paid for through a transfer tax on large investors who profit by purchasing sixteen single-family homes or more. Driven by a shortage of as many as 6.8 million homes nationwide, homes prices have surged 39% and rents 31% over the last four years, according to the National Association of Realtors and Zillow. Higher rents and fewer opportunities for homeownership are devastating for millions of families. As housing costs skyrocket, more households are priced out of homeownership, while renters have less to spend on food, clothing, and other everyday necessities. Low-income Americans are particularly strained – the National Low Income Housing Coalition estimates 73% of extremely low-income households spend more than half their income on housing. Unsurprisingly, homelessness has risen in line with housing prices and is up 15% since 2019. Unfortunately, federal investments in low-income housing are insufficient to solve this affordability crisis. Indeed, researchers at Harvard University found that the three largest federal housing programs serve nearly
Sen. Smith Lauds EPA’s Lifting of Summertime E15 Ban
WASHINGTON, D.C. [05/31/19]—Today, U.S. Sen. Tina Smith (D-Minn.) lauded the lifting of the E15 ban, a move that will expand the use of ethanol in the nation’s fuel supply during the summer “Farmers in Minnesota and across the country have been hit hard by low farm prices and recent trade uncertainties that have pushed prices even lower,” Sen. Smith said. “This rule change—something I’ve long fought for–will increase demand for farm products, bolster our farm communities, all while expanding the use of renewable fuels nationwide.” Senator Smith, a member of the Agriculture committee, has consistently pushed for the
U.S. Senator Tina Smith: Trump’s New Farm Aid “A Little Band-Aid for a Big, Ugly Problem”
**VIDEO RELEASE** WASHINGTON, D.C. [05/24/2019]—In an interview this week on Bloomberg TV, U.S. Sen. Tina Smith (D-Minn.) discussed the challenges facing farmers and rural communities, and characterized the Trump Administration’s recently announced aid as “a little Band-Aid for a big, ugly problem.” You can watch the video of her full interview here. “I don’t know a single farm that wouldn’t see that and say, sure, I’m happy to accept a helping hand because I’m really hurting right now,” said Sen. Smith—a member of the Senate Ag Committee. “But what I think most farmers in Minnesota would say is that’s a
Klobuchar and Smith Hail Senate Passage of Bipartisan Bill to Crack Down on Robocalls
WASHINGTON, D.C. [05/23/19] – Today, U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) lauded Senate passage of a bill they championed that will increase penalties against telemarketers who spam Americans with robocalls and promote call authentication and blocking technologies. Robocalls are on the rise, with one source reporting an increase of 50% in robocall volume from February to July of last year. The bipartisan Telephone Robocall Abuse Criminal Enforcement and Deterrence (TRACED) Act passed in the Senate today would increase penalties for fraudulent telemarketers, while also implementing measures to proactively protect consumers from receiving unwanted robocalls. The bipartisan bill was
U.S. Senator Tina Smith’s Key Health Care Priorities Included in Larger, Bipartisan Health Care Costs Package
WASHINGTON, D.C. [05/23/2019]—A number of measures championed by U.S. Senator Tina Smith (D-Minn.) were included in the bipartisan package to address the rising cost of health care released today by the Senate Health Committee, including Sen. Smith’s efforts to help bring lower-cost insulin and generic drugs to market. Sen. Smith said both her bipartisan Protecting Access to Biosimilars Act and the Ensuring Innovation Act were added to the package, and her work with colleagues to increase price transparency by strengthening health care databases is also included. “The high costs of health care are jeopardizing the financial security of Americans and
English