Latest Releases
U.S. Senators Tina Smith, Mike Rounds Announce More Bipartisan Support for Legislation to Modernize and Reform Rural Housing Programs
Washington [9.19.23] – This week, Senators Tina Smith (D-MN) and Mike Rounds (R-SD) announced growing support for their bipartisan legislation to improve federal rural housing programs, cut red tape, and strengthen the supply of affordable housing. Their updated bill would represent the most significant Rural Housing Service reforms years, and has the support of a large bipartisan group of senators including eight members of the Banking Committee. New cosponsors include Senators Cynthia Lummis (R-WY), Jon Tester (D-MT), Mike Crapo (R-ID), Chris Van Hollen (D-MD), Steve Daines (R-MT), and John Fetterman (D-PA). “Without a safe, affordable place to live, nothing else in your life works. Not your job, not your education, not your health,” said Smith. “We know that the housing crisis is hurting communities across the country, and the problem is particularly acute in rural places. This legislation is the direct result of bipartisan hearings and conversations with stakeholders who helped identify ways we can make federal rural housing programs work better for people struggling to find a safe, affordable place to live. I’m excited about the growing support for this package of rural housing reforms” “I am pleased with the bipartisan coalition that is building around this commonsense legislation to update USDA’s Rural Housing Service,” said Rounds. “Homeownership is part of the American dream and a key to building wealth. This legislation makes important improvements and updates that will create and preserve affordable housing opportunities in South Dakota. As we face an affordable housing crisis across the nation, I
U.S. Senator Tina Smith Applauds Senate Passage of Her Bipartisan Bill to Help Small Businesses Access Capital, Create Jobs in Rural America
WASHINGTON – U.S. Senator Tina Smith (D-MN) applauded the Senate’s passage of her bipartisan Expanding Access to Capital for Rural Job Creators Act. The legislation, which is co-led by Senator John Kennedy (R-LA), would help eliminate hurdles small businesses in rural areas disproportionately face when they try to access capital. “Access to capital is essential to the economic health and growth of rural communities in Minnesota and across the country,” said Sen. Smith. “Rural small businesses often face disproportionate obstacles when trying to secure capital to develop and grow their businesses. This legislation would help rural small businesses overcome these hurdles and strengthen our rural economies.” Access to capital is critical for starting and expanding rural small businesses, which often face a disproportionate number of obstacles when seeking capital investment. This bipartisan legislation, the Expanding Access to Capital for Rural Job Creators Act, would require the Securities and Exchange Commission to submit annual reports on the unique challenges small businesses in rural areas face when trying to secure capital. The report would outline roadblocks and identify solutions to ensure rural small businesses, and the local economies they support, are able to develop and grow. Senators Gary Peters (D-MI), Raphael Warnock (D-GA), Shelley Moore Capito (R-WV) and Jacky Rosen (D-NV) also cosponsored the legislation.
Sen. Tina Smith’s Statement on Commerce Dept. Recommendation for Steep New Tariffs on Foreign Steel
Today, U.S. Senator Tina Smith released the following statement on an announcement that the Department of Commerce will recommend heavy new tariffs on foreign steel imports. “One of my first stops as Senator was in Eveleth, home to the U.S. Hockey Hall of Fame, as well as many of the hardest-working men and women in the country,” said Sen. Smith. “When I was there, I talked with local steelworkers about the biggest challenges facing Northern Minnesota. They told me their jobs are at risk if we don’t continue to crack down on steel dumping from countries like China. Since then, I pressed
Sen. Tina Smith Named to Bipartisan Select Committee to Solve Pensions Crisis Facing 22,000 Minnesotans
Sen. Tina Smith was appointed to a newly formed bipartisan panel tasked with finding solutions to a financial crisis that’s threatening the hard-earned pensions of 22,000 retired Minnesotans. The Joint Select Committee on Solvency of Multiemployer Pension Plans, established as part of the bipartisan budget agreement reached earlier this month, will provide recommendations and legislative language to significantly improve the solvency of multiemployer pension plans and the Pension Benefit Guaranty Corporation. Without reforms, as many as 100 pension plans across the country—including the troubled Central States Pension Fund, which covers those 22,000 Minnesotans—are on track to become insolvent. “There are
Sen. Tina Smith’s First Bill Would Address Unscrupulous Big Pharma Tactic That Prevents Minnesotans from Accessing Affordable Rx Drugs
U.S. Senator Tina Smith’s first standalone piece of legislation—the Expanding Access to Low Cost Generic Drugs Act—takes aim at a big pharma tactic that keeps affordable generic drugs out of the hands of Minnesota families and seniors. Sen. Smith’s bill, which she introduced today and is similar to a policy endorsed by the Trump Administration, gets at the heart of a major concern facing Minnesota families and seniors right now: prescription drug prices. We’re at the point now where around 25 percent of Americans who take prescription drugs report difficulty affording them. And while generic drugs are often a much less
Sen. Tina Smith Questions Five Big Pharma CEOs on Use of Corporate Tax Savings
Today, U.S. Senator Tina Smith questioned a group of major pharmaceutical executives on how they are using billions of their corporate tax cut dollars, expressing concern that the companies may be using the funds to enrich investors through stock “buybacks” and shareholder payouts instead of prioritizing lower prescription drug prices. The Tax Cuts and Jobs Act, signed into law in December, reduced the corporate income tax rate by over 40 percent, providing these companies with a large windfall of corporate tax savings that could be used to bring down costs for consumers or invest in new research and development. However,
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