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Senators Smith, Rounds Reintroduce Bipartisan Bill to Spur Economic Development in Underserved Communities
WASHINGTON – U.S. Senators Tina Smith (D-MN) and Mike Rounds (R-SD) reintroduced bipartisan legislation to jumpstart economic development in economically distressed areas and address disparities in access to capital for underserved communities. The bill would strengthen and expand Community Development Financial Institutions (CDFI), which play a critical role in bringing capital and financial services to a wide range of underserved communities – from urban areas to small towns and rural communities to Tribal lands. “Unequal access to capital and financial services is a key driver of economic disparity in rural areas, communities of color, and Indigenous communities,” said Sen. Smith. “This legislation will jumpstart economic development in these communities by expanding and enhancing a program with a track record of effective capital investment and community development.” Their legislation—the CDFI Bond Guarantee Program Improvement Act, named for Community Development Financial Institutions–will extend authorization of the CDFI Bond Guarantee Program, while making it more reliable and accessible to smaller CDFIs. This legislation will expand and improve a successful program that operates without a taxpayer subsidy and allows CDFIs to access long-term, stable funding. The CDFI Bond Guarantee Program was enacted in 2010 to provide long-term, low-cost capital to CDFIs, which use the funding for economic development activities in underserved communities. The program’s authorization lapsed in 2014, but it has been extended on a year-by-year basis in annual appropriations bills. Under current program rules, borrowers must have a loan size of at least $100 million – which means that the program can only
Senator Smith, Colleagues Introduce Legislation to Help Make College Textbooks More Affordable
WASHINGTON – Today, U.S. Senators Tina Smith (D-MN), Dick Durbin (D-IL), Angus King (I-ME), and Kyrsten Sinema (I-AZ), along with U.S. Representative Joe Neguse (D-CO-02) introduced bicameral legislation designed to help students manage costs by making high quality textbooks easily accessible to students, professors, and the public for free. The Affordable College Textbook Act would authorize a competitive grant program to support the creation of and expansion of open college textbooks—textbooks that are available under an open license, allowing professors, students, researchers, and others to freely access the materials. “Textbooks are a key part of a college education – but for too many students, their cost is exorbitant and a real strain on their budgets,” said Smith. “In Minnesota, we’ve seen how free, open access textbooks can make a huge difference and save students money—and I want more students to reap these benefits. This bill is a critical step in the effort to lower the cost of college for students.” “Students already are facing momentous barriers to obtaining a college education because of the rising costs of tuition. On top of this, students are expected to shell out additional dollars to purchase expensive, required textbooks for their coursework,” said Durbin. “Open textbooks are a tried and true way to save students money while ensuring they have access to quality instructional materials. I’m introducing the Affordable College Textbook Act again to support students pursuing higher education.” “Textbooks are a central part of a college education – but for students already struggling to
Sen. Tina Smith on Supreme Court Justice Kennedy’s Retirement: “Pivotal Moment in Our Country”
WASHINGTON, D.C. [06/27/18]—Today, while delivering a speech on the Senate floor, U.S. Senator Tina Smith made the following statement on Justice Kennedy’s retirement announcement. You can access video of her remarks here. “This is a pivotal moment in our country. With Justice Kennedy’s retirement announcement today, the stakes have never been higher for making sure we choose a Supreme Court justice committed to the constitution and protecting the most fundamental rights of Americans—the right to vote, the ability to organize, a woman’s right to choose. And whomever replaces Justice Kennedy will no doubt have a say on issues that affect the
U.S. Senator Tina Smith Helps Pass Bipartisan Senate Farm Bill
WASHINGTON, D.C. [06/28/18]—After taking a leading role in making sure Minnesota priorities are included in the 2018 Farm Bill as a member of the Senate Agriculture Committee, U.S Senator Tina Smith (D-Minn.) was proud to help pass the bipartisan legislation in the Senate today. The Senate Farm Bill includes measures authored and championed by Sen. Smith—her legislative roadmap for the energy title of the Farm Bill, her provision to expand access to much-needed broadband in rural communities and tribal areas across the country, and a provision to create a U.S. Department of Agriculture “Rural Health Liaison” who will work
Sen. Tina Smith in Senate Floor Speech: “Farm Bill Touches Lives of Virtually Every American”
WASHINGTON, D.C. [06/28/18]—Today, U.S. Sen. Tina Smith (D-Minn.)—a member of the Senate Agriculture Committee—urged her Senate colleagues to pass the bipartisan Farm Bill in order to provide more certainty to farmers, and to support jobs in Minnesota and across the country. You can download video of Sen. Smith’s speech here and access a copy of her remarks as prepared for delivery here. “The Farm Bill touches the lives of virtually every American, and it is vital to my state’s economy,” said Sen. Smith in her speech from the Senate floor. “This bill will provide important stability and predictability to Minnesota farmers, ranchers, rural communities, and
Sen. Tina Smith Introduces Bill to Prevent Another Sun Country Airlines Debacle
WASHINGTON, D.C. [06/28/18]—Today, U.S. Sen. Tina Smith (D-Minn.) followed up on her promise to explore legislation to prevent another incident like the Sun Country Airlines blunder by introducing the Airline Consumer Protection Act. Earlier this year, Eagan-based Sun Country Airlines stranded travelers in Mexico and around the country, leaving them scrambling to find additional lodging and their own way home. Sen. Smith’s Airline Consumer Protection Act seeks to ensure that this won’t happen again by guaranteeing that when a consumer purchases an airline ticket you are getting the transportation you paid for—which often is not the case in the fine print of airline tickets. The bill would also
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