Latest Releases
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 and address disparities in access to capital. 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 small businesses, homeowners and housing developers. Their legislation—the CDFI Bond Guarantee Program Improvement Act 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 at no cost to taxpayer and allows CDFIs to access long-term, stable funding. The CDFI Bond Guarantee Program was established 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 be used for relatively large projects. “Unequal access to capital and financial services is a key driver of economic disparity around Minnesota,” 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.” “Since 2010, the Community Development Financial Institutions (CDFI) Bond Guarantee Program has extended long-term, low-cost capital to underserved communities across America,” said Sen. Crapo. “By reducing the minimum dollar amount for each loan,
U.S. Senator Tina Smith’s Statement on Trump Administration’s Move to Abandon Minneapolis Police Reform
WASHINGTON, D.C — Today, U.S. Senator Tina Smith (D-Minn.) issued the following statement on the Department of Justice’s decision to withdraw the federal consent decree with the Minneapolis Police Department: “I am deeply disturbed by the Trump administration’s decision to abandon the federal consent decree with the Minneapolis Police Department. This decree was based on the Justice Department’s own investigation, which found a pattern of unconstitutional and discriminatory policing practices that have hurt our community, especially Black and Native American people and people with mental illness, for decades. “It’s especially painful that this decision comes on the eve of the fifth anniversary of George Floyd’s murder—the very tragedy that sparked this investigation and the urgent push for reform. I led the call for that federal civil rights investigation because Minnesotans deserve accountability and reform. Walking away from this agreement, after confirming the need for it, is unconscionable. “Thankfully, the City of Minneapolis and Minnesota state leaders continue to stand on the side of justice. I’m grateful that the state-negotiated consent decree remains in place to continue working toward meaningful reform. The Minneapolis Police Department has taken steps in the right direction and is committed to continuing that work even as the federal government walks away. “Every Minnesotan deserves to be safe in their homes and neighborhoods, and that safety must include freedom from unconstitutional and discriminatory policing. This work isn’t finished yet, and we will keep holding ourselves accountable.”
U.S. Senators Amy Klobuchar, Tina Smith, Minnesota Fire Chiefs Celebrate Passage of the Fire Grants and Safety Act
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) issued the statements below after the Senate passed the Fire Grants and Safety Act, bipartisan legislation to continue providing federal funding for the Assistance to Firefighters Grant (AFG) and the Staffing for Adequate Fire and Emergency Response (SAFER) Grant programs. This bill now goes to the President’s desk to be signed into law. The Assistance to Firefighters Grant program helps firefighters and other first responders obtain critically needed equipment, protective gear, emergency vehicles, training and other resources. The SAFER Grants program provides direct funding to fire departments and volunteer firefighter organizations to
U.S. SENATOR TINA SMITH’S STATEMENT ON NOMINATION OF CHRISTY GOLDSMITH ROMERO TO CHAIR THE FDIC
WASHINGTON – Today, U.S. Senator Tina Smith (D-Minn.) , a member of the Senate Committee on Banking, Housing, and Urban Affairs, applauded President Biden’s decision to nominate Christy Goldsmith Romero to be Chair of the Federal Deposit Insurance Corporation (FDIC): “Christy Goldsmith Romero is a widely respected, principled financial regulator with extensive federal experience, and I applaud President Biden’s decision to nominate her as Chair of the Federal Deposit Insurance Corporation (FDIC). This nomination comes at a pivotal time at the FDIC, and Goldsmith Romero’s track record of holding bad actors accountable at the Troubled Asset Relief Program and advancing consumer interests at the CFTC is exactly
U.S. Senator Tina Smith, Lt. Governor Peggy Flanagan Celebrate First-Ever Trade Mission Focused on Indigenous Products
MINNEAPOLIS, MN – Today, U.S. Senator Tina Smith (D-Minn.) and Minnesota Lieutenant Governor Peggy Flanagan (DFL) announced the first-ever trade mission by the United States Department of Agriculture (USDA) focused solely on Indigenous products. Lieutenant Governor Flanagan will join Red Lake, Inc. in representing Native producers from Minnesota on this historic trade mission to Canada from June 17-20 alongside 15 Tribal agribusinesses and 13 Native agricultural leaders from across the country. “This is a historic opportunity for Native farmers and producers and Tribal businesses to access a new market for their goods. Native farmers and producers face unique and challenging barriers, and this market
U.S. Senator Tina Smith Applauds Biden Admin Move to Eliminate Medical Debt from Credit Reports
WASHINGTON, DC – Today, U.S. Senator Tina Smith (D-MN) celebrated a new proposed rule from the Consumer Financial Protection Bureau (CFPB) shielding consumers’ credit scores from being impacted by medical debt. Today’s announcement came after Senator Smith, along with 9 of her colleagues, urged the agency to take action. According to the CFPB’s own report, there is over $88 billion in medical debt on consumer credit records. “You can’t choose when you get sick – it happens whether we like it or not. You shouldn’t be punished with a lower credit score just because you needed medical care,” said Senator Smith.“This move by the Biden
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