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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
More Than a Dozen National Health Care Organizations Urge Senate Health Committee to Pass Sens. Smith and Collins’ Bipartisan Drug Shortages Bill
WASHINGTON, D.C. [03/02/20]—Over a dozen organizations representing physicians and hospitals are calling on leaders of the Senate Health Committee to pass the Mitigating Emergency Drug Shortages (MEDS) Act, a bipartisan bill authored by U.S. Senators Tina Smith (D-Minn.) and Susan Collins (R-Maine). China accounts for 13 percent of the facilities making active pharmaceutical ingredients to supply the U.S. market, which could be disrupted by manufacturing delays caused by the Coronavirus. On Thursday, the U.S. Food and Drug Administration announced the first drug shortage caused by the Coronavirus, but it was able to identify an alternative. Sens. Smith and Collins introduced their partisan MEDS Act last fall to enhance reporting requirements of
Members of Minnesota Congressional Delegation: FEMA Agrees to Review Procedures that led to 2019 Spring Storm Damage Underestimation
WASHINGTON – This week, U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN), and Representatives Jim Hagedorn (R-MN-1), Angie Craig (D-MN-2), Dean Phillips (D-MN-3), Tom Emmer (R-MN-6), and Collin Peterson (D-MN-7) announced that the Federal Emergency Management Agency (FEMA) has committed to a review of the information sharing practices that led to the 2019 spring storm damage underestimation. FEMA also committed to allow as much additional time as needed during future assessments to gather damage information that will improve the cost estimation process so that “sticker shock” can be avoided. These commitments from FEMAcome in response to a letter the delegation sent earlier this month calling
U.S. Senators Smith & Baldwin Urge President to Properly Fund Coronavirus Response Without Taking Away From Vital Energy Assistance Program
WASHINGTON, D.C. [02/28/20]—U.S. Senators Tina Smith (D-Minn.) and Tammy Baldwin (D-Wis.) are calling on President Trump to support funding to address the spread of the Coronavirus without taking away resources from the important Low Income Energy Assistance Program (LIHEAP), which helps keep Minnesotans and Wisconsinites warm and able to pay their utility bills in the cold winter months. Sens. Smith and Baldwin have fought for the vital program each time the administration has sought to cut it, and they’re in Minnesota today making a push on behalf of families and seniors who rely on LIHEAP. In Minnesota alone, 315,000 people—with
U.S. Senators Smith, Baldwin, Rubio Introduce Bipartisan Legislation to Help Communities Strengthen Infrastructure
WASHINGTON, D.C. [02/27/20]—Today, U.S. Senators Tina Smith (D-Minn.), Tammy Baldwin (D-Wis.) and Marco Rubio (R-Fla.) introduced bipartisan legislation to ensure federal, state, local and private infrastructure is more resilient to extreme weather events. The Built to Last Act would make it possible for the standards-developing organizations that issue building codes and other standards have the best available information on weather-related risks—including floods and wildfires. Roads and bridges, water and wastewater systems, government buildings and power lines provide essential services to families and communities, but extreme weather poses a significant risk to vital infrastructure. Last year, the Congressional Budget Office estimated annual economic losses
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