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
U.S. Senator Tina Smith Pushes For Public Companies to Disclose Risks from Climate Change
WASHINGTON, D.C. [07/10/19]—Today, U.S. Senator Tina Smith (D-Minn.) announced that she is pushing for new requirements for publicly traded companies to disclose critical information about how much they are contributing to climate change, including the extent of their greenhouse gas emissions and their exposure to climate risk. Originally introduced in 2018, the Climate Risk Disclosure Act will help investors appropriately assess climate-related risks, accelerate the transition from fossil fuels to cleaner and more efficient energy sources, and reduce the risks of both environmental and financial catastrophe. It builds on the work of former Vice President Al Gore, who has warned that ignoring the risks of climate change is producing a “carbon bubble” that will have
U.S. Senator Tina Smith Joins Bipartisan Push to Expand U.S. Grain Exports to Canada
WASHINGTON, D.C. [07/09/19]— Today, U.S. Senator Tina Smith (D-Minn.) joined a bipartisan group of Senators pushing Trump Administration trade officials to negotiate fewer restriction on U.S. grain exports to Canada under the U.S.-Mexico-Canada (USMCA). The Senators pressed for action in a letter to U.S. Trade Representative Gregg Doud. Sens. Kevin Cramer (R-N.D.), John Hoeven (R-N.D.), and Steve Daines (R-Mont.) joined Sen. Smith on the letter. “The grain article in the agreement is a significant area of interest for North Dakota, Minnesota, and Montana grain producers,” the senators wrote. “The ability for our growers to export wheat of domestic origin to
U.S. Senator Tina Smith, Colleagues Introduce Bipartisan Bill to Support Small Business Innovation with Energy Department National Labs
WASHINGTON, D.C. [06/27/19]—Today, U.S. Senator Tina Smith (D-Minn.) along with Sens. Chris Coons (D-Del.), James Risch (R-Ind.), and Cory Gardner (R-Colo.) introduced bipartisan legislation to allow small businesses to gain access to premier facilities at the Department of Energy (DOE) National Labs to spur innovation and the culture of private-public collaboration. The Small Businesses Partnering with National Labs Act of 2019—which has a House companion bill introduced by Reps. Assistant Speaker Ben Ray Luján (D-N.M.) and Chuck Fleischmann (R-Tenn.)—will allow small businesses to analyze the innovation potential of new technologies by accessing facilities and expertise at National Labs to
U.S. Senators Smith and Cramer Introduce Bold, Bipartisan Bill to Bring Down Cost of Insulin, Hold Manufacturers Accountable
WASHINGTON, D.C. [06/27/19]—Today, U.S. Senators Tina Smith (D-Minn.) and Kevin Cramer (R-N.D.) introduced bipartisan legislation to bring down the cost of insulin and to hold insulin manufacturers accountable for excessive increases in the price of the life-sustaining medicine. The bill—announced last week in Minneapolis and introduced today in remembrance of Minnesotan Alec Smith, who tragically passed away two years ago today after rationing his insulin—would provide emergency access to insulin for people in Minnesota, North Dakota, and across the country who can’t afford the skyrocketing price of the drug that they need to stay alive. You can access a summary
English