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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 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. 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
U.S. Senator Tina Smith Announces Funding for White Earth Nation to Increase Solar Power and Energy Storage
WASHINGTON, D.C. – U.S. Senator Tina Smith (D-MN) announced $1.75 million for the White Earth Nation in Minnesota to use energy storage to increase their use of solar power and allow for greater energy flexibility. The project will expand an existing solar array at Pine Point Elementary School and Community Center to help lower electricity costs and support White Earth’s goal to be energy independent. “Tribal Nations have always been leaders in environmental stewardship,” said Senator Tina Smith. “This funding will help White Earth Tribal Nation continue building a more resilient and clean energy system for the Tribe.” The U.S. Department of Energy’s
Klobuchar, Smith Statements on Nomination of Laura Provinzino to be U.S. District Court Judge
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced that President Biden nominated Laura Provinzino to serve as a judge on the United States District Court for the District of Minnesota. Currently serving as an Assistant United States Attorney with the United States Attorney’s Office for the District of Minnesota, Provinzino was one of the candidates sent to President Biden by Senators Klobuchar and Smith following the recommendation of a judicial selection committee. “As a widely respected Assistant United States Attorney with over twenty years of legal experience, Laura Provinzino is extremely qualified to serve as a
ICYMI: Star Tribune: Sen. Tina Smith goes to bat against Comcast for frustrated Twins fans
WASHINGTON, D.C. [7.7.24] – In case you missed it, U.S. Senator Tina Smith sent a letter to Comcast CEO Brian Roberts urging the cable provider to return to the negotiation table with Bally Sports North and get the Minnesota Twins back on the air for Comcast customers. Star Tribune: Sen. Tina Smith takes aim at Comcast on behalf of ‘furious’ constituents In a letter to Comcast’s CEO this week, U.S. Sen. Tina Smith chided the cable company for dropping Bally Sports channels nationwide — a move that has left thousands of Twins fans without access to games. By Michael Rand | June
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