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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.”
Klobuchar, Smith Announce Federal Funding to Improve Osakis’s Water Treatment Plant and Water Tower
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced a $497,000 U.S. Department of Agriculture (USDA) Rural Development grant and a $651,000 loan to make improvements to the water treatment plant and water tower in Osakis. Specifically, the funding supports a project that will convert the iron filter to a biological ammonia-removal filter to allow chlorine to better clean the lines during water treatment which will help protect the distribution system. The project will also renovate Osakis’s water tower, which hasn’t been repaired since its construction in 1997. “The water treatment plant and water tower in Osakis
Klobuchar, Smith Announce Federal Funding to Improve Red Lake Falls’s Water and Waste Disposal Infrastructure
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced a $906,000 U.S. Department of Agriculture (USDA) Rural Development grant and an $8,310,000 loan to make improvements to the Red Lake Falls’s water, wastewater, and sewer infrastructure. Specifically, this project will construct a new water tower and pump station and install new water meters. “Red Lake Falls’s current water, wastewater, and sewer infrastructure no longer meets the needs of the city,” said Klobuchar. “Using this federal funding, Red Lake Falls can make the necessary improvements to enhance these critical public services.” “Minnesotans deserve to have safe, clean water,” said Smith. “The city
Klobuchar, Smith Announce Federal Funding to Improve Taconite’s Water System
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced a $851,000 U.S. Department of Agriculture (USDA) Rural Development grant and a $1,494,000 loan to make improvements to the City of Taconite’s water system. The funding will advance the construction of a new water storage tank, a water pump house, and a replacement water tower. The project will also install individual water meters for customers and develop a meter-reader system. “To ensure families are getting quality water out of their taps, it’s important to upgrade water infrastructure once the equipment reaches the end of its useful life,” said Klobuchar. “With
Klobuchar, Smith Announce Federal Funding to Improve Lincoln Pipestone Rural Water System
WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced a $2,194,000 U.S. Department of Agriculture (USDA) Rural Development grant and a $26,179,000 loan to make improvements to the Lincoln Pipestone Rural Water system that services the counties of Lyon, Lac qui Parle, Lincoln, Yellow Medicine, and Redwood. This project will construct a new water source and water treatment plant, and make improvements to the current water treatment plant to ensure the growing regional water demand is met. “The Lincoln Pipestone Rural Water System currently serves five counties, and the demand for water is growing,” said Klobuchar. “With these federal
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