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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. Senators Tina Smith, Mike Rounds Announce More Bipartisan Support for Legislation to Modernize and Reform Rural Housing Programs
Washington [9.19.23] – This week, Senators Tina Smith (D-MN) and Mike Rounds (R-SD) announced growing support for their bipartisan legislation to improve federal rural housing programs, cut red tape, and strengthen the supply of affordable housing. Their updated bill would represent the most significant Rural Housing Service reforms years, and has the support of a large bipartisan group of senators including eight members of the Banking Committee. New cosponsors include Senators Cynthia Lummis (R-WY), Jon Tester (D-MT), Mike Crapo (R-ID), Chris Van Hollen (D-MD), Steve Daines (R-MT), and John Fetterman (D-PA). “Without a safe, affordable place to live, nothing else
U.S. Senator Tina Smith Applauds Senate Passage of Her Bipartisan Bill to Help Small Businesses Access Capital, Create Jobs in Rural America
WASHINGTON – U.S. Senator Tina Smith (D-MN) applauded the Senate’s passage of her bipartisan Expanding Access to Capital for Rural Job Creators Act. The legislation, which is co-led by Senator John Kennedy (R-LA), would help eliminate hurdles small businesses in rural areas disproportionately face when they try to access capital. “Access to capital is essential to the economic health and growth of rural communities in Minnesota and across the country,” said Sen. Smith. “Rural small businesses often face disproportionate obstacles when trying to secure capital to develop and grow their businesses. This legislation would help rural small businesses overcome these
U.S. Senator Tina Smith’s Legislation to Tackle Drug Shortages, Improve Public Health Preparedness Advances Through Key Committee
WASHINGTON, D.C. [8.4.23] –U.S. Senator Tina Smith (D-MN) announced that two of her legislative priorities, aimed at addressing drug shortages and improving public health preparedness, took a major step forward. “Drug shortages are hurting patients, pharmacists, and physicians across the country,” said Senator Smith. “I have heard directly from Minnesotans who are facing shortages of ADHD medications like Adderall, cancer-fighting drugs for chemotherapy, among other things. These drug shortages can be life-threatening, and I’ve made it a priority to tackle this problem. In addition, I’m focused on ensuring we are prepared for future public health threats. My bipartisan legislation will
U.S. Senators Amy Klobuchar, Tina Smith Reintroduce Legislation to Improve Fire Safety in Public Housing
WASHINGTON, D.C. [8.3.23] – U.S. Senators Tina Smith and Amy Klobuchar (both D-MN) reintroduced legislation to help install sprinkler systems in older public housing buildings. Companion legislation was also introduced in the House by U.S. Representatives Bonnie Watson Coleman (D-NJ 15) and John Rutherford (R-FL 05) with support from Representative Ilhan Omar (D-MN 5). Smith originally introduced the Public Housing Fire Safety Act following the tragic Cedar High Apartments fire, which took place in Minneapolis, Minnesota in 2019. The upper floors of the building, where the fire erupted, did not have sprinkler systems installed. “In the wake of the tragic
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