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Rep. Smith Statement on Student Debt Cancellation

August 24, 2022

SEATTLE, WA – Today Representative Adam Smith (D-Wash.) released the following statement after President Biden announced that he would cancel $20,000 of federal student loan debt for Pell Grant recipients and $10,000 of student debt for non-Pell Grant recipients for individuals making less than $125,000 per year. The new plan also includes an important provision to allow individuals to cap repayment of undergraduate loans at 5% of their monthly income.
 
“Today’s action by President Biden will help ease financial barriers and promote economic opportunity for millions of individuals and families across the country. While this will bring relief to millions of student loan borrowers, Congress must work together to reform our postsecondary education system and make investments that will lower the cost of colleges and universities throughout the U.S. so that students are not burdened by such significant debt in the future. This means bringing down the cost of four-year institutions, making community and technical colleges tuition free, and better enabling pathways to good-paying jobs such as Registered Apprenticeships. Regardless of income or wealth, individuals should have access to postsecondary educational opportunities and job training programs without being saddled with a mountain of debt for their degree or credential.”
 
A fact sheet about the Biden-Harris Administration's Student Debt Relief Plan can be found here.

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Rep. Smith Statement on Six-Month Anniversary of Russia’s Further Invasion of Ukraine

August 24, 2022

SEATTLE, WA - Representative Adam Smith (D-Wash.) today released the following statement marking the six-month anniversary of Russia’s unlawful further invasion of Ukraine, as well as Ukraine’s Independence Day. 

“President Zelenskyy and the Ukrainian people have inspired the world with their courage and patriotism in the face of Vladimir Putin’s violent, unlawful aggression toward their country, especially in the past six months. I witnessed this resilience firsthand during my visit to Kyiv just last month, and I have been proud to support legislation that aids the Ukrainian people in their brave struggle for independence, sovereignty, and freedom. The Biden-Harris administration, along with U.S. allies and partners around the world, have provided economic, military, and humanitarian assistance to the Ukrainian people in their time of need while also holding Putin and his accomplices accountable with unprecedented sanctions against the Russian economy and war machine. 

“Every year, communities across the United States and around the world join the Ukrainian people in celebration of Ukraine’s Independence Day - and this year’s celebrations mark an occasion for even greater pride in the Ukrainian people and the country they have built, grown, and defended with bravery against Putin’s aggression. The American people stand with Ukraine, and I hope for the year ahead to further strengthen the deep friendship between our two countries.” 

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House Passes Inflation Reduction Act with Historic Investments to Address Climate Change

August 12, 2022

WASHINGTON, D.C. – Representative Adam Smith (D-Wash.) today issued the following statement after the House of Representatives passed the Inflation Reduction Act, a bill that will help tackle our nation’s most pressing challenges: inflation, the cost of health care and prescription drugs, and climate change.
 
“Today, Congress passed historic legislation that will improve the lives of the American people. The Inflation Reduction Act meets the moment by taking action to reduce inflation while also lowering health care costs and accelerating the transition to clean energy. The bill pays for these crucial investments by reforming our tax code to close unfair loopholes and ensure that the ultra-wealthy and big corporations pay their fair share.
 
“This bill includes the single largest climate investment in our nation’s history and will result in tangible progress in our fight against the climate crisis. The investments included in the bill will accelerate our clean energy economy, putting us on a path to reduce emissions by roughly 40 percent by 2030. The bill will support the production of more affordable and reliable clean energy right here at home, which will create millions of good-paying American jobs and reduce our reliance on other countries. It prioritizes investments in underserved communities, with upwards of $60 billion going towards environmental justice priorities. Over the next decade the Inflation Reduction Act will prove that clean energy is not only a win for our environment but also for our economy.
 
“Crucially, the Inflation Reduction Act will also lower health care costs for Americans by extending the expanded Affordable Care Act subsidies through 2025, finally allowing Medicare to negotiate drug prices, and capping out of pocket costs at $2,000 for Medicare beneficiaries.
 
“The passage of the Inflation Reduction Act is a testament to the persistence of the Biden-Harris administration and Congressional Democrats. While Republicans in Congress reject proposal after proposal to address the many challenges we face, Democrats will continue our work to advance legislation that will make a meaningful difference in the lives of the American people. I am thrilled to see this bill pass out of the House today, and I look forward to seeing President Biden sign it into law.”
 
A one-page summary of the bill can be found here.
A fact sheet about the tax provisions included in the bill can be found here.
A fact sheet about the prescription drug provisions included in the bill can be found here.
A fact sheet about the energy investments included in the bill can be found here.
 
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BREAKING: House Passes Assault Weapons Ban

July 29, 2022

WASHINGTON, D.C. – Representative Adam Smith (D-Wash.) today issued the following statement after the House of Representatives passed H.R. 1808, the Assault Weapons Ban, which would prohibit the sale, manufacture, transfer, or possession of semiautomatic assault weapons and large capacity ammunition feeding devices.

“In mass shooting after mass shooting, we come to find out that the shooter used a semiautomatic gun to kill as many people as possible as quickly as possible. After Sandy Hook, after Uvalde, Congress heard directly from the doctors who treated the victims of these shootings, and they told us about the damage that these guns inflicted on the human body – their testimony was harrowing. These guns are weapons of war, and they have no place in our communities. The Assault Weapons Ban we passed today would significantly reduce the prevalence of these weapons, which would help prevent the next mass shooting from ever taking place.

“Congress enacted this ban before, and we can do it again. For ten years, the 1994 Assault Weapons Ban proved effective at getting these dangerous weapons off our streets and reducing deaths from gun violence. In passing the Assault Weapons Ban today, the House sent this legislation to the Senate for another vote. I urge the Senate to come together and swiftly pass this bill – American lives are on the line.”

A fact sheet of the bill can be found here.

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Rep. Smith Introduces the Saving Homes from Acquisition by Private Equity Act to Combat Nationwide Housing Crisis

July 28, 2022

WASHINGTON, D.C. – Representative Adam Smith (D-Wash.) today issued the following statement after introducing the Saving Homes from Acquisition by Private Equity (SHAPE) Act, which would create a significant federal real estate transfer tax on institutional investors and private equity firms who purchase single-family homes on the open market. The revenue from this tax would go directly towards grants that will help states build and preserve affordable housing and slow the consolidation of single-family home ownership among the investor class.

“One of the greatest challenges we face as a country is housing affordability. Individuals and families across the country are struggling to afford to rent or buy homes. This has been exacerbated in recent years by a troubling increase in investors purchasing a significant percentage of existing single-family homes, squeezing out prospective homebuyers and harming future renters. We must curb this harmful trend before it further accelerates our nation’s housing crisis – that’s exactly what the SHAPE Act will do. Folks in our communities should not have to compete with large institutional investors and private equity firms when they go to buy a home, and renters should not be subjected to the harmful practices by these investor class landlords that want to wring the value out of each house. My bill will deter this problematic trend that is damaging the housing market, consumers, and our communities.”

See below for statements of support for the Saving Homes from Acquisition by Private Equity (SHAPE) Act.

“The movement of private equity into housing markets has been disastrous, increasing the financial burden on renters who have to choose between paying rent and basic necessities like food and healthcare. This burden has fallen particularly hard on Black and brown tenants, whose neighborhoods have been targeted by corporate landlords. We are thrilled to see Representative Smith address this issue with the Saving Homes from Acquisition by Private Equity Act, which would discourage firms from buying up single family homes while requiring those that do so to contribute an equal investment to building affordable housing through the Housing Trust Fund.” - Katie Goldstein, Director of Housing Campaigns, CPD Action

“For the last decade, private equity firms have scooped up starter homes at alarming rates, benefiting absentee landlords and depleting first-time homebuying opportunities for middle-income households.  We need legislation like this to preserve wealth-building homeownership opportunities for people who live in and contribute to the economic prosperity of our communities.” - Kathleen Hosfeld, Executive Director, Homestead Community Land Trust

“Private equity firms and other corporate landlords have contributed to the housing crisis by crowding out families from buying homes on the open market and raising rents on tenants to the point of unaffordability. This legislation would go a long way in discouraging the hoarding of single-family homes by corporate investors and give American families a fighting chance at realizing the American Dream of owning a home and securing an affordable place to live.” - Chris Noble, Esq., Policy Coordinator, Private Equity Stakeholder Project

"Prosperity Now applauds Rep. Smith for his leadership in introducing the Saving Homes from Acquisition by Private Equity (SHAPE) Act, which would reasonably regulate the role of private equity in the housing market, shore up the Housing Trust Fund, and begin to level the playing field for home buyers. Private equity has aggravated the country’s housing crisis and is benefiting from the nation’s underproduction of new homes. Congressman Smith’s bill will help address this distortion of the market." - Doug Ryan, Vice President, Policy & Applied Research, Prosperity Now

“America is facing one of its toughest housing affordability crises in history. The Saving Homes from Acquisition by Private Equity Act (SHAPE) would help communities preserve affordable housing and would grow the Housing Trust Fund to ensure the lowest-income families have access to safe, secure housing. NAHRO thanks Congressman Smith for his continued dedication to increasing affordable housing supply.” - Mark Thiele, C.E.O., National Association of Housing and Redevelopment Officials (NAHRO)

Background

The purchasing of single-family homes by large investors, especially in the current housing market, serves only to make profits for the investors and provides no value to the communities where these homes are located. People should not have to compete with wealthy private equity and investor firms when they are trying to buy a home in their community. A significant tax on these purchases will help enable more families the opportunity to purchase a home, combat the growing large investor landlord model, and provide additional funding to build and preserve affordable housing for low-income households.  

The Saving Homes from Acquisition by Private Equity Act:

  • Creates a federal real estate transfer tax, set at 100% of the property's sale price, charged to large private equity firms or corporations with $20 million in assets purchasing any single-family home(s). 
  • Directs all revenue from the tax into HUD’s Housing Trust Fund, which provides grants to states to produce and preserve affordable housing for extremely low- and very low-income households. 
  • Allows exemptions from the tax for non-profits and government entities, or if the purchase is pursuant to a government program providing housing to low-income individuals.

The Saving Homes from Acquisition by Private Equity (SHAPE) Act is endorsed by several organizations, including Private Equity Stakeholder Project, Prosperity Now, the National Association of Consumer Advocates, CPD Action, and the Washington Low-Income Housing Alliance.

A fact sheet of the bill can be found here.

The full text of the bill can be found here.

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