Sen. Tina Smith

Maddy summaryS 3761, the Student Loan Bond Expansion Act of 2026, modifies federal tax rules to make it easier for states and local governments to issue bonds that fund student loans. The bill exempts "qualified student loan bonds" from two key restrictions: the annual limit on tax-exempt bond issuance (volume cap) and the alternative minimum tax calculation. This change allows more such bonds to be issued without triggering these tax rules, directly benefiting state or local entities that issue these bonds to support student loan programs. The law applies to bonds issued after the bill's enactment date.

Maddy summaryS 3754 imposes a tiered tax on investors purchasing single-family homes, targeting those owning significant portfolios: 1% for medium-sized investors (16-25 homes), 3% for large investors (26-100 homes), and 5% for giant investors (over 100 homes). The tax applies to home purchases, excluding new construction unless replacing an existing home on the same site, and exempts nonprofits focused on affordable housing, government entities, and community land trusts. Revenue generated will be allocated 65% to the Housing Trust Fund and 35% to the Capital Magnet Fund to support affordable housing programs. The law takes effect for taxable years beginning after December 31, 2025.

Maddy summaryThe Preserving Homes and Communities Act of 2026 establishes requirements for selling non-performing single-family mortgage loans insured by the Federal Housing Administration (FHA) and held by Fannie Mae and Freddie Mac. The bill mandates that loss mitigation options be exhausted before sale, requires 90 days written notice to borrowers, and prioritizes government, nonprofit, and Tribal organizations for purchasing these loans. It requires 75% of properties acquired through foreclosure to be sold to owner-occupants, donated to nonprofits, or rented at affordable rates (not exceeding 30% of income) to tenants earning no more than 100% of area median income for a 10-year period. The bill also mandates detailed data reporting on loan sales and performance, including demographic information to monitor fair lending practices.

This resolution supports the designation of 2026 as the International Year of the Woman Farmer and recognizes the critical role of women in agriculture. The resolution also encourages citizens to celebrate the impact these women have on the food systems and agricultural workforce of the United States by encouraging and empowering women to pursue careers in agriculture and cultivate leadership opportunities.

Maddy summaryThis bill amends Medicare reimbursement rules to expand coverage for ambulance services. It allows ambulance providers to receive payment for on-scene medical care (like treatment at the location) even if they do not transport the patient, effective January 1, 2027. The change directly affects ambulance providers who currently only receive reimbursement for transport services. This policy update ensures Medicare covers non-transport emergency care provided by these providers.

Maddy summaryS 3717 establishes the Opportunities in Organic program to assist farmers and handlers with organic certification costs and transition to organic practices. It covers up to $1,500 annually in certification fees (with higher payments for socially disadvantaged farmers or regions with disproportionately high costs), provides technical assistance for soil health and organic management, and funds supply chain development like processing facilities. The program allocates $50 million annually for 2027-2028, increasing to $100 million by 2030, targeting socially disadvantaged farmers, farms near schools/residential areas, and under-resourced agricultural regions.

Maddy summaryThis bill establishes two new committees under the Financial Stability Oversight Council to address climate-related risks in the financial system. It requires annual reports assessing climate risks' impact on financial stability, updates supervisory guidance for banks with over $50 billion in assets to include climate risks, and mandates a Federal Insurance Office report on homeowners insurance data to evaluate climate impacts. The law directly affects major financial institutions, federal regulators (like the Fed and SEC), state insurance commissioners, and the insurance sector. Key mechanisms include creating a Climate Financial Risk Committee for coordination, an Advisory Committee with climate and financial experts (excluding oil/gas industry), and requiring updated risk management practices for large financial firms.

Maddy summaryThe FOCUS Act requires all federal law enforcement officers (including private contractors) engaged in immigration enforcement to wear body cameras during such activities. It mandates that footage be retained for one year (or three years if requested for evidence/exculpatory value in specific situations like use-of-force incidents or complaints). The bill establishes public access procedures for footage via standard government record requests and requires annual reports to Congress on compliance, including documented violations and disciplinary actions. It also sets strict accountability measures, including mandatory training, documentation of equipment failures, and potential termination for intentionally disabling cameras.

Maddy summarySRES 585 is a commemorative resolution honoring Ben Nighthorse Campbell, a former U.S. Senator from Colorado and the first Native American to chair the Senate Committee on Indian Affairs. It recognizes his military service, Olympic judo career, legislative work (including authoring the National Museum of the American Indian Act), and advocacy for tribal communities. The resolution has no policy impact - it formally expresses the Senate’s respect for his legacy, requests transmission to his family, and directs a moment of silence. It directly affects Campbell’s legacy and family, not any current policy or population. (Note: This is a procedural resolution, not a bill with legislative provisions.)

Maddy summaryS 3660, the Credit Card Fairness Act, limits late fees charged by large credit card issuers (those with 1 million+ open accounts) to a maximum of $8 per late payment. The bill requires that late fees be proportional to the actual costs incurred by issuers for late payments, not set arbitrarily. It allows the Consumer Financial Protection Bureau (CFPB) to adjust the $8 cap annually based on inflation (using the Consumer Price Index), but the fee must never exceed the issuer's documented costs. This bill directly affects major credit card companies and aims to prevent excessive late fees, codifying the CFPB's existing rule into law.