WASHINGTON – Today, U.S. Sens. Mark R. Warner (D-VA) and John Thune (R-SD) urged the Internal Revenue Service (IRS) to more effectively promote educational assistance programs that would help alleviate the burden of student loan payments. Specifically, the senators are focused on efforts to make employers and employees aware of their Employer Participation in Repayment Act, which allows employers to contribute up to $5,250 tax-free to employees’ student loans annually through 2025.

“This provision within section 127 is a win-win for employers and employees, as it provides a pathway towards student loan debt relief for borrowers and provides employers with another option to recruit and retain talent necessary to grow their businesses,” the senators wrote.

In April of this year, Sen. Warner questioned IRS Commissioner Danny Werfel on the organization’s outreach efforts regarding benefits available to borrowers. During the exchange, Commissioner Werfel committed to devoting significant efforts to making taxpayers aware of these benefits. Since then however, little progress has been made to make employers and employees aware of these programs, which would greatly reduce stress of monthly payments for borrowers and help employees retain qualified candidates.  

“During your testimony before the Senate Finance Committee on April 19, 2023, you stated that outreach on section 127, including ensuring that taxpayers are aware of such benefits, is a top priority of the agency,” the senators continued. “However, we have found that resources on educational assistance programs are difficult to locate on the IRS website. Additionally, within these hard-to-find and limited resources, the expansion of the program to include student loan debt as a qualifying tax-free educational expense is not highlighted as new information and the eligibility window is deeply buried. Furthermore, online IRS webinars have failed to adequately promote employer-provided educational assistance programs and call attention to student loan debt payments as a qualifying expense.” 

The senators requested the IRS take a series of steps to better promote these programs and ensure that employers and employees are fully aware of the benefits afforded to them, including that:

• The IRS host and publish webinars on employer-provided educational assistance programs;
• The IRS publish new and robust resources to aide employers seeking to take advantage of section 127 benefits;
• And the IRS communicate expanded section 127 benefits and new resources to employers and employees, including, but not limited to, transmitting this information through IRS e-newsletters for business owners.

Created in 1978 and made permanent in 2012, section 127 of the IRS Code provides a tax benefit allowing employers to contribute up to $5,250 in tax-free annual assistance to employees pursuing continued education. In 2019, with broad bipartisan support, Sens. Warner and Thune introduced the Employer Participation in Repayment Act, legislation that extends this tax-free benefit to employees’ existing student loans. The senators played a key role in extending this provision through 2025 as part of the 2021 government spending package.  

A copy of the letter can be found here and below. 

Dear Commissioner Werfel,

We write to urge the Internal Revenue Service (IRS) to take meaningful steps to effectively promote educational assistance benefits provided under section 127 of the Internal Revenue Code, specifically the temporary provision within the law that allows employers to contribute up to $5,250 tax-free towards their employees’ student loans annually. This provision within section 127 is a win-win for employers and employees, as it provides a pathway towards student loan debt relief for borrowers and provides employers with another option to recruit and retain talent necessary to grow their businesses.

Nationwide, Americans owe more than $1.7 trillion in student loan debt, outstripping credit cards and auto loans as the country’s leading source of non-housing debt. With increased college costs leading to students taking on more debt, the need for innovative solutions to ease the burden of student loan debt is greater than ever. That is why we were pleased to secure passage of our Employer Participation in Repayment Act (EPRA), which reformed educational assistance programs under section 127 to include student loans payments as a qualifying educational expense.

Prior to this change, employers with educational assistance programs could provide their employees with up to $5,250 per year in tax-free benefits for ongoing education purposes (e.g., tuition and fees). The EPRA provision that we championed as part of the CARES Act amended section 127, expanding the $5,250 tax-free, annual benefit to include student loan payments through 2020, with subsequent legislation extending this benefit through 2025. In other words, as a result of this change in the law, employers are provided with an important tool to help their employees pay down outstanding student loan debt.

The modernization of section 127 better meets the needs of today’s workforce, as it not only helps individuals pay down their student loans, but also serves as a unique tool for employers to attract and retain talented employees. Additionally, employer-sponsored student loan repayment under section 127 helps employees get out of debt faster and put more of their hard-earned paycheck towards other necessities. While we were proud to champion this necessary expansion of section 127, as its sunset date approaches we want to make sure that we are maximizing the reach of this important benefit.

According to a 2023 survey of over 4,000 participants representing independent organizations, 48% of respondents indicated that their organization provides undergraduate or graduate tuition assistance. However, only 8% of responding organizations shared that they offer student loan repayment as an educational assistance benefit. This underscores the need for the IRS to use all tools at the agency’s disposal to increase awareness among employers about recent changes to section 127. Furthermore, the IRS should take steps to ensure that employers of all sizes have resources available to them to quickly form an educational assistance program for their workforce.

During your testimony before the Senate Finance Committee on April 19, 2023, you stated that outreach on section 127, including ensuring that taxpayers are aware of such benefits, is a top priority of the agency. However, we have found that resources on educational assistance programs are difficult to locate on the IRS website. Additionally, within these hard-to-find and limited resources, the expansion of the program to include student loan debt as a qualifying tax-free educational expense is not highlighted as new information and the eligibility window is deeply buried. Furthermore, online IRS webinars have failed to adequately promote employer-provided educational assistance programs and call attention to student loan debt payments as a qualifying expense.

To ensure that employers and employees are fully aware of the benefits afforded to them under section 127, we request that you take the following actions:

1)      We request that the IRS host and publish webinars on employer-provided educational assistance programs. Webinars should provide details on student loan debt being a qualifying expense under section 127 and provide participants with the opportunity to engage in a meaningful Q&A session with IRS staff. Furthermore, webinars should be scheduled with adequate notice periods, promoted in conjunction with relevant stakeholders, including industry associations, and published prominently on the agency’s website for future reference.

2)      We request that the IRS publish new and robust resources to aide employers seeking to take advantage of section 127 benefits. These new resources should include a sample written plan for employers to utilize and the addition of a ‘Frequently Asked Questions’ section on employer-provided educational assistance programs to the IRS webpage. These resources should be clearly visible and prominently displayed on the IRS webpage.

3)      Finally, we ask that the IRS communicate expanded section 127 benefits and new resources to employers and employees, including, but not limited to, transmitting this information through IRS e-newsletters for business owners.

We are hopeful that by providing additional resources and informing employers and employees of section 127 benefits, we will address our shared goals of promoting workforce development, improving worker recruitment and retention, and providing much-needed student loan debt relief.

We appreciate your attention to this matter and look forward to your prompt response.

Sincerely,

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WASHINGTON –This week, U.S. Sens. Mark R. Warner (D-VA) and Deb Fischer (R-NE), joined by Sens. Amy Klobuchar (D-MN), and John Thune (R-SD), introduced the Deceptive Experiences To Online Users Reduction (DETOUR) Act to prohibit large online platforms from using deceptive user interfaces, known as “dark patterns,” to trick consumers into handing over their personal data. The bill would also require these platforms to obtain consent from users for covered research and prohibit them from using features that result in compulsive usage by children and teens.

The term “dark patterns” is used to describe online interfaces in websites and apps designed to intentionally manipulate users into taking actions they otherwise would not. These design tactics are frequently used by social media platforms to mislead consumers into agreeing to settings and practices more beneficial to the company. 

“Dark patterns – manipulative online designs that trick you into signing up for services you don’t want or spending money you don’t mean to – are everywhere online, and they make user experience worse, and data less secure. The DETOUR Act will end this practice while working to instill transparency and oversight that the tech world lacks,” said Sen. Warner. “Consumers shouldn’t have to navigate intentionally misleading interfaces and design features in order to protect their privacy.” 

“Manipulative 'dark pattern' interfaces trick users – including children – online. The ‘choices’ platforms present can often be deceptively obscured to exploit users' personal data and behavior,” said Sen. Fischer. “It’s wrong, and our bipartisan bill will finally crack down on this harmful practice. I encourage my colleagues to support the DETOUR Act to increase trust online and protect consumer privacy.”

Dark patterns can take various forms, pushing users into agreeing to terms stacked in favor of the service provider. These deceptive practices can include deliberately obscuring alternate choices or settings through design or other means or the use of privacy settings to push users to ‘agree’ as the default option while more privacy-friendly options can only be found through a much longer process, detouring through multiple screens. Frequently, users cannot find the alternate option, if it exists at all, and simply give up looking.

The result is that large online platforms have an unfair advantage over users and often force consumers to give up personal data such as their contacts, messages, web activity, or location in order to benefit of the company.

The Deceptive Experiences To Online Users Reduction (DETOUR) Act aims to curb this manipulative behavior by prohibiting large online platforms (those with over 100 million monthly active users) from relying on user interfaces that intentionally impair user autonomy, decision-making, or choice. The legislation:

• Prohibits large online operators from designing, modifying, or manipulating user interface with the purpose or substantial effect of obscuring, subverting, or impairing user autonomy, decision-making, or choice to obtain consent or user data.
• Prohibits subdividing or segmenting consumers for the purposes of behavioral experiments without a consumer’s informed consent, which cannot be buried in a general contract or service agreement. This includes routine disclosures for large online operators, not less than once every 90 days, on any behavioral or psychological experiments to users and the public. Additionally, the bill would require large online operators to create an internal Independent Review Board to provide oversight on these practices to safeguard consumer welfare.
• Prohibits user design intended to create compulsive usage among children and teens under the age of 17 years old.

“Social media companies often trick users into giving up their personal data – everything from their thoughts and fears to their likes and dislikes – which they then sell to advertisers. These practices are designed to exploit people; not to serve them better. Senator Warner and Senator Fischer’s DETOUR Act would put a stop to the destructive and deceptive use of dark patterns,” said Imran Ahmed, CEO of the Center for Countering Digital Hate.

“Momentum is building, in Congress and across the states, to force tech companies to reduce the serious harm to kids and teens caused by the way that these companies design and operate their platforms," said James P. Steyer, founder and CEO of Common Sense Media. “The reintroduction of the DETOUR Act comes at just the right time to add another important element of protection for children and their families. We applaud Senators Warner and Fischer for working together to try to stop companies from utilizing manipulative design features that trick kids into giving up more personal information and compulsive usage of their platforms for the sake of increasing their profits and engagement without regard for the harm it inflicts on kids.”

“The proposed legislation represents an important step towards reducing big tech companies’ use of dark patterns that prioritize user engagement over well-being. As a developmental scientist, I’m hopeful the DETOUR Act will encourage companies to adopt a child-centered approach to design that places children’s well-being front and center, reducing the burden on parents to look out for and avoid dark patterns in their children’s technology experiences,” said Katie Davis, EdD, Associate Professor at the University of Washington.

“The DETOUR Act proposed by Sen. Warner and co-sponsors represents a positive and important step to protect American consumers,” said Colin M. Gray, PhD Associate Professor, Indiana University. “DETOUR provides a mechanism for independent oversight over large technology companies and curtailing the ability of these companies to use deceptive and manipulative design practices, such as ‘dark patterns,’ which have been shown to produce substantial harms to users. This legislation provides a foothold for regulators to better guard against deceptive and exploitative practices that have become rampant in many large technology companies, and which have had outsized impacts on children and underserved communities.”

Sen. Warner, a former tech entrepreneur, has been one of Congress’s leading voices calling for accountability in Big Tech. He has introduced several pieces of legislation aimed at addressing these issues, including the ACCESS Act earlier this week, which will promote competition in social media by making it easier to transport user data to new sites; the RESTRICT Act, which would comprehensively address the ongoing threat posed by technology from foreign adversaries; the SAFE TECH Act, which would reform Section 230 and allow social media companies to be held accountable for enabling cyber-stalking, online harassment, and discrimination on social media platforms; and the Kids Online Safety Act, which would protect children online by providing young people and parents with the tools, safeguards, and transparency they need to protect against online harms. 

Full text of the bill is available here. 

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U.S. Sen. Mark R. Warner (D-VA), applauded today’s Senate passage of the nation’s annual defense bill, which includes top priorities for Virginia, as well as a number of measures championed by Sen. Warner. 

“I’m pleased to see the Senate move forward on a defense bill that provides our military and Department of Defense with the resources needed to preserve our national security. This legislation includes critical measures to improve quality-of-life for servicemembers, advance critical military construction projects, strengthen Virginia’s shipbuilding industry, and support Ukraine in its fight against Russian aggression,” said Sen. Warner. “I was proud to vote in favor of this legislation and hope that my colleagues in the House of Representatives will work in good faith to reach a final compromise between the two chambers.” 

The legislation supports $886.3 billion in funding for our nation’s defense, and includes crucial measures supported by Sen. Warner.

Servicemembers and the civilian defense workforce:

• Authorizes a 5.2 percent pay raise for military servicemembers and Department of Defense (DoD) civilian workforce.
• Improves living conditions for enlisted servicemembers by greenlighting improvements to the quality and oversight of barracks. This provision specifically authorizes the replacement of substandard barracks and establishes new requirements that enlisted housing meet the same basic standards as all other military housing.
• Improves living conditions for junior Navy Sailors whose vessels are undergoing an extended maintenance overhaul. This legislation authorizes basic allowance for housing (BAH) payments that allow these servicemembers to live in commercial housing, rather than aboard the ship.
• Supports more equitable housing rates in markets with limited housing inventory by modifying the calculation of basic allowance for housing (BAH) rates.
• Allows for additional financial support for servicemembers, by reducing the threshold used to determine high cost-of-living areas for the purpose of providing a cost-of-living allowance to servicemembers assigned to locations in the continental United States.
• Requires a pilot program to assess the effectiveness of increased compensation for DoD childcare employees, in improving the ability to recruit and retain providers. To help address the overwhelming demand for childcare, last year Sen. Warner was able to secure $3.5 million in planning & design funding to support two new child development centers at Hampton Roads installations. This year’s Senate-passed NDAA would authorize $78 million in construction funding for additional facilities.
• Encourages a comprehensive review of the Navy’s efforts to prevent and respond to incidents of death by suicide, suicide attempts, and suicidal ideation in commands and organizations within the Navy that have not been reviewed by other studies.

Strengthening our nation’s defense and cyber defense capabilities:

• Authorizes $16.7 billion for military construction projects, including $625 million for 19 military construction projects in Virginia.
• Authorizes the Navy to enter into one or more contracts for the multiyear procurement of the next block of 10 Virginia-class submarines.
• Directs the Navy to schedule maintenance and repair activities for amphibious ships in order to ensure that 24 such warships are available for worldwide deployment at any given time.
• Requires the development of a regional cybersecurity strategy to support the operations of each geographic combatant command.
• Requires the establishment of a dedicated cyber intelligence capability to support information-sharing on technology developments, capabilities, operations, and intentions of actors who pose cyber threats.
• Directs DoD to support institutions of higher education on cyber workforce education and development efforts in the fields of cybersecurity, intelligence, data science, information security management, and quantum information science.
• Increases transparency surrounding the DoD’s investments in Artificial Intelligence by requiring DoD to provide an annual report to Congress detailing the categories of AI technologies and their respective investment amounts, and an analysis of how these investments support broader AI direction and strategies at the Department. This provision stems from an amendment by Sen. Warner.
• Strengthens the security of U.S. elections infrastructure by requiring that voting systems undergo simulated attacks as part of their standard certification process. This provision, written by Warner, would direct the Election Assistance Commission (EAC) to require that systems seeking certification undergo penetration testing, a practice that allows researchers to search for vulnerabilities by attempting to attack a system with the same tools and techniques used by cybercriminals.

Countering aggression by adversaries like Russia and China:

• Prohibits the purchase of drones from countries like China that pose a national security threat. This provision, championed in part by Warner, prohibits federal dollars from being used to procure commercial off-the-shelf drone or covered unmanned aircraft systems from countries identified as posing a national security threat. 
• Authorizes the full budget request for the European Deterrence Initiative (EDI) and the Pacific Deterrence Initiative (PDI).
• Establishes the Indo-Pacific Maritime Domain Awareness Initiative, a defense initiative with allies and partners of the United States, including Australia, Japan, and India.
• Underscores the United States’ commitment to the North Atlantic Treaty Organization (NATO) and emphasizes the importance of maintaining a unified response to the Russian Federation’s unjust war in Ukraine. Sen. Warner has been a strong supporter of NATO, which conducts crucial work in Virginia at NATO Allied Command Transformation in Hampton Roads.
• Supports Ukraine in its fight against Russian attacks and aggression byextending the Ukraine Security Assistance Initiative (USAI) through fiscal year 2027 and authorizing the full budget request of $300 million in fiscal year 2024.The USAI is one of the main tools used by the U.S. in support of Ukraine’s defensive needs. This legislation also extends waivers for the streamlined acquisition of defense stocks related to Ukraine and authorizes additional munitions eligible for multiyear procurement contracts.
• Limits or prohibits Department of Defense funding for institutions or researchers that contract with Chinese or Russian institutions that engage in intellectual property theft or are linked to the Chinese or Russian military, or intelligence services.
• Provides support to Taiwan by establishing a comprehensive training, advising, and institutional capacity-building program for the military forces of Taiwan.

Now that both the Senate and the House of Representatives have passed their versions of the annual defense bill, negotiators from both chambers will have to participate in a conference process to negotiate a final bill to send to the President’s desk.  

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WASHINGTON — The Senate Finance Committee today approved on a 26-1 vote the Modernizing and Ensuring PBM Accountability (MEPA) Act, bipartisan legislation to help address rising prescription drug prices by regulating the middlemen who manage prescription drug benefits on behalf of health insurers.

“For too long, and without any transparency, pharmacy middlemen have moved away from their origins negotiating to bring prices down on behalf of insurers and consumers and have instead moved toward extracting profit, leading to higher drug prices, more federal spending, and bigger out-of-pocket costs for Virginians,” said Sen. Warner, a member of the Committee and a co-author of the legislation. “The Inflation Reduction Act we enacted last year finally gave Medicare the power to negotiate prices for some of the most expensive prescription drugs for seniors on Medicare, but Congress needs to do more to lower the price of medicines, including through reforms to PBMs. I’m proud of our work today in the Finance Committee, and am hopeful that we can bring a bill to the Senate floor and get it to the president’s desk soon.”

Included in the legislation are multiple bipartisan bills proposed by Sen. Warner, including S. 2493, the PBM Reporting Transparency Act, which would hold PBMs accountable for providing good value to seniors and Medicare by making public information about the contracts between PBMs and Medicare prescription drug plans; S. 2408, the IMPROVE Part D Regulations Act, which would require the Centers for Medicare & Medicaid Services (CMS) to conduct patient-focused listening sessions about potential improvements to Medicare Part D; and an amendment requiring CMS to make sure that PBMs aren’t standing in the way of fair reimbursements for smaller pharmacies, such as long-term care pharmacies and home infusion pharmacies, that serve medically complex patients.

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WASHINGTON –  Today, U.S. Sen. Mark R. Warner (D-VA), Chairman of the Senate Select Committee on Intelligence, led a bipartisan group of colleagues in reintroducing the Augmenting Compatibility and Competition by Enabling Service Switching (ACCESS) Act, legislation that would encourage market-based competition with major social media platforms by requiring the largest companies make user data portable – and their services interoperable – with other platforms, and to allow users to designate a trusted third-party service to manage their privacy and account settings. Sen. Warner was joined in introduction by Sens. Richard Blumenthal (D-CT), Lindsey Graham (R-SC), Josh Hawley (R-MO), and Amy Klobuchar (D-MN).

“Consumers are currently locked in to the social media platforms that they use, unable to move to a different platform for fear of losing years’ worth of data and interactions,” said the senators. “Interoperability and portability are powerful tools to promote innovative new companies and limit anti-competitive behaviors. By making it easier for social media users to easily move their data or to continue to communicate with their friends after switching platforms, startups will be able to compete on equal terms with the biggest social media companies. This bill will create long-overdue requirements that will boost competition and give consumers more power.”

Online communications platforms have become vital to the economic and social fabric of the nation, but network effects and consumer lock-in have solidified a select number of companies’ dominance in the digital market and enhanced their control over consumer data, even as the social media landscape changes by the day and platforms’ user experiences become more and more unpredictable.

The Augmenting Compatibility and Competition by Enabling Service Switching (ACCESS) Act would increase market competition, encourage innovation, and increase consumer choice by requiring large communications platforms (products or services with over 100 million monthly active users in the U.S.) to:

·         Make their services interoperable with competing communications platforms;

·         Permit users to easily port their personal data in a structured, commonly used and machine-readable format;

·         Allow users to delegate trusted custodial services, which are required to act in a user’s best interests through a strong duty of care, with the task of managing their account settings, content, and online interactions. 

“Markets work only when consumers know what they give up and get in any transaction with a seller and have the option to take their business elsewhere. By supporting organizations that can uncover what tech firms are actually doing and by mandating portability, the ACCESS Act will restore the conditions needed for the market in tech services to work,” Paul Romer, Boston College University Professor and Nobel Prize winner in Economics, said.

“The ACCESS Act is a critical, bipartisan first step in requiring large technology platforms to incorporate interoperability into their products, which is fundamental to a dynamic and competitive technology industry. Innovators, consumers, and society as a whole all benefit when people have the right to move their data if they choose to switch platforms. Without interoperability, innovation is held captive by the market power of large platforms. Our economy needs innovation to thrive -- and innovation is stifled if our most promising startups must compete in a world where consumers are locked into the largest platforms because they can't move their own data. That is in no one's interest,” Garry Tan, president and CEO of Y Combinator, said. 

“Interoperability is a key tool for promoting competition on and against dominant digital platforms. For social networks in particular, interoperability is needed to make it easy for users to switch to a new social network. Until we have clear and effective interoperability requirements, it will be hard for users to leave a social network that fails to reflect their values, protect their privacy, or offer the best experience. Whatever our reasons for switching to a new social network, the ACCESS Act can make it easier by requiring the largest platforms to offer interoperability with competitors. We all stand to benefit from the greater competition that an interoperable world can create,” Charlotte Slaiman, Competition Policy Director at Public Knowledge, said.

“The reintroduction of the ACCESS Act in the Senate is a critically important step forward for empowering consumers with the freedom to control their own data and enable consumers to leave the various walled gardens of the today’s social media platforms. The ACCESS Act literally does what it says—it would give consumers the option to choose better services without having to balance the unfair choice of abandoning their personal network of family and friends in order to seek better products in the market.  The Senate needs to move forward as soon as possible to vote on the ACCESS Act,” Eric Migicovsky, Founder and CEO of Beeper, said.

“Consumers must have control of their own personal data. You should be able to easily access it, share it, revoke access, and interact with is how you see fit. Putting individuals in charge of what is best for them is vital to balance out the ongoing wave of technological innovation. This has broad implications beyond just social media - Congress must pass the ACCESS Act,” David Pickerell, Co-founder and CEO of Para, said.

Sen. Warner first introduced the ACCESS Act in 2019 and, as a former tech entrepreneur, has been on of Congress’s leading voices calling for accountability in Big Tech. He has introduced several pieces of legislation aimed at addressing these issues, including the RESTRICT Act, which would comprehensively address the ongoing threat posed by technology from foreign adversaries; the SAFE TECH Act, which would reform Section 230 and allow social media companies to be held accountable for enabling cyber-stalking, online harassment, and discrimination on social media platforms; and the Kids Online Safety Act,which would protect children online by providing young people and parents with the tools, safeguards, and transparency they need to protect against online harms. 

Full text of the bill is available here. One-pager of the legislation is available here.

WASHINGTON – U.S. Sens. Mark R. Warner (D-VA) and Todd Young (R-IN), today introduced the Motorsports Fairness and Permanency Act, bipartisan legislation that would make permanent a tax classification on depreciating assets for motorsports entertainment facilities. The legislation would allow venues to more effectively plan improvements and make safety updates, bringing additional jobs and positive economic impacts to surrounding communities.

“The Motorsports Fairness and Permanency Act is a simple fix to our tax code that will offer speedways the freedom to make long-term investments and upgrades to their facilities,” said Sen. Warner. “I’m proud to introduce legislation that will improve driver safety, enhance fan experience, and support jobs in our racing communities.”

“Motorsports are engrained in Indiana’s history and culture and play a major role in our state’s economy. This bill will make a simple fix to our tax code to give speedways the ability to make needed improvements, invest in safety, and enhance the spectator experience. I’m proud to support this bill on behalf of the Hoosier motorsports industry and race fans across Indiana,” said Sen. Young.

Since 2004, Congress has codified the definition of a motorsports entertainment complex in the tax code as a temporary provision, most recently extended under the 2020 omnibus and set to expire at the end of 2025. This provision allows racetrack complexes to operate under the understanding that all assets inside the facility depreciate as one over a seven-year period. However, the current uncertainty over whether the provision will be renewed has hindered the ability of track owners to make informed, long-term investment decisions for facility improvements in the future. Should the provision expire, roughly one third of all motorsports assets would be reclassified under the 39-year depreciation period and two thirds would fall under the 15-year period, putting racetracks at a serious disadvantage when compared to other sports and entertainment facilities.

Companion bipartisan legislation was introduced in the House of Representatives in April of this year. The Motorsports Fairness and Permanency Act is supported by the Automobile Competition Committee for the United States (ACCUS), the umbrella organization of auto racing sanctioning bodies in the United States.

“As future investments in capital projects are considered here at Martinsville Speedway, this important legislation provides much needed certainty not only for our facility, but motorsports facilities around the country,” said Clay Campbell, President, Martinsville Speedway.

“The Motorsports Fairness and Permanency Act will help protect jobs and investments in the motorsports industry. We appreciate Senator Warner and Senator Young’s leadership on this important issue,” said Lori Waran, President, Richmond Raceway.

"Motorsports entertainment complexes use the seven-year period afforded by the Motorsports Fairness and Permanency Act to reinvest in their facilities and organizations to create jobs, make safety improvements, and enrich the surrounding economies, most of which are in rural areas like VIRginia International Raceway (VIR) is to Halifax and Pittsylvania Counties,” said Connie Nyholm, Owner & CEO, Virginia International Raceway. “As a result of our investment and year-round operations, VIR has already attracted eighteen businesses to its campus and over 600,000 visitors annually through its gates." 

“Motorsports is a big economic engine in Indiana and the many racing facilities around the Hoosier state create and support thousands of jobs and millions of dollars of investment each year. The Indianapolis Motor Speedway is proud to be the world’s largest sporting venue with nearly 235,000 permanent seats around our 2.5 mile, 114 year old facility. Investing in our infrastructure and our customer experience is a constant emphasis and this legislation is beneficial to our planning and execution of projects and upgrades that our fans expect when the visit the Racing Capital of the World,” said Doug Boles, President, Indianapolis Motor Speedway.

“The Motorsports Fairness and Permanency Act impacts everyone at all levels of Indiana motorsports. And it treats everyone fairly. Regardless of the size of the racetrack, or the type of racing that fans enjoy there, we all need certainty to continue investing in improvements that help drive the local economy and improve the sport. Thanks to Senators Young and Warner for their leadership on this important Act,” said Reece O'Connor, President, Kokomo Speedway. 

A copy of the bill text is available here. 

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WASHINGTON – Members of Virginia’s congressional delegation, Governor Glenn Youngkin, and local leaders are making the case that Springfield remains the best location for the Federal Bureau of Investigation’s (FBI) new headquarters. Even with the General Services Administration’s (GSA) recent announcement of adjusted selection criteria, the lawmakers and local leaders expressed confidence that Springfield continues to perform strongly across each of the five criteria: FBI Proximity to Mission-Related Locations, Transportation Access, Site Development Flexibility and Schedule Risk, Promoting Sustainable Siting and Advancing Equity, and Cost.

In their letter to GSA and FBI, Governor Youngkin, U.S. Sens. Mark R. Warner and Tim Kaine, and U.S. Reps. Gerry Connolly (D-VA-11), Robert C. “Bobby” Scott (D-VA-03), Rob Wittman (R-VA-01), Don Beyer (D-VA-08), Abigail Spanberger (D-VA-07), Jennifer Wexton (D-VA-10), Jen Kiggans (R-VA-02), and Jennifer McClellan (D-VA-04) highlighted Springfield’s proximity to Quantico and other law enforcement and national security assets, the region’s robust transportation network, and ways the site would save money for the federal government and taxpayers because it is already federally-owned. They also explained how selecting the Springfield site would advance equity, support underserved communities, and help address inequities that exist in the region.

“Virginia’s proposal for a consolidated FBI headquarters offers a reliable partnership, exceeding the site selection criteria across all categories. The optimized GSA Springfield site provides superior proximity to law enforcement and national security-related agency assets; an accessible, robust transportation and public transit network; significant site development flexibility as the only federally-owned site under consideration, with a commitment to expediting any permitting and construction processes, and minimizing schedule risk; a proven record of, and strong commitment to advancing equity in local communities and promoting sustainable siting; and a substantial cost benefit, with Virginia’s strong commitment to making this a responsible choice for the taxpayer,” wrote the lawmakers.

In addition to the Virginia congressional delegation letter, the Alexandria NAACP, All Dulles Area Muslim Society (ADAMS) Interfaith & Government Committee, Asian American Chamber of Commerce, Northern Virginia Black Chamber of Commerce, Northern Virginia Hispanic Chamber of Commerce, Northern Virginia Urban League, Prince William NAACP, and Prince William Omega Psi Phi Fraternity sent a separate letter to GSA and FBI outlining how choosing the Springfield site would advance equity across the region. The local leaders wrote, “We fully support the Springfield bid and believe it will have a transformative impact for our communities.”

“Relocating to Springfield also offers the federal government the opportunity to help address inequities that exist in our region, particularly in the Franconia District, where the prospective FBI site is located,” they continued. “Choosing Springfield as the new home for the FBI headquarters will help close the gap and provide economic opportunity to historically disadvantaged and underserved communities.”

In March, Governor Youngkin and members of Virginia’s congressional delegation met with GSA and FBI and held a press conference to make the case that Springfield is the best location for the new FBI headquarters. In February, Governor Youngkin, Senators Warner and Kaine, Representatives Connolly, Beyer, and Spanberger, and local leaders held a press conference in Springfield. In February, members of Virginia’s congressional delegation and Governor Youngkin sent a letter to GSA and FBI laying out the case for the Springfield site.

Full text of the letter sent by Governor Youngkin and members of Virginia’s congressional delegation is available here. Full text of the letter sent by local leaders is available here.

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WASHINGTON — Today, U.S. Sen. Mark R. Warner (D-VA) issued the following statement after the Biden Administration announced new voluntary commitments from leading artificial intelligence (AI) companies promoting safety, security, and trust:

“I’m glad to see the Administration taking steps to address the security and trust of AI systems, but this is just the beginning. We must continue to ensure these systems, which are already being adopted and integrated into broader IT systems in areas as wide-ranging as consumer finance and critical infrastructure, are safe, secure, and trustworthy – including through consumer-facing commitments and rules. While we often hear AI vendors talk about their commitment to security and safety, we have repeatedly seen the expedited release of products that are exploitable, prone to generating unreliable outputs, and susceptible to misuse. These commitments are a step in the right direction, but, as I have said before, we need more than industry commitments. We also need some degree of regulation. That’s why I will continue to work diligently to ensure that vendors prioritize security, combat bias, and responsibly roll out new technologies.”

In April, Sen. Warner sent a series of letters to AI companies asking them to provide greater information on their safety, security, and integrity practices and commit to a series of best practices. A copy of the letters can be found here.

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WASHINGTON - In an effort to prevent money laundering and stop crypto-facilitated crime and sanctions violations, a leading group of U.S. Senators is introducing new, bipartisan legislation requiring decentralized finance (DeFi) services to meet the same anti-money laundering (AML) and economic sanctions compliance obligations as other financial companies, including centralized crypto trading platforms, casinos, and even pawn shops.  The legislation also modernizes key Treasury Department anti-money laundering authorities, and sets new requirements to ensure that “crypto kiosks” don’t become a vector for laundering the proceeds of illicit activities.

DeFi generally refers to applications that facilitate peer-to-peer financial transactions that are recorded on blockchains.  The most prominent example of DeFi is so called “decentralized exchanges,” where automated software purportedly allows users to trade cryptocurrencies without using intermediaries.

By design, DeFi provides anonymity.  This can allow malicious and criminal actors to evade traditional financial regulatory tools, including longstanding and well-developed rules requiring financial institutions to monitor all transactions and report suspected money laundering and financial crime to the Financial Crimes Enforcement Network (FinCEN), which is a bureau of the U.S. Treasury Department.  This allows DeFi to be used to launder criminal proceeds and fund more crime.

Criminals, drug traffickers, and hostile state actors such as North Korea have all demonstrated a propensity for using (DeFi) as a preferred method of transferring and laundering ill-gotten gains.  These bad actors have been quick to recognize how DeFi can be exploited to advance nefarious activities like cross-border fentanyl trafficking and financing the development of weapons of mass destruction. 

According to the most recent U.S. National Money Laundering Risk Assessment: “DeFi services often involve no AML or other processes to identify customers.”  According to another recent Treasury Department report, “illicit actors, including ransomware cybercriminals, thieves, scammers, and Democratic People’s Republic of Korea (DPRK) cyber actors, are using DeFi services in the process of transferring and laundering their illicit proceeds. To accomplish this, illicit actors are exploiting vulnerabilities in the U.S. and foreign AML regulatory, supervisory, and enforcement regimes as well as the technology underpinning DeFi services.”

Noting that transparency and sensible rules are vital for protecting the financial system from crime, U.S. Senators Jack Reed (D-RI), Mike Rounds (R-SD), Mark Warner (D-VA), and Mitt Romney (R-UT) today unveiled the Crypto-Asset National Security Enhancement and Enforcement (CANSEE) Act (S. 2355).  This legislation targets money laundering and sanctions evasion involving DeFi.

The CANSEE Act would end special treatment for DeFi by applying the same national security laws that apply to banks and securities brokers, casinos and pawn shops, and even other cryptocurrency companies like centralized trading platforms.  That means DeFi services would be forced to meet basic obligations, most notably to maintain AML programs, conduct due diligence on their customers, and report suspicious transactions to FinCEN.

These requirements will close an attractive avenue for money laundering that has been routinely exploited over the past several months by the North Korean government, Chinese chemicals manufacturers, Mexican drug cartels, cybercriminals, ransomware attackers, scammers, and a host of other bad actors. 

The legislation also makes clear that if a sanctioned person, like a Russian oligarch, uses a DeFi service to evade U.S. sanctions, then anyone who controls that project will be liable for facilitating that violation.  If nobody controls a DeFi service, then—as a backstop—anyone who invests more than $25 million in developing the project will be responsible for these obligations.

The CANSEE Act would also require operators of crypto kiosks (also known as crypto ATMs) to improve traceability of funds by verifying the identities of each counterparty to each transaction using a kiosk.  Unless these vulnerabilities are addressed, criminals will continue to exploit these kiosks to launder money from drug trafficking, human trafficking, scams, and other crimes.

Featuring an interface similar to regular ATMs, crypto ATMs are often found at convenience stores, laundromats, and gas stations.  Users can insert cash or a debit card into the machine to turn their real money into cryptocurrency, which is then transferred into a digital wallet that can then be accessed by scammers.   Once a transfer is complete, users cannot get their money back.  Currently, there are about 30,600 crypto ATMs across the country – up from 1,200 in 2018, according to Coin ATM Radar.

Finally, the CANSEE Act makes important updates to the Treasury Department’s authority to require participants in the U.S. financial system to take special measures against money laundering threats.  Currently, these authorities are limited to transactions conducted in the traditional banking system.  But as new technologies like cryptocurrency increasingly enable new ways to conduct financial transactions, it is critical to extend Treasury’s authority to crack down on illicit financial activity that may occur outside the banking sector.

“DeFi and crypto ATMs are part of a largely unregulated technology that needs stronger oversight and guardrails to prevent rampant money laundering and sanctions evasion,” said Sen. Reed. “This legislation bolsters the Treasury Department’s tools to protect our national and economic security. Drug cartels, sex traffickers, and the like shouldn’t be able to use DeFi platforms to avoid justice – their victims deserve better.  Our bill  will also ensure that law enforcement has access to better information about cryptocurrency transactions, which they need to fight crimes like cross-border drug trafficking, weapons proliferation, and ransomware attacks.  We must protect the integrity of the financial system from new and emerging threats from the worst criminal organizations and malicious state actors.”

“Our adversaries and criminals worldwide are using creative ways every day to take advantage of the United States financial system and we should not allow them to exploit American innovation to evade sanctions and money launder,” said Sen. Rounds. “As more Americans start to use and invest in cryptocurrency, both DeFi platforms and crypto kiosks remain in the blind spot of regulation. This targeted legislation kicks off an important debate on how to protect our financial system and give law enforcement the tools they need to prosecute bad actors.” 

“As Chair of the Senate Intelligence Committee, I remain deeply concerned that criminals and rogue states continue to use crypto to launder money, evade sanctions, and conceal illicit activity. The targeted package we’re introducing today will help address specific problems in decentralized finance and crypto kiosks, and incorporates the Special Measures to Address Modern Threats bill I introduced in the last Congress to modernize FinCEN’s existing anti-money laundering authorities,” said Sen. Warner. “I believe these focused measures will help maintain the robust AML and sanctions enforcement we need to protect our national security, while allowing participants who play by the rules to continue to take advantage of the potential of distributed ledger technologies.”

“Malign actors—including China-based fentanyl manufacturers and drug cartels operating along the southern border—are capitalizing on existing loopholes under current law to evade sanctions using decentralized finance services,” said Sen. Romney. “By fortifying U.S. anti-money laundering frameworks, our legislation cracks down on crypto-facilitated crimes and ultimately reinforces our national security.”

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WASHINGTON – This week, U.S. Sens. Mark R. Warner and Tim Kaine joined 49 of their colleagues in reintroducing the Freedom to Vote Act, legislation to improve access to the ballot for Americans, advance commonsense federal election standards and campaign finance reforms, and protect American democracy. The legislation includes various provisions that have already been enacted in Virginia, including automatic voter registration, same day and Election Day voter registration, online voter registration, and no excuse mail voting.

In addition to bringing Virginia’s successes to every corner of the country, the legislation would protect Virginia’s progress from potential attacks from state legislators, some of whom have already tried to make it harder for Virginians to cast their ballots. Earlier this year, a top Republican legal strategist told a roomful of donors she was optimistic that legislation making it more convenient to vote in Virginia could be undone. The introduction of the Freedom to Vote Act—which would also restore the right to vote in federal elections for people who have served their time for felony convictions after they are released from prison—comes as the Virginia NAACP calls for clarity from Virginia’s Governor regarding the process for restoring voting rights for people with felony convictions who have completed their sentences in Virginia.

“The opportunity for every American to make their voice heard is the bedrock of our democracy, but right now the very act of voting is under siege in state legislatures across the country,” said Sen. Warner. “The Freedom to Vote Act enshrines in federal law efforts to safeguard democracy from these attacks and protect Americans’ access to the ballot.”

“The strength of our democracy depends on Americans’ ability to make their voices heard,” said Sen. Kaine, who practiced civil rights law for 17 years. “The Freedom to Vote Act would help expand voting by mail, early voting, and other reforms to make voting easier. These provisions—many of which were adopted in Virginia—are broadly popular among Americans across the political spectrum and are essential to our democracy. It’s crucial that we pass this legislation to protect Virginia’s progress on the federal level, and help states across the country follow Virginia’s lead in making voting more convenient.”

The legislation reflects feedback from state and local election officials to ensure the people responsible for implementing reforms are able to do so effectively. It also elevates the voices of American voters by ending partisan gerrymandering, and would help eliminate the undue influence of secret money in our elections. Summaries of how the three sections of the bill would protect Americans’ right to vote are below.

Legislative text is available here.

Voter Access and Election Administration 

This section includes provisions to improve voter access by implementing reliable state best practices for voter registration and election administration to ensure all Americans can easily exercise their freedom to vote regardless of where they live. 

• Automatic Voter Registration and Online Voter Registration: Enacts an automatic voter registration system for each state through the state’s motor vehicle agency and ensures voters in all states have access to online voter registration.
• Election Day Holiday: Makes Election Day a public holiday.
• Uniform Early Voting: Ensures voters have access to at least two weeks of early voting for federal elections, including two weekends, while accommodating small election jurisdictions and vote-by-mail jurisdictions.
• Same Day Voter Registration: Ensures every state offers same day registration at a limited number of locations for the 2024 elections and at all polling locations by 2026, allowing election officials, especially in rural areas, time to implement the new requirements.
• Federal Minimum Standards on Vote by Mail and Drop Boxes: Ensures all voters can request a mail-in ballot, improves the delivery of election mail, and puts in place minimum standards to ensure drop boxes are available and accessible to all voters.
• Strengthens Voter List Maintenance Standards: Requires that the removal of voters from the rolls is done on the basis of reliable and objective evidence and prohibits the use of returned mail sent by third parties to remove voters. 
• Counting of Provisional Ballots: Requires provisional ballots to count for all eligible races within a county, regardless of the precinct they were cast in.
• Standards for Voter Identification: Promotes voter confidence and access by requiring a uniform national standard for states that require identification for in-person voting, and allowing voters to present a broad set of identification cards and documents in hard copy and digital form. States that do not have a voter identification requirement would not be required to make any changes.
• Voting Rights Restoration for Returning Citizens: Restores the right to vote in federal elections for people who have served their time for felony convictions after they are released from prison.
• Expanded Voting Access Protections for the Disabled, Native Americans, Military, Overseas Voters, and Underserved Communities: Includes targeted protections to promote accessible voting to communities facing unique challenges. 

Election Integrity

This section includes measures to promote confidence in elections, stop partisan election subversion, and protect against election interference, both foreign and domestic. 

• Preventing State Election Subversion: Establishes federal protections to insulate nonpartisan state and local officials who administer federal elections from undue partisan interference or control.
• Protection of Election Records, Election Infrastructure, and Ballot Tabulation: Strengthens protections for federal election records and election infrastructure in order to protect the integrity and security of ballots and voting systems.
• Voter-Verified Paper Ballots, Reliable Audits, and Voting System Upgrades: Requires states to use voting systems that use paper ballots that can be verified by voters and to implement reliable post-election audits. Also provides grants for states to purchase new and more secure voting systems and make cybersecurity improvements.
• Non-Partisan Election Official Recruitment and Training: Tasks the Election Assistance Commission with developing model training programs to recruit a new generation of election workers and provides dedicated grants for training and recruitment.
• Comprehensive Voting System Security Protections: Puts in place election vendor cybersecurity standards, including standards for manufacturing and assembling voting machines, among other key security measures.
• Establishing Duty to Report Foreign Election Interference: Creates a reporting requirement for federal campaigns to disclose certain foreign contacts. 

Civic Participation and Empowerment 

This section includes provisions to prevent partisan manipulation of the redistricting process, establishes uniform disclosure standards for money in politics, and empowers states to make critical investments in their election systems. 

• Non-Partisan Redistricting Reform and Banning Partisan Gerrymandering: Requires states to abide by specific criteria for congressional redistricting and makes judicial remedies available for states’ failure to comply. Allows states to choose how to develop redistricting plans, including the option of having an independent redistricting commission.
• Combatting Secret Money and Election Interference (DISCLOSE Act and Honest Ads Act): Requires super PACs, 501(c)(4) groups, and other organizations spending money in elections to disclose donors and shuts down the use of transfers between organizations to cloak the identity of contributors. Ensures that political ads sold online have the same transparency and disclosure requirements as ads sold on TV, radio, and satellite.
• State Election Assistance and Innovation Fund: Establishes a self-sustaining fund to finance critical investments in state-led innovations for our democracy and election infrastructure. The fund is financed through an additional assessment paid on federal fines, penalties, and settlements for certain tax crimes and corporate malfeasance. States would be allotted an annual distribution for eligible democracy and election-related investments. States could select to access their full distribution or a partial distribution, or roll over their distribution for future use.
• Nonpartisan Oversight of Federal Election Law: Improves the ability of the Federal Election Commission to carry out oversight and enforcement responsibilities.
• Stopping Illicit Super PAC Coordination: Creates “coordinated spender” category to ensure single-candidate super PACs do not operate as arms of campaigns. 

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 WASHINGTON — Today, U.S. Sen. Mark R. Warner (D-VA) issued the following statement on the appointment of Tannia Talento, his Northern Virginia Regional Director, to the Arlington County Board:

“Tannia’s commitment to public service is evident in her day-to-day work, in her extensive experience, and in her ongoing involvement with Arlington County. I’m proud to see Tannia step up to fill this vacancy on the Arlington County Board and have no doubt that her strong leadership skills, deep ties to the community, and hardworking disposition will serve her well in this temporary role.” 

Talento, who was appointed by the board to fill the seat vacated by Katie Cristol, will serve temporarily through the remainder of the term, which expires on December 31, 2023. She will continue to serve as Sen. Warner’s Northern Virginia Regional Director while recusing herself from official Senate business involving the county.

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WASHINGTON – Today, U.S. Sens. Mark R. Warner (D-VA), Chris Van Hollen (D-MD), Rev. Raphael Warnock (D-GA), Jon Ossoff (D-GA), Sen. Tim Kaine (D-VA), and U.S. Rep. Emanuel Cleaver (D-MO) introduced bicameral legislation to help first-time, first-generation homebuyers – predominately Americans of color – build wealth much more rapidly. By offering new homeowners a 20-year mortgage for roughly the same monthly payment as a traditional 30-year loan, LIFT will allow individuals traditionally underrepresented in the housing market to grow equity twice as fast. 

“Homeownership is one of the key ways Americans build capital and wealth. Unfortunately, racism and systemic discrimination in our housing laws have put this opportunity out of reach for far too many families of color,” said Sen. Warner. “The LIFT Act will help narrow the racial wealth gap by allowing qualified home buyers to build equity – and wealth – at twice the rate of a conventional 30-year mortgage.”

“It’s about time Congress took bold steps to support the American dream of homeownership for working class families that for too long have been left behind, which will not only allow more hardworking Americans to build generational wealth but also help close the racial wealth gap,” said Rep. Cleaver. “The LIFT Act builds upon President Biden’s economic agenda that focuses on building our economy from the bottom up and middle out, allowing more families to qualify for homeownership and build equity and stability in their home at an accelerated rate. As the Ranking Member of the Subcommittee on Housing and Insurance, I’m proud to introduce this legislation with Senator Warner and his colleagues in the Senate, as we seek to ensure every American has an opportunity to share in the prosperity of this great nation.”

“Homeownership is a key tool for Americans to grow their wealth and build economic stability, but for far too many people, this goal remains out of reach. This is especially true for people of color – which is why we need to address the legacy of discrimination in our housing policy. This bill will help level the playing field for first-time, first-generation buyers and empower them to build more wealth,” said Sen. Van Hollen.

“Housing is dignity and security for hardworking families in Georgia and across the nation, and owning a home is a long-held pathway to building generational wealth. But too many families have been left out of the American dream of buying a home, and Congress should act to make it a reality for more people,” said Sen. Reverend Warnock. “I’m proud to join my colleagues in reintroducing the LIFT Act to help put the dream of homeownership in reach for working families in Georgia and nationwide, boosting our economy and helping provide families safety and security. Let’s get this done.”

“This is about helping first-time homebuyers pay down their mortgages and build wealth in their homes more quickly. I'm teaming up with Senator Warner to help low-income Georgians and first-time homebuyers build generational wealth,” Sen. Ossoff said.

“Homeownership is not only a key part of the American dream but also one of the best ways to build generational wealth,” said Sen. Kaine, a former fair housing attorney. “I’m proud to be joining my colleagues in introducing this bill to help first-generation homebuyers, particularly those from communities of color, build wealth and help address the racial wealth gap in our country.”

First introduced in 2021, the Low-Income First Time Homebuyers (LIFT) Act would establish a program at the Department of Housing and Urban Development (HUD), in consultation with the Department of the Treasury, to sponsor low fixed-rate 20-year mortgages for first-time, first-generation homebuyers who have incomes equal to or less than 120 percent of their area median income. Treasury would subsidize the interest rate and origination fees associated with these 20-year mortgages so that the monthly payment would be in line with a 30-year Federal Housing Administration (FHA)-insured mortgage.

For example: A first time homebuyer of modest means who purchases a property for $210,000 is likely to put down $10,000 and take out a $200,000 mortgage. In today’s market, a lender would offer this borrower a 6.5% 30 year FHA insured mortgage, for which the borrower would pay an annual 0.55% FHA insurance fee and a 1.75% up-front insurance fee, which would be folded into the mortgage. The borrower would have a monthly payment of $1,377. Under the LIFT program, the lender would instead offer this homebuyer a 5.5% 20-year FHA insured mortgage, which would include an up-front 4.00% FHA fee that would be folded into the loan and no annual FHA premium. The borrower would have a monthly payment of $1,430. By paying roughly the equivalent monthly payment, a borrower with a LIFT loan would build equity more than twice as fast.

By allowing borrowers to build equity through their homes at twice the rate of a comparable 30-year loan without meaningfully increasing the monthly payment, LIFT will improve the power of homeownership for millions of families. Coupled with well-targeted down-payment assistance, the LIFT program will make meaningful progress in narrowing the racial wealth gap, expanding and greatly strengthening the wealth-building benefits of homeownership in communities too long left behind by our existing financial structures.

A copy of the legislation is available here. A summary is available here.

This legislation has the support of a number of organizations including the National Consumer Law Center (on behalf of its low-income clients), the Center for Responsible Lending.

“The LIFT Act would be a groundbreaking new approach to help close the nation’s significant and troubling shortfall in homeownership among people of color and the associated substantial wealth racial gap.  Focusing eligibility on first-time, first-generation homebuyers would target this assistance to families and individuals most in need of assistance while also narrowing racial homeownership gaps. And the use of subsidies to make a 20-year mortgage as affordable as a 30-year loan puts homebuyers on a path to rapidly accumulate home equity while also making homeownership less risky. The proposed approach is also highly cost effective by leveraging federal subsidies to enable homeowners to build wealth over time more quickly and effectively,” said Chris Herbert, Managing Director, Harvard Joint Center for Housing Studies.

“Homeownership is the major source of wealth and assets for most American families. Senator Warner's proposed LIFT Act is a worthy initiative that can help families build equity faster and Opportunity Finance Network is pleased to endorse this legislation,” said Jennifer A. Vasiloff, Chief External Affairs Officer, Opportunity Finance Network.

“Homeownership is the best way to build wealth, especially for lower and moderate income households and families of color, and LIFT supercharges that wealth-building. By helping homeowners get a 20-year mortgage with a lower monthly payment consistent with a 30-year mortgage, LIFT preserves affordability and supports homeownership, but also allows homeowners to rapidly accumulate equity in their homes. LIFT is among the most effective ways policymakers have to address the nation’s pernicious problem of large and widening economic disparities,” said Mark Zandi, Chief Economist, Moody’s Analytics.

“One of the most important benefits of homeownership is the ability to build wealth. In fact, it is the primary way millions of middle-income Americans have achieved economic stability for 75 years. While legally sanctioned racial discrimination seems like a thing of the past, outlawed in the 1968 Fair Housing Act, the reality is that the housing wealth affect continues to disadvantage people of color whose parents and grandparents never benefitted from a wide range of government programs that made homeownership possible to most Americans,” said David Dworkin, President and CEO, National Housing Conference. “The LIFT bill evens that playing field and will not only help close the wealth gap, but it will strengthen the economy for all Americans. Senator Warner has a long history of thinking outside the box and writing legislation that makes a difference in new and innovative ways. The LIFT Act is another example of his leadership.”

“The LIFT Act allows more first-time, first-generation prospective homeowners to realize their American Dream. This creates more generational wealth across different communities and supports low to middle-income Americans. AREAA is proud to support the continued efforts by Senator Warner to pass this legislation,” said Kurt Nishimura, President, Asian Real Estate Association of America (AREAA).

“NAHREP is pleased to support the re-introduction of the LIFT Homebuyers Act. The bill’s goal of helping homeowners expedite earning equity in their properties means the opportunity to build intergenerational wealth is all that more achievable,” said Gary Acosta, Co-Founder & CEO, NAHREP. “NAHREP is committed to helping Latinos realize their economic potential through homeownership and is encouraged by Senator Warner, Senator Kaine, Senator Warnock, Senator Ossoff, and Senator Van Hollen’s commitment to the same goal as evidenced in the LIFT Homebuyers Act.”

“The Virginia Housing Alliance applauds Senator Warner’s leadership and commitment to ensuring that the wealth building opportunity of homeownership becomes a reality for many more Americans through the Low-Income First Time Homebuyers Act (LIFT Act). In Virginia, the homeownership rate for non-Hispanic white households is 73% compared to just 48% for Black households. The LIFT Act will provide a transformative opportunity to close this gap and make the American dream of homeownership a reality for thousands of first time homebuyers in Virginia,” said Brian Koziol, Executive Director, Virginia Housing Alliance.

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