WASHINGTON – U.S. Sens. Mark R. Warner (D-VA), Chris Van Hollen (D-MD), and Dianne Feinstein (D-CA), along with Reps. Dean Phillips (D-MN-3) and David Cicilline (D-RI-1) led a number of their congressional colleagues in a bicameral request urging President Biden to form an initiative to coordinate federal policies that will reshape and rebuild the economy so that it works for all. In a pair of letters penned by the three Senators and 18 House Representatives, the lawmakers requested that the proposed White House Initiative on Inclusive Economic Growth – originally envisioned by a coalition of impact-oriented organizations – build on the Administration’s ongoing efforts to address three monumental crises facing the nation: the COVID-19 economic fallout; a widening racial wealth gap; and climate change.

“While we support passing much of your Build Back Better Agenda through a budget reconciliation package, we believe it is also essential that the Administration prioritize executive action to reform capitalism in such a way that short-term profits and shareholder primacy no longer take center stage,” wrote the Senators. “A White House Initiative on Inclusive Economic Growth could play a central coordinating role between policy councils, executive agencies, and independent agencies in promoting equitable economic policy. The Initiative could also serve to convene private sector and civil society organizations that increasingly recognize the critical nature of a transition towards stakeholder capitalism.”

The Senators continued, “By changing the incentives for corporations and investors, we can lessen the disregard too often shown towards workers, environmental harms, or racial and gender inequity. And by renewing focus on community investing, we can work to mitigate the historic harms of disinvestment in Black, brown, tribal, and rural communities.”

In a separate letter, the House Representatives wrote, “The past year has exacerbated existing crises and brought the United States to an existential crossroads. The pandemic and the resulting economic fallout, systemic racial injustice, and the rising threat of climate change call for bold but necessary action: rebuilding our economy so that it works for all Americans. To address these issues, we need to change the underlying structures that have perpetuated them.”

“Several agencies are already beginning to prioritize more inclusive economic growth and community investing, including Treasury, the SEC, the Department of Commerce and others. In order to realize the full potential of these reforms across the federal government, we need coordination and prioritization from the Biden Administration,” they continued. “The principles behind stakeholder capitalism and community investing are increasingly being embraced across industries and in both the public and private sectors. With this new Initiative, we believe the White House can tap into a growing movement and ensure we transform these ideas into lasting, impactful policy.”

This bicameral effort has the support of organizations like B Lab and USIIA.

“We are motivated and excited by the support we are seeing for the White House Initiative on Inclusive Economic Growth. Now, more than ever, we have the momentum to drive inclusive economic growth through a partnership with the White House and Congress, have a say in rules and incentives for many of our decision-makers in corporate boardrooms and on Wall Street, and catalyze new investment for small businesses that line Main Street,” said Andrew Kassoy, co-founder and CEO of B Lab, a global network of organizations transforming the global economic system and one of the more than 50 organizations calling for the proposed White House Initiative.

“We are thankful for the leadership and support we have received from Sen. Warner, Reps. Phillips and Cicilline and many of their colleagues. The proposed initiative is the brainchild of more than 50 organizations that have dedicated their work to driving impact for underserved communities and in turn, building toward a more just and equitable economy. We look forward to partnering with Congress, the Administration and peers in the private sector on this once-in-a-generation opportunity to build back better and ensure that local economies and the capital markets work for all Americans,”said Fran Seegull, president of U.S. Impact Investing Alliance, one of the more than 50 organizations calling for the proposed White House Initiative.

Joining Reps. Phillips and Cicilline in the House letter are U.S. Reps. Gregory Meeks (D-NY-05), Adam Smith (D-WA-09), Alan Lowenthal (D-CA-47), Bill Pascrell Jr. (D-NJ-09), Mark DeSaulnier (D-CA-11), Judy Chu (D-CA-27), Betty McCollum (D-MN-04), Sheila Jackson Lee (D-TX-18), André Carson (D-IN-07), Joe Neguse (D-CO-02), Jamie Raskin (D-MD-08), Carolyn Maloney (D-NY-12), Yvette Clarke (D-NY-09), Nydia Velázquez (D-NY-07), Donald Beyer Jr. (D-VA-08), and Kathleen Rice (D-NY-04).

Full text of the Senate letter is available here. Text of the House letter is available here. 

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WASHINGTON – Today, Senator Mark Warner (D-VA) and Congressman Jim Himes (CT-04) introduced the Portable Retirement and Investment Account (PRIA) Act of 2021. The PRIA Act will create universal, portable retirement and investment accounts that will be accessible to all Americans throughout their lives and move our retirement system into the 21st century.

“Americans are more likely to change jobs and be engaged in non-traditional forms of work than they were a generation ago, but our policies haven’t kept up with these shifts,” Warner said. “As more and more Americans hold multiple jobs across a career, a year, and even a day, PRIA will provide more workers with access to flexible, portable benefits such as retirement savings that will carry with them from employer to employer and gig to gig.”

“The current retirement system isn’t working for all Americans,” said Himes. “The options to which American workers have access can differ significantly based on their area of employment and the systems can be needlessly confusing. In addition, many Americans lose access to retirement savings vehicles if they lose their jobs, and gig, contract, and part-time workers are often ineligible. PRIA changes all of this.”

Congress needs to act to bring more people into the system and make it easier for Americans to save:

• Approximately half of American households do not have access to a 401k retirement account.
• The Federal Reserve calculates that half of Americans have not saved enough to retire at their current standard of living.
• While 80% of full-time workers have access to retirement savings accounts, only 40% of part-time workers have access.
• According to the 2020 Report on the Economic Well-Being of U.S. Households by the Federal Reserve, around 35% of Americans work outside of traditional full-time jobs, in the gig economy.

Every American will receive a PRIA at the same time they receive a Social Security Number. PRIAs will be administered by an independent board and managed by selected financial institutions. After the creation of the initial account, account holders will have the option to choose investment options from a qualified financial institution. Employers can contribute to their employee’s PRIA just like legacy plans like 401ks, but employees who separate from their employer will still have the ability to contribute to the same PRIA plan as before.

Americans who want to keep their 401ks, IRAs, and other savings plans with which they are familiar will still have those options. PRIAs are designed to supplement the existing system and provide a simple, portable option for those who want it.

“PRIA is going to bring people in from the cold,” Himes continued. “Instead of seeing themselves fall further and further behind in their retirement savings, millions of Americans in non-traditional employment arrangements will have another tool in their retirement toolbox.”

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WASHINGTON- U.S. Senators Mark Warner (D-VA), John Cornyn (R-TX), Michael Bennet (D-CO), and Tim Scott (R-SC) today introduced the Teacher and School LEADERS Act, which would reform Teacher Quality Partnership Grants to better support school leaders and allow for greater innovation in educator preparation.

“Investing in professional development supports and empowers educators and makes them better teachers. I am proud to reintroduce legislation that invests in the future of our children,” Sen. Warner said.

“Strong school leaders can have an outsized impact on the quality of education for our students, especially in high-needs school districts,” Sen. Cornyn said. “It’s important that educators have access to grant programs to further their impact in our local schools, and I’m proud to partner with my colleagues on this legislation.”

“Educators work tirelessly in Colorado and across the country to support our kids, and this past year has been especially challenging,” said Sen. Bennet. “Our legislation invests in flexible, high-quality training programs for our nation’s educators to use innovative tools and approaches in the classroom. Now more than ever, teachers and school leaders deserve to have access to the training and support they need to grow their careers and support their students."

“We owe a debt of gratitude to our nation’s teachers and school leaders who have given so much to the next generation—even in the midst of a pandemic,” said Sen Tim Scott. “As someone who struggled in school, I am living proof that a few devoted teachers can change the trajectory of a kid’s life. By providing high-quality teacher and leadership preparation programs, the Teacher and School LEADERS Act will ensure more of our educators have the tools they need to lead the next generation with excellence.”

Background:

The Teacher and School LEADERS Act would reform Title II of the Higher Education Act to expand the Teacher Quality Partnership (TQP) Grant program. Specifically, the bill would:

• Expand the program to provide training to educators who aspire to fill leadership roles in high-need schools.
• Provide grant applicants and recipients greater flexibility over who they can partner with for preparation programs by removing restrictions requiring them to partner with an Institution of Higher Education to qualify.

The Teacher and School LEADERS Act is supported by the Association of Latino Administrators and Superintendents, the American Psychological Association, Knowledge Alliance, the National Alliance for Public Charter Schools, the National Center for Learning Disabilities, the National Council of Teachers of English, the National Council of Teachers of Mathematics, Leading Educators, the National Science Teaching Association, the National Network of State Teachers of the Year, New Leaders, Teach For America, and Third Way.

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WASHINGTON – U.S. Sens. Mark R. Warner (D-VA), Chris Van Hollen (D-MD), Rev. Raphael Warnock (D-GA) and Jon Ossoff (D-GA), members of the Senate Committee on Banking, Housing and Urban Affairs, along with Sen. Tim Kaine (D-VA) today introduced the Low-Income First Time Homebuyers (LIFT) Act to establish a new program 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 them to grow equity twice as fast.   

“The number one way that middle class Americans build wealth is through homeownership, an opportunity that due to racism and structural inequality has been denied to too many families of color. Today, Black families in this country have an average net worth just one-tenth the size of their white counterparts,” said Sen. Warner. “The LIFT Act will help close the racial wealth gap by allowing qualified home buyers to build equity – and wealth – at twice the rate of a conventional 30-year mortgage.”

“Homeownership is a key tool for Americans to grow their wealth and build economic stability, but for far too many people, especially people of color, this goal remains out of reach. This is a direct result of the systemic racial discrimination that has plagued our nation’s housing policies for generations. It’s time to right this wrong and implement policies that will allow us to close this gap. I’m proud to introduce this legislation that will help all first-time, first-generation homebuyers succeed in building more wealth through homeownership with a 20-year mortgage. I’ll be working to pass this crucial bill to help bring more economic opportunity and prosperity to all,” said Sen. Van Hollen.

“For too long, too many of our neighbors have been excluded from our nation’s housing market, unable to build equity and security after buying and moving into their first home,” said Sen. Reverend Warnock. “Home equity accumulation is one of the best ways to build generational wealth for hardworking families in Georgia and across the nation, and to close the racial wealth gap. For that, I am proud to stand alongside Sen. Warner in introducing the LIFT Act, which will help to level the playing field by making it easier for first-time homebuyers to build wealth all while boosting our state and national economy.”

“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.

“As a former fair housing attorney, I have long been passionate about giving more families access to stable housing and economic mobility,” said Sen. Kaine. “This bill will help families in their pursuit of the American dream by making home ownership more accessible to first-generation homebuyers and enabling them to build equity faster. I will continue working in the coming weeks to deliver Americans historic reforms to make housing more affordable.”

The LIFT Act will 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. Working through Ginnie Mae, Treasury would subsidize the interest rate and origination fees associated with these 20-year mortgages such that the monthly payment would be in line with a 30-year Federal Housing Administration (FHA)-insured mortgage. 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 closing 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 two-page summary of the bill is available here. Text of the legislation is available here.

“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,” Jennifer A. Vasiloff, Chief External Affairs Officer, Opportunity Finance Network, said.

“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,” said Mark Zandi, Chief Economist, Moody’s Analytics. “LIFT is among the most effective ways policymakers have to address the nation’s pernicious problem of large and widening economic disparities.”

“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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WASHINGTON – El Senador Mark R. Warner (D-VA), emitió la siguiente declaración ante la decisión de la parlamentaria del senado, quien falló en contra de la inclusión de medidas migratorias en la conciliación presupuestaria: 

“Estoy decepcionado por la reciente decisión de la parlamentaria. Sin embargo, debemos ser claros: la lucha por la reforma migratoria NO ha terminado. Espero trabajar con mis colegas, especialmente los senadores Dick Durbin y Alex Padilla, para ayudar a proteger a los miles de beneficiarios de TPS y DACA que llaman hogar a Virginia ”. 

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WASHINGTON – U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA), along with Rep. Elaine Luria (D-VA-02), sent a letter to U.S. Secretary of the Interior Deb Haaland today requesting that she direct the National Park Service to accept a 40-acre donation of land that would enhance and protect the Fort Monroe National Monument.

“Despite Fort Monroe’s significance to American history and exceptional recreational value, the monument, as it exists today, includes a very small number of historic buildings and fee ownership of less than half the property’s 565 acres. The fortress itself – the largest stone fort constructed in North America – remains in state ownership, while an easement allows the Park Service some control over its use. Virginia retains full responsibility for the fortress and the dozens of historic buildings on the property,” wrote the lawmakers.

“This donation would establish a physical connection between the two sections of Fort Monroe, creating an unbroken coastline along the Chesapeake Bay from Old Point Comfort to the northern end of the property,” they continued. “Despite the expected additional modest federal financial responsibility that would be expected from a land donation, we believe the cause of protecting and enhancing Fort Monroe is worth the Park Service’s additional investment. Fort Monroe has a unique and diverse history to tell and a tremendous amount of untapped potential we believe can be unlocked.”

Fort Monroe was built between 1819 and 1834 to protect the entrance to Hampton Roads. During the Civil War, Major General Benjamin Butler issued his famous “contraband decision” at Fort Monroe, ordering that escaped slaves who reached Union lines could not be returned to bondage. It was this consequential decision that earned Fort Monroe the nickname “Freedom's Fortress.”

In 2019, following the Trump Administration’s failure to accept the land donation, Sens. Warner and Kaine introduced legislation to add these 40 acres to Fort Monroe in order to unify the two divided sections and achieve an unbroken coastline along the Chesapeake Bay.

Full text of the letter can be found here and below: 

Dear Secretary Haaland:

We write today to request that you direct the National Park Service to accept a pending 40-acre land donation from the Commonwealth of Virginia to the Fort Monroe National Monument. The addition of this land would accomplish a longtime goal of connecting the eastern section of the property and would help protect the monument for future generations.

In 2011, then-President Barack Obama designated Fort Monroe a national monument using his authority under the Antiquities Act. Fort Monroe holds a special place in Virginia and our nation’s history that tells a unique, complicated, and diverse story. Despite Fort Monroe’s significance to American history and exceptional recreational value, the monument, as it exists today, includes a very small number of historic buildings and fee ownership of less than half the property’s 565 acres. The fortress itself – the largest stone fort constructed in North America – remains in state ownership, while an easement allows the Park Service some control over its use. Virginia retains full responsibility for the fortress and the dozens of historic buildings on the property.

In 2015, the Commonwealth of Virginia agreed to donate approximately 40 coastal acres including additional land in the Wherry Quarter to Fort Monroe, to enhance and protect the monument. Following a thorough review, the Park Service indicated it could accept a land donation of approximately 40 acres in the eastern section of the Wherry Quarter. This donation would establish a physical connection between the two sections of Fort Monroe, creating an unbroken coastline along the Chesapeake Bay from Old Point Comfort to the northern end of the property. The Commonwealth remains committed to donating this property to Fort Monroe and is willing to work with the Park Service to determine the best use for the property.

The approximately 40 acres of coastal land contain several low-rise non-historic buildings, which could be demolished or utilized for alternative purposes. We understand the Commonwealth has continued to negotiate in good faith to lease these buildings to new tenants, which would mitigate any potential costs to the Park Service. Despite the expected additional modest federal financial responsibility that would be expected from a land donation, we believe the cause of protecting and enhancing Fort Monroe is worth the Park Service’s additional investment. Fort Monroe has a unique and diverse history to tell and a tremendous amount of untapped potential we believe can be unlocked.

Acceptance of this land donation would demonstrate to the Commonwealth that the Park Service is a reliable federal partner that can be relied on to follow through on its plans. In recent years, Virginia and the Park Service have endorsed a “One Fort Monroe” concept, which has the goal of elevating Fort Monroe as a national treasure and unlocking the landmark’s vast historical and recreational potential. Recently, the Commonwealth has worked collaboratively with the Park Service to open a new combined visitor center and hosted a successful 400th anniversary commemoration event regarding the arrival of the first Africans in North America. Moving forward with this land donation will help strengthen the relationship between the Commonwealth and Fort Monroe and help the monument move closer to realizing its vast potential.

We respectfully request that the Department of the Interior move forward with accepting this land donation from the Commonwealth of Virginia as quickly as possible. This transfer has been delayed for too long and the time is now for this donation to move forward. We appreciate your attention to this matter and look forward to your response.

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WASHINGTON, D.C. — Today, U.S. Senator Mark R. Warner, Chairman of the Senate Select Committee on Intelligence, and Senator Tim Kaine, a member of the Senate Armed Services Committee (SASC) and the Senate Foreign Relations Committee (SFRC), cosponsored a bipartisan bill to award a posthumous Congressional Gold Medal to the 13 American servicemembers who lost their lives during the terrorist attack in Kabul, Afghanistan on August 26^th . The bicameral legislation was first introduced by Senators Elizabeth Warren (D-MA) and Steve Daines (R-MT), and Congresswoman Lisa McClain (R-MI-10) introduced a companion bill in the U.S. House of Representatives.

“We owe a tremendous debt of gratitude to the 13 servicemembers who paid the ultimate sacrifice in the last days of the war in Afghanistan,” said Senators Warner and Kaine. “We must never forget their bravery. Honoring them with the Congressional Gold Medal is one way to remember their heroic service to our nation.”

Senators Warner and Kaine are pushing for Sgt. Johanny Rosario Pichardo, Sgt. Nicole L. Gee, Staff Sgt. Darin T. Hoover, Cpl. Hunter Lopez, Cpl. Daegan W. Page, Cpl. Humberto A. Sanchez, Lance Cpl. David L. Espinoza, Lance Cpl. Jared M. Schmitz, Lance Cpl. Rylee J. McCollum, Lance Cpl. Dylan R. Merola, Lance Cpl. Kareem M. Nikoui, Navy Corpsman Maxton W. Soviak and Staff Sgt. Ryan C. Knauss to receive the Congressional Gold Medal.

Along with Warner and Kaine, the bill is also cosponsored by U.S. Senators Richard Blumenthal (D-CT), Marsha Blackburn (R-TN), Ed Markey (D-MA), Rick Scott (R-FL), Chris Van Hollen (D-MD),  Mitt Romney (R-UT), Ben Cardin (D-MD), James Lankford (R-OK), Michael Bennet (D-CO), Shelley Moore Capito (R-WV), Tina Smith (D-MN), Kevin Cramer (R-ND), Jacky Rosen (D-NV), Jim Risch (R-ID), Dianne Feinstein (D-CA), Cindy Hyde-Smith (R-MS), Jeanne Shaheen (D-NH),  Roger Marshall (R-KS), Alex Padilla (D-CA), Todd Young (R-IN), Maggie Hassan (D-NH), Bill Hagerty (R-TN), Sherrod Brown (D-OH), Mike Crapo (R-ID), John Hoeven (R-ND), and Cynthia Lummis (R-WY).

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WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) issued the following statement commemorating the 20^th anniversary of 9/11:

“On the 20th anniversary of September 11th, we remember the lives lost at the Pentagon in Northern Virginia, in Shanksville, Pennsylvania, and at the Twin Towers in New York City. We come together to grieve for those who were lost, the family and friends left behind, and remember all those impacted by the tragic events of 20 we years ago.  May also remember the heroics that our nation’s first responders and everyday Americans displayed that day and every day since. Their sacrifices must never be forgotten. To our service men and women, the intelligence community, and those who have sacrificed their lives and dedicated their careers to defeating the scourge of radical terrorism, we remember and honor you.”

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WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) issued the statement below regarding Treasury Secretary Janet Yellen’s request that Congress act to address the debt limit, which will soon be reached, forcing the nation to default on its fiscal responsibilities:

“As we work to emerge from this crisis once and for all, Congress has a fiscal responsibility to once again come together on a bipartisan basis to extend the debt limit. After all that we’ve done to prevent economic catastrophe, it would be an enormous and lasting mistake to sit back while our nation defaults on its fiscal obligations for the first time in history.”

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WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) today applauded an announcement by the U.S. Treasury Department that Virginia is eligible to receive $219,812,354 from the American Rescue Plan to support broadband expansion in the Commonwealth. The funding is the result of a $10 billion investment Sen. Warner secured in the American Rescue Plan that will help states, territories and tribal governments carry out critical capital projects to enable telework, online education, and tele-health in connection with COVID-19. State governments will also be permitted to use funds to increase broadband efficiency and reduce the costs of providing broadband services.

“Broadband is to the 21^st century what electrification was to the 20^th. The COVID-19 crisis exposed that far too many Americans are being left behind without access to high-speed internet for work, school or telehealth. That’s why I fought to secure a record $10 billion in federal funding to expand broadband access and affordability as part of the American Rescue Plan,” said Sen. Warner. “Today the Treasury Department announced that Virginia will be eligible to receive at least $220 million of this funding in order to expand broadband to households across the Commonwealth.” 

More information from the Treasury announcement today is available here. 

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WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), Chairman of the Senate Select Committee on Intelligence, issued the statement below, following the release of an unclassified report on the origins of SARS-CoV-2, the virus that causes COVID-19:

“This report underscores the need for China to stop stonewalling international investigations into a global pandemic that has cost so many lives and livelihoods around the world. It's disheartening that the Chinese Communist Party remains unwilling to cooperate with an investigation of this magnitude, even as the world mourns the deaths of 4.5 million people and counting. At the same time, I would urge Americans around the country to denounce hateful rhetoric and discrimination against our AAPI friends and neighbors, many of whom have suffered racist attacks throughout the period of this crisis.”

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