Dear Neighbors,
I hope this finds you well and enjoying the milder temperatures.
Twice each year, near the end of November and February, Minnesota Management & Budget (MMB) produces an economic budget ‘forecast’ for current and future bienniums. The announcement today shows there is no longer an anticipated shortfall; the projected positive balance is due to higher revenue forecast, lower state spending, and an increased balance for the current fiscal year.
It’s important to note that this is a projection; Minnesota’s forecast does not take into consideration future rates of inflation. Now more than ever, it’s going to be important we make sure we’re protecting prudent investments that put us on a strong road to recovery post-pandemic. I’ll have this in mind as we work on a bipartisan level to balance our state’s budget.
Vaccine Update
Yesterday, the governor announced that Minnesota is on track to vaccinate 70 percent of our seniors by the end of March. Once we reach this critical benchmark, vaccine eligibility will expand to other groups in phases based on underlying health conditions and workplace exposure risk. Current projections indicate that the next group of Minnesotans will likely begin receiving vaccines in April, and everyone should be able to get one this summer. I encourage you to sign up for the COVID-19 Vaccine Connector to learn more.
Consumer Protections for Minnesotans
I’m working on several consumer protections for Minnesotans. As the Chair of the Commerce Committee, I’m committed to ensuring we have fair practices in place for consumers across the state. You can read about a few of these initiatives below:
Tech Protections
I’ve long been concerned about the power that big tech has in our economy. Last term, I authored net neutrality legislation that successfully passed the House but did not make it in the Senate. This year I am sponsoring a measure that would strengthen our anti-trust laws. Read more from the StarTribune here.
Student Borrower Protections
At a press conference this week, Sen. Zach Duckworth (R-Lakeville) and I rolled out our proposal for a Student Borrower’s Bill of Rights. The legislation would require student loan servicers to be licensed. It would also establish a variety of financial guardrails student loan servicers must follow to enhance consumer protections for student loan borrowers.
It’s clear there’s much more to do to make college and job training programs more affordable, but this is a good first step to address the red tape student borrowers are having to navigate in oftentimes misleading circumstances created by loan servicers.
Combatting Price Gouging
Today, the House Commerce Committee discussed a consumer protection measure that would prohibit price gouging of essential goods and services during a national or local emergency. The legislation would protect Minnesotans from exorbitant pricing of basic necessities, and enact a civil penalty of up to $1,000 per transaction on bad actors engaging in price gouging. While most businesses in Minnesota would never engage in this despicable behavior, those that would, should be held accountable.
Connecting with Constituents
Thank you Bill and Janine, for taking the time out of your day to meet with me this week on #EpilepsyAdvocacyDay and talk about Seizure Smart Schools legislation. The bill ensures that school personnel are prepared to recognize and respond to a student experiencing a seizure. I’m a proud co-author and I’ll keep working to get it passed into law.
Keep in Touch
Please continue to contact me at rep.zack.stephenson@house.mn or 651-296-5513. Your input is important and I appreciate hearing from you.
Enjoy the weekend.
Sincerely,
Zack Stephenson
State Representative