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Category: Americas

  • MIL-OSI USA: Exercise Caution with Crypto Asset Securities: Investor Alert

    Source: Securities and Exchange Commission

    TLDR:  The SEC’s Office of Investor Education and Advocacy continues to urge investors to be cautious if considering an investment involving crypto asset securities.  Investments in crypto asset securities can be exceptionally volatile and speculative, and the platforms where investors buy, sell, borrow, or lend these securities may lack important protections for investors.  The risk of loss for individual investors who participate in transactions involving crypto assets, including crypto asset securities, remains significant.  The only money you should put at risk with any speculative investment is money you can afford to lose entirely.  Investors should understand that:

    1. Those offering crypto asset investments or services may not be complying with applicable law, including federal securities laws.  Under the federal securities laws, a company may not offer or sell securities unless the offering is registered with the SEC or an exemption to registration is available.  Similarly, the law requires parties such as securities broker-dealers, investment advisers, alternative trading systems (ATS), and exchanges to register with the SEC, a state regulator, and/or a self-regulatory organization (SRO), such as FINRA.  Moreover, entities and platforms involved in lending or staking crypto assets may be subject to the federal securities laws. 

    Registration of a securities offering requires the issuer to disclose important information about the company, the offering, and the securities offered to the public.  Unregistered offerings in crypto asset securities may not provide key information that investors need to make informed decisions.  For example, registration typically requires an issuer to include financial statements audited by an independent public accounting firm registered with the Public Company Accounting Oversight Board (PCAOB).  Audited financial statements play an important role in making sure investors are provided the information they need to understand the securities in which they want to invest.  Issuers of unregistered crypto asset securities offerings might not provide audited financial statements, depriving investors of this key information.

    Proof of Reserves is a term crypto asset entities, including trading platforms and/or entities that issue crypto assets securities, use to describe a voluntary method for offering evidence that in the aggregate an entity has sufficient reserve assets to cover what is held for customers and/or accounts at a given point in time. Crypto asset entities may be offering these types of assessments as a way to satisfy customers that their funds are safe and available upon demand.  However, these types of services may not provide any meaningful assurance that these entities hold adequate assets to back their customers’ balances.  Further, crypto asset entities might use these in lieu of audited financial statements in order to obscure and confuse customers about the safety of their assets.  For example, a proof of reserves typically:

    • may only provide a snapshot of what is, for example, held by an entity in certain wallets or accounts, or backing customer assets as of a point-in-time;
    • may not disclose management’s activities during the period between the snapshots (for example, use of customer crypto assets in crypto asset lending or other activities); 
    • does not tell customers the whole story about the entity’s liabilities and, for example, whether the customer has to “stand in line” behind other creditors if the entity fails; and
    • may not offer protection against the entity moving customer assets shortly after a proof of reserves is completed.

    In addition, a proof of reserves is not as rigorous, or as comprehensive, as a financial statement audit and may not provide any level of assurance.  For example, audited financial statements typically require audits of a complete set of financial statements performed by a registered public accounting firm in accordance with PCAOB auditing standards.  With so-called proof of reserves, there are no specific audit requirements for the engagement or the information reported, allowing an entity full discretion to manage the terms of the engagement.  For example:

    • the extent and frequency of assessments performed around customer assets;
    • the determination of the reserves (for example, which wallets and accounts are examined as part of the assessment);
    • the level of assurance provided (for example, reasonable, limited, or no assurance) and the standards applied;  
    • the type of third-party assurance provider engaged (i.e., accountant or non-accountant assurance providers, affiliated or independent); and 
    • whether the results are made public, including the extent and format of the information shared. 

    Investors should be aware that this level of management discretion undermines any suggestion that a proof of reserves offers protections similar to a financial statement audit.  In sum, investors should exercise extreme caution when relying on proof of reserves to conclude that a crypto asset entity has sufficient reserve assets to meet customer liabilities.

    Similarly, registration with the SEC by an entity as a “broker-dealer” and/or “investment adviser” provides important protections for investors.  Some of those benefits include rules around custody of assets, fees, conflicts of interest, standards of conduct, and minimal capital requirements for broker-dealers.  For example, a broker-dealer must comply with custody requirements such as the customer protection rule, which requires broker-dealers to safeguard customer assets and to keep customer assets separate from the firm’s assets – increasing the likelihood that customers’ securities and cash can be returned to them in the event of the broker-dealer’s failure.  In addition, a broker-dealer making recommendations of securities or investment strategies involving securities (including crypto asset securities) to retail customers is subject to Regulation Best Interest, which requires broker-dealers to make recommendations in the retail customers’ best interest, and requires compliance with specific disclosure, care, conflict of interest, and compliance obligations. 

    Recordkeeping and reporting rules require a broker-dealer to make and keep current ledgers reflecting all assets and liabilities.  Moreover, financial responsibility rules require that broker-dealers routinely prepare financial statements.  These books, records, and financial reporting requirements assist securities regulators in examining for compliance with the federal securities laws.  Crypto asset entities not offering these types of protections put investors at risk.  

    ATSs, which are marketplaces for securities, must be registered broker-dealers and members of an SRO, such as FINRA.  In addition to complying with federal securities laws and its SRO’s rules, an ATS must comply with Regulation ATS, which includes filing disclosures with the SEC about the ATS’s operations and securities trading and protecting its users’ trading information.       

    SEC-registered investment advisers that hold or have the ability to obtain possession of their clients’ funds or securities are required to maintain those assets with a qualified custodian, like a bank or broker-dealer.  SEC-registered investment advisers that have “custody” of client funds and securities are also generally required to undergo an annual “surprise examination” in which an independent public accountant verifies the existence of these assets and to make and keep records showing all purchases and sales for each client.  

    Also, unlike SEC-registered entities, crypto asset securities trading platforms or other intermediaries (such as so-called “crypto exchanges”) may offer a combination of services that are typically performed by separate firms that may each be required to be separately registered with the SEC, a state regulator, or a SRO.  The commingling of these functions, exchange, broker-dealer and custodial functions, for example, creates conflicts of interest and risks for investors.  SEC-registered entities are subject to a number of rules to minimize these risks and conflicts of interests, in some cases by separating the functions into legally separate and unaffiliated entities.  Registered broker-dealers, ATSs, and investment advisers are also subject to examination by regulators.  None of the major crypto asset entities is registered with the SEC as a broker-dealer, exchange, or investment adviser—so investors may not get the protections afforded by the rules applicable to these entities.  

    In particular, no crypto asset entity is registered with the SEC as a national securities exchange (like, for example, the New York Stock Exchange or the Nasdaq Stock Market).  And no existing national securities exchange currently trades crypto asset securities.  As a result, investors in crypto asset securities may not benefit from rules that protect against fraud, manipulation, front-running, wash sales, and other misconduct when intermediaries for those products do not comply with the federal securities laws that apply to registered exchanges.

    Investors who hold registered securities with registered broker-dealers also generally benefit from protections offered by the Securities Investor Protection Corporation (SIPC).  Similarly, people who place deposits in banks enjoy insurance, up to a defined limit, provided by the Federal Deposit Insurance Corporation (FDIC).  The National Credit Union Administration (NCUA) insures deposits in federal credit unions.  There are no such protections for accounts that you place with crypto asset entities.    

    In sum, investors in crypto asset securities should understand they may be deprived of key information and other important protections in connection with their investment.  

    2.  Investments in crypto asset securities can be exceptionally risky, and are often volatile.  Over the last year, the crypto asset space has been exceptionally volatile – and a number of major platforms and crypto assets have become insolvent and/or lost value.  Investments in crypto asset securities continue to be subject to significant risk, including:

    • volatility and illiquidity in the crypto asset markets;
    • the potential for the company holding your crypto assets to fail or go bankrupt;
       

      Investors who deposit funds or crypto assets with a crypto asset securities entity might cease to have legal ownership of those assets and might not be able to get those assets back when they want to.  Over the past year, a number of crypto asset entities have faced severe financial difficulties, sometimes resulting in suspending customers’ ability to withdraw their assets.  Some crypto asset entities have entered bankruptcy proceedings, and it is unclear how much of their holdings (if any) customers might be able to recover.  Investors need to be wary of claims that “you always retain ownership of your crypto assets” and “you can withdraw your assets whenever you like.”

    • unpredictability, including that the market for a particular crypto asset security may disappear altogether or the crypto asset security may no longer be tradable anywhere;
    • sometimes highly concentrated and opaque ownership and control structures;
    • enforcement of laws and regulations by federal, state, or foreign governments that may restrict the use and exchange of crypto assets;
    • unauthorized lending or transfers of customers’ crypto asset securities, or halting of customer withdrawals;
    • the inability for an investor to be made whole should fraud, default, or a mistake occur; 
    • technical glitches, hacking, or malware; and
    • lack of investor protections due to crypto asset securities entities not acting in compliance with applicable law.

    3. Fraudsters continue to exploit the rising popularity of crypto assets to lure retail investors into scams, often leading to devastating losses.  Crypto asset securities-related investments continue to be replete with fraud, including bogus coin offerings, Ponzi and pyramid schemes, and outright theft where the project promoter simply disappears with investors’ money.  

    Some promoters use social media to find and entice new investors with testimonials about returns made on deposits and investments, but what is not mentioned is that the promoter is often paying investor withdrawals out of new investor funds – a Ponzi scheme.  Moreover, recovering money from the wrongdoers can be nearly impossible.  In part, that can be because of the anonymity or pseudonymity associated with crypto assets.  However, the SEC and state regulators continue to bring enforcement actions in this space.

    Celebrity endorsements:  It is never a good idea to make an investment decision just because someone famous says a product or service is a good investment.  A celebrity endorsement does not mean that an investment is appropriate for all investors, or even that it is legitimate.  Often, a celebrity is getting paid to promote the investment opportunity, including those involving crypto assets.  Even if a celebrity endorses an investment opportunity, you should consider the potential risks and opportunities to determine whether it is right for you.

    Learn more about investment fraud, including how to spot “red flags” of a scam, in our Investor Bulletin, What You Can Do to Avoid Investment Fraud.
     
    4.    Having an investing plan, as well as understanding your risk tolerance and time horizon, can be critical to your investing success.

    What are the best saving and investment products for you? The answer depends on when you will need the money, your goals, and whether you will be able to sleep at night if you purchase a risky investment (one where you could lose your entire principal). Before making any investment, consider these tips:

    • Create and follow an investment plan.  Do not let short-term emotions about investments disrupt your long-term investment objectives.  If you are considering short-term investments, think about how much of your overall portfolio you should allocate to these types of investments.
    • Pay off credit cards or other high interest debt first.  No investment strategy pays off as well as, or with less risk than, eliminating high interest debt.  
    • Consider the importance of asset allocation and diversification.  Asset allocation involves dividing your investments among different assets, such as stocks, bonds, and cash.  The allocation that works best for you changes at different times in your life, depending on how long you have to invest and your ability to tolerate risk.
    • Understand risk.  All investments have risk.  While some regulated institutions may offer retail investors ways to gain exposure to crypto asset securities, even when using a regulated entity, investors should ask questions and make sure they understand the terms of the investment.  Never invest if you do not understand the product – including the risks involved.

    MIL OSI USA News –

  • MIL-OSI USA: State launches new initiative to mobilize one million Californians for climate action

    Source: US State of California 2

    Sep 23, 2024

    What you need to know: California is launching a campaign to empower one million Californians to take climate action in their communities. 

    SACRAMENTO – During Climate Week, Governor Gavin Newsom announced a new state initiative to mobilize one million Californians to take climate action at home and in their neighborhoods to help build resilient communities.

    California’s Climate Action Counts initiative aims to educate and inspire people to reimagine the power of volunteerism by taking impactful, everyday actions in their communities.

    “Every day, Californians are taking small actions that collectively are helping us create a better world for our kids and grandkids. From saving water and planting trees to taking public transit and being disaster ready – we’re all in this together.

    The Climate Action Counts campaign will empower Californians to be a part of something big and impactful – making all of our climate action truly count.”

    Governor Gavin Newsom

    The campaign highlights 10 priority actions and encourages participants to take the pledge to action. Those taking the pledge join hundreds of California Climate Action Corps fellows in efforts to combat the effects of climate change.

    👗 Reduce waste: Donate, upcycle and thrift.

    🍎 Compost food scraps: Toss in your green bin or compost in your yard. 

    🛒 Support local farmers: Shop at local farmers markets or join a CSA (Community Supported Agriculture). 

    🚲 Green your ride: Walk, bike, use public transit, carpool whenever you can – or consider a zero-emission vehicle.

    🌱 Get planting: Plant trees and native plants or start a community garden. 

    🔥 Be disaster ready: Be prepared for wildfire and extreme heat.

    💡 Save energy, water and money: Use a smart thermostat, conserve water and capture savings. 

    🌄 Discover nature: Enjoy nature at your local parks and trails.

    📣 Tell a friend: Encourage your friends and family to take part in Climate Action Counts.

    💚 Get connected: Sign up to serve or volunteer in your community!

    Campaign partners span cities, colleges and universities, state agencies, community-based organizations, business and climate leaders, including the cities of Long Beach, Riverside and Sacramento, California Community Colleges, University of California, California State University, California Natural Resources Agency, CalRecycle, California ReLeaf, Sierra Club, Jane Goodall Institute and Patagonia.

    “This campaign will inspire hope – showing when it comes to the climate crisis, we are not powerless,” said California Chief Service Officer Josh Fryday. “We are calling on one million Californians to take simple, everyday actions for collective impact.”

    “The best solutions to the climate crisis come from the grassroots,” said Corley Kenna, Vice President of Communications and Public Policy at Patagonia. “We’re partnering with the Climate Action Counts campaign to help one million Californians build thriving communities while protecting the natural world. Everyone has a role to play in this movement.”

    As a part of California’s comprehensive strategy to address the climate crisis, Governor Gavin Newsom created the California Climate Action Corps in 2020 – the nation’s first state-level service and volunteer program focused on combating climate change. Since then, numerous states have adopted California’s model to establish their own Climate Corps. 

    Recent news

    Sep 22, 2024

    News SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills: AB 262 by Assemblymember Chris R. Holden (D-Pasadena) – Children’s camps: safety and regulation.AB 460 by Assemblymember Rebecca Bauer-Kahan (D-Orinda) – State Water…

    Sep 21, 2024

    News What you need to know: Governor Gavin Newsom signed legislation to provide more safety, care, and accountability for services that help older adults and their families thrive, as more Californians live longer lives. This action further advances California’s…

    Sep 20, 2024

    News SACRAMENTO – Moving to protect the health and well-being of youth on digital platforms, Governor Gavin Newsom today signed SB 976 by Senator Nancy Skinner (D-Berkeley), which prohibits online platforms from knowingly providing an addictive feed to a minor without…

    Sep 23, 2024

    What you need to know: The passage of Proposition 1 by California voters adds rocket fuel to Governor Gavin Newsom’s transformational overhaul of the state’s behavioral health system. These reforms refocus existing funds to prioritize Californians with the most serious mental health and substance use issues, who are too often experiencing homelessness. They also fund more than 11,150 new behavioral health beds and supportive housing units and 26,700 outpatient treatment slots.

    Los Angeles, California – California took a major step forward in correcting the damage from 50 years of neglect to the state’s mental health system with the passage of Proposition 1. This historic measure — a signature priority of Governor Gavin Newsom — adds rocket fuel to California’s overhaul of the state’s behavioral health systems. It provides a full range of mental health and substance abuse care, with new accountability metrics to ensure local governments deliver for their communities.

    This is the biggest reform of the California mental health system in decades and will finally equip partners to deliver the results all Californians need and deserve. Treatment centers will prioritize mental health and substance use support in the community like never before. Now, it’s time to roll up our sleeves and begin implementing this critical reform – working closely with city and county leaders to ensure we see results.

    Governor Gavin Newsom

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    What they’re saying: 

    • Sacramento Mayor Darrell Steinberg, original author of the Mental Health Services Act: “Twenty years ago, I never could have dreamed that we would have the strong leadership we have today, committing billions and making courageous policy changes that question the conventional wisdom on mental health. Now, with the passage of Proposition 1. California is delivering on decades old promises to help people living with brain-based illnesses, to live better lives, to live independently and to live with dignity in our communities. This is a historic moment and the hard work is ahead of us.“
    • Senator Susan Eggman (D-Stockton), author of Senate Bill 326: “Today marks a day of hope for thousands of Californians who are struggling with mental illness – many of whom are living unhoused. I am tremendously grateful to my fellow Californian’s for passing this important measure.  And I am very appreciative of this Governor’s leadership to transform our behavioral health care system!”
    • Assemblymember Jacqui Irwin (D-Thousand Oaks), author of Assembly Bill 531: “This started as an audacious proposal to address the root cause of homelessness and today, Californians can be proud to know that they did the right thing by passing Proposition 1. Now, it’s time for all of us to get to work, and make sure these reforms are implemented and that we see results.”

    Bigger picture: Transforming the Mental Health Services Act into the Behavioral Health Services Act and building more community mental health treatment sites and supportive housing is the last main pillar of Governor Newsom’s Mental Health Movement – pulling together significant recent reforms like 988 crisis line, CalHOPE, CARE Court, conservatorship reform, CalAIM behavioral health expansion (including mobile crisis care and telehealth), Medi-Cal expansion to all low-income Californians, Children and Youth Behavioral Health Initiative (including expanding services in schools and on-line), Older Adult Behavioral Health Initiative, Veterans Mental Health Initiative, Behavioral Health Community Infrastructure Program, Behavioral Health Bridge Housing, Health Care Workforce for All and more.

    More details on next step here

    Recent news

    Sep 22, 2024

    News SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills: AB 262 by Assemblymember Chris R. Holden (D-Pasadena) – Children’s camps: safety and regulation.AB 460 by Assemblymember Rebecca Bauer-Kahan (D-Orinda) – State Water…

    Sep 21, 2024

    News What you need to know: Governor Gavin Newsom signed legislation to provide more safety, care, and accountability for services that help older adults and their families thrive, as more Californians live longer lives. This action further advances California’s…

    Sep 20, 2024

    News SACRAMENTO – Moving to protect the health and well-being of youth on digital platforms, Governor Gavin Newsom today signed SB 976 by Senator Nancy Skinner (D-Berkeley), which prohibits online platforms from knowingly providing an addictive feed to a minor without…

    MIL OSI USA News –

  • MIL-OSI USA: Travel Advisory: RIDOT to Close Portion of Main Road in Tiverton for Culvert Replacement During the Weekend of September 27-30

    Source: US State of Rhode Island

    On Friday, September 27 at 8 p.m., the Rhode Island Department of Transportation (RIDOT) will begin a weekend closure of a portion of Main Road (Route 77) in Tiverton for the rapid replacement of a culvert for Quaket Creek, which runs under the road just south of its intersection with Nanaquaket Road. The road will reopen by 6 a.m. on Monday, September 30.

    During the weekend, motorists will be required to detour using Bulgarmarsh Road (Route 177) to the north of the closure area or East Road (Route 179) south of the closure area to reach Crandall Road (Route 81). RIDOT will post trail blazing detour signage so drivers can easily follow the detour. Motorists should plan additional travel time.

    While the road is closed, RIDOT will demolish the old culvert and install prefabricated box culvert sections and repave the road. This approach avoids three months of lane closures which would be more disruptive to residents and businesses.

    RIDOT may have temporary single-lane alternating traffic patterns at the culvert leading up to the closure and for two weeks after it. The full closure will be limited to the September 27-30 weekend.

    All construction projects are subject to changes in schedule and scope depending on needs, circumstances, findings and weather.

    The replacement of this culvert is made possible by RhodeWorks and the Bipartisan Infrastructure Investment and Jobs Act. RIDOT is committed to bringing Rhode Island’s infrastructure into a state of good repair while respecting the environment and striving to improve it. Learn more at www.ridot.net/RhodeWorks.

    MIL OSI USA News –

  • MIL-OSI USA: James B. Nutter & Company to Pay $2.4M for Allegedly Causing False Claims for Federal Mortgage Insurance

    Source: US State of Vermont

    James B. Nutter & Company, a former mortgage lender located in Kansas City, Missouri, has agreed to pay $2.4 million to resolve allegations that it violated the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act of 1989 by knowingly underwriting Home Equity Conversion Mortgages (HECM) insured by the Department of Housing and Urban Development (HUD)’s Federal Housing Administration (FHA) that did not meet program eligibility requirements.

    “The HECM program helps support our nation’s senior citizens by providing an additional source of funds to supplement their income,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “Together with our partners at HUD, we are committed to protecting the financial integrity of this critical program and to pursuing those who seek to abuse it.”

    The FHA offers numerous mortgage insurance programs intended to help build and sustain strong communities across America. The HECM program is a reverse mortgage program specifically for senior homeowners aged 62 and older. The program allows seniors to access the equity in their residences, and thereby age in place in their family home, through a mortgage agreement with a lender that is insured against loss by the FHA.

    Lenders who participate in the FHA’s HECM program are authorized to underwrite mortgages without first having the government review the loans for compliance with the agency’s underwriting and origination requirements. If an FHA-insured loan defaults, the holder of the loan can then recover from the United States for certain losses. Lenders commit to following FHA rules to ensure that only eligible mortgages are insured by the government.

    The settlement announced today resolves the United States’ allegations in a lawsuit filed in 2020 that James B. Nutter & Company knowingly violated FHA underwriting requirements when it allowed inexperienced temporary staff to underwrite FHA-insured loans, and submitted loans for FHA insurance with underwriter signatures that were falsified and/or affixed before all the documentation the underwriter should have reviewed was complete.

    “This case sought to redress serious violations of FHA requirements that posed a risk to the HECM program,” said HUD General Counsel Damon Smith. “HUD will continue to protect the integrity of this important mortgage program that serves the interests of our nation’s senior citizens.”

    “The U.S. Attorney’s Office is dedicated to seeking recovery from mortgage lenders who take advantage of FHA programs and ignore essential program requirements,” said U.S. Attorney Teresa A. Moore for the Western District of Missouri. “The integrity and resources of those important programs must not be put at risk by mortgage lenders who put their own financial interests first.”

    “Our office continues its diligent pursuit of mortgage originators that do not play by the rules,” said U.S. Attorney Matthew Graves for the District of Columbia. “If a lender is asking the government to insure its loans, the government expects that lender to employ qualified underwriters to ensure the loans present acceptable credit risks and are supported by sound appraisals of the homes used to secure them.”

    “This case and the resulting $2.4 million settlement demonstrate the HUD Office of Inspector General’s commitment to holding lenders accountable when they commit fraud against FHA mortgage programs designed to provide financial assistance to senior homeowners,” said Inspector General Rae Oliver Davis of HUD. “No one is above the law. Our office will continue to work with our partners at the Justice Department to investigate mortgage lenders who jeopardize the integrity of FHA mortgage programs.”

    The investigation, litigation and settlement were the result of a coordinated effort among the Commercial Litigation Branch of the Justice Department’s Civil Division, the U.S. Attorneys’ Offices for the Western District of Missouri and the District of Columbia, HUD and HUD’s Office of Inspector General.

    Trial Attorneys Christopher Reimer, Kelly Phipps, Yifan Wang and Wilma Metcalf of the Commercial Litigation Branch and Assistant U.S. Attorney Cindi Woolery for the Western District of Missouri and Assistant U.S. Attorneys Brian Hudak and Benton Peterson for the District of Columbia handled the matter. The litigation resolved by the settlement was captioned United States v. James B. Nutter & Co., Case No. 4:20-cv-874-RK (WDMO).

    The claims resolved by the settlement are allegations only. There has been no determination of liability.

    Settlement

    MIL OSI USA News –

  • MIL-OSI USA: Autumn activities abound throughout St. Louis area state parks and historic sites

    Source: US State of Missouri

    JEFFERSON CITY, MO, SEPT. 23, 2024 – As the seasons begin to change, it’s time to check out some of the many activities available at state parks and historic sites in the St. Louis region.

    • Thursdays, Sept. 26 and Oct. 10 at 10 a.m.: Toddler Thursday at Mastodon State Historic Site
      Come learn, create and play at Mastodon State Historic Site! Toddler Thursday programs are designed for toddlers and their grown-ups. Each Toddler Thursday focuses on a different topic and includes hands-on activities. Toddler Thursdays take place outside in the field near the museum. Participants should dress for the weather. In the event of inclement weather, including extreme heat, the program will be moved indoors to the museum auditorium. To register, call 636-646-2976. The fun begins at 10 a.m. at 1050 Charles J. Becker Drive in Imperial.
       
    • Saturday, Sept. 28, 9 a.m. to 4:30 p.m.: Archaeology and Paleontology Day at Mastodon State Historic Site
      Celebrate Missouri Archaeology Month at Mastodon State Historic Site! Archaeology and Paleontology Day 2024 features several free activities for the whole family. The day’s schedule is as follows:
      • 9 a.m. to 4:30 p.m. – Free museum admission and a special museum scavenger hunt.
      • 10 a.m. to 3 p.m. – Hands-on activities, including atlatl demonstrations and practice on the annex lawn (accessible from the museum parking lot.
      • 10 a.m. – Paleontology story time.
      • 11 a.m. – Hike to the bone bed.
      • Noon – Skull show and museum tour.
      • 1 p.m. – Hike to the bone bed.
      • 2 p.m. – Skull show and museum tour.
      • 3 p.m. – presentation on the history of excavations at the bone bed.

    The hike to the bone bed will take place on the Wildflower Trail, a 0.5-mile trail with stairs and natural surfaces. Please note that the excavation site is covered; hikers will not be able to see any fossils, artifacts or active digging. Interpreters will not identify artifacts or fossils at this event. Outdoor activities, including atlatl throwing and guided hikes, are subject to cancellation due to inclement weather. All activities are free and open to the public, and registration is not required. The event will take place at 1050 Charles J. Becker Drive in Imperial.  

    • Saturday, Sept. 28 at 11 a.m.: Creatures of Myth and Legend (World Bird Sanctuary) at St. Francois State Park
      Come out to St. Francois State Park for the World Bird Sanctuary’s Creatures of Myth and Legend program. Have you ever wondered whoooo inspired a ghost story? World Bird Sanctuary naturalists will share all the ways that animals inspire myths and legends around the globe. The program will take place in the campground near the playground and showerhouse at 8920 U.S. Highway 67 N in Bonne Terre. Be sure to bring a lawn chair or blanket to sit on. Because the event will feature live birds, pets will not be allowed. This is for both their safety and that of the birds.
       
    • Saturday, Oct. 5 at 10 a.m.: Junior Explorers at Mastodon State Historic Site
      Calling all junior explorers! Join this free interpreter-led program where participants will engage in hands-on activities as they explore the great outdoors. This program is designed for families with young children and will take place entirely outdoors. Participants are encouraged to wear weather-appropriate clothing that they are comfortable getting dirty or wet. Meet at the playground in the picnic area, located at 1800 Seckman Road in Imperial.
       
    • Saturday, Oct. 5, 10 a.m. to 4 p.m. – Fall Harvest Fest at Washington State Park
      Washington State Park’s annual Fall Harvest Fest includes a handmade item and craft fair featuring a variety of vendors from Missouri, as well as fall crafts and activities for kids. Food and concession items will be available for purchase and there will be musical entertainment. All activities will take place in and around Shelter #2 in the Big River Day-Use Area; however, this is subject to change due to weather. Admission is free and registration is not required. Washington State Park is located at 13041 State Highway 104 in De Soto.
       
    • Saturday, Oct. 5, 9 a.m. to 5 p.m.: Old Miners Open House at Missouri Mines State Historic Site
      The Old Miners Open House honors the mine workers of Missouri’s Old Lead Belt region, retired miners and others who are associated with the area’s mining history. There will be activities for all ages, including a sand table, a mine car shoveling contest and much more. All activities are free and open to the public, and registration is not required. In addition, there will be free admission to the site’s Powerhouse Museum during the event. Missouri Mines State Historic Site is located at 4000 State Highway 32 in Park Hills.
      Sunday, Oct. 6 at 10 a.m.: Honeysuckle Roundup! At Dr. Edmund A. Babler Memorial State Park
      Join the team for two hours of volunteer service removing bush honeysuckle from the Babler monument parking area. Loppers, gloves, glasses and the chemical needed for treating this highly invasive plant will be provided. All volunteers need to bring is water and wear a pair of closed-toe shoes. Meet at the monument field and follow the directional signage. Dr. Edmund A. Babler Memorial State Park is located at 800 Guy Park Drive in Wildwood.
       
    • Sunday, Oct. 6 at 2 p.m.: Geological Eras Tour at Mastodon State Historic Site
      Join the team at Mastodon State Historic Site on their own Geological Eras Tour on Spring Branch Trail, where participants will travel back in time explore geological eras. During this easy 0.8-mile walk, we’ll cover 550 million years of planetary and evolutionary history. This to-scale hike will inform visitors about the chronological relationship between major geological events, mass extinctions and the evolution of various species. Registration is required and can be done by visiting icampmo.usedirect.com/MSPWeb/Default.aspx or calling or texting 636-215-9784. Participants will meet at 1800 Seckman Road in Imperial.

    For detailed information on any of these activities, please visit mostateparks.com/events. For more information on state parks and historic sites, visit mostateparks.com. Missouri State Parks is a division of the Missouri Department of Natural Resources.

    MIL OSI USA News –

  • MIL-OSI USA: Eight Missouri Schools Earn National Blue Ribbon Accolades

    Source: US State of Missouri

    Missouri’s eight 2024 Gold Star Schools have also been recognized as U.S. Department of Education (USED) National Blue Ribbon Schools. The National Blue Ribbon Schools program recognizes individual schools for either their outstanding academic achievement (top 15 percent in the state based on English and mathematics assessment scores and graduation rates) or their performance at high academic levels while serving a significant proportion of disadvantaged students.

    Missouri’s 2024 National Blue Ribbon Schools:

    • Bristol Elementary School, Webster Groves School District
    • Meramec Elementary School, Clayton School District
    • Metro Academic and Classical High School, St. Louis Public School District
    • Oakwood Elementary School, Hannibal 60 School District
    • Ralph M. Captain Elementary School, Clayton School District
    • Richland Elementary School, Richland R-I School District
    • Voy Spears, Jr. Elementary School, Blue Springs R-IV School District
    • William Yates Elementary School, Blue Springs R-IV School District

    “Congratulations to the students, teachers, and staff members at each of these schools for this extraordinary accomplishment,” said Commissioner of Education Karla Eslinger. “These schools go above and beyond to provide the best education possible for their students. We appreciate their commitment and commend them for a job well done.”

    In May, these eight schools were honored as Missouri Gold Star Schools, a program established by the Missouri Department of Elementary and Secondary Education in 1991. They were then nominated for the National Blue Ribbon Schools program, which shares the same nomination criteria as the Gold Star Schools award. To date, more than 9,000 schools across the country have been presented with this coveted U.S. Department of Education award.

    The 2024 National Blue Ribbon Schools award ceremony will be held November 7 and 8 in Washington, DC. Photographs and brief descriptions of all 2024 National Blue Ribbon Schools are available from USED here.

    MIL OSI USA News –

  • MIL-OSI USA: Klobuchar, Smith Announce Beltrami County to Receive Additional Federal Resources for Law Enforcement to Crack Down on Illicit Drug Trafficking and Address the Overdose Epidemic

    US Senate News:

    Source: United States Senator Amy Klobuchar (D-Minn)
    WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced Beltrami County will receive federal resources to help law enforcement crack down on illicit drug trafficking and address the overdose epidemic through the High Intensity Drug Trafficking Areas (HIDTA) Program. The HIDTA Program, funded by the White House Office of National Drug Control Policy (ONDCP), coordinates and assists federal, state, local, Tribal, and territorial law enforcement agencies to address regional drug threats and reduce illicit drug production and trafficking. This new designation will allow critical resources to be deployed to law enforcement in Beltrami County working to seize illicit drugs like fentanyl, prevent and reduce gun violence and other violent crime associated with drug trafficking, improve interdiction efforts through enhanced data sharing and targeting, and dismantle illicit finance operations.
    “The opioid epidemic is taking lives and tearing families apart. We need to continue to provide law enforcement with the tools they need to fight drug trafficking and the violent crime that comes along with it,” said Klobuchar. “These federal resources will allow for greater coordination among all levels of law enforcement in Beltrami County so they can do their jobs even more effectively.”
    “Families across our state are hurting from the opioid epidemic — I want to make sure we’re doing all we can to help law enforcement crack down on drug trafficking in our communities,” said Smith. “These newly unlocked federal resources that will be deployed in Beltrami County will make a big difference in our fight against opioid overdoses.”

    MIL OSI USA News –

  • MIL-OSI USA: Bennet, Hickenlooper, Colleagues Cheer Passage of Bipartisan Resolution Recognizing Hispanic Heritage Month

    US Senate News:

    Source: United States Senator for Colorado Michael Bennet
    Washington, D.C. — Colorado U.S. Senators Michael Bennet and John Hickenlooper introduced and voted to pass the bipartisan resolution formally recognizing Hispanic Heritage Month, celebrated from September 15th through October 15th. The resolution passed unanimously.
    “There is so much to celebrate about the Hispanic community’s deep roots in Colorado,” said Bennet. “This month, I’m grateful for the contributions of the more than 1.2 million Hispanic Americans who call our state home.” 
    “¡Feliz Mes de la Herencia Hispana! Colorado’s rich Latino community defines our state and has helped make it the best place to live,” said Hickenlooper.  
    In 1968, President Lyndon B. Johnson first commemorated Hispanic Heritage by designating “Hispanic Heritage Week.”  President Ronald Reagan expanded the celebration in 1988 for a full month. Hispanic Americans are the country’s largest racial or ethnic minority group, representing more than 65 million people and comprising nearly a fifth of the U.S. and Colorado’s population. 
    The text of the resolution is available HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Peters Introduces Bipartisan Bill to Reform FEMA Individual Assistance Programs

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    Published: 09.23.2024

    WASHINGTON, D.C. – U.S. Senator Gary Peters (D-MI), Chairman of the Homeland Security and Governmental Affairs Committee, introduced bipartisan legislation to reform the Federal Emergency Management Agency’s (FEMA) Individual Assistance program. This bill would improve how FEMA provides assistance to individuals to rebuild their lives in the aftermath of a disaster. According to the National Oceanic and Atmospheric Administration, there were 28 weather and climate disasters in 2023, surpassing the previous record of 22 in 2020, and with a price tag of at least $92.9 billion in recovery costs.   
    “Severe weather and natural disasters are becoming more frequent, more catastrophic and more costly, leaving people across the country in need of swift federal resources to help assist their recovery,” said Senator Peters. “My commonsense bipartisan legislation would reform the FEMA disaster assistance process and improve how the agency provides assistance to individuals for home repairs, disaster housing, and mitigation activities.”  
    The bipartisan Disaster Survivors Fairness Act would reform individual federal disaster assistance programs to best support survivors. The bill would provide FEMA with new authorities to increase its ability to fund disaster mitigation projects and expand support to homeowners. The bill would also enable FEMA to reimburse states that implement their own innovative post-disaster housing solutions and bolster development of post-disaster solutions for renters. The bill requires FEMA and the Government Accountability Office (GAO) to complete a series of reports and studies that would identify additional challenges regarding the administration of post-disaster assistance for survivors and boost transparency. 
    As Chairman of the Homeland Security and Governmental Affairs Committee, Peters has led several efforts to strengthen our federal disaster preparedness and response. Earlier this year, Peters’ bipartisan bill to create one deadline to apply for two FEMA disaster assistance programs was signed into law. Peters’ bipartisan bill to simplify the federal application process by creating a universal FEMA application across federal agencies passed in the Senate. Peters secured $500 million in funding as part of the bipartisan infrastructure bill for a program he created to help states establish revolving loan programs for local governments to carry out mitigation projects that reduce the risk of shoreline erosion, extreme flooding, and other natural disasters. Peters’ bipartisan legislation to protect FEMA Reservists from losing their full-time employment when they are called up to assist communities with disaster response was also signed into law. Finally, Peters’ bill to help protect pets and other animals during and in the aftermath of natural disasters and emergencies was also signed into law. 

    MIL OSI USA News –

  • MIL-OSI USA: What You Need to Know About the End of LIBOR – Investor Bulletin

    Source: Securities and Exchange Commission

    You may have recently read in the financial press about the phase-out of LIBOR.  You may be affected by the transition away from LIBOR if you hold securities, financial instruments or financial products that have exposure to LIBOR.  The SEC’s Office of Investor Education and Advocacy (OIEA) wants to help you understand how the transition away from LIBOR could impact your investments and financial situation, and where you can go for additional information.

    What’s LIBOR?

    U.S.-dollar LIBOR is a benchmark interest rate set by input from a panel of banks.  It has been used to set the interest rate in floating rate, adjustable rate or variable rate instruments or loans, in which the interest rate periodically resets (such as every three months or every year) over the life of the instrument or loan.  LIBOR was used once in over $200 trillion of financial instruments, ranging from sophisticated financial and investment derivatives to bonds, bank loans and consumer products, like adjustable rate mortgages and student loans.

    Replacing LIBOR

    In recent years, however, U.S.-dollar LIBOR is being phased out in response to concerns that the benchmark was being manipulated.  The publication for one-week and two-month U.S.-dollar LIBOR ceased at the end of 2021.  The remaining tenors of U.S.-dollar LIBOR are scheduled to cease publication after June 30, 2023. 

    The end of LIBOR has precipitated the need for an alternative benchmark rate.  In March 2022, Congress enacted the Adjustable Interest Rate (LIBOR) Act.  This Act provides a process and protections for transitioning to an alternative rate in contracts with terms that do not provide for a clear transition.  The Federal Reserve Board adopted a final rule in December 2022 implementing the LIBOR Act and specified benchmarks based on the Secured Overnight Financing Rate (SOFR) as the replacement rates.

    Secured Overnight Financing Rate (SOFR).  SOFR is a broad measure of the cost of borrowing overnight collateralized by U.S. Treasury securities.  It is based on observable transactions in the repurchase market.  The Alternative Reference Rate Committee (ARRC), an industry-led group in which the SEC and other departments and agencies of the U.S. government participate, recommended SOFR as the LIBOR replacement rate.

    What do I need to know?

    Some investments you own, such as mutual funds, ETFs, closed-end funds, business development companies (BDCs), municipal and corporate bonds, and individual stocks, may either be LIBOR-based financial instruments or have exposure to such instruments. 

    For instruments that are subject to the LIBOR Act, the replacement rate will be a SOFR-based rate.  Other LIBOR-based financial instruments that already provide for a clear transition from LIBOR may have other non-SOFR-designated replacement rates, such as the U.S. prime rate. 

    Synthetic U.S.-dollar LIBOR.  The Financial Conduct Authority in the United Kingdom, LIBOR’s regulator, recently required the continued publishing of “synthetic” U.S.-dollar LIBOR for a period of 15 months after June 30, 2023 for use in certain cases to aid in the transition.

    How may I be affected?

    You may be affected by the transition away from LIBOR if you hold securities, financial instruments or financial products that have exposure to LIBOR.

    Municipal, corporate and FHLB bonds.  If you are directly invested in a variable or floating rate municipal, corporate or FHLB bond that relies on LIBOR as a component for the periodic variable rate adjustment, then the cessation of LIBOR will have direct implications for you.  Review any disclosures provided by the issuer of the bond.  You can utilize our EDGAR database to review disclosures by issuers of corporate bonds.  For municipal bonds, you may access information at the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access (EMMA) website.  You can find offering disclosure regarding FHLB bonds on their website.  In addition, it may be worthwhile to have a discussion with your broker or investment adviser about your specific exposure and how the LIBOR transition may affect your specific bond holdings.

    Individual stocks.  Many companies use sophisticated financial and investment instruments and derivatives as a means to manage the company’s financial situation and risk profile.  Many of these instruments and derivatives may incorporate a variable interest rate based on LIBOR. 

    To further understand how a company may be affected by the LIBOR transition, you may review the company’s periodic disclosure in our EDGAR database.  Companies that have material risk exposure to the LIBOR transition should discuss such risks in their annual reports on Form 10-K and quarterly reports on Form 10-Q.  A search for the term “LIBOR” in the document can be a quick way to find the relevant discussions.  The SEC’s Division of Corporation Finance has encouraged public companies and asset-backed securities issuers to keep investors informed about the progress toward risk identification and mitigation, and the anticipated impact on the company, if material, and expects disclosures to evolve as companies provide updates to reflect transition efforts and the broader market and regulatory landscape.    

    Asset-backed securities.  Asset-backed securities are securities whose income payments come from a pool of specific debt obligations, such as mortgages, credit card obligations or car loans.  Mortgage-backed securities (MBSs) issued by Fannie Mae, Freddie Mac and Ginnie Mae are types of asset-backed securities.  New LIBOR-based securities are no longer being issued by these entities, except for certain re-securitizations, which will cease on June 30, 2023.  If you invest in asset-backed securities, then you may want to have a conversation with your broker or investment adviser about how the LIBOR transition may affect your specific holdings of asset-backed securities.  Fannie Mae and Freddie Mac have also prepared frequently asked questions relating to the LIBOR transition that you may want to review.   

    Mutual funds and ETFs.  Mutual funds and ETFs that you own may have invested in individual stocks, municipal bonds, corporate bonds, bank loans and/or securitizations that have risks related to the LIBOR transition.  You along with your broker or investment adviser may want to assess the nature and character of the mutual funds and ETFs you are invested in to determine how much exposure to LIBOR transition risk you have.  Certain types of a mutual funds or ETFs may merit closer review, particularly those investing in companies in the real estate, banking, or insurance industries or specific municipal and corporate bonds, including floating rate debt, and bank loans. 

    You can review a fund’s principal strategies and risk disclosure in its prospectus.  The SEC’s Division of Investment Management has encouraged funds affected by the LIBOR transition to provide investors with tailored risk disclosures that specifically describe the impact of the transition on their holdings.

    Adjustable rate mortgages.  Many adjustable rate mortgages—a mortgage where the interest rate adjusts to the then prevailing market rate after a period of time—are tied to LIBOR as the reference rate.  In 2016, there was an estimated $1.2 trillion in residential mortgages with an interest rate based on LIBOR. 

    If you have an adjustable rate mortgage based on LIBOR, consider consulting with your lender or loan servicer or read the documentation to understand how you may be affected by the LIBOR transition. Read this blog from the Consumer Financial Protection Bureau (CFPB) for more information. 

    Student loans.  Similar to adjustable rate mortgages, student loans can have variable rates based on LIBOR.  If you have a variable rate student loan, consult with your lender or loan servicer or read the documentation to understand how you may be affected by the LIBOR transition.  If you are planning on obtaining a new student loan or refinancing an existing one, consider the LIBOR transition in your decision making.

    Other consumer products.  Other consumer credit products such as credit cards, auto loans and personal loans and lines of credit can also have variable rates based on LIBOR.  You should review the financial products that you hold, particularly those that operate with a variable interest rate, in light of the LIBOR transition.

    Additional Resources

    To learn how the SEC is addressing the LIBOR transition, see the Staff Statement on LIBOR Transition, the Office of Municipal Securities Staff Statement on LIBOR Transition In The Municipal Securities Market, and the Staff Statement on LIBOR Transition—Key Considerations for Market Participants.

    To learn more about adjustable rate mortgages, see the CFPB’s Consumer Handbook on Adjustable Rate Mortgages (CHARM) booklet.

    For additional investor educational information, see the SEC’s website for individual investors, Investor.gov.

    Call OIEA at 1-800-732-0330, ask a question using this online form, or email us at Help@SEC.gov.

    Receive Investor Alerts and Bulletins from OIEA email or RSS feed.  Follow OIEA on Twitter.  Like OIEA on Facebook.

    MIL OSI USA News –

  • MIL-OSI USA: Warren, Khanna, Lawmakers Urge Biden Administration to Develop Strong Guardrails for Carbon Sequestration Tax Credit

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    September 23, 2024
    “The absence of robust requirements has severely hindered the effectiveness of 45Q.”
    Text of Letter (PDF)
    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Angus King (I-Maine), along with Representatives Ro Khanna (D-Calif.), Alma Adams (D-N.C.), Pramila Jayapal (D-Wash.), and Jan Schakowsky (D-Ill.), wrote to the U.S. Department of the Treasury (Treasury), the Internal Revenue Service (IRS), and the U.S. Environmental Protection Agency (EPA), urging the agencies to develop strong guardrails for the 45Q tax credit, which is designed to encourage carbon capture and sequestration (CCS) projects. 
    The 45Q credit was initially designed to incentivize investment in CCS and emission reductions. However, the credit has been primarily used to “increase oil production from aging wells, canceling out most of the emissions reduction benefit.” In 2022, Congress expanded the tax credit through the Inflation Reduction Act (IRA), allowing more companies to claim the credit and receive more money per ton of carbon captured. The IRS is expected to release updated guidelines about the tax credit later this year, and the Department of Treasury has estimated that the 45Q tax credit could cost taxpayers up to $30.3 billion over the next ten years.
    In 2020, the Treasury Inspector General for Tax Administration (TIGTA) found that between 2010 and 2019, 87% of tax credit claims, worth almost $900 million dollars, were awarded to taxpayers who did not meet the EPA’s verification requirements. Currently, IRS examiners are not required to coordinate with EPA personnel to confirm the amount of carbon sequestered by companies claiming the credit, even allowing self-certification in some instances.  
    The lawmakers make three recommendations for the tax credit to be effective. First, the IRS should require independent, third-party verification of carbon sequestration. Second, the IRS and the EPA must coordinate effectively through a memorandum of understanding to more effectively share basic data about the credit’s implementation. Third, the IRS should require stricter record-keeping requirements and establish a 12-year recapture period, during which every company receiving the tax credit needs to maintain detailed records of their carbon sequestration amounts. 
    The following organizations endorsed the letter: Taxpayers for Common Sense, Evergreen Action, the Vessel Project, Port Arthur Community Action Network, Better Bayou, Healthy Gulf, Eco-Justice Collaborative, Science Roundtable on Carbon Capture and Storage, Food and Water Watch, Ohio River Valley Institute, Better Path Coalition, No False Solutions PA, Save Our Illinois Land, Physicians for Social Responsibility Pennsylvania, Mid-Ohio Valley Climate Action, Center for Coalfield Justice, Watchdogs of Beaver County, Clean Air Council and Environmental Health Project. 
    “We need an end to weak oversight and poor safeguards that could allow some of the richest companies in the world to take public money without delivering the real, measurable climate benefits the policy intended. The IRS must act decisively to ensure this tax credit is used only as a genuine tool for carbon reduction by implementing robust, enforceable guardrails. This is the administration’s chance to stop subsidizing climate pollution and ensure the credit has real oversight,” said Craig Segall, Senior Vice President, Evergreen Action.
     “Senator Warren, Representative Khanna, and their Congressional colleagues are asking for what every taxpayer deserves – guardrails and transparency measures that ensure the 45Q tax credit is being used appropriately and effectively to reduce greenhouse gas emissions,” said Autumn Hanna, Vice President of Taxpayers for Common Sense. “To date the vast majority of the carbon capture tax credit has gone to companies pumping carbon into wells to get more oil. But the country can’t afford to give more unchecked subsidies to the oil and gas industry. With an estimated cost of more than $30 billion by 2033, we must take strong steps to avoid any chance of fraud or abuse.”
    The lawmakers requested a briefing from the three agencies by October 4, 2024. 
    Senator Warren has long worked to protect taxpayer money and ensure strong implementation of climate policy: 
    In June 2024, Senator Elizabeth Warren and Representative Sean Casten (D-Ill.) led a letter to the Federal Reserve Board (Fed), Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), urging regulators to stop their obstruction of global financial regulators’ work to tackle climate-related financial risks. The lawmakers also called out the weaknesses revealed by the Fed’s 2023 “pilot scenario analysis” exploring six major banks’ resilience to climate-related financial risks.
    In May 2024, Senator Elizabeth Warren and Congressman Robert Garcia (D-Calif.) reintroduced the BUILD GREEN Infrastructure and Jobs Act, which would authorize the U.S. Department of Transportation to distribute $500 billion over ten years to electrify and modernize public vehicles and rail and build new electric transportation infrastructure across the country. The bill would also create 1 million new jobs, save $100 billion annually in health damages, and prevent 4,200 deaths per year from air pollution.
    In April 2024, Senator Elizabeth Warren and Representatives Sean Casten (D-Ill.) and Veronica Escobar (D-Texas), urged the Federal Acquisition Regulation (FAR) Council, composed of the Department of Defense (DoD), General Services Administration (GSA), and the National Aeronautics and Space Administration (NASA), to finalize the Federal Supplier Climate Risks and Resilience Rule as quickly as possible.
    In March 2024, Senator Elizabeth Warren (D-Mass.), released a statement describing the Securities and Exchange Commission’s (SEC) finalized climate risk disclosure rule as “the bare minimum.”
    In September 2023, Senators Elizabeth Warren, Bernie Sanders (I-Vt.), Martin Heinrich (D-N.M.), Ed Markey (D-Mass.), Sheldon Whitehouse (D-R.I.), and Jeff Merkley (D-Ore.) called on the Treasury Department to take key actions pertaining to climate and climate-related financial risk to avert the impending environmental and economic crises.
    In September 2023, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Elizabeth Warren urged Chair Gensler to quickly finalize a strong climate risk disclosure rule, reminding him that he has a mandate to protect investors and strong public support.
    In March 2023, Senators Elizabeth Warren, Sheldon Whitehouse (D-R.I.), and Representatives Dan Goldman (D-N.Y.) and Jamie Raskin (D-M.D.) and 47 of their colleagues sent a letter to SEC Chair Gary Gensler, urging him to protect investors and finalize a strong climate disclosure rule without further delay.
    In September 2022, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Elizabeth Warren called on SEC Chair Gary Gensler to protect investors and stand up to fossil fuel lobbying by issuing a strong climate risk disclosure rule quickly.
    In June 2022, Senator Elizabeth Warren led a comment letter with Senators Sheldon Whitehouse (D-R.I.) and Brian Schatz (D-Hawaii) on the SEC’s mandatory climate disclosure rule, highlighting several areas for improvement and key elements that the SEC should preserve in its final rule, including strong Scope 3 emissions disclosure requirements.
    In March 2022, Senator Elizabeth Warren led a letter with Senators Sheldon Whitehouse (D-R.I.) and Brian Schatz (D-Hawaii) urging the SEC to require disclosure of anti-climate lobbying activities in the Commission’s rule.
    In May 2021, Senator Elizabeth Warren and then-Congressman Andy Levin (D-Mich.) introduced the Buy Green Act to use the enormous breadth of U.S. federal procurement to help fight the climate crisis, spur innovation, and boost demand for American-made clean energy products at home and in the rapidly-growing markets for green products abroad.
    In May 2021, Senator Elizabeth Warren and then-Congressman Andy Levin (D-Mich.) introduced the National Institutes of Clean Energy Act of 2021, legislation that would invest $400 billion over the next ten years to establish and operate a new system of institutes at the Department of Energy dedicated to research and development (R&D) of advanced clean energy technologies.
    In April 2021, Senator Elizabeth Warren and Representative Sean Casten (D-Ill.) reintroduced the Climate Risk Disclosure Act of 2021 which would reduce the chances of environmental and financial catastrophe by requiring public companies to disclose more information about their exposure to climate-related risks.
    In March 2021, Senator Elizabeth Warren unveiled the BUILD GREEN Infrastructure and Jobs Act which would invest $500 billion over ten years in state, local, and tribal projects to jumpstart the transition to all electric public vehicles and rail and help modernize the nation’s crumbling infrastructure. 

    MIL OSI USA News –

  • MIL-OSI USA: Van Hollen, Sherman Introduce Bicameral Legislation to Eliminate Corporate Insiders’ Unfair Advantage in Stock Sales

    US Senate News:

    Source: United States Senator for Maryland Chris Van Hollen
    September 23, 2024
    Legislation closes 8-K trading gap, preventing executives from profiting before significant problems are disclosed to the SEC, public
    U.S. Senator Chris Van Hollen (D-Md.), a member of the Senate Banking, Housing and Urban Affairs Committee, and Congressman Brad Sherman (D-Calif.), a member of the House Financial Services Committee, have reintroduced the 8-K Trading Gap Act. This bicameral legislation prevents executives and other corporate insiders, including foreign issuers, from profiting off the gap between the occurrence of a significant event – such as bankruptcy or an acquisition – and its legally-mandated disclosure to the Securities and Exchange Commission (SEC) and the general public. Under current law, companies have four days to file the 8-K disclosure form with the SEC, but they are not barred from trading in advance of the filing – giving them an unfair advantage. The 8-K Trading Gap Act would close this gap by requiring the SEC to write a rule to prohibit insiders from making trades during this four-day period.
    “The 8-K trading gap gives corporate executives a major loophole to cash in on their stocks when major changes are about to hit – before shareholders and the public are made aware. With the 8-K trading gap, insiders get a several-day head start to make lucrative financial moves prior to a major stock price-altering announcement. Our legislation will close this harmful loophole to prevent insiders from benefitting from this unfair advantage while ensuring a fairer market for the public,” said Senator Van Hollen.
    “The integrity of our capital markets rely on transparency and equal access to information and trading opportunities for all market participants,” said Congressman Brad Sherman. “As Ranking Member of the Subcommittee on Capital Markets, investor protection is at the forefront of my priorities. Our capital markets remain the envy of the world because Congress passed laws to make them transparent and fair. This bill is a vital step toward safeguarding our markets and ensuring that everyone plays by the same set of rules.”
    This legislation has been endorsed by the Healthy Markets Association.
    The text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Call for bids: Promoting sustainable mining in Peru

    Source: United Kingdom – Executive Government & Departments

    The British Embassy in Lima is seeking bids for a practical action research project that will build insights to push forward mining and human rights in Peru.

    The British Embassy in Lima is seeking bids for a practical action research project that will build insights on how to push forward mining and human rights in Peru. Results from the project should inform partner interventions and policymaking and strengthen the UK’s reputation as an ally to sustainable growth in Peru.

    1.       Background

    The UK is a global promoter of responsible business practices: it aims to ensure that companies abide by human rights standards in all their activities, as it benefits business and communities, and contributes to the goal of building democratic societies and sustainable development. The UK was the first country to produce a National Action Plan based on the UN Guiding Principles on Business and Human Rights and is a member of a cross-government Working Group on Business and Human Rights. As such, the FCDO supports countries in adhering to the UNGPs and other voluntary commitments.

    Globally, the past years have seen an explosion of mandatory and voluntary regulation regarding responsible business practices, such as the UN Guiding Principles on Business and Human Rights, the Voluntary Principles on Security and Human Rights, the ILO’s Tripartite declaration of principles concerning multinational enterprises and social policy. Similarly, the OECD has adopted Guidelines for Multinational Enterprises on Responsible Business Conduct and a Due Diligence Guidance for Responsible Business Conduct.

    These regulations play a role in Peru’s business ecosystem. During a 2017 visit by the UN Working Group on Business and Human Rights, the government committed to creating a National Action Plan on Business and Human Rights. The final 2021-2025 Plan was published in June 2021 -the second in the region- after multistakeholder consultations. While it is currently in its implementation phase, the Mesa Multiactor has had limited activity. In 2020, the OECD recommended that Peru effectively implement existing laws and policies regarding responsible business practices. Further, CSOs have proposed a bill that would regulate human rights due diligence.

    In this context, a critical area of impact for business and human rights is Peru’s mining sector. Mining activity concentrates significant, long-term foreign investment, and is increasingly affected by human rights standards. Despite continued efforts from mining companies, in an environment that is still adapting to responsible mining practices it remains difficult to mitigate the negative externalities of business operations and reduce barriers. These difficulties are compounded by the growth of illegal and informal mining, which represents a significant portion of resource extraction.

    Across the region, valuable efforts have been made to map existing National Action Plans, policies, legislation, and best practices (see, for example, Danish Institute of Human Rights, 2019; KAS, 2023; UNHCHR, 2022; Global NAPS; SNMPE, 2023). However, there is space to move research into action to ensure the National Action Plan on Business and Human Rights, UN Guiding Principles and similar voluntary documents become a reality. As such, the British Embassy would like to support an action research project that would push forward mining and human rights in Peru. This falls in line with Priority Theme 3 (Business and Human Rights) of our country Human Rights and Gender Equality Strategy 2023-2025.

    2.       Objective and scope of work

    The objective of the work is to support the UK’s commitment to sustainable growth and human rights in Peru. Projects should adopt a practical action research approach, with clear research and programmatic components. Successful bidders will demonstrate a creative, impactful approach to ensure that voluntary standards in business and human rights are clear for Peruvian stakeholders and move the field forward towards effective implementation.

    Bids should look to demonstrate their ability to deliver a project that includes:

    a) Research and analysis.

    • A comprehensive assessment of the current state of formal and informal mining and human rights in Peru, referencing existing national and international voluntary. commitments, with emphasis on OECD guidelines.
    • Map the existing mining and human rights ecosystem in Peru, with emphasis on barriers and facilitators action. Proposals that include informal mining in their mapping will be especially welcome.

    b) Technical assistance

    • Provide technical assistance to relevant stakeholders, including but not limited to government agencies, mining companies and civil society organizations, to support the implementation of voluntary commitments on business and human rights.
    • Monitor and evaluate the progress and impact of technical assistance.

    3.       Project Budget

    Project proposals of up to £60,000 = S/274,800 / $72,000. We are looking for projects that can begin in October 2024 and be completed by March 2025. Implementers should spend 100% of their allocation by March 2025.

    4.       Assessment

    Bids will be assessed against the following criteria:

    • strategic fit – alignment with stated objectives and scope of work expected.
    • project viability – including a realistic description of methodology and activities to deliver the outcome and deliverables (outputs) within the project duration and sustainability after the project ends.
    • stakeholder management – including the capacity of the implementing organisation to engage with key stakeholders, including diverse business, government and civil society stakeholders present in Peru, and involve local/international expertise to deliver expected outcomes.
    • project design – including clear achievable objectives and outputs
    • value for money
    • risk management
    • experience and understanding of the current mining and human rights context in Peru.

    5.       How to Bid

    Please complete the attached “Project Proposal Form” and “Activity Based Budget” using the guidance provided.

    Completed forms should be sent in standard document and spreadsheet formats in English or Spanish to BEProjectsPeru@fcdo.gov.uk by 11:59pm September 26, with “Call for bids Mining and Human Rights” in the subject line of your email.

    Bids submitted after this date will not be considered. Bids can be submitted at any time up to the indicated deadline.

    Bidders will be notified via email of the outcome of assessments in early October. Due to the volume of bids expected, we will not be able to provide feedback on unsuccessful bids.

    Organisations can submit up to a maximum of 2 proposals; bids for projects that include engagement with stakeholders outside of Lima are particularly welcome.

    Please also familiarise yourself at an early stage with the standard ‘Grant Agreement Template’ attached.

    What to Include in the Bid Form?

    • Overview of project or activity.
    • How it fits with the UK’s approach to the relevant priority; and why the UK should fund the project or activity.
    • How the project or activity will create an impact and lead to change.
    • Rationale– including why the project or activity should take place now.
    • Where relevant, evidence of support from Peruvian government actors for the project or activity and that it complements their own strategy.
    • Information about how the impact will be sustained after the project or activity has been completed.

    Proposals must be submitted on the authorised forms and include an activity-based budget (ABB) in soles/US dollars. Value for money is an important selection criterion and if you do not submit a detailed ABB then your proposal will not be considered. 

    6.       Key documents

    7.       Contacts

    Please contact BEProjectsPeru@fcdo.gov.uk. with any questions or queries.

    Updates to this page

    Published 23 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI USA: Duckworth, Ricketts, Bera, Wittman Launch Bipartisan, Bicameral Quad Caucus Ahead of Quad Leaders Summit

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    September 20, 2024
    [WASHINGTON, DC] – Today, U.S. Senator Tammy Duckworth (D-IL) and Pete Ricketts (R-NE)—members of the U.S. Senate Foreign Relations Committee— joined U.S. Representatives Ami Bera, M.D. (D-CA-06) and Rob Wittman (R-VA-01) in launching the bipartisan Senate and House Quad Caucuses. This announcement comes ahead of this weekend’s Quad Leaders Summit in Wilmington, Delaware, where President Biden will welcome heads of state from Australia, India and Japan. The Quad is committed to supporting the region’s development, stability and prosperity to advance a free and open Indo-Pacific. The leaders’ ambitious efforts include major initiatives on infrastructure, maritime security, public-private partnership, climate, health, critical and emerging technologies and space.
    “Over the years, the Quad has represented the United States’ steadfast commitment to the current and future prosperity, strength and stability of the Indo-Pacific region—and proof of our ability to come together with allies and partners to uphold our shared principles,” said Senator Duckworth. “In a strong display of bipartisan support for the region, I’m proud to help launch the Senate’s first-ever Quad Caucus alongside co-chair Senator Ricketts ahead of President Biden’s leaders’ summit this weekend. Together, we’re sending a strong message to our allies and partners—and our competitors—that the United States is here for the long haul.”
    “Partnerships like the Quad are our greatest strength in protecting a prosperous, free and open Indo-Pacific against coercion and malign aggression The launch of the bipartisan Senate Quad Caucus should send a clear signal about the growing importance of the United States, Australia, Japan, and India working closely together in the region. We are committed to finding tangible ways to bolster collaboration with our Quad partners,” said Senator Ricketts.
    “As the Indo-Pacific becomes increasingly important to global security and economic prosperity, it is essential that the United States continues to strengthen relationships with our Quad partners,” said Congressman Bera. “The launch of the Quad Caucus underscores our shared commitment to fostering peace, stability, and development in the region. By promoting collaboration on key issues like maritime security, infrastructure, and climate, we can ensure a safer and more prosperous future for all.”
    “Cooperation between the United States, Japan, India, and Australia is crucial for the future stability of the Indo-Pacific,” said Congressman Wittman. “The Quad’s support for the governance of emerging technologies, countering illegal fishing, and enhanced maritime domain awareness proves that we will build a better future for the region by working together. I am proud to join my colleagues to launch this bicameral, bipartisan Quad Caucus to foster stable collaboration for years to come.” 
    As a member of the Senate Foreign Relations Committee, Duckworth has been a leader in strengthening relationships with countries in the Indo-Pacific. In July, Duckworth led an official Senate visit to Laos and Vietnam to reinforce America’s commitment to our partners in ASEAN and strengthen U.S.-ASEAN economic ties. In May, Duckworth led a bipartisan delegation to Singapore to participate in this year’s International Institute for Strategic Studies’ Shangri-La Dialogue, where she and other Senators reaffirmed our nation’s strong bipartisan commitment to our partners and allies in the Indo-Pacific. Last year, Duckworth met with ASEAN leaders on an official Senate visit to Indonesia to reinforce U.S. partnership throughout the region and find opportunities to increase cooperation in areas of mutual interest, such as countering climate change, increasing energy security and ensuring regional stability and freedom of navigation.
    -30-

    MIL OSI USA News –

  • MIL-OSI Video: Secretary Blinken hosts a G7+ Ministerial Meeting on Ukraine Energy Sector Support

    Source: United States of America – Department of State (video statements)

    Secretary of State Antony J. Blinken hosts a G7+ Ministerial Meeting on Ukraine Energy Sector Support in New York City, New York, on September 23, 2024.

    Transcript: https://www.state.gov/secretary-antony-j-blinken-with-italian-foreign-minister-antonio-tajani-and-ukrainian-foreign-minister-andrii-sybiha-at-a-g7-ministerial-meeting-on-ukraine-energy-sector-support/

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
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    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

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    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=YUQL0C0F1yg

    MIL OSI Video –

  • MIL-OSI Video: Secretary Blinken remarks at the Freedom Online Coalition Ministerial Event

    Source: United States of America – Department of State (video statements)

    Secretary of State Antony J. Blinken remarks at the Freedom Online Coalition Ministerial Event on AI for Humanity: Charting the Global Course for Human Rights-Based Governance in New York City, New York, on September 23, 2024.

    Transcript: https://www.state.gov/secretary-antony-j-blinken-at-the-freedom-online-coalition-ministerial-event-on-ai-for-humanity-charting-the-global-course-for-human-rights-based-governance/

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    Twitter: https://twitter.com/StateDept
    Instagram: https://www.instagram.com/statedept
    Flickr: https://flickr.com/photos/statephotos/

    Subscribe to the State Department Blog: https://www.state.gov/blogs
    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: http://ow.ly/diiN30ro7Cw

    State Department website: https://www.state.gov/
    Careers website: https://careers.state.gov/
    White House website: https://www.whitehouse.gov/

    #StateDepartment #DepartmentofState #Diplomacy

    https://www.youtube.com/watch?v=URttmiqkuTc

    MIL OSI Video –

  • MIL-OSI USA: Representative Doggett and Senator Warren Lead Members Urging Biden Administration to Lower Price of Popular Weight-Loss Drugs

    Source: United States House of Representatives – Congressman Lloyd Doggett (D-TX)

    Contact: Alexis.Torres@mail.house.gov

    Washington, D.C.—Today, U.S. Representative Lloyd Doggett (D-TX-37) and U.S. Senator Elizabeth Warren (D-Mass.) led an effort to urge the Biden Administration to improve American health and well-being by lowering the cost of vital weight-loss drugs. Specifically, the members are calling for Health and Human Services (HHS) Secretary Xavier Becerra to use existing legal authority to issue generic licenses for semaglutide, a prescription drug commonly used to treat obesity and diabetes and is sold under the brand names of Ozempic and Wegovy. Similarly, a coalition of more than 20 organizations has also called on Secretary Becerra to take such action.

    “With a sticker price of up to $1,400 per month, patients can rarely afford Wegovy or Ozempic out-of-pocket and few insurance plans offer complete coverage due to the prohibitive cost,” the members wrote. “One study has found that covering these drugs for just 10% of Medicare beneficiaries with obesity would cost taxpayers $27 billion a year. Coverage for all Americans would cost nearly $1 trillion. A recent report from the Congressional Budget Office (CBO) estimated that the cost to cover these drugs would outweigh any savings from reduced utilization of associated health services and treatments.” 

    “Manufacturers will frequently cite the cost of innovation and the need to recoup research and development costs as the reason for charging sky-high prices.  Yet, time and again, this is debunked,” the members continued. “In the case of Ozempic and Wegovy, the manufacturer has earned over $38 billion in revenue from these two drugs and Goldman Sachs Research predicts revenue will reach $100 billion within this decade.  Meanwhile, last year, the manufacturer spent nearly twice as much on enriching its shareholders with stock buybacks and dividends ($8.95 billion) than on research and development ($4.71 billion).

    Under Section 1498, a more than a century-old statutory authority, the Biden Administration may lower prices by permitting generic competitors to license patented inventions in exchange for reasonable compensation to the brand-name manufacturer. By exercising this existing authority, HHS could help stabilize the health care market while meeting high consumer demands at more affordable prices.

    Additional signers include Senator Jeff Merkley (D-OR) and Representatives Eleanor Holmes Norton (D-DC), Sheila Cherfilus-McCormick (FL-20), Ro Khanna (CA-17), Pramila Jayapal (WA-07), Cori Bush (MO-01), Mark Pocan (WI-02), Jan Schakowsky (IL-09), Rashida Tlaib (MI-12), Mark Takano (CA-39), Rosa DeLauro (CT-03), Greg Casar (TX-35) and Barbara Lee (CA-12).  

    The letter in full can be found here and below. 

    Dear Secretary Becerra:  

    We write to strongly urge you to use your existing legal authority under 28 U.S.C. § 1498 to protect the public’s health and safety to ensure reasonable prices on semaglutide, a prescription drug sold under the brand names of Ozempic and Wegovy and commonly used to treat diabetes and obesity.  By utilizing your competitive licensing authority to permit generic competitors to Wegovy and Ozempic, you can stabilize supplies at a time of enormous demand and lower outrageous prices that have severely limited access to these life-changing drugs.  

    Approximately 38 million, or one in ten, Americans has diabetes, and an additional 100 million American adults have prediabetes. Nearly one-third of adults are overweight and 42% are obese.  Diabetes and obesity are associated with heart disease, stroke, kidney disease, and more.  Yet, the federal government has failed to restrain Big Pharma price gouging to ensure patients can afford the newest treatments.   

    With a sticker price of up to $1,400 per month, patients can rarely afford Wegovy or Ozempic out-of-pocket and few insurance plans offer complete coverage due to the prohibitive cost.  One study has found that covering these drugs for just 10% of Medicare beneficiaries with obesity would cost taxpayers $27 billion a year.  Coverage for all Americans would cost nearly $1 trillion. A recent report from the Congressional Budget Office (CBO) estimated that the cost to cover these drugs would outweigh any savings from reduced utilization of associated health services and treatments. 

    Due to budget-busting prices, only 16 states offer state employee or Medicaid coverage for these drugs.  About 34% of employer plans offer coverage and only about 1% of Affordable Care Act (ACA) Marketplace plans do the same.  Put another way, 99% of consumers with Marketplace plans have no access to these drugs, while 66% of workers with private employer plans and 68% of state employees and Medicaid recipients are denied access.  The few insurers that offer coverage for Ozempic and Wegovy often include several restrictions to limit the financial impact.  For example, the Department of Veterans Affairs requires patients with diabetes to try and fail with two or more medications before the VA will cover Ozempic.    

    We do not condemn the states and insurers that have limited access to these drugs under such difficult circumstances.  It would be irresponsible to offer unlimited coverage when prices are also unlimited.  The North Carolina State Health Plan ended coverage after spending $100 million in a single year on these drugs—spending that would have required insurance premiums to double to offset the cost. If half of all Americans with obesity could access these drugs, it would cost an estimated $411 billion a year, more than all existing prescription drug spending in the U.S. 

    We do not need to waste taxpayer dollars, bankrupt health systems, or deny patients access to effective treatments.  We can save consumers’ health and be fiscally responsible by stopping Big Pharma monopoly abuse.  These drugs cost Americans up to 15 times more than patients in peer countries like Canada, Japan, Germany, the UK, and Denmark. There is no reason for Americans to pay the world’s highest prices, substantially more than other wealthy Nations, for the exact same medicines.  

    Manufacturers will frequently cite the cost of innovation and the need to recoup research and development costs as the reason for charging sky-high prices.  Yet, time and again, this is debunked.  In the case of Ozempic and Wegovy, the manufacturer has earned over $38 billion in revenue from these two drugs and Goldman Sachs Research predicts revenue will reach $100 billion within this decade. Meanwhile, last year, the manufacturer spent nearly twice as much on enriching its shareholders with stock buybacks and dividends ($8.95 billion) than on research and development ($4.71 billion).   

    The exorbitant prices paid by Americans are financing corporate greed, not innovation.  While we recognize the important role of the private sector in research and development and support the ability to make a reasonable profit, industry interests should not outweigh meeting health and safety needs for all consumers and providing accountability to taxpayers.  When manufacturers use their monopoly power to extract unfair and unjustified prices at the expense of consumers, the federal government must restrain such abuse.   

    Under Section 1498, the Administration has the clear authority to license generic competition on any patented invention “used or manufactured by or for the United States.”  Rightly, patentholders are entitled to reasonable compensation set by the U.S. Court of Federal Claims.  This law ensures Americans may access important goods while protecting the rights of inventors and providing fair compensation.  For over a century, this authority has been used across technologies, ranging from fraud detection banking software and electronic passports to methods of removing hazardous waste.  Section 1498 has also been used to authorize generic, lower cost drugs, and just the threat of this authority, has incentivized brand-name manufacturers to voluntarily cut prices.   

    You have the opportunity and responsibility to dramatically improve health care access and achieve substantial taxpayer savings by using Section 1498 to authorize generic competitors to Ozempic and Wegovy.  We strongly urge you to use your clear statutory authority and stand ready to assist in your efforts to deliver long overdue relief to American taxpayers and consumers. 

    MIL OSI USA News –

  • MIL-OSI USA: Speaker Johnson: Congress Has an Obligation to the American People to Secure American Elections

    Source: United States House of Representatives – Representative Mike Johnson (LA-04)

    WASHINGTON — This morning, ahead of the House vote on a six month spending measure to avoid a government shutdown and protect American elections from noncitizen voting, Speaker Johnson joined Fox News’ Fox and Friends and CNBC’s Squawk Box to implore Congressional Democrats to protect American elections, highlight the 2025 GOP economic agenda, and detail plans to expand the investigative scope of the Task Force to Investigate the Assassination of President Trump.

    Click here to watch the full “Fox and Friends” interview

    Click here to watch the full “Squawk Box” interview

    On Congress’s responsibility to protect elections and fund the government:

    Listen, Congress has an immediate obligation to do two very important things. We have to keep the government funded, and we need to make sure that our elections are secure. And we have a vehicle today to do both things, because we owe that to the American people and because they demand it. We’re moving legislation today to have a continuing resolution to keep the government going for six months and to make sure that illegals cannot vote, noncitizens cannot vote in the upcoming election. It’s a number one issue around the country.

    On the GOP plan for economic growth:

    We implement the principles and the policies that we’ve always espoused, and that is less regulation and lower taxes. It’s a pretty simple formula, and it has a great result. So, we want to expand upon the Trump era tax cuts, and we want to do massive regulatory reform. One of the problems we have right now across the free market is that the federal government has been, these agencies have been weaponized against the industries they’re supposed to be assisting and regulating in a meaningful way. Under the Biden-Harris Administration, they have almost smothered the free market. I mean, it’s like the boot of government is on the neck of job creators and entrepreneurs and risk takers who are just trying to do their jobs, and they’ve made it almost impossible. So, we’re going to reverse that.

    If you get Republican leadership in the White House, the Senate and the House, unified government, we will put this thing on turbo. You will see massive regulatory reform. We have a great opportunity. The Supreme Court has overturned a Chevron doctrine. We have all the talk about political tailwinds in a moment of opportunity. That’s what we’ll see in the first quarter of next year, and you’re going to see a lot of change that I think will really incentivize more opportunity, more investment, more American manufacturing, detangle from China, get the border under control and stop the illegal immigration and stop the maddening government spending that’s been out of control for the last four years.

    On expanding the Task Force Investigating the Assassination of Donald Trump:

    I had that conversation with the White House yesterday. I called and demanded that President Trump receive the same level of protection that the sitting president does, because he is under such great threat. I mean, clearly, he’s the most threatened figure in American public life, and the Secret Service has an obligation to protect him, so they need to make every available asset assigned to him right now.

    President Trump and I have talked about this, and now I’ve talked about it with the White House. Now, they say they’re going to be cooperative, but they also say there’s a manpower issue. So, Congress is looking at every aspect of this. If we need to add additional funding, we will, but it’s difficult to go hire 2,500 new secret service agents in the next 48 days, right? So, they’re going to have to rely upon, in some cases, to fill the gaps local and state law enforcement. And so, we’re looking at every aspect. This job must be done. President Trump must be protected. 

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Arrington Holds “Cost of the Biden-Harris Energy Crisis” Hearing

    Source: United States House of Representatives – Congressman Jodey Arrington (TX-19)

     WASHINGTON, D.C. – Today, House Budget Committee Chairman Jodey Arrington (TX-19) delivered opening remarks at the hearing “The Cost of the Biden-Harris Energy Crisis.”

     

    Opening Statement as Delivered:

    “Our hearing today focuses on the fiscal cost and economic consequences of the Biden-Harris Administration’s failed economic and energy policies. Those costs have been significant and measurable, and the consequences have been manifold and dire.

    The whole government regulatory attack on conventional fuels, the increased taxes on oil and gas, and massive market-distorting green energy subsidies have choked the lifeblood of the greatest economy in the world. It’s also crushed our working families with a cost-of-living crisis, and it has compromised our national security by making the United States more reliant on foreign adversaries.

    The Biden-Harris Administration has issued 250 executive actions against one industry, an industry that employs 10 million people with high wage jobs and represents almost 10 percent of our total economy, and has had, no doubt, a positive impact on every facet of our daily lives by producing the most reliable, affordable, and abundant source of energy as a result of our God-given blessed resources and the most innovative and efficient energy industry operators.

    We have the strongest and most dynamic economy in the world. It’s why we have the greatest fighting force in the world, and it’s why we are the world’s superpower. But today, the failed energy policy is driven by what I believe is an extreme climate agenda that has undermined all of the above. It’s resulted in higher gas prices at the pump, as high as over $5 dollars, the highest we’ve ever seen and experienced in this country, on average, it’s been $1 dollar more per gallon in cost than the previous Administration.

    The cost of electricity has gone up now 25- 30 percent for families. The total consumption cost for average-income families is almost twice what it was in the previous administration. Policies have consequences, and that consequence for families is a whopping $1,700 per family per year. These costs on the economy and our consumers, the American people, are a direct result of the policies of the Biden-Harris Administration.

    On his first day in office, President Biden canceled the Keystone XL Pipeline, which would have saved us in transportation cost and safety, $50 billion but it didn’t stop there. It was all critical infrastructure in the links of the supply chain, from export terminals to permitting refineries and other pipelines. Biden-Harris’s moratorium on drilling on public lands will cost $33 billion in lost GDP and roughly 60,000 jobs. There have been overreaching and overburdening emission regulations coming out of the EPA. Think about the methane gas rule. We’ve seen a 66 percent reduction by the industry over the last several years in methane gas emissions.

    The EV mandate alone, the tailpipe emissions, cost $870 billion over roughly 20 years. They’ve depleted our strategic petroleum reserves to smooth off the edge of the spike in prices, and we’re now down with the strategic petroleum reserve at a 40-year low. On the subsidy side, there are $800 billion in tax subsidies for green energy corporations, and some studies say that 70 percent of that value will be accrued to China because of their rare earth mineral mining and parts to the renewable energy industry. The EV tax credit is, in many ways, going to upper-middle and upper-income individuals, and I want to dig into that with you. The impact on middle-class families and our minority communities here in the United States is hard. 

    The fiscal health of our country is in decline. I think we all agree with that. You can’t look at the balance sheet, you can’t look at CBO’s projections, you can’t look at the debt to GDP, which is higher than it’s been since World War II and more. We have to rein-in spending and we have to grow this economy. We must have policies that encourage and foster growth, and central to that are good energy policies. If we can grow 1 percent, we can save $3 trillion to put against the deficit. If we grow 1 percent, we can add $10,000 over 10 years and hardworking Americans’ pocketbooks. We can bring the debt to GDP down by at least 20 percentage points.

    Growth is key, and the lifeblood of that growth is energy policies. We’ve seen the opposite of it, disastrous energy policies and disastrous results. We must make a change if we’re going to get our country on a good fiscal path and hand it to our children in the manner that gives them the opportunities and prosperity that we’ve all enjoyed.”

     

    MIL OSI USA News –

  • MIL-OSI USA: Huffman Highlights Threats of Trump’s Project 2025

    Source: United States House of Representatives – Congressman Jared Huffman Representing the 2nd District of California

    September 19, 2024

    Today, Founder of the Stop Project 2025 Task Force Jared Huffman joined House Assistant Minority Leader Joe Neguse and leaders from across the Democratic Caucus for a press conference focused on House Democrats’ resolution opposing Project 2025. The lawmakers were joined by DPCC Co-Chair Lauren Underwood, and Reps. Kathy Castor, Lizzie Fletcher, and Chris Deluzio. 

    Find a full video of the press conference HERE, as well as highlights below. 

    Task Force Chair Jared Huffman: “House Republicans, though, are not waiting for a second Trump presidency to get started on this agenda. Everywhere you turn in this Congress, extreme MAGA Republicans are working straight out of the pages of Project 2025. We’re seeing it in Committees, at roundtables, every single day we see it on the House Floor. Climate action, protections for the middle class, social safety nets, and abortion rights have all been on the chopping block in this Republican majority, and it’s like they have lifted their entire legislative agenda right out of the pages of Project 2025. So – sunlight, we know, is the best disinfectant. That’s why our task force, along with the DPCC and many of our House Democratic colleagues, have been focused on doing something very simple but critically important, showing people what’s actually in Project 2025, helping them just understand it, bringing it out of the shadows.” 

    Assistant Leader Joe Neguse: “While Americans across the country look to leaders here in Washington, D.C. to solve problems – issues of critical importance facing our country, facing families across our land. Our colleagues, regrettably, across the aisle, are charging forward in lockstep with the agenda outlined in Project 2025 by former President Trump. For anyone who’s looking for proof of that. Look no further than the actions of House Republicans over just the past few months and their attempts to provide huge new tax breaks to billionaires, their attacks on education and health care, environmental programs – as you’ll hear from my colleagues – and of course, their efforts to strip Americans of fundamental freedoms. These actions, in my view, are grossly out of step with the needs and the wants of the American public. And so really, the question is, one for House Republicans. It’s time for them to make a choice Project 2025 or the American people.” 

    Co-Chair Lauren Underwood: “To put it simply, Donald Trump’s Project 2025 will make more Americans sick and without the coverage they need to take care of themselves. When people tell you who they are, when people tell you who they are, we must believe them. This document is not an abstract, rough draft collection of ideas. This document is a radical, detailed plan to seize power, to take over our government, and to completely change our way of life. It is 920 pages that outline exactly who Donald Trump is and where Republican priorities lie. It is dangerous for America. It is dangerous for our families, and it is dangerous for our communities.” 

    Rep. Kathy Castor: “I’m here to talk about what is in this radical Project 2025 plan when it comes to our public health, climate, and clean energy. But let me start by saying I’m so proud to stand here with my colleagues who have been working day in and day out here in the Democratic caucus to to lower costs, to grow the middle class and build a safer, healthier America…My message: hold on to your wallet, Americans, because if Project 2025 is enacted, you’re going to be paying more. And let’s talk about that. What that means when it comes to our environment. Project 2025 contains these very, very outlandish, and expensive proposals, things that are going to raise costs and they’re going to increase pollution. They want to make it easier to pollute in America. Now, I think Americans value clean air, clean water cleaner, cheaper energy.” 

    Rep. Lizzie Fletcher: “[Project 2025] would criminalize abortion nationwide. Doesn’t matter where you would live, where you live. It would criminalize abortion nationwide. It would block access to abortion pills and to medical equipment. It would restrict access to birth control. That’s right. We’re not talking about abortion. We’re talking about birth control, contraception, whatever you call it. It would restrict access to birth control, and it would even ban fertility services that help families that are struggling, that are trying to get pregnant, like in vitro fertilization or IVF. It would even allow the government to monitor pregnancies and their outcomes. That really bears repeating. I know of no one who wants the government monitoring their pregnancies and their outcomes with the possibility, of course, of prosecuting women who have miscarriages, which is a very, very common and often devastating outcome of a pregnancy.” 

    Rep. Chris Deluzio: “Project 2025 really puts at risk our country’s ability to care for veterans. It proposes to slash care and benefits for disabled veterans. It looks to cut costs on the backs of future disability rating awards and adjust those standards for existing claims. It continues this trend of outsourcing and privatizing care, where we know our government pays more for worse outcomes relative to what my fellow veterans often receive at VA. It could lead to disenrolling millions of veterans who don’t have a service connection designation for care they want to seek within the VA. That could really hurt a lot of veterans. That is one of the main components of what Project 2025 seeks to do around veterans’ care.” 

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    MIL OSI USA News –

  • MIL-OSI USA: Congressman Crow Introduces the Overseas CRISIS Act

    Source: United States House of Representatives – Congressman Jason Crow (CO-06)

    Bipartisan legislation would improve the State Department’s crisis response in US-involved conflicts abroad

    WASHINGTON — Congressman Jason Crow (D-CO-06), Afghanistan veteran and Ranking Member of the House Foreign Affairs Committee’s Subcommittee on Oversight and Accountability, introduced the Overseas Crisis Response Implementation System and Immediate Strategy Act(Overseas CRISIS Act) to consistently evaluate and improve the US response to emergency situations abroad. The legislation follows the US Department of State’s After Action Review on Afghanistan, which highlighted the critical need to strengthen the Department’s overall crisis preparedness and response capabilities, utilize Department personnel more effectively in a crisis, and bolster our existing infrastructure for crisis communications.

    The Overseas CRISIS Act addresses these recommendations to ensure that the United States is ready and empowered to respond effectively to crises, wherever they may occur. Specifically, this bill would establish a Crisis Management and Strategy Unit within the State Department to coordinate the Department’s overall response to international crises and establish a Department of State Reserve Corps to leverage expert personnel when circumstances demand them. By requiring regular crisis simulations and exercises, creating a red team capability, and strengthening training through a clearinghouse of best practices and Foreign Service Institute curriculum, these measures will support US capabilities to address emergent threats and protect key diplomatic personnel and assets worldwide.

    “As an Afghanistan veteran, I know the importance of readiness and decisive action when we respond to emergency situations abroad,” said Congressman Crow. “I’m proud to lead this effort to strengthen the State Department’s preparation for, and response to, international crises. Proactively assessing best practices, challenging existing assumptions, and investing in our workforce will help protect American citizens and our allies while advancing our national security interests around the world.”

    As a former Army Ranger in Afghanistan, Congressman Crow continues his work to honor our promises to our Afghan partners and advance US interests abroad. Crow’s efforts include introducing the Afghan Allies Protection Act to expand and extend the Special Immigrant Visa (SIV) program, and co-leading the Afghan Adjustment Act to provide a legal adjustment process for Afghan allies already in the US. This year, Crow’s fierce advocacy, alongside House and Senate colleagues, resulted in the authorization of 12,000 additional Afghan SIVs in the State Department’s Fiscal Year 2024 foreign operations funding bill. 

    Read the full text of the legislation here. 

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    MIL OSI USA News –

  • MIL-OSI USA: Protect Your Thrift Savings Plan (TSP) Account From Fraud — Investor Alert

    Source: Securities and Exchange Commission

    The SEC’s Office of Investor Education and Advocacy (OIEA) and Division of Enforcement Retail Strategy Task Force are providing tips for investors in the Thrift Savings Plan to help protect against fraud.

    Most federal government employees, including military service members, are eligible to participate in The Thrift Savings Plan (TSP), a federal government-sponsored retirement savings and investment plan.  The TSP offers the same type of savings and tax benefits that many private corporations offer their employees under 401(k) plans.  The TSP website (TSP.gov) explains the benefits available to TSP participants.  

    If you have a TSP account, you should be aware of fraudulent schemes aimed at TSP investors. 

    Here are a few ways you can protect your account.

    Be cautious if someone you do not know contacts you and tries to convince you to transfer money out of your TSP account.

    Fraudsters may use scare tactics to convince TSP investors to transfer money out of their TSP accounts and into other accounts controlled by the fraudsters.  In some cases, they may direct investors to transfer money from their TSP accounts into self-directed individual retirement accounts.  To learn more about risks of investing through self-directed IRAs — including fraudulent schemes — read this Investor Alert.

    SEC enforcement action.  In SEC v. Red Rock Secured, LLC et al., the SEC charged defendants for engaging in a fraudulent scheme through which they allegedly persuaded hundreds of TSP and other retirement plan investors to sell their existing securities, to transfer the proceeds into a self-directed IRA (SDIRA) account that the defendants helped to establish, and to invest the proceeds in gold or silver coins sold by the defendants.  According to the SEC’s complaint, investors who held securities in retirement accounts such as TSPs, 401(k)s and IRAs were targeted through numerous email campaigns, digital newsletters and advertisements.  The SEC alleges that investors were provided with false and misleading information, including regarding the markups charged on the coins sold, the value of the coins sold, and stock market performance.  As alleged in the SEC’s complaint, most of the proceeds that investors transferred to SDIRAs to purchase “premium” coins went to pay markups, which significantly depleted the investors’ retirement assets.

    Be suspicious if someone offering you an investment claims to be affiliated with the government, the TSP, or government retirement plans.

    The TSP will not contact federal employees about investment opportunities and does not authorize third parties to provide counseling or investment-related services to anyone.  You can confirm whether a seller is affiliated with a government agency by contacting the agency directly or calling the SEC’s toll-free investor assistance line at (800) 732-0330.  To learn more about fraudsters targeting TSP investors while pretending to be affiliated with the federal government, read this Investor Alert. 

    Protect your TSP account (and personal information) from being compromised.

    The TSP website describes the following three steps as well as other ways you can protect money you’ve invested in your TSP account from fraud:

    1. Make sure the contact information and mailing address on your account are correct.
    2. Protect your username, password, and ThriftLine PIN.
    3. Consider using the account lock feature for extra protection.

    If you believe someone else has your My Account login information, you’ve experienced identity theft, or you receive any message about suspicious activity on your TSP account, contact the ThriftLine Service Center immediately.

    If you suspect securities fraud in connection with your TSP investments, you can report it to the SEC using the SEC’s online TCR system.

    Additional Resources

    Investor Alert: Fraudsters May Target Federal Government Employee Retirement Plan Participants

    Investor Alert: Self-Directed IRAs and the Risk of Fraud

    Military webpage on Investor.gov

    Report possible securities fraud to the SEC online at www.sec.gov/tcr.

    Protect your hard earned money – learn more tips on investing wisely and avoiding fraud at Investor.gov.

    Call the SEC’s Office of Investor Education and Advocacy (OIEA) at 1-800-732-0330, ask a question using this online form, or email OIEA at Help@SEC.gov.  Receive Investor Alerts and Bulletins by email or RSS feed.

    Follow OIEA on Twitter @SEC_Investor_Ed. Like OIEA on Facebook at facebook.com/secinvestoreducation.

    MIL OSI USA News –

  • MIL-OSI USA: Investor Bulletin: SIPC Protection (Part 2: Filing a SIPC Claim)

    Source: Securities and Exchange Commission

    The SEC’s Office of Investor Education and Advocacy and the Securities Investor Protection Corporation (SIPC) are issuing two Investor Bulletins to help educate investors about SIPC protection for brokerage accounts. The first Investor Bulletin (“SIPC Basics”) will provide investors with an overview of how SIPC protection works and what it protects, and the second Investor Bulletin (“Filing a SIPC claim”) will provide investors with an overview for how to file a SIPC claim.

    If you have an investment account at a SIPC member brokerage firm that closes due to bankruptcy or other financial difficulties, here are some steps to take and issues to consider if you need to file a claim for SIPC protection.

    IMPORTANT: THE CLOSURE OF A SIPC-MEMBER BROKERAGE FIRM MAY NOT REQUIRE A PROTECTION PROCEEDING OR THE FILING OF A CLAIM FOR SIPC PROTECTION.  A CLOSED SIPC MEMBER MAY BE ABLE TO TRANSFER ITS CUSTOMER ACCOUNTS TO ANOTHER SIPC-MEMBER BROKERAGE FIRM WITHOUT THE NEED FOR SIPC’S INTERVENTION.  THE APPROPRIATE REGULATORS WILL MONITOR THESE CLOSURES, AND IF SIPC INITIATES A PROTECTION PROCEEDING TO LIQUIDATE A BROKERAGE FIRM, ITS CUSTOMERS WILL BE NOTIFIED OF THE CLAIMS PROCESS.

    Once I have a securities account with a SIPC member, how does SIPC protection work?

    SIPC initiates a customer protection proceeding

    SIPC protection applies only when a brokerage firm is unable to meet its obligations to customers and has been placed in liquidation under the Securities Investor Protection Act of 1970 (SIPA).  SIPC relies upon regulators such as the SEC or the Financial Industry Regulatory Authority (FINRA) to notify SIPC when customers need its protection.

    When SIPC determines that a brokerage firm (1) has failed or is danger of failing to meet its obligations to customers and (2) meets a specified condition such as insolvency or an inability to meet certain financial responsibility guidelines, SIPC will ask a court to place the brokerage firm into liquidation under SIPA for the protection of its customers and appoint a trustee to oversee the liquidation of its brokerage business.  This date usually is considered the “filing date,” which will be used to value the securities in customer accounts.

    Importantly, SIPC also pays the administrative costs of the liquidation, including attorneys’ fees, if the brokerage firm is insolvent.  This means that even if the brokerage firm lacks funds to pay the costs of the liquidation, the trustee can still process claims, distribute customer property, and recover stolen or fraudulently transferred customer property.

    You must file a claim in the liquidation

    The trustee’s primary goal in the liquidation is the prompt return of customer property to customers.  You will be notified of the liquidation and mailed a claim form, and you must file a timely claim with the trustee.  On the claim form, you should describe, as of the filing date, the cash and securities that are owed to you by the brokerage firm and the cash and securities that you owe to the brokerage firm.

    Customer claims are given two deadlines, each calculated from the date of notice of the commencement of the liquidation is published: If you file a claim within the first deadline (set by the court, usually either 30 or 60 days) and request that the trustee return securities custodied with the broker, the trustee must return the securities unless they are unavailable and cannot be purchased in a fair and orderly market. If you file after the first deadline but within a six-month deadline set under SIPA, the trustee has the option of delivering securities or paying the cash value of the securities as of the filing date, depending upon which is more economical.  Claims filed after the six-month deadline will be denied as untimely, and the customer property is forfeited.  Except for very narrow exceptions inapplicable to most customers, this deadline cannot be extended.

    As the customer, you must establish the validity of your claim and your entitlement to assets.  If possible, you should provide any documents that support your claim, including copies of account statements, trade confirmations, and any relevant correspondence with the brokerage firm.  If needed, the trustee may ask you for more information. The trustee will also have access to the brokerage firm’s books and records and in most cases will be able to use those records to determine what you are owed.

    You may also make a claim for unauthorized trading to recover the property which was the subject of the unauthorized trade.  You must support your claim with evidence that the trade was unauthorized, typically in the form of a timely written complaint to your brokerage firm.  Otherwise, you could be deemed to have accepted the trade.

    The trustee satisfies claims

    Brokerage firms, under regulation by the SEC and FINRA, are required to segregate customer property from the brokerage firm’s business. This means that if a brokerage firm fails, all customer property should be intact, separate from the failed business.  If possible, the trustee in a SIPA liquidation will attempt to bulk transfer customer accounts to a new brokerage firm, and you could have access to your account as quickly as within a week.  While this can be accomplished without you filing a claim, you should still do so in case the transfer does not make your account whole.

    The trustee pools the available customer property custodied with the brokerage,  excluding customer name securities, and distributes it to customers with valid claims on a prorated basis.  Securities are valued as of the filing date.  The trustee may also bring legal actions to recover stolen or fraudulently transferred customer property, for further distribution to customers.  Customer name securities are treated separately and are delivered to the customer in whose name they are registered – i.e., not on a prorated basis – provided that the customer is not indebted to the member.

    • To illustrate, suppose you have a valid claim for shares of Company ABC registered in your name worth $300,000, plus $1,000,000 in securities registered in “street” name.  The trustee recovers 75% of the customer property the brokerage firm owes its customers.  The trustee will deliver to you the shares of Company ABC, assuming the shares are in the broker’s custody, plus $750,000 of customer property, either as securities or cash in lieu of securities, depending on the availability of securities and when you filed your claim.  The shortfall of $250,000 will be satisfied by a SIPC advance.

    SIPC may advance up to $500,000 per customer (including a $250,000 limit on cash in the account) for customer protection.  The benefit of this advance is two-fold.  First, the trustee can use it to accelerate the satisfaction of claims while the trustee gathers and recovers customer property.  Second, if the trustee’s prorated distribution of customer property does not fully satisfy your claim, the advance can be used to restore missing property and cover any shortfall.  To illustrate these limits:

    • Customer A has a valid claim for $400,000 in securities and $200,000 in cash.  SIPC will advance $500,000 for this customer’s protection.  The remaining $100,000 may be distributed as part of Customer A’s prorated share of customer property.
    • Customer B has a valid claim for $200,000 in securities and $400,000 in cash.  SIPC can only advance $450,000 for this customer’s protection: $200,000 for securities and the limit of $250,000 for cash.  The remaining $150,000 may be distributed as part of Customer B’s prorated share of customer property.

    If your customer claim is not fully satisfied by the trustee’s prorated distribution of customer property plus the SIPC advance of up to $500,000, then you will become a general creditor.  The unsatisfied portion of your customer claim becomes an unsecured creditor claim against the general estate (i.e., the unsecured business assets, excluding customer property) of the brokerage firm in liquidation.

    What About Excess SIPC Coverage?

    SIPC’s protection is provided under federal law, and it does not offer any way to purchase additional protection.  Brokerage firms, however, may have insurance policies called “excess SIPC coverage” which apply once SIPC protection is exhausted and may partially cover remaining losses.  Excess SIPC coverage is offered by private insurance carriers to brokerage firms and may operate differently than the protections available under SIPA.  SIPC does not maintain information about excess SIPC coverage or monitor or regulate such offerings.  Questions about excess SIPC coverage should be directed to your brokerage firm.

    Additional Resources

    Investor Bulletin: SIPC Protection (Part 1: SIPC Basics) (https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-101)

    SIPC Brochure: How SIPC Protects You (https://www.sipc.org/media/brochures/HowSIPCProtectsYou-English-Web.pdf)

    SIPC Brochure: The Investor’s Guide to Brokerage Firm Liquidations (https://www.sipc.org/media/brochures/Liquidations-Web.pdf)

    Investor.gov Glossary: Securities Investor Protection Corporation (https://www.investor.gov/introduction-investing/investing-basics/glossary/securities-investor-protection-corporation-sipc)

    FINRA Investor Alert: If a Brokerage Firm Closes Its Doors (https://www.finra.org/investors/insights/if-brokerage-firm-closes-its-doors)

    FINRA: Your Rights Under SIPC Protection (https://www.finra.org/investors/need-help/your-rights-under-sipc-protection)

    FDIC: Understanding Deposit Insurance (https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/index.html)

    For more information regarding SIPC, please visit SIPC’s website (www.sipc.org).  If you have any questions regarding SIPC and the protection that it provides, you can email SIPC at asksipc@sipc.org.

    Visit the SEC’s website for individual investors, Investor.gov.

    Call OIEA at 1-800-732-0330, ask a question using this online form, or email us at Help@SEC.gov.

    Receive Investor Alerts and Bulletins from OIEA by email or RSS feed. Follow OIEA on Twitter. Like OIEA on Facebook.

    MIL OSI USA News –

  • MIL-OSI USA: Investor Bulletin: SIPC Protection (Part 1: SIPC Basics)

    Source: Securities and Exchange Commission

    The SEC’s Office of Investor Education and Advocacy and the Securities Investor Protection Corporation (SIPC) are issuing two Investor Bulletins to help educate investors about SIPC protection for brokerage accounts. The first Investor Bulletin (“SIPC Basics”) will provide investors with an overview of how SIPC protection works and what it protects, and the second Investor Bulletin (“Filing a SIPC claim”) will provide investors with an overview for how to file a SIPC claim.

    What is SIPC protection?

    When you open a brokerage account with a SIPC member brokerage firm, SIPC protection helps address your risk of losing your securities and cash held by the firm if it fails or goes out of business.  If a SIPC member brokerage firm fails, SIPC protects its customers against the loss of securities and cash deposited with the SIPC member firm for the purchase of securities.  SIPC protection advances funds of up to $500,000 per customer (including a $250,000 limit for cash claims) to cover a shortfall in customer property. We will discuss how this protection works in more detail below. 

    Who are SIPC member brokerage firms?

    SIPC member brokerage firms are, with narrow exceptions, all securities broker-dealers registered with the SEC.  SIPC members pay annual membership assessments which are used to fund SIPC and its mission.

    Most registered brokerage firms which conduct business with the investing public are SIPC members. SIPC member brokerage firms must state that they are SIPC members in their offices and on their webpage and advertisements.  The narrow exceptions to SIPC membership include brokerage firms whose exclusive business involves selling specific products, like registered open-end mutual funds or variable annuities.  Brokerage firms that are not SIPC members must disclose this fact to customers before or at the time of conducting any securities transactions in a customer’s account.

    A SIPC member’s affiliate, including a parent company or subsidiary, is a separate legal entity and not a member of SIPC unless independently registered.  Accordingly, customers of a foreign subsidiary of a SIPC member firm are not protected by SIPC if the foreign subsidiary fails.

    SIPC members include both introducing brokers and clearing brokers.  The different broker roles create an important difference in how SIPC protection might apply.  An introducing broker generally is a client-facing brokerage firm which interacts with the customer and takes customer orders.  The clearing broker works on the back end, executing customer trades, holding custody of customer property, and issuing statements and confirmations.  Because SIPC protects against losses caused by the failure of a brokerage firm to maintain custody of customer accounts, the failure of an introducing broker may not require SIPC protection. Customer property should be safely held by the clearing broker, which will usually locate a new introducing broker to service the accounts.

    Who are customers?

    In general, you are a customer if you have an investment account with a SIPC-member brokerage firm or have deposited cash with a SIPC-member brokerage firm, for the purpose of purchasing securities.  You do not need to be a U.S. citizen to qualify as a customer.  SIPC protection of customers with multiple accounts is determined by “separate customer” capacity.

    Some of examples of separate capacities include:

    • An individual account;
    • a joint account;
    • a traditional individual retirement account;
    • a Roth individual retirement account;
    • an account for a trust created under state law;
    • an account for a corporation; and
    • an account held by a guardian for a minor.

    Additional information on separate accounts may be found in SIPC’s Series 100 Rules.

    Each separate capacity is treated as a unique customer and protected up to $500,000 for securities and cash (including a $250,000 limit for cash only). Accounts held in the same capacity are combined for purposes of the SIPC protection limits.  Here are some examples to illustrate how SIPC protection limits apply to investors with multiple accounts:

    Example 1:

    Sally has a brokerage account in her name at her brokerage firm.

    SIPC Protection Limit

    Sally has SIPC protection up to $500,000 for her brokerage account.
    Example 2:

    Tim has two brokerage accounts, each in his name, at the same brokerage firm.

    SIPC Protection Limit

    For purposes of SIPC protection, Tim’s accounts are combined. Tim does not have SIPC protection of $500,000 for each account, but has a total of $500,000 SIPC protection for both accounts.
    Example 3:

    Tim and Sally are married and they have a joint brokerage account, in addition to the individual brokerage accounts they each have at the brokerage firm.

    SIPC Protection Limit

    This joint brokerage account of Tim and Sally would have SIPC protection of $500,000, in addition to the SIPC protections of $500,000 that Sally and Tim have for their individual brokerage accounts discussed in Examples 1 and 2.
    Example 4:

    Tim also has a traditional IRA and a Roth IRA at the same brokerage firm.

    SIPC Protection Limit

    In addition to the other SIPC protections in the above examples, each of these IRA accounts would receive up to $500,000 in SIPC protection.

    What is protected?

    SIPC works to return “customer property,” generally meaning customer securities and related cash held by a SIPC-member brokerage firm.  Protected securities include notes; stocks; Treasuries; bonds; CDs; options on securities; investment company shares such as mutual funds, ETFs, and money market funds; and investment contracts that are registered with the SEC under the Securities Act of 1933.

    A brokerage firm may hold your securities as either “customer name securities” – directly registered in your name in a non-negotiable form – or street name securities – owned by you on the brokerage firm’s books and records but registered in the brokerage firm’s name.  Both customer name and “street” name securities are protected by SIPC, although, as discussed below, the registration method affects how the securities are returned to you. 

    Protected securities do not include commodities (such as gold or silver) or futures contracts, unregistered investment contracts, unregistered limited partnerships, fixed annuity contracts, or most types of crypto assets. For additional information on the types of securities SIPC protects, see SIPC’s “What SIPC Protects” webpage (https://www.sipc.org/for-investors/what-sipc-protects).

    In recent years, certain securities have been issued and/or transferred using blockchain or distributed ledger technology, i.e., a crypto asset security.  At this time, many of the crypto asset securities that have been issued may be investment contracts and very few of them are registered in compliance with the federal securities laws.  As noted above, under SIPA an investment contract must be registered with the Commission under the Securities Act of 1933 in order to be a protected security, regardless of whether it is a crypto asset security.

    Cash held in the account for the purpose of purchasing securities is also protected.  Cash placed in the account solely for the purpose of earning interest, however, is not protected.  Investments in currency, such as foreign exchange trading positions, also are not protected.

    What SIPC Does Not Protect

    SIPC protection works to restore to customers the cash and securities that were in their brokerage account when the SIPC-member brokerage firm failed. SIPC protection:

    • does not protect you against the decline in value of your securities
    • does not protect you against non-custody related fraud or misrepresentations such as being sold worthless stock or other securities. (SIPC protection may apply to the fraudulent transfer of your securities)
    • does not protect against losses due to a broker’s bad investment advice or recommendations for inappropriate investments, or for claims that a broker you authorized to buy or sell securities in your account did so in a way that was inconsistent with your overall investment objectives. 
    • does not provide protection for claims of churning – that your broker engaged in excessive trading to generate commissions.
    • does not protect assets held outside of a SIPC-member brokerage firm, even if such assets are reported on an account statement

    Brokerage firms may offer you different options for managing cash in your account.  SIPC provides protection for two common cash management options: either simply leaving the cash in your brokerage account to invest it or placing it in a money market fund (which qualifies as a security for SIPC protection purposes).  Another option offered by some brokerage firms is a bank sweep program.  In a bank sweep program, your brokerage firm automatically transfers (or “sweeps”) unused cash from your brokerage account into a bank account.  There, the cash is protected under banking laws and may be insured within limits by the Federal Deposit Insurance Corporation (FDIC).  Since cash in a bank sweep program is held outside of the brokerage firm, SIPC would not protect these funds if your brokerage firm fails.

    How do I obtain SIPC protection?

    You become eligible to receive SIPC protection simply by becoming a securities customer of a SIPC member brokerage firm.  You do not need to pay additional fees for SIPC protection.  

    What should I do to protect myself?

    Outside of the liquidation of a SIPC member, SIPC cannot intervene to satisfy claims or offer protection when a brokerage firm is still viable.  SIPC is not a regulator, and it has no authority to investigate active brokerage firms and does not have access to account records.  Accordingly, you should be vigilant and take steps when investing through a brokerage firm to protect yourself and maximize your protection should your brokerage firm be liquidated. 

    First, you should verify that you have invested with a SIPC member brokerage firm.  You can find a list of SIPC members on SIPC’s website (https://www.sipc.org/list-of-members/), and you can research registered brokerage firms using BrokerCheck, a service provided by FINRA (https://brokercheck.finra.org/).  You should further ensure that all deposits or transfers are directed to the SIPC member (or a SIPC-member clearing broker) and not to an individual representative or affiliate.

    You should carefully review your account statements and trade confirmations.  Any discrepancies should be brought promptly to the brokerage firm’s attention in writing.  Of particular importance, you should submit a written complaint to your introducing brokerage firm if you notice any unauthorized trading.  The failure to file a complaint about an unauthorized trade may result in the trade being “ratified” – meaning that you are deemed to have accepted and authorized the trade.  If you have any complaint about your account, you should first contact the brokerage firm and see if it can resolve the complaint.  If not, you should contact the SEC, FINRA, or your state securities regulator, documenting any complaints.

    Additional Resources

    Investor Bulletin: SIPC Protection (Part 2: Filing a SIPC Claim) (https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-102)

    SIPC Brochure: How SIPC Protects You (https://www.sipc.org/media/brochures/HowSIPCProtectsYou-English-Web.pdf)

    SIPC Brochure: The Investor’s Guide to Brokerage Firm Liquidations (https://www.sipc.org/media/brochures/Liquidations-Web.pdf)

    Investor.gov Glossary: Securities Investor Protection Corporation (https://www.investor.gov/introduction-investing/investing-basics/glossary/securities-investor-protection-corporation-sipc)

    FINRA Investor Alert: If a Brokerage Firm Closes Its Doors (https://www.finra.org/investors/insights/if-brokerage-firm-closes-its-doors)

    FINRA: Your Rights Under SIPC Protection (https://www.finra.org/investors/need-help/your-rights-under-sipc-protection)

    FDIC: Understanding Deposit Insurance (https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/index.html)

    For more information regarding SIPC, please visit SIPC’s website (www.sipc.org).  If you have any questions regarding SIPC and the protection that it provides, you can email SIPC at asksipc@sipc.org.

    Visit the SEC’s website for individual investors, Investor.gov.

    Call OIEA at 1-800-732-0330, ask a question using this online form, or email us at Help@SEC.gov.

    Receive Investor Alerts and Bulletins from OIEA by email or RSS feed. Follow OIEA on Twitter. Like OIEA on Facebook.

    This Investor Alert represents the views of the staff of the Office of Investor Education and Advocacy. It is not a rule, regulation, or statement of the Securities and Exchange Commission (“Commission”). The Commission has neither approved nor disapproved its content. This Alert, like all staff statements, has no legal force or effect: it does not alter or amend applicable law, and it creates no new or additional obligations for any person.

    MIL OSI USA News –

  • MIL-OSI USA: Chairman McCaul on Potential Withdrawal of U.S. Troops from Iraq

    Source: US House Committee on Foreign Affairs

    Media Contact 202-226-8467

    Washington, D.C. — Today, House Foreign Affairs Committee Chairman Michael McCaul issued the following statement on reports that the Biden-Harris administration may withdraw U.S. troops from Iraq despite continued threats posed by ISIS and affiliates to U.S. national security.

    “No one wants American soldiers in harm’s way a second longer than needed. With this in mind, I remain deeply concerned about the possibility of committing to a time-bound withdrawal from Iraq as we see an uptick in ISIS attacks across the Middle East, and ISIS infiltration across the U.S. southern border. In 2011, we withdrew from Iraq before our counterterrorism mission was complete. Just a few years later, ISIS had overrun the country and established a so-called ‘caliphate.’ Any U.S. troop withdrawal from Iraq needs to be conditions based. Our Iraqi partners must demonstrate their ability to effectively take over the D-ISIS mission independent of coalition support, and must show sustained progress toward achieving ISIS’ lasting defeat. It should not be driven by arbitrary, politically motivated deadlines.”

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Deputy Administrator Isobel Coleman at the United Nations Development Program Event “Mobilizing Africa’s Sixth Region: Helping Educate and Skill Africa for the 21st Century”

    Source: USAID

    DEPUTY ADMINISTRATOR ISOBEL COLEMAN: Good afternoon. Thank you to our colleagues at UNDP for bringing us together today, and to our partners joining the discussion. 

    It’s a pleasure to be with you as we explore the promise of African-led innovation in education, technology, and entrepreneurship to drive global progress.

    All of us here today know that the African continent is a powerhouse of promise. This year, the continent is poised to be the world’s second fastest-growing region – Africa is home to 12 of the 20 fastest growing economies on the planet. 

    The African continent also boasts an exceptionally young and growing population, with 60 percent of its inhabitants under the age of 25, and by 2040, Africa will have the largest workforce in the world – larger than China and India combined.

    If we are going to achieve the SDGs and build the peaceful and prosperous world we all seek to advance, we must invest in harnessing that enormous potential. 

    This past March, I visited Atlanta to take part in the Phambili Trade and Innovation Event. While in Atlanta, I started discussing with Helene Gayle, the President of Spellman college, the potential for connecting American Historically Black Colleges and Universities, or HBCUs, with universities and colleges in Africa – harnessing cultural ties, and connecting young people pursuing careers in STEM on both sides of the world, empowering the next generation of students that could develop relationships and trade between the continent and the United States. 

    Since then, USAID has been in conversation with Spellman and other HBCUs about making this idea a reality, starting with one class that could count toward the HBCU students’ college degrees. 

    The idea blossomed, and in May of this year, USAID officially announced the launch of this program during the official visit of Kenyan President Ruto to the United States.

    EdTech Africa will pilot in Kenya featuring a select cohort of students from two to three HBCUs in the United States – Howard University and the Atlanta University Consortium – and three Kenyan Universities – University of Nairobi, University of Embu, and the Open University of Kenya – focusing on data science.

    In addition to academic coursework, the partnership will provide workforce development training in association which will require a collaborative project as a capstone to the class. 

    They will also participate in an entrepreneurship bootcamp in Atlanta sponsored by Mastercard and project based work sponsored by Microsoft at their Microsoft Africa Research Institute in Nairobi. 

    This hands-on approach will equip students with the skills and knowledge needed to succeed in today’s competitive job market. 

    This is just the first partnership under EdTech Africa that will develop enduring connections with industry and between African and U.S. institutions focused on technology research and development and private-sector job growth. 

    The EdTech Africa initiative is poised to make a significant impact at a time when Africa is experiencing rapid digital transformation characterized by technological advancements, increased connectivity, and emerging job opportunities. 

    To thrive in this new digital landscape, a safe and secure ecosystem is essential, and the EdTech Africa initiative will contribute to building such an environment. 

    The United States is eager to partner with Africa to uplift the next generation of innovative, African-led solutions – helping generate broadly shared opportunity and prosperity that benefits families and communities across the continent, and sustainable growth that benefits economies across the world. 

    These are just a few of the ways USAID is investing in Africa’s future. 

    But we know our work is not done. 

    The African continent is teeming with potential to drive the next generation of global progress, and now, it’s up to all of us – governments, partner countries, UN organizations, and the private sector – to invest in that potential.

    Thank you.

    MIL OSI USA News –

  • MIL-OSI USA: CFTC Orders Illinois Futures Commission Merchant to Pay More Than $980,000 for Supervision Failures

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — The Commodity Futures Trading Commission today issued an order filing and settling charges against NinjaTrader Clearing, LLC dba NinjaTrader, Tradovate and TransAct Futures (NTC), a registered Futures Commission Merchant that operates out of Deer Park, Illinois.

    The CFTC order finds NTC failed to have adequate policies and procedures governing the emergency handling of accounts and did not exercise sufficient oversight over its employees’ handling of accounts in response to a statutory restraining order issued in CFTC v. Patel, Case No. 22-cv-80092 (S.D. Fla. 2022). 

    The CFTC order requires NTC to pay a $750,000 civil monetary penalty, cease and desist from further violations of CFTC regulations, and pay restitution in the amount of $233,425 to the court-appointed receiver for distribution to the victims of the fraud prosecuted in that action. 

    Case Background

    The CFTC order finds that from at least Dec. 31, 2020, to the present, NTC failed to diligently supervise its employees’ handling of accounts that needed to be frozen, disabled, or otherwise restricted on an emergency basis. 

    Specifically, in January 2022, NTC failed to diligently supervise its employees’ handling of accounts NTC held or managed under the name Rajiv Patel. NTC did not have adequate policies and procedures and did not adequately oversee its employees to ensure NTC implemented the SRO entered by the court in connection with the fraud perpetrated by Patel and his company, Bluprint LLC.

    As a result of these deficiencies, NTC failed to take diligent steps to understand and implement the SRO. These failures resulted in positions in the Patel accounts remaining open for several days after the SRO was served, during which time they lost more than $200,000 in value.

    The Division of Enforcement staff responsible for this matter are Elsie Robinson, Monique McElwee, Jeff Le Riche, Christopher Reed, and Charles Marvine. 

    MIL OSI USA News –

  • MIL-OSI USA: FEMA Offers Free Recovery Advice in Emmet County

    Source: US Federal Emergency Management Agency 2

    strong>Des Moines, Iowa — FEMA is providing free information about how to make your home stronger and safer and assist survivors to register for Disaster Assistance.

    FEMA will be in Stalls True Farm & Home Parking Lot on Tuesday, Sept. 24 and Wednesday, Sept 25 from 10 a.m. – 5:30 p.m. in Emmet County at:

    Stalls True Value Farm & Home’s Parking Lot
    1731 Central Ave.
    Estherville 51334-2438

    You can speak directly with FEMA specialists at the site and receive help on how to register for Disaster Assistance. The community can get answers to questions and discuss:

    • Proven methods for preventing damage from future disasters.
    • Techniques for rebuilding homes
    • Tips for reducing your disaster risk – whether you own or rent your home

    Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency, or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 833-285-7448. For Spanish, press 2. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service. 

    MIL OSI USA News –

  • MIL-OSI USA: Apply Now: FEMA Assistance Available for Damage after July Storms and Flooding

    Source: US Federal Emergency Management Agency 2

    strong>CHICAGO – Illinois homeowners and renters in Cook, Fulton, Henry, St. Clair, Washington, Will, and Winnebago counties affected by the severe storms, straight-line winds, tornadoes and flooding on July 13 – 16, 2024, may now call or go online to apply for disaster assistance from FEMA.

    If you have insurance coverage for the damage to your property, first file a claim. If you have uninsured or underinsured losses, apply for FEMA assistance by going online to DisasterAssistance.gov, downloading the FEMA app or calling the FEMA Helpline at 800-621-3362. If you use video relay service, captioned telephone service or others, give FEMA your number for that service. When calling the FEMA Helpline, multilingual operators are available (press 2 for Spanish and 3 for other languages).

    FEMA can provide money to eligible applicants for help with serious needs, paying for a temporary place to live, home repairs and other needs not covered by insurance.

    Have the following information ready when you apply with FEMA: 

    • A current phone number where you can be contacted,
    • Your address at the time of the disaster and the address where you are now staying,
    • Your social security number (or the social security number of a minor child in your household, if you’re applying on their behalf),
    • A general list of damage and losses,
    • Banking information if you choose direct deposit, and
    • If insured, the policy number or the agent and/or the company name.

    When applying, one member of a household needs to comply with citizenship criteria. That means a minor child who is a citizen, non-citizen national or qualified non-citizen can have a parent or guardian who is not eligible apply for assistance on the child’s behalf. Learn more about citizenship and immigration status requirements to qualify for disaster assistance by visiting www.fema.gov/assistance/individual/program/citizenship-immigration-status. 

    Getting help to those who need it most is FEMA’s priority. Recovery teams will be out soon in the neighborhoods affected by the disaster to provide one-on-one support to individuals. Recovery centers will also be opening for individuals to get additional in-person help. 

    For even more information about the disaster recovery operation in Illinois, visit www.fema.gov/disaster/4819.  

    MIL OSI USA News –

  • MIL-OSI USA: Women in Astronomy Citizen Science Webinar This Thursday

    Source: NASA

    Join Thursday’s NASA Cit Sci Leader’s Series event for a conversation about women and NASA-sponsored astronomy citizen science
    Gulf of Maine Research Institute

    Women hold up half the sky… but participation numbers for NASA-sponsored citizen science projects don’t always reflect that. Why? And what can we do to welcome people of all genders to participate?

    During this week’s NASA Citizen Science Leaders Series webinar on Thursday, September 26, 2024 from 3:00 p.m. – 4:30 p.m. EDT, we will hear from three speakers who will help frame, constrain, and inspire solutions to the question of how NASA-sponsored astronomy citizen science projects might be more appealing to and supportive of female-identifying participants.

    Dr. Julia Parrish will share observations from a meta-analysis of the demographics of participants in citizen science projects.
    Dr. Corey Jackson will share results from an analysis of participation on the Zooniverse platform.
    Vivian White will share observations from amateur astronomy groups and an inspiring example of a group focused on engaging girls in astronomy and their encouraging results.

    Women in Astronomy Citizen Science: A NASA Cit Sci Leaders Series Event

    Thursday, September 26, 2024

    3:00 p.m. – 4:30 p.m. EDT

    Register now for this event!

    MIL OSI USA News –