Category: Commerce

  • MIL-OSI Analysis: Detroit restaurants identified as ‘Black-owned’ on Yelp saw a slight drop in business ratings

    Source: The Conversation – USA – By Matthew Bui, Assistant Professor of Information and Digital Studies, University of Michigan

    Yelp’s Black-owned tag was designed to help business owners like Don Studvent attract more customers. His restaurant closed in 2018 after nine years in business. AP Photo/Carlos Osorio

    When the online review platform Yelp added a “Black-owned” tag in 2020, it boosted the visibility of Black-owned restaurants in Detroit. It also caused their ratings to drop, according to our recent study.

    Both local and nonlocal reviewers who showed awareness of a restaurant’s Black ownership rated restaurants 3.03 stars on average. Those who did not acknowledge Black ownership gave a rating of 3.78 stars on average. The tag seems to have caused the average rating to drop by attracting more reviewers who were aware of Black ownership.

    Why it matters

    Technology companies often introduce new features and tools to influence user behavior and make their platforms more usable.

    Although Yelp intended to support Black communities with the Black-owned tag, the design intervention was harmful to Black restaurant owners in Detroit because Yelp failed to consider platform and community-based factors that significantly shape user interactions.

    Yelp’s user base is predominantly white, educated and affluent. Making Detroit’s Black-owned restaurants more visible to Yelp users may have amplified cross-cultural interactions and frictions. For example, non-Black users sometimes mentioned “slower” and “rude” service as justifications for lower ratings. Close readings of these reviews hinted at intercultural and communicative clashes.

    Even if Black-owned restaurants businesses didn’t select the tag, they appeared in searches for “Black-owned restaurants,” in 2022 when we conducted the study and as recently as 2025. Businesses can remove the “Black-owned” tag, but Yelp doesn’t provide a way for them to opt out of search results.

    How we did our work

    To examine the local impacts of Yelp’s Black-owned tag, we collected over 250,000 Yelp reviews of Black- and non-Black-owned restaurants in Detroit and Los Angeles.

    We identified Black-owned restaurants through community-sourced lists for Detroit and Los Angeles and then generated a random sample for the non-Black-owned restaurants.

    We then identified reviews that explicitly noted “Black ownership” for closer analysis.

    Detroit’s Black-owned businesses saw a greater loss in business compared with “ownership-unreported” restaurants during the COVID-19 pandemic. This means they also potentially had more to gain from the new tag.

    We found the awareness of Black ownership on Yelp significantly increased following Yelp’s addition of the Black-owned tag in June 2020. A year after the tag was added, reviews in Detroit mentioned Black ownership 4.3% more often than a year before it was rolled out.

    Detroit Black-owned restaurants also saw a small temporary spike in their number of reviews, largely around the time Yelp added the Black-owned tag. At the same time, the restaurants’ average star ratings dropped from 3.91 to 3.88. In contrast, non-Black-owned restaurants’ ratings stayed relatively steady at 3.90.

    This metric is an aggregate of all Detroit restaurants’ Yelp reviews over their entire existence, so a .03-star rating change is small but significant.

    Even minor changes to star ratings affect the number of diners restaurants attract, their earning potential and the likelihood they will sell out of food.

    Adding obstacles in digital platforms serves to reproduce and amplify inequalities these businesses already face, rather than alleviate them. For example, Black-owned businesses have a harder time getting loans and are relatively underrepresented in Michigan as a whole.

    These findings may seem surprising given that Detroit is a majority Black city. However, Black users on Yelp are a minority. Keeping in mind the skewed user base of Yelp, we hypothesize the lower reviews for businesses featuring a Black-owned tag reflect existing racial and digital divides in the city.

    Generally, our study provides additional evidence that digital interventions are not “one-size-fits-all,” nor is digital visibility inherently positive for all businesses.

    The Research Brief is a short take on interesting academic work.

    _This article was updated to clarify how labels are added to profiles.

    This research was supported by a research grant from the Ewing Marion Kauffman Foundation.

    Matthew Bui does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    Cameron Moy does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Detroit restaurants identified as ‘Black-owned’ on Yelp saw a slight drop in business ratings – https://theconversation.com/detroit-restaurants-identified-as-black-owned-on-yelp-saw-a-slight-drop-in-business-ratings-256306

    MIL OSI Analysis

  • MIL-OSI Security: Michigan Man Sentenced to Two Years in Prison for Drug Distribution and Loan Fraud

    Source: US FBI

    BOSTON – A Michigan man was sentenced today in federal court in Boston for a conspiracy to import and sell illegal pharmaceuticals, including opioids, and to fund the operation of the scheme by fraudulently obtaining a COVID-19 pandemic relief loan.

    Donald Nchamukong, 37, was sentenced by U.S. Senior District Court Judge Nathaniel M. Gorton to two years in prison, to be followed by two years of supervised release. Nchamukong was also ordered to pay $200,000 in restitution. In March 2025, Nchamukong pleaded guilty to conspiracy to smuggle goods into the United States, committing loan fraud and distributing controlled substances.

    Starting in 2019 and continuing to 2022, Nchamukong and co-conspirator, Doyal Kalita, conspired to distribute drugs to persons in the United States over the internet and using call centers in India. Nchamukong used shell companies, including a purported dietary supplements company and an auto parts supplier, and associated bank and merchant accounts to process sales of illegal foreign drugs, including the Schedule IV opioid, tramadol. Nchamukong and Kalita also received shipments of tramadol from India and reshipped the drug to customers across the United States, including in Massachusetts. When the COVID-19 pandemic hit, Nchamukong and Kalita fraudulently obtained a $200,000 Economic Injury Disaster Loan to fund their illegal drug scheme.  

    In June 2024, Kalita was sentenced to 10 years in prison for orchestrating the online drug distribution scheme, a technical support fraud scheme and related money laundering.

    United States Attorney Leah B. Foley; Ted E. Docks, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office; and Fernando P. McMillan, Special Agent in Charge of the New York Field Office of the U.S. Food and Drug Administration, Office of Criminal Investigations made the announcement today. Valuable assistance was provided by Homeland Security Investigations in New York, the Small Business Administration and the United States Attorney’s Office for the Eastern District of New York. Assistant U.S. Attorney Kriss Basil, Deputy Chief of the Securities, Financial & Cyber Fraud Unit  prosecuted the case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus and https://www.justice.gov/coronavirus/combatingfraud.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud  Hotline via the NCDF Web Complaint Form.

    MIL Security OSI

  • MIL-OSI: Nasdaq Announces the Board of Directors of its U.S. Exchanges

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 01, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today announced the election of all nominated directors to the boards of the U.S. exchanges operated by the company, which include The Nasdaq Stock Market LLC, Nasdaq PHLX LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq MRX, LLC, and Nasdaq GEMX, LLC:

    • Kathlyn Card Beckles, Chief Legal Officer, Verisk Analytics, Inc.
    • Michael J. Curran, Retired Chairman and CEO, Boston Stock Exchange
    • Anne Marie Darling, Group Co-Chief Operating Officer and Barclays Execution Services Co-Chief Executive Officer, Barclays
    • Kevin Kennedy, EVP, North American Markets, Nasdaq
    • Thomas A. Kloet, Retired CEO and Executive Director, TMX Group Limited
    • Anita Lynch, Former Chief Data Officer, New Relic, Inc.
    • David Rosato, Chief Financial Officer & Treasurer, Eastern Bancshares
    • Andrew J. Schultz, Head of Strategic Options Business, The Susquehanna International Group of Companies
    • Elizabeth Wideman, SVP and Senior Deputy General Counsel, Comcast Corporation
    • Thomas A. Wittman, Retired EVP and Head of Global Trading and Market Services, Nasdaq

    For further governance information, visit: http://ir.nasdaq.com/corporate-governance/nasdaq-stock-market/board-of-directors.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Relations Contact:

    Chris Hayden
    +1.301.523.5829
    Christopher.Hayden@nasdaq.com

    Investor Relations Contact

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network

  • MIL-OSI: Nasdaq Announces the Board of Directors of its U.S. Exchanges

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 01, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today announced the election of all nominated directors to the boards of the U.S. exchanges operated by the company, which include The Nasdaq Stock Market LLC, Nasdaq PHLX LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq MRX, LLC, and Nasdaq GEMX, LLC:

    • Kathlyn Card Beckles, Chief Legal Officer, Verisk Analytics, Inc.
    • Michael J. Curran, Retired Chairman and CEO, Boston Stock Exchange
    • Anne Marie Darling, Group Co-Chief Operating Officer and Barclays Execution Services Co-Chief Executive Officer, Barclays
    • Kevin Kennedy, EVP, North American Markets, Nasdaq
    • Thomas A. Kloet, Retired CEO and Executive Director, TMX Group Limited
    • Anita Lynch, Former Chief Data Officer, New Relic, Inc.
    • David Rosato, Chief Financial Officer & Treasurer, Eastern Bancshares
    • Andrew J. Schultz, Head of Strategic Options Business, The Susquehanna International Group of Companies
    • Elizabeth Wideman, SVP and Senior Deputy General Counsel, Comcast Corporation
    • Thomas A. Wittman, Retired EVP and Head of Global Trading and Market Services, Nasdaq

    For further governance information, visit: http://ir.nasdaq.com/corporate-governance/nasdaq-stock-market/board-of-directors.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Relations Contact:

    Chris Hayden
    +1.301.523.5829
    Christopher.Hayden@nasdaq.com

    Investor Relations Contact

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network

  • MIL-OSI USA: Attorney General Bonta Announces Largest CCPA Settlement to Date, Secures $1.55 Million from Healthline.com

    Source: US State of California

    Action represents fourth settlement, continued enforcement priority under the California Consumer Privacy Act

    OAKLAND — California Attorney General Rob Bonta today announced a settlement pending court approval with website publisher Healthline Media LLC (Healthline), resolving allegations that its use of online tracking technology on its health information website, Healthline.com, violated the California Consumer Privacy Act (CCPA). An investigation by the California Department of Justice (DOJ) found that Healthline failed to allow consumers to opt out of targeted advertising and shared data with third parties without CCPA-mandated privacy protections — including data suggesting that a person may have a serious health condition. The proposed settlement, pending final approval from the court, includes $1.55 million in civil penalties and strong injunctive terms, including a novel term that prohibits Healthline from sharing article titles that reveal that a consumer may have already been diagnosed with a medical condition — banning the company from engaging in these types of data transmissions.

    “Our settlement with Healthline underscores that Californians have critical privacy rights under the CCPA to fight online surveillance — including by website publishers. Healthline shared data with third parties that could have revealed consumers’ private medical diagnoses, and while doing so, disregarded consumer’s rights to opt-out of the sale and sharing of this data,” said Attorney General Bonta. “California continues to lead the nation in enforcing our robust privacy protection law, and businesses that collect consumer data must honor consumers’ privacy rights. My office is committed to the continued enforcement of the CCPA — every Californian has the right to their online privacy.” 

    Healthline.com is a health and wellness information website that is one of the top 40 most visited websites in the world. Healthline generates revenue by showing ads — some of which are personally targeted at the reader. To maximize ad revenue, Healthline allows online trackers, like cookies and pixels, to communicate data about readers to advertisers and other third parties. Healthline shared data that could uniquely identify the consumer, in addition to the title of the article they were reading. Some titles indicated that the reader may have already been diagnosed with a serious illness, such as “You’ve Been Newly Diagnosed with MS. What’s Next?” And because these online trackers run invisibly in the background in the first milliseconds when a webpage loads, consumers often have no idea how many online trackers might be running. In Healthline’s case, dozens of trackers were sharing consumer data with numerous third parties.

    The complaint filed today alleges Healthline violated the CCPA and the Unfair Competition Law by:

    • Failing to opt consumers out of the sharing of their personal information for targeted advertising. The CCPA gives consumers the right to opt-out of the sale or sharing of their personal information for certain targeted advertising. Businesses and website publishers must honor these requests, including requests submitted through the Global Privacy Control. Healthline continued to share data with some third parties involved in advertising, even for consumer who exercised their right to opt -out.  
    • Violating the Purpose Limitation Principle. Under the CCPA, a business’s use of personal information is limited to the purposes for which the personal information was collected or processed or another disclosed, compatible purpose. Healthline violated this principle by sharing article titles suggesting a consumer may have already been diagnosed with a specific medical condition to target advertising at the consumer.   
    • Failing to maintain CCPA-required contracts. Healthline had not ensured its advertising contracts contain privacy protections for readers’ data required by the CCPA. Instead, Healthline had assumed, but not verified, that the third parties had agreed to abide by an industry contractual framework. 
    • Deceiving consumers about privacy practices. The Unfair Competition Law prohibits deceptive business practices. Healthline.com featured a “consent banner” that did not disable tracking cookies, despite purporting to do so if a consumer unchecked a box.   

    Under the settlement today, Healthline is required to ensure that its opt-out mechanisms work correctly; must stop disclosing information that can link a specific consumer to a specific article title that suggests that consumers have been diagnosed with a disease; must maintain a CCPA compliance program that, among other things, mandates that Healthline audits its contracts for specific, required privacy terms or confirm that third parties have signed an industry contractual framework that includes those terms; and maintain accurate online disclosures and privacy policy. 

    Today’s settlement represents Attorney General Bonta’s fourth enforcement action under the CCPA, and his continued priority to enforce California’s robust privacy laws:  

    In June 2024, Attorney General Bonta and Los Angeles City Attorney Hydee Feldstein Soto announced a $500,000 settlement with Tilting Point Media LLC resolving allegations that the company violated the CCPA and federal law by collecting and sharing children’s data without parental consent in their popular mobile app game “SpongeBob: Krusty Cook-Off.”  In February 2024, Attorney General Bonta announced a settlement with DoorDash, resolving allegations that the company violated the CCPA and COPPA, by selling California customers’ personal information without providing notice or an opportunity to opt out of that sale.  In August 2022, the Attorney General announced a settlement with Sephora resolving allegations that it failed to disclose to consumers that it was selling their personal information and failed to process opt-out requests via user-enabled global privacy controls in violation of the CCPA. 

    This March, as part of ongoing efforts to enforce the CCPA, Attorney General Bonta announced an investigative sweep into the location data industry, sending letters to advertising networks, mobile app providers, and data brokers that appear to be in violation of the CCPA. The risk posed by the widespread collection and sale of location data has become immediately and particularly relevant given federal threats to California’s immigrant communities, and to reproductive and gender-affirming healthcare. Attorney General Bonta has previously conducted investigative sweeps related to streaming apps and devices and employee information.

    For more information about the CCPA, visit oag.ca.gov/ccpa. To report a violation of the CCPA to the Attorney General, consumers can submit a complaint online at oag.ca.gov/report.

    A copy of the complaint is available here, a copy of the proposed settlement is available here. The settlement is pending court approval.

    MIL OSI USA News

  • MIL-OSI USA: Senate Passes President Trump’s One Big Beautiful Bill Act, Advancing Agenda for a Strong, Prosperous America

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    ***Click here for audio.***
    WASHINGTON, D.C. – The U.S. Senate voted today to pass the One Big Beautiful Bill Act (OBBBA) by a vote of 51 to 50. This legislation permanently extends the 2017 Trump tax cuts, accelerates American energy dominance, supports the nation’s farmers and ranchers, reduces federal spending, invests in generational defense capabilities such as President Donald Trump’s Golden Dome missile-defense shield, and delivers the largest single border-security investment in U.S. history.
    Within 10 years, OBBBA will cut the total deficit nearly in half and primary deficits will become surpluses. It builds upon the 2017 Trump tax cuts with incentives for investing in America to create new jobs and revive domestic manufacturing. The pro-growth policies are reflected in the recent Congressional Budget Office score indicating the legislation will reduce the deficit by $507 billion. The Council of Economic Advisors estimates it will slash the deficit by over $2 trillion over the next decade and lead to higher worker wages and increased GDP.
    U.S. Senator Kevin Cramer (R-ND) issued the following statement after voting in favor of the legislation:
    “What we did with this vote today is took a decisive step toward implementing President Trump’s agenda and restoring some fiscal sanity to Washington, D.C. which has been missing for several decades. It delivers on our promise as Republicans to extend pro-growth tax policy permanently, not just another extension, but make it permanent, and it gives much-needed certainty to American families, and businesses, and investment of all types. We are really aligning federal spending with North Dakota pragmatism, quite honestly. We’re slashing Green New Deal gimmicks, boosting reliable energy sources, delivering unprecedented resources to the border, which we know is in high demand, and then bringing defense efforts like the Golden Dome and nuclear modernization to complete fruition. It’s really a win for every American who believes prosperity, security, and fiscal responsibility all go hand in hand.”
    Prevents a $4 Trillion Tax Increase
    ***Click here for audio on OBBBA tax provisions***
    This legislation permanently extends the Tax Cuts and Jobs Act to provide relief for working Americans and job creators. Without this bill, Americans would receive a $4 trillion tax hike, the largest increase in American history. It supports families by expanding the standard deduction, which is utilized by more than 90% of taxpayers, and the Child Tax Credit, and making both improvements permanent.
    The OBBBA includes pro-growth provisions to support small businesses by preserving the small business deduction to support job creation and local economic growth. It also includes efforts to boost domestic production and investment, including full expensing for domestic research and development, and new capital investments. To support financing for domestic investments, the OBBBA reinstates a globally competitive interest deduction.
    Promotes Energy Dominance
    To promote American energy dominance, the legislation rapidly phases out tax credits for intermittent wind and solar projects while boosting reliable domestic energy sources like nuclear, geothermal, and hydropower. The OBBBA also improves the 45Q credit, a critical tool for North Dakota’s lignite coal and oil producers, by indexing the value of the credit to inflation and equalizing the rate for all users of the credit. It promotes oil and gas development by requiring the Bureau of Land Management to hold quarterly leases, reduces royalty rates to pre-Inflation Reduction Act (IRA) levels, ensures timely leasing of federal coal resources, pauses the IRA natural gas tax for a decade, and creates an opt-in program at the Council on Environmental Quality for expedited environmental reviews. Finally, the OBBBA repeals costly Biden-era green energy efforts including the electric vehicle tax credit, rescinds unobligated IRA funds, nixes the costly methane tax, and fully repeals the Greenhouse Gas Reduction Fund.
    Delivers the Largest Border Security Package in American History
    In the few months since President Trump’s return to the White House, illegal border crossings have dropped precipitously. The OBBBA provisions support these efforts and include funding for over 2,300 miles of border walls and barriers while also giving U.S. Border Patrol and U.S. Immigration and Customs Enforcement (ICE) resources to carry out the mission of protecting the border. This funding will allow ICE to hire additional officers and agents to patrol the border. The bill invests $46.55 billion to complete the Trump Wall and upgrade its barriers and intrusion sensors alongside $4.1 billion for hiring and training agents, officers, pilots, and support staff, as well as incentives to retain top talent. It ends the previous administration’s catch-and-release policy, deploys artificial intelligence (AI)-powered non-intrusive inspection systems, drones, counter-Unmanned Aerial Systems radar, and a nationwide biometric entry-exit network to stop fentanyl at the border.
    Curbs Immigration Abuse & Makes the System Pay for Itself
    The legislation flips the “everything is free” asylum pipeline on its head, imposing an inflation-indexed minimum $100 asylum-application fee that is split evenly between immigration courts and U.S. Citizenship and Immigration Services to attack the backlog without touching taxpayers. Aliens removed in absentia now face a $5,000 fee upon apprehension—half of which flows directly into ICE’s Detention & Removal Office Fee Account to fund beds and removals.
    Makes Long Overdue Improvements to the Farm Safety Net
    To address the absence of a new Farm Bill, the OBBBA supports farm country by raising reference prices for covered commodities under the Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) programs. For crop year 2025, the U.S. Department of Agriculture will pay farmers the larger of ARC or PLC, regardless of which program they enrolled in for the year. It boosts premium support for the individual-based crop insurance and the Supplemental Coverage Option. The bill increases marketing assistance loan rates, improves disaster and animal disease prevention programs for livestock, and funds a supplemental agricultural trade promotion program. The OBBBA also modifies work requirements for Supplemental Nutrition Assistance Program eligibility and sets in place reforms to improve efficiency and management of the program. 
    Implements Commonsense Medicaid Reforms
    The bill reduces waste, fraud, and abuse in the Medicaid program and puts Medicaid on a fiscally sustainable path. It establishes sensible work requirements for able-bodied adults and provides exemptions for individuals with dependent children or medical needs. It increases the frequency of eligibility verifications and limits the use of financing gimmicks such as provider taxes to ensure Medicaid remains available for the most vulnerable into the future. The bill also establishes a rural health transformation fund to support critical rural hospitals and clinics across the country. 
    Invests in Generational Defense Capabilities
    President Trump’s Golden Dome initiative, unmanned ships, drones, AI and other recent investments in new defense technology in North Dakota and across the country, are included in the OBBBA. The legislation allocates $25 billion for the Golden Dome missile defense system and $210 million for MH-139 helicopters. Additionally, it provides $15 billion to accelerate nuclear modernization programs specifying $2.5 billion for the Sentinel intercontinental ballistic missile (ICBM) program and $600 million for the Minuteman III ICBM, both of which are housed in North Dakota. It also includes $90 million for APEX Accelerators and significant improvements in quality of life for troops and their families. 
    Modernizes Commerce & Transportation Infrastructure
    The OBBBA injects more than $34 billion into the arteries of American commerce—keeping goods, data, and people moving safely and on time. It fully recapitalizes the Coast Guard with $24.593 billion for new Offshore, Fast-Response, Polar, and Arctic cutters, long-range UAVs, autonomous surface vessels, and critical shore-facility upgrades. Another $12.57 billion modernizes the Federal Aviation Administration’s radars, telecom backbone, runway-safety tech, and controller displays to cut delays and boost air-travel safety nationwide. The bill restores the Federal Communications Commission’s auction authority through 2034 and directs the auction of mid-band spectrum within two years—part of a plan which ultimately reallocates 500 MHz for 5G/6G—and gives National Telecommunications and Information Administration the resources to value and relocate Federal users.
    Click here for bill text. Click here for one-pagers.

    MIL OSI USA News

  • MIL-OSI USA: Cantwell Statement on Senate Passage of the GOP’s Devastating Budget Bill

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    07.01.25
    Cantwell Statement on Senate Passage of the GOP’s Devastating Budget Bill
    Full final text of the disastrous bill wasn’t made available before final vote – the nonpartisan Congressional Budget Office doesn’t even know the full cost to the American people; Cantwell was able to strip provision of bill that would have effectively banned states from enforcing AI consumer protection laws
    WASHINGTON, D.C. – Just now, the United States Senate passed a budget bill 51 to 50 (with the Vice President repeatedly casting tie-breaking votes, on final passage of the bill and procedural votes). U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Senate Finance Committee, issued the following statement:
    “Over the past several days, my Republican colleagues made it very clear what their mission is – to make the largest cuts in the social safety net in U.S. history in order to give away tax breaks to major corporations and billionaires.  No matter how loud the voices of our constituents, of our state and local leaders, and of our health care providers, they stuck to their script and adopted legislation that will slash about a trillion dollars from Medicaid and cut billions from SNAP,” Sen. Cantwell said. 
    “I voted against this bill that will strip health insurance from 17 million Americans. The bill that Republicans drafted in the dark of night will hit those that can least afford it the hardest.  The lowest 20% of earners will lose an average of $700 a year, far more than they will get from the tax cuts.
    “The House of Representatives should reject this disastrous legislation so Congress can come back later this month to craft a bipartisan fiscally responsible package that will support working families without adding $3 trillion to our unsustainable federal debt.”
    The finalized text of the bill passed by the Senate this morning wasn’t ever shown to Senators before Republican leadership pushed forward with the final vote. The nonpartisan Congressional Budget Office, which is typically tasked with calculating the financial impact of any major piece of legislation, has not had time to give the bill a score. Prior to scheduling the vote, Senate Republicans refused to hold final meetings with the Senate Parliamentarian – tasked with ensuring that the language in bills follows certain rules and procedures that govern the Senate. Instead, the Parliamentarian had to make decisions on some provisions in a matter of minutes from the Senate floor.
    Sunday night, Sen. Cantwell delivered a speech on the Senate floor to highlight how various provisions included in the 940-page document ultimately sell out the American people. That speech can be watched in full HERE; a transcript is HERE.
    Hours before this morning’s final vote, shortly after 4 a.m., the Senate voted 99-1 in favor of an amendment co-sponsored by Sen. Cantwell and Sen. Marsha Blackburn (R–TN) to strip a ten-year moratorium on state AI regulations from the Republican budget reconciliation bill.  The Senate’s consideration of the bill, known as a votearama in the Senate, set records for the number of debate votes and the length of the debate, and the Senate stayed in session all night as Sen. Cantwell and her colleagues fought to improve the bill.
    “The Senate came together tonight to say that we can’t just run over good state consumer protection laws,” Sen. Cantwell said. “States can fight robocalls and deepfakes and provide safe autonomous vehicle laws. This also allows us to work together nationally to provide a new federal framework on Artificial Intelligence that accelerates U.S. leadership in AI while still protecting consumers.” 
    For weeks, Sen. Cantwell raised alarms over the provision which would have forced states to make an impossible choice between enforcing AI consumer protections or accepting federal BEAD funding to expand broadband access. Despite several revisions by its author and misleading assurances about its true impact, state officials from across the country, including 17 Republican Governors and 40 state Attorneys General, as well conservative and liberal organizations – from the Heritage Foundation to the Center for American Progress – rallied against the harmful proposal. On June 18, Sen. Cantwell hosted a virtual press conference alongside Sen. Blackburn to underscore the impacts to Americans across the country if Congress were to pass the moratorium on state AI legislation.

    MIL OSI USA News

  • MIL-OSI USA: Cornyn Statement on Senate Passage of President Trump’s One Big Beautiful Bill

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – U.S. Senator John Cornyn (R-TX) released the following statement after the Senate passed the One Big Beautiful Bill:
    “By passing the One Big Beautiful Bill, the Senate has delivered on President Trump’s hallmark legislative priority of his second term,” said Sen. Cornyn. “This bill puts Texans first by avoiding a massive tax increase on hardworking families, making historic investments to help secure our southern border, reducing financial barriers for Texans exercising their Second Amendment rights, and other priorities I have championed like reimbursing Texas for Operation Lone Star and allowing for the movement of the Space Shuttle Discovery to its rightful home in Houston. I was proud to cast my vote in strong support of this significant legislation, and I urge the House to swiftly send it to President Trump’s desk to become law so we can Make America Great Again.”
    Background:
    The One Big Beautiful Bill contains the following provisions championed by Sen. Cornyn:
    $13.5 billion to reimburse states like Texas for stepping up and trying to secure the southern border during the Biden-Harris administration;
    Language that would result in the consideration of movement of the Space Shuttle Discovery from Virginia to its rightful home near the National Aeronautics and Space Administration’s (NASA) Johnson Space Center (JSC) in Houston;
    A modified version of his Small Business Investment Act, which would make it easier for small and start-up businesses to access the financing they need to grow and succeed;
    Provisions from his Feral Swine Eradication Act to provide $105 million to the Feral Swine Eradication and Control Pilot Program;
    And the reduction of burdensome taxes on certain firearms and silencers to $0.
    It also includes the following tax provisions to benefit Texas families:
    Prevents a more-than $3,000 tax hike on the average Texas family;
    Protects more than half a million Texas jobs from being lost;
    Ensures more than 3.7 million Texas households’ child tax credit is not cut in half;
    Shields more than two million Texas small business owners from a massive tax hike;
    Makes sure more than 12 million Texas families’ standard deduction is not cut in half;
    Establishes work requirements for able-bodied adults who are choosing not to work and do not have dependent children or elderly parents in their care;
    And ensures no taxes on tips or overtime for millions of tipped and hourly workers.
    The bill also makes historic investments in border security through the following provisions:
    $46.5 billion for U.S. Customs and Border Protection (CBP) to build the border wall and associated infrastructure like access roads, cameras, lights, and sensors;
    $4.1 billion for a border personnel surge;
    $45 billion for the detention of illegal migrants;
    $6.1 billion for improvements to surveillance at the border;
    Funding for the U.S. Department of Homeland Security (DHS) to increase staffing and enhance migrant screening and vetting processes;
    Resources for Immigration and Customs Enforcement (ICE) to increase recruitment, onboarding, and retention of ICE staff;
    Funding for the U.S. Department of Justice (DOJ) to hire more immigration judges and staff to address the yearslong backlog of immigration cases and to investigate and prosecute immigration matters;
    And additional resources for law enforcement officers who put their lives on the line to keep our communities safe.

    MIL OSI USA News

  • MIL-OSI USA: Mobile Disaster Recovery Centers Open in Davidson, Dyer and Wilson Counties

    Source: US Federal Emergency Management Agency 2

    Mobile Disaster Recovery Centers Open in Davidson, Dyer and Wilson Counties

    Mobile Disaster Recovery Centers are now open in Davidson, Dyer and Wilson counties to assist Tennesseans who experienced damage or loss from the April 2-24 severe storms, straight-line winds, tornadoes and flooding. The following recovery centers will temporarily close on Friday, July 4 in observance of Independence Day.Davidson County: Nashville Looby Public Library, 2301 Rosa L. Parks Blvd., Nashville, TN 37228Hours: 8 a.m.–6 p.m. CT Tuesday-Saturday; open until Saturday, July 5Dyer County: Bogota Community Center, 78 Sandy Lane, Bogota, TN 38007Hours: 8 a.m.–6 p.m. CT Tuesday-Sunday; open until Sunday, July 6Wilson County: Wilson County Fair Grounds, 945 E. Baddour Pkwy., Lebanon, TN 37087Hours: 8 a.m.–6 p.m. CT Tuesday-Sunday; open until Sunday, July 6When any of the above recovery centers move to a new location or a new recovery center opens, details will be provided to the public. To find a center near you, visit fema.gov/drc.Homeowners and renters in Cheatham, Davidson, Dickson, Dyer, Hardeman, McNairy, Montgomery, Obion and Wilson counties can apply for FEMA assistance at a recovery center. FEMA representatives will help with applications for federal assistance and provide information about other disaster recovery resources. FEMA financial assistance may include money for basic home repairs or other uninsured, disaster-related needs, such as childcare, vehicle, medical needs, funeral expenses or the replacement of personal property.In addition to FEMA personnel, representatives from the U.S. Small Business Administration and state agencies will be available to assist survivors.It is not necessary to go to a center to apply for FEMA assistance. Apply online at DisasterAssistance.gov, use the FEMA App for mobile devices or call the FEMA Helpline at 800-621-3362. Lines are open seven days a week and specialists speak many languages. To view an accessible video on how to apply, visit Three Ways to Apply for FEMA Disaster Assistance – YouTube.
    kwei.nwaogu
    Tue, 07/01/2025 – 14:31

    MIL OSI USA News

  • MIL-OSI USA: A New Alloy is Enabling Ultra-Stable Structures Needed for Exoplanet Discovery

    Source: NASA

    A unique new material that shrinks when it is heated and expands when it is cooled could help enable the ultra-stable space telescopes that future NASA missions require to search for habitable worlds.

    One of the goals of NASA’s Astrophysics Division is to determine whether we are alone in the universe. NASA’s astrophysics missions seek to answer this question by identifying planets beyond our solar system (exoplanets) that could support life. Over the last two decades, scientists have developed ways to detect atmospheres on exoplanets by closely observing stars through advanced telescopes. As light passes through a planet’s atmosphere or is reflected or emitted from a planet’s surface, telescopes can measure the intensity and spectra (i.e., “color”) of the light, and can detect various shifts in the light caused by gases in the planetary atmosphere. By analyzing these patterns, scientists can determine the types of gasses in the exoplanet’s atmosphere.
    Decoding these shifts is no easy task because the exoplanets appear very near their host stars when we observe them, and the starlight is one billion times brighter than the light from an Earth-size exoplanet. To successfully detect habitable exoplanets, NASA’s future Habitable Worlds Observatory will need a contrast ratio of one to one billion (1:1,000,000,000).
    Achieving this extreme contrast ratio will require a telescope that is 1,000 times more stable than state-of-the-art space-based observatories like NASA’s James Webb Space Telescope and its forthcoming Nancy Grace Roman Space Telescope. New sensors, system architectures, and materials must be integrated and work in concert for future mission success. A team from the company ALLVAR is collaborating with NASA’s Marshall Space Flight Center and NASA’s Jet Propulsion Laboratory to demonstrate how integration of a new material with unique negative thermal expansion characteristics can help enable ultra-stable telescope structures.
    Material stability has always been a limiting factor for observing celestial phenomena. For decades, scientists and engineers have been working to overcome challenges such as micro-creep, thermal expansion, and moisture expansion that detrimentally affect telescope stability. The materials currently used for telescope mirrors and struts have drastically improved the dimensional stability of the great observatories like Webb and Roman, but as indicated in the Decadal Survey on Astronomy and Astrophysics 2020 developed by the National Academies of Sciences, Engineering, and Medicine, they still fall short of the 10 picometer level stability over several hours that will be required for the Habitable Worlds Observatory. For perspective, 10 picometers is roughly 1/10th the diameter of an atom.

    NASA’s Nancy Grace Roman Space Telescope sits atop the support structure and instrument payloads. The long black struts holding the telescope’s secondary mirror will contribute roughly 30% of the wave front error while the larger support structure underneath the primary mirror will contribute another 30%.
    Credit: NASA/Chris Gunn
    Funding from NASA and other sources has enabled this material to transition from the laboratory to the commercial scale. ALLVAR received NASA Small Business Innovative Research (SBIR) funding to scale and integrate a new alloy material into telescope structure demonstrations for potential use on future NASA missions like the Habitable Worlds Observatory. This alloy shrinks when heated and expands when cooled—a property known as negative thermal expansion (NTE). For example, ALLVAR Alloy 30 exhibits a -30 ppm/°C coefficient of thermal expansion (CTE) at room temperature. This means that a 1-meter long piece of this NTE alloy will shrink 0.003 mm for every 1 °C increase in temperature. For comparison, aluminum expands at +23 ppm/°C.

    While other materials expand while heated and contract when cooled, ALLVAR Alloy 30 exhibits a negative thermal expansion, which can compensate for the thermal expansion mismatch of other materials. The thermal strain versus temperature is shown for 6061 Aluminum, A286 Stainless Steel, Titanium 6Al-4V, Invar 36, and ALLVAR Alloy 30.
    Because it shrinks when other materials expand, ALLVAR Alloy 30 can be used to strategically compensate for the expansion and contraction of other materials. The alloy’s unique NTE property and lack of moisture expansion could enable optic designers to address the stability needs of future telescope structures. Calculations have indicated that integrating ALLVAR Alloy 30 into certain telescope designs could improve thermal stability up to 200 times compared to only using traditional materials like aluminum, titanium, Carbon Fiber Reinforced Polymers (CFRPs), and the nickel–iron alloy, Invar.

    To demonstrate that negative thermal expansion alloys can enable ultra-stable structures, the ALLVAR team developed a hexapod structure to separate two mirrors made of a commercially available glass ceramic material with ultra-low thermal expansion properties. Invar was bonded to the mirrors and flexures made of Ti6Al4V—a titanium alloy commonly used in aerospace applications—were attached to the Invar. To compensate for the positive CTEs of the Invar and Ti6Al4V components, an NTE ALLVAR Alloy 30 tube was used between the Ti6Al4V flexures to create the struts separating the two mirrors. The natural positive thermal expansion of the Invar and Ti6Al4V components is offset by the negative thermal expansion of the NTE alloy struts, resulting in a structure with an effective zero thermal expansion.
    The stability of the structure was evaluated at the University of Florida Institute for High Energy Physics and Astrophysics. The hexapod structure exhibited stability well below the 100 pm/√Hz target and achieved 11 pm/√Hz. This first iteration is close to the 10 pm stability required for the future Habitable Worlds Observatory. A paper and presentation made at the August 2021 Society of Photo-Optical Instrumentation Engineers conference provides details about this analysis.
    Furthermore, a series of tests run by NASA Marshall showed that the ultra-stable struts were able to achieve a near-zero thermal expansion that matched the mirrors in the above analysis. This result translates into less than a 5 nm root mean square (rms) change in the mirror’s shape across a 28K temperature change.

    Beyond ultra-stable structures, the NTE alloy technology has enabled enhanced passive thermal switch performance and has been used to remove the detrimental effects of temperature changes on bolted joints and infrared optics. These applications could impact technologies used in other NASA missions. For example, these new alloys have been integrated into the cryogenic sub-assembly of Roman’s coronagraph technology demonstration. The addition of NTE washers enabled the use of pyrolytic graphite thermal straps for more efficient heat transfer. ALLVAR Alloy 30 is also being used in a high-performance passive thermal switch incorporated into the UC Berkeley Space Science Laboratory’s Lunar Surface Electromagnetics Experiment-Night (LuSEE Night) project aboard Firefly Aerospace’s Blue Ghost Mission 2, which will be delivered to the Moon through NASA’s CLPS (Commercial Lunar Payload Services) initiative. The NTE alloys enabled smaller thermal switch size and greater on-off heat conduction ratios for LuSEE Night.
    Through another recent NASA SBIR effort, the ALLVAR team worked with NASA’s Jet Propulsion Laboratory to develop detailed datasets of ALLVAR Alloy 30 material properties. These large datasets include statistically significant material properties such as strength, elastic modulus, fatigue, and thermal conductivity. The team also collected information about less common properties like micro-creep and micro-yield. With these properties characterized, ALLVAR Alloy 30 has cleared a major hurdle towards space-material qualification.
    As a spinoff of this NASA-funded work, the team is developing a new alloy with tunable thermal expansion properties that can match other materials or even achieve zero CTE. Thermal expansion mismatch causes dimensional stability and force-load issues that can impact fields such as nuclear engineering, quantum computing, aerospace and defense, optics, fundamental physics, and medical imaging. The potential uses for this new material will likely extend far beyond astronomy. For example, ALLVAR developed washers and spacers, are now commercially available to maintain consistent preloads across extreme temperature ranges in both space and terrestrial environments. These washers and spacers excel at counteracting the thermal expansion and contraction of other materials, ensuring stability for demanding applications.
    For additional details, see the entry for this project on NASA TechPort.
    Project Lead: Dr. James A. Monroe, ALLVAR
    The following NASA organizations sponsored this effort: NASA Astrophysics Division, NASA SBIR Program funded by the Space Technology Mission Directorate (STMD).

    MIL OSI USA News

  • MIL-OSI USA: Issues Revisited: Titles, Amendments to Rule 15c2-12 Undertakings and Voluntary Disclosure

    Source: Securities and Exchange Commission

    Good afternoon. Thank you to the Government Finance Officers Association (“GFOA”) for inviting me to speak with you today. In my role as the Securities and Exchange Commission’s (“Commission” or “SEC”) Director of the Office of Municipal Securities (“Office of Municipal Securities” or “OMS”), I get a front row seat to see how government finance professionals strive to advance the continued integrity of the municipal securities market. However, I also get a front row seat to some concerning behaviors that may impact the investor confidence and transparency of the municipal securities market. 

    As is customary, I must remind you that this speech is provided in my official capacity as the Commission’s Director of the Office of Municipal Securities but does not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.

    I. What’s in a Title?

    Before I delve into disclosure practices, I would like to start by offering my views on another area of concern to which OMS is paying careful attention. It’s been fifteen years since Congress created a new class of regulated person required to register with the Commission: municipal advisors.[1] But when I speak with market participants or pick up an official statement or visit an issuer’s website, I am regularly confronted with a title that imprecisely[2] reflects the nature of the relationship between municipal entities and/or obligated persons and their advisors: financial advisor.[3]

    While some of you may view using the terms “financial advisor” and “municipal advisor” to be interchangeable when discussing hiring a professional to negotiate terms of a transaction or verify pricing as just a matter of a title, Congress expressly defined those persons who engage in municipal advisory activities[4] as “municipal advisors”.[5]

    I’m going to start with why I think it’s helpful to use regulatory terms. Although not required, using regulatory terms such as “municipal advisor” in solicitations and offering documents is helpful because it clearly indicates to investors that those professionals are subject to the rules and regulations designed to protect investors and municipal entities[6] and obligated persons.[7] Additionally, using defined regulatory terms in these documents may be helpful to municipal entities and obligated persons in avoiding including confusing or ambiguous statements in disclosures to investors.

    Now, for the what. Let’s start with hiring professionals. Municipal entities and obligated persons often retain various professionals through a competitive request for proposal/qualification (“RFP/Q”) process. Before anyone objects, you’re correct: responses to RFP/Qs do not on their own constitute municipal advisory activity.[8] I have, however, observed instances (most notably in public-private partnerships[9] and charter schools[10]) where the work or services requested in the RFP/Qs would require the selected professional to be registered as a municipal advisor because they would be providing advice with respect to the issuance of municipal securities or the use of municipal financial products. In our review of these RFP/Qs, we have either seen municipal entities be silent on requiring that respondents to an RFP/Q be registered as a municipal advisor with the Commission and Municipal Securities Rulemaking Board (“MSRB”) or, worse, affirmatively say that registration as a municipal advisor is not a requirement.[11]

    Given that unregistered entities may be engaging in what appears to be municipal advisory activity, you may want to confirm not only that any professional providing municipal advisory services to you is properly registered[12] but also that you have in your RFP/Qs for services or work constituting municipal advisory activity a requirement that respondents be registered with the Commission and the MSRB as municipal advisors in order to submit a response. At a minimum, I do not believe these RFP/Qs should be soliciting the services of a “financial advisor” or “consultant” which may create the impression that they do not need to be registered with the Commission or the MSRB. If you are seeking the services of a municipal advisor, it would be helpful to use the term municipal advisor in your RFP/Qs.

    Another area where I see a concerning use of “financial advisor,” where “municipal advisor” should be used, is in your offering documents. As previously mentioned, municipal advisor is more than just a title: it is a regulatory term. Using “municipal advisor” tells investors that the firm, its associated persons, and its activities are subject to rules and regulations; that the Commission monitors municipal advisors for compliance; and takes necessary action to enforce Congress’s mandate. If you use municipal advisors in your transactions, I think it would be beneficial to use the defined term “municipal advisor” in your offering documents to accurately describe the professionals fulfilling that role. Using a term that is explicitly defined by law may also help avoid including confusing or ambiguous statements in disclosures to investors.

    There are also strong benefits to being involved with or retaining persons or firms registered and regulated as municipal advisers, as it demonstrates that these persons or firms recognize that they are engaging in municipal advisory activity. Registering as a municipal advisor may also demonstrate that the advisor understands that it has certain legal obligations, including a requirement to register unless an exclusion or exemption applies. These obligations include, among other things, a requirement to disclose to clients any material conflicts of interest. If you remember nothing else from today, remember this: your municipal advisor is required to always act in your best interest.

    II. Observations on Amendments to Continuing Disclosure Undertakings

    Now turning to disclosure practices. When the Commission proposed amendments[13] to Rule 15c2-12 (“Rule 15c2-12” or “Rule”)[14] of the Securities Exchange Act of 1934 (“Exchange Act”) in 1994[15] prohibiting underwriters, subject to certain exemptions, from purchasing or selling municipal securities covered by the Rule in a primary offering, unless the underwriter had reasonably determined that the issuer (or obligated person) had undertaken in a written agreement or contract[16] (“continuing disclosure undertaking”) to provide specified annual information and event notices,[17] practitioners expressed concern[18] that the amendments were not sufficiently flexible to address changing conditions to financial and pertinent operating information. The Commission addressed practitioners’ concerns when it adopted the amendments.[19]

    a. NABL 1 Letter

    The Commission explained in the 1994 Amendments Adopting Release that Rule 15c2-12, as amended, requires that continuing disclosure undertakings specify only the general type of information to be provided[20] and that undertakings should be drafted with sufficient flexibility to accommodate for subsequent developments that may require adjustments in the financial information and operating data contractually agreed upon in the undertaking.[21] Shortly after adoption of the amendments, the National Association of Bond Lawyers (“NABL”) requested[22] staff guidance interpreting an issue that I see continues to be debated thirty-one years later: amending continuing disclosure undertakings.

    Let’s take a moment and revisit the statements made by staff on amending continuing disclosure undertakings in response to the NABL 1 Letter.[23] Staff first noted that in meeting the requirement that annual financial information be specified in reasonable detail, staff anticipated that continuing disclosure undertakings would set forth a general description of the type of financial information and operating data that would be provided. Staff further observed that these descriptions would not need to state more than a general category of financial information and operating data. Moreover, staff noted that where a continuing disclosure undertaking calls for information that no longer can be generated because the operations to which it related had been materially changed or discontinued, a statement to that effect would satisfy the continuing disclosure undertaking. In such instances, staff explained that it may be good practice to provide similar operating data with respect to any substitute or replacement operation. Further, staff noted that issuers and obligated persons may provide additional information that is not required by the terms of the undertaking. Accordingly, the staff did not anticipate that it often would be necessary to amend informational undertakings.

    In addition to providing guidance on the circumstances under which an undertaking could be amended, the staff also provided several examples[24] of annual financial information descriptions. For example, categories of operating data provided for a college or university facility bond offering might include, among others, information regarding attendance, applications, and tuition and room and board rates charged to students. In a water or sewer financing, categories of information provided might include, among others, customers, rates, use, capacity, and demand.

    b. Current State of Continuing Disclosure Undertakings

    Now I would like to take the opportunity to reflect on the current state of continuing disclosure undertakings. Since the 1994 amendments promoted flexibility in drafting continuing disclosure undertakings, staff has heard that practitioners have discovered ambiguities and inconsistencies in their continuing disclosure undertakings that have resulted in overlapping, inconsistent, and outdated information in required disclosures. Consequently, practitioners continue to struggle with questions about amending continuing disclosure undertakings and have asked the staff for guidance on this issue.

    To start, I want to remind practitioners that Rule 15c2-12, as amended, offers flexibility in the content and scope of disclosed financial information.[25] The Rule specifies only general types of information relating to the financial information and operating data to accommodate for any subsequent developments that would require adjustments to the data.[26] Further, adhering to your continuing disclosure undertakings does not preclude you from providing additional information, particularly where disclosure may be necessary to avoid liability under the antifraud provisions.[27]

    The staff recognizes that, despite the staff interpretive guidance in the NABL 1 Letter, which elaborated on statements in the 1994 Amendments Adopting Release, some obligated persons have continued to provide specific and relatively unflexible descriptions of annual financial information or operating data in the continuing disclosure undertakings by, for instance, pointing to specific tables of information in an official statement because they believe it makes it easier for issuers and dissemination agents to comply with the undertaking. Although Rule 15c2-12 does not prohibit such specificity or incorporation by reference,[28] I believe that where obligated persons choose to include references to specific tables or similar specificity, they might consider including language allowing for flexibility, such as describing tables “of the type” or tables “of the kind” provided in the official statement.

    The inclusion in continuing disclosure undertakings of clear descriptions of the disclosures to be made by municipal issuers and obligated persons promotes a more transparent and efficient market. However, drafters of continuing disclosure undertakings may want to be mindful when specifying the particular types of information that will be provided for many years into the future, as continuing disclosure undertakings are contractual obligations that cannot be amended based on a unilateral decision by an issuer or any other party. With very limited exceptions, issuers and obligated persons may not later decide unilaterally what types of information an investor would consider necessary or meaningful, especially where such information has previously been agreed upon.[29]

    Continuing disclosure undertakings would be meaningless if issuers and obligated persons could unilaterally determine that certain types of information were no longer necessary or meaningful to investors.[30] Despite previous requests from the market for guidance on amending continuing disclosure agreements, I remind you that those agreements are contracts governed by state law[31] from which the Commission does not have the authority to provide exemptions. Failure to comply with continuing disclosure undertakings would be breaches of contract enforceable by private parties.[32] This is why staff statements have focused on using language in continuing disclosure agreements that allow for changing conditions.

    III. The Importance of Voluntary Disclosure in the Municipal Securities Market

    Sound, timely, and accurate disclosures of the financial condition and operating status of issuers and obligated persons promotes the continued integrity of the municipal securities market.[33] As we all know, Rule 15c2-12 requires that continuing disclosure undertakings set forth certain enumerated requirements. Rule 15c2-12 does not generally impose an obligation to provide ongoing information beyond the contractual continuing disclosure obligations. I am of the view, however, that voluntary disclosures[34] — providing information beyond contractual continuing disclosure obligations — by issuers and obligated persons can provide market participants with updated financial and other disclosures regarding the effects of evolving economic conditions.[35]

    a. Improving Transparency and Market Efficiencies

    Issuer organizations and other market participants have noted that providing voluntary interim disclosure can serve the interests of municipal issuers and have developed voluntary disclosure best practices designed to improve the quality and quantity of voluntary disclosure in the secondary market.[36] GFOA issued a Best Practices on Voluntary Disclosure in 2021.[37]

    I am of the view that if issuers and obligated persons provide voluntary disclosures of their financial condition and operating status on a more frequent basis, the additional information could potentially reduce information asymmetries and help investors and other market participants identify early warning signs of an issuer’s or obligated person’s deteriorating financial condition sooner (such as budget deficits and imbalances, high unfunded pensions liability, and decreases in property value), which could lead to increased market efficiencies.

    Some examples of helpful voluntary disclosures that municipal issuers and obligated persons could consider disseminating are[38]

    • More Timely Financial Information. Municipal issuers routinely prepare periodic reports containing financial information and/or operating data, such as investment positions, interim financial information, or capital improvement plans, for various non-disclosure purposes,[39] which are generally produced in accordance with governance documents, best practices, and generally accepted guidelines. Municipal issuers could consider submitting such reports via the repository designated by the Commission (currently the MSRB’s Electronic Municipal Market Access (“EMMA”) system) and/or through their own designated website.
    • Reports Prepared for Other Governmental Purposes. Municipal issuers and obligated persons may have prepared reports addressing relevant climate, cybersecurity, litigation, or other risks for other purposes.
    • Reports and Information Shared with Third Parties. Reports prepared to be shared with rating agencies, bank loan providers or other market participants may also include information material to investors.[40]
    • Information Regarding Availability of Federal, State and Local Aid. If it materially affects, or is reasonably likely to materially affect, your ability to repay debt service, you could make available a description of available aid that you have sought or are planning on seeking and any other material terms of the aid to investors.
    • Information Regarding Non-Routine Events that May Impact an Issuer’s Ability to Repay Securities. For instance, a large business relocating to your jurisdiction may have a positive impact, while a natural disaster may have a negative impact. Sharing information with the market on any non-routine events that may impact your ability to repay debt service could be helpful.

    In my view, making any voluntary disclosures available in the place or places where they regularly make information available to investors, such as on the EMMA system and/or on their own websites, would be helpful to both issuers and investors.

    b. Observations on Liability

    I sometimes hear from issuers that they would disclose more information to the market, but that their counsel advises them, as a matter of course, not to provide any information that is not required. I recognize that the issue of liability is often raised in connection with voluntary disclosures.

    I believe that accompanying voluntary disclosures that contain projections or forward-looking statements with meaningful cautionary language — including, for example, (1) a description of relevant facts or assumptions affecting the reasonableness of reliance on and the materiality of the information provided, (2) a description of how certain important information may be incomplete or unknown, and (3) the process or methodology (audited versus unaudited) used by the municipal issuer or obligated person to produce the information — could not only improve the quality of the disclosure but also help mitigate associated legal risks.

    As I observe the municipal securities market and consider appropriate paths to address behaviors that impact investor confidence and transparency, I believe that it would be beneficial for municipal issuers to disclose, to exercise reasonable care, and to follow best practices in the creation and release of any voluntary disclosure.

    It’s always a pleasure to speak with members of the GFOA. Thank you again for the invitation to discuss these important issues with you today.


    [1]           See Section 975(a)(1)(B) (15 U.S.C. 78o-4(a)(1)(B)) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act” or “Dodd-Frank”).

    [3]           While state statutes or other governing documents may reference the selection or designation of a “financial advisor” in connection with the issuance of bonds, I am of the view that the term “municipal advisor” should also be used in any RFP/Qs and offering documents issued in these jurisdictions when the requested service may include municipal advisory activity. In the event a state statute or other governing document references “financial advisor” or other term, it may be appropriate to use both terms with appropriate definitions and cross-references.  

    [4]           Pursuant to Exchange Act Rule 15Ba1-1(e) (15 CFR 240.15Ba1-1(e)), “municipal advisory activities” includes, but is not limited to, “[p]roviding advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, including advice with respect to the structure, timing, terms, and other similar matters concerning such financial products or issue.”

    [5]           See Exchange Act Section 15B(e)(4)(A) (15 U.S.C. 78o-4(e)(4)(A)). The definition of municipal advisor includes financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and swap advisors that provide municipal advisory services, unless they are statutorily excluded. See 15 U.S.C. 78o-4(e)(4)(B). The statutory definition of municipal advisor excludes a broker, dealer, or municipal securities dealer serving as an underwriter (as defined in section 77b(a)(11) of this title), any investment adviser registered under the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.), or persons associated with such investment advisers who are providing investment advice, any commodity trading advisor registered under the Commodity Exchange Act or persons associated with a commodity trading advisor who are providing advice related to swaps, attorneys offering legal advice or providing services that are of a traditional legal nature, or engineers providing engineering advice. See 15 U.S.C. 78o-4(e)(4)(C). The Commission exempts the following persons from the definition of municipal advisor to the extent they are engaging in the specified activities: accountants; public officials and employees; banks; responses to requests for proposals or qualifications; swap dealers; participation by an independent registered municipal advisor; persons that provide advice on certain investment strategies; certain solicitations. See Exchange Act Rule 15Ba1-1(d)(3)(i) through (viii) (17 CFR 240.15Ba1-1(d)(3)(i) through (viii)).

    [6]           See Registration of Municipal Advisors, Exchange Act Release No. 70462 (Sept. 20, 2013), 78 FR 67468, 67509 (Nov. 12, 2013) (“Municipal Advisor Adopting Release”).

    [7]           The timeline for being required to register as a municipal advisor when advising clients about conduit financing or other financing options is dependent on certain facts and circumstances. See id. at 67485.

    [8]           Id. at 67475.

    [11]         While the Dodd-Frank Act is a federal law, the municipal advisor registration requirements apply to advice with respect to the issuance of municipal securities regardless of the proposed source of funds used to repay those securities, which may include local tax revenue, state or federal revenue or grants or funds paid by a private lessee or purchaser. The staff is aware of publicly available documents where a state or local government has stated that municipal advisor registration is only required for municipal securities being repaid with federal funds.

    [12]         See Speech, Responsibilities of Regulated Entities to Municipal Issuers, supra note 2.

    [13]         See Exchange Act Release No. 33742 (Mar. 9, 1994), 59 FR 12759 (Mar. 17, 1994) (“1994 Amendments Proposing Release”).

    [14]         See 17 CFR 240.15c2-12. The Commission adopted Rule 15c2-12 in 1989 to enhance disclosure in the   municipal securities market by codifying standards for underwriters to obtain, review, and disseminate disclosure documents. See Exchange Act Release No. 26100 (Sept. 22, 1988), 53 FR 37778 (“1988 Proposing Release”); Exchange Act Release No. 26985 (June 28, 1989), 54 FR 28799 (July 10, 1989) (“1989 Adopting Release”). Rule 15c2-12 requires an underwriter acting in primary offerings of municipal securities with an aggregate principal amount of $1,000,000 or more to obtain and review an official statement “deemed final” by an issuer of the municipal securities, except for the omission of specified information, prior to making a bid, purchase, offer, or sale of municipal securities. See 17 CFR 240.15c2-12(a) and (b)(1).

    [15]         The Commission has amended Rule 15c2-12 over the years to respond to evolving market practices. See Exchange Act Release No. 34961 (Nov. 10, 1994), 59 FR 59590 (Nov. 17, 1994) (“1994 Amendments Adopting Release”); Exchange Act Release No. 59062 (Dec. 5, 2008), 73 FR 76104 (Dec. 15, 2008) (“2008 Amendments Adopting Release”); Exchange Act Release No. 62184A (May 27, 2010), 75 FR 33100 (June 10, 2010) (“2010 Amendments Adopting Release”); and Exchange Act Release No. 83885 (Aug. 20, 2018), 83 FR 44700 (Aug. 31, 2018) (“2018 Amendments Adopting Release”).

    [16]         See 17 CFR 240.15c2-12(b)(5).

    [17]         See 17 CFR 240.15c2-12(b)(5)(C).

    [18]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599.

    [19]         Id.

    [20]         Id.

    [21]         Id.

    [22]         NABL raised several questions in its letters. See Letter from Robert L.D. Colby, Deputy Director, Division of Market Regulation, U.S. Securities and Exchange Commission, to John S. Overdorff, Chair, and Gerald J. Laporte, Vice-Chair, Securities Law and Disclosure Committee, National Association of Bond Lawyers, dated June 23, 1995 (‘‘NABL 1 Letter”), available at https://www.sec.gov/info/municipal/nabl-1-interpretive-letter-1995-06-23.pdf; and Letter from Catherine McGuire, Chief Counsel, Division of Market Regulation, U.S. Securities and Exchange Commission, to John S. Overdorff, Chair, Securities Law and Disclosure Committee, National Association of Bond Lawyers, dated Sept. 19, 1995 (“NABL 2 Letter”), available at https://www.sec.gov/info/municipal/nabl-2-interpretive-letter-1995-09-19.pdf. See also Letter from Michael Nicholas, Chief Executive Officer, Bond Dealers of America, Emily Swenson Brock, Director, Federal Liaison Center, Government Finance Officers Association, Kenneth R. Artin, President, National Association of Bond Lawyers, Cornelia Chebinou, Washington Director, National Association of State Auditors, Comptrollers and Treasures, Michael Decker, Managing Director, Securities Industry and Financial Markets Association, to Jessica Kane, Director, Office of Municipal Securities, U.S. Securities and Exchange Commission, dated Aug. 9, 2016 available at https://www.nabl.org/wp-content/uploads/2023/02/20160809-Joint-Letter-on-Amending-CDAs.pdf.

    [23]         See NABL 1 Letter, Question 2, supra note 22.  

    [24]         Id.

    [25]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599; Securities and Exchange Commission, Report on the Municipal Securities Market (July 31, 2012) (“Report on the Municipal Securities Market”), at 70, available at https://www.sec.gov/news/studies/2012/munireport073112.pdf.

    [26]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599 (Commission noting that “the amendments require that the undertaking specify only the general type of information to be supplied . . .”).

    [27]         Id.

    [28]         Id.

    [29]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599. But see NABL 1 Letter, Question 2, supra note 22, outlining scenarios where an undertaking that includes an amendment provisions nevertheless may satisfy the requirements of Rule 15c2-12.

    [30]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599.

    [31]         Id. at 59601.

    [32]         Id. (“remedies for breach of any undertaking under applicable state law are a subject for negotiation between the parties to the Offering.”).

    [33]         See Exchange Act Release No. 33741 (Mar. 9, 1994), 59 FR 12748, 12752-754 (Mar. 17, 1994) (“1994 Interpretive Release”).

    [34]         As seen during the Covid-19 Pandemic, variations in voluntary disclosures persisted and the differing approaches to disclosure served as a reminder that required disclosures are not confined to enumerated events. For instance, some issuers included tailored, stand-alone COVID-19-risk sections in their disclosures or uploaded financial informational statements to EMMA identifying impacts on economies and revenues, and expectations regarding associated risk mitigation. See, e.g., MSRB, Municipal Securities Market COVID-19-Related Disclosure Summary (updated Mar. 28, 2021), available at https://www.msrb.org/sites/default/files/2022-09/Municipal-Securities-Market-COVID-19-Related-Disclosure-Summary.pdf; DPC Data COVID Disclosure Trends Charted in New Infographic, A Year of COVID-Tagged Disclosures, Mar. 2020 to Mar. 2021, available at https://www.dpcdata.com/resources/year-covid-tagged-disclosures/. 

    [35]         See, e.g., Report on the Municipal Securities Market, supra note 25, at III.A.1 and III.B (summarizing market participant and investor interest in voluntary disclosure guidelines and best practices to improve the level and quality of disclosure in the primary and secondary markets); Chairman Jay Clayton and Rebecca Olsen, Director, Office of Municipal Securities, U.S. Securities and Exchange Commission, The Importance of Disclosure for our Municipal Markets (May 4, 2020) (the “Municipal Market COVID-19 Statement”), available at https://www.sec.gov/news/public-statement/statement-clayton-olsen-2020-05-04.

    [36]         See, e.g., Government Finance Officers Association (“GFOA”) Best Practices Voluntary Disclosure (Oct. 1, 2021) (“Best Practices on Voluntary Disclosure”), available at https://www.gfoa.org/materials/voluntary-disclosure (“Enhanced market communication achieved through voluntary disclosure the issuer to improve its investor relations. This enhanced communication and improved relations with investors can become an important factor for access to the capital for markets….”); National Federation of Municipal Analysts (“NFMA”) Position Paper on Voluntary Interim Disclosures by State and Local Governments (Oct. 26, 2004) (“NFMA Voluntary Interim Disclosures Paper”), at 2-4, available at https://www.nfma.org/assets/documents/nfma_position_interim_disclosure.pdf (NFMA “strongly believe(s) that it is in the best interest of state and local government units and political instrumentalities thereof to provide investors on a voluntary basis with timely disclosure reports derived from information maintained in the normal course of operations” and that “[t]o the extent that governmental issuers have relevant financial information on hand, the benefits of providing voluntary interim disclosure vastly outweigh any administrative burden entailed in disseminating this information to the market.”)

    [37]         See Best Practices on Voluntary Disclosure, supra note 36.

    [38]         See, e.g., id.; Report on the Municipal Securities Market, supra note 25, at 58 (noting that the “practices of market participants in voluntarily providing [large amounts of information about issuers of municipal securities] to investors are not, however, consistent,” further explaining that “[l]arge repeat issuers generally have more comprehensive disclosure than small, infrequent or conduit issuers, who may voluntarily provide little ongoing information to investors.”).

    [39]         In many cases, municipal issuers already prepare and disseminate reports or other documents containing financial information and/or operating data to various governmental or institutional bodies, or to the public. See, e.g., Application of Antifraud Provisions to Public Statements of Issuers and Obligated Persons of Municipal Securities in the Secondary Market: Staff Legal Bulletin No. 21 (OMS) (Feb. 7, 2020) (“Staff Legal Bulletin No. 21”), available at https://www.sec.gov/municipal/application-antifraud-provisions-staff-legal-bulletin-21; Report of Investigation in the Matter of the City of Harrisburg, Pa. Concerning the Potential Liability of Public Officials with Regard to Disclosure Obligations in the Secondary Market, Exchange Act Release No. 69516 (May 6, 2013), (“Harrisburg Report”), available at https://www.sec.gov/litigation/investreport/34-69516.htm.

    [40]         See Report on the Municipal Securities Market, supra note 25, at 106 n.640.

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to North Carolina Small Businesses and Private Nonprofits Affected by Hurricane Helene

    Source: United States Small Business Administration

    ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in North Carolina of the July 21 deadline to apply for low interest federal disaster loans to offset economic losses caused by Hurricane Helene occurring  Sept. 27-Oct. 1, 2024.

    The disaster declaration covers the North Carolina counties of Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Cherokee, Clay, Cleveland, Gaston, Graham, Haywood, Henderson, Iredell, Jackson, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Polk, Rutherford, Surry, Swain, Transylvania, Watauga, Wilkes, Yadkin and Yancey; the Georgia County of Rabun; the South Carolina counties of Cherokee, Greenville, Oconee, Pickens, Spartanburg, and York and the Tennessee counties of Blount, Carter, Cocke, Greene, Johnson, Sevier and Unicoi as well as the Virginia County of Grayson.

    Under this declaration SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”  

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to return economic injury applications is July 21, 2025.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov. 

    MIL OSI USA News

  • MIL-OSI Europe: REPORT on implementation and delivery of the Sustainable Development Goals in view of the 2025 High-Level Political Forum – A10-0125/2025

    Source: European Parliament

    MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

    on implementation and delivery of the Sustainable Development Goals in view of the 2025 High-Level Political Forum

    (2025/2014(INI))

    The European Parliament,

     having regard to Article 3(5) of the Treaty on European Union and Articles 13 and 208(1) of the Treaty on the Functioning of the European Union,

     having regard to Decision (EU) 2022/591 of the European Parliament and of the Council of 6 April 2022 on a General Union Environment Action Programme to 2030[1],

     having regard to the joint statement by the Council and the representatives of the governments of the Member States meeting within the Council, the European Parliament and the Commission of 30 June 2017 on the New European Consensus on Development – ‘Our world, our dignity, our future’[2],

     having regard to its resolution of 8 September 2015 on the follow-up to the European Citizens’ Initiative Right2Water[3] and its resolution of 5 October 2022 on access to water as a human right – the external dimension[4],

     having regard to its resolution of 28 November 2019 on the climate and environment emergency,[5]

     having regard to its resolution of 9 June 2021 on the EU Biodiversity Strategy for 2030: Bringing nature back into our lives[6],

     having regard to its resolution of 6 July 2022 on the EU action plan for the social economy[7],

     having regard to the UN General Assembly resolution of 27 March 2023 entitled ‘Promoting the Social and Solidarity Economy for Sustainable Development’,

     having regard to the resolution of the International Labour Organization concerning decent work and the care economy, adopted at the 112th International Labour Conference on 14 June 2024,

     having regard to its resolution of 6 July 2022 on addressing food security in developing countries[8],

     having regard to its resolution of 24 November 2022 on the future European Financial Architecture for Development[9],

     having regard to its resolution of 14 March 2023 on Policy Coherence for Development[10],

     having regard to its resolution of 23 June 2023 on the implementation and delivery of the Sustainable Development Goals (SDGs)[11],

     having regard to its recommendation of 19 December 2024 to the Council concerning the EU priorities for the 69th session of the UN Commission on the Status of Women[12],

     having regard to its resolution of 11 April 2024 on including the right to abortion in the EU Fundamental Rights Charter[13],

     having regard to its resolution of 24 June 2021 on the situation of sexual and reproductive health and rights in the EU, in the frame of women’s health[14],

     having regard to the Commission staff working document of 18 November 2020 entitled ‘Delivering on the UN’s Sustainable Development Goals – A comprehensive approach’ (SWD(2020)0400),

     having regard to the Commission staff working document of 3 November 2021 entitled ‘Better Regulation Guidelines’ (SWD(2021)0305) and to the Better Regulation Toolbox of July 2023,

     having regard to the integration of the SDGs into the better regulation framework, including the Commission communication of 29 April 2021 entitled ‘Better regulation: Joining forces to make better laws’ (COM(2021)0219),

     having regard to the Council conclusions of 26 May 2015 on poverty eradication and sustainable development after 2015,

     having regard to the Council conclusions of 24 October 2019 on the Economy of Wellbeing[15] and the Council conclusions of 24 June 2024 on EU priorities at the United Nations during the 79th session of the United Nations General Assembly, September 2024 – September 2025,

     having regard to the Council conclusions of 22 June 2021 entitled ‘A comprehensive approach to accelerate the implementation of the UN 2030 Agenda for sustainable development – Building back better from the COVID-19 crisis’,

     having regard to the Council recommendation of 16 June 2022 on Learning for the Green transition and sustainable development,

     having regard to the Council conclusions of 21 June 2022 entitled ‘The transformative role of education for sustainable development and global citizenship as an instrumental tool for the achievement of the sustainable development goals (SDGs)’,

     having regard to the Council conclusion of 24 June 2024 on EU development aid targets,

     having regard to the Commission communication of 11 December 2019 entitled ‘The European Green Deal’ (COM(2019)0640),

     having regard to the Commission communication of 11 March 2020 entitled ‘A new Circular Economy Action Plan – For a cleaner and more competitive Europe’ (COM(2020)0098),

     having regard to the Commission communication of 12 May 2021 entitled ‘Pathway to a Healthy Planet for All – EU Action Plan: Towards Zero Pollution for Air, Water and Soil’ (COM(2021)0400) and its annexes,

     having regard to the report of the European Environment Agency and the Commission’s Joint Research Centre of 3 March 2025 entitled ‘Zero pollution monitoring and outlook 2025’,

     having regard to the Commission communication of 23 February 2022 on decent work worldwide for a global just transition and sustainable recovery (COM(2022)0066),

     having regard to the Commission communication of 12 March 2024 entitled ‘Managing climate risks – protecting people and prosperity’ (COM(2024)0091),

     having regard to the Commission communication of 26 February 2025 entitled ‘The Clean Industrial Deal: A joint roadmap for competitiveness and decarbonisation’ (COM(2025)0085),

     having regard to the Commission communication of 7 March 2025 entitled ‘A Roadmap for Women’s Rights’ (COM(2025)0097),

     having regard to the mission letters from Commission President Ursula von der Leyen to the 26 European Commissioners,

     having regard to the European Environment Agency report of 4 December 2019 entitled ‘The European environment – state and outlook 2020: Knowledge for transition to a sustainable Europe’,

     having regard to the EU Global Health Strategy,

     having regard to the EU Gender Action Plan III (GAP III),

     having regard to the EU Biodiversity Strategy for 2030,

     having regard to the European care strategy,

     having regard to the EU’s first voluntary review of SDG implementation, presented to the United Nations on 19 July 2023,

     having regard to Eurostat’s 2024 monitoring report on progress towards the SDGs in an EU context, published on 18 June 2024,

     having regard to the opinions of the European Economic and Social Committee of 19 September 2018 entitled ‘Indicators better suited to evaluate the SDGs – the civil society contribution’, of 30 October 2019 entitled ‘Leaving no one behind when implementing the 2030 Sustainable Development Agenda’, and of 8 December 2021 entitled ‘Renewed sustainable finance strategy’,

     having regard to UN Resolution 70/1 entitled ‘Transforming our World – the 2030 Agenda for Sustainable Development’ (2030 Agenda), adopted at the UN Sustainable Development Summit on 25 September 2015 in New York and establishing the SDGs,

     having regard to the Convention on the Elimination of All Forms of Discrimination Against Women (CEDAW) for Youth,

     having regard to the UN Convention on Biological Diversity (UNCBD) and the Kunming-Montreal Global Biodiversity Framework, agreed at the 15th meeting of the Conference of Parties to the UNCBD,

     having regard to the United Nations Convention on the Rights of Persons with Disabilities (CRPD) and the EU Strategy on the Rights of Persons with Disabilities 2021-2030,

     having regard to the Sendai Framework for Disaster Risk Reduction 2015-2030, adopted by UN member states at the Third UN World Conference on Disaster Risk Reduction on 18 March 2015,

     having regard to the UN Framework Convention on Climate Change (UNFCCC) and the Paris Agreement adopted at the 21st Conference of the Parties to the UNFCCC (COP21) in Paris on 12 December 2015,

     having regard to the United Nations Decade of Ocean Science for Sustainable Development (2021–2030),

     having regard to the Buenos Aires Commitment, which charts a path forward on a care society, adopted at the 15th Regional Conference on Women in Latin America and the Caribbean, which was organised by the Economic Commission for Latin America and the Caribbean, the Regional Office for the Americas and the Caribbean of the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) and the Government of Argentina and held in Buenos Aires from 7 to 11 November 2022,

     having regard to the 2024 joint report entitled ‘Are we getting there? A synthesis of the UN system evaluations of SDG 5’, published by UN Women, the UN Development Programme, the UN Population Fund, the UN Children’s Fund and the World Food Programme,

     having regard to the agreement under the United Nations Convention on the Law of the Sea on the conservation and sustainable use of marine biological diversity of areas beyond national jurisdiction (BBNJ) of 4 March 2023 (UN High Seas Treaty),

     having regard to the Declaration on the Elimination of Violence against Women,

     having regard to the Gender Equality Index 2024 of the European Institute for Gender Equality,

     having regard to the Beijing Platform for Action and the outcomes of its review conferences,

     having regard to UN Human Rights Council resolution 48/13, adopted on 8 October 2021, and UN General Assembly resolution 76/300, adopted on 28 July 2022, on the human right to a clean, healthy and sustainable environment and to Parliamentary Assembly of the Council of Europe resolution 2545 (2024), adopted on 18 April 2024, on mainstreaming the human right to a safe, clean, healthy and sustainable environment with the Reykjavik process,

     having regard to the United Nations Environment Assembly (UNEA) resolution ‘5/10. The environmental dimension of a sustainable, resilient and inclusive post-COVID-19 recovery’, adopted on 2 March 2022,

     having regard to the UN Global Sustainable Development Report 2019, entitled ‘The Future is Now: Science for Achieving Sustainable Development’,

     having regard to the UN Secretary-General’s report entitled ‘Our Common Agenda’, presented to the UN General Assembly, and to the mandate that UN General Assembly Resolution 76/6 of 15 November 2021 gave the UN Secretary-General to follow up on his report,

     having regard to the UN Sustainable Development Report 2021, entitled ‘The Decade of Action for the Sustainable Development Goals’, and the UN Sustainable Development Report 2022, entitled ‘From Crisis to Sustainable Development: the SDGs as Roadmap to 2030 and Beyond’,

     having regard to the UN Sustainable Development Goals Report 2024,

     having regard to the 2018 Intergovernmental Panel on Climate Change (IPCC) special report on global warming of 1.5 ºC, its special report on climate change and land, its special report on the ocean and cryosphere in a changing climate and its sixth assessment report (AR6),

     having regard to the global assessment report of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) of 25 November 2019 on biodiversity and ecosystem services, and its latest nexus and transformative change assessment reports,

     having regard to the United Nations Environment Programme (UNEP) report of 18 February 2021 entitled ‘Making Peace with Nature: a scientific blueprint to tackle the climate, biodiversity and pollution emergencies’,

     having regard to the UN Department of Economic and Social Affairs’ publication of January 2022 entitled ‘SDG Good Practices: A compilation of success stories and lessons learned in SDG implementation – Second Edition’,

     having regard to the Organisation for Economic Co-operation and Development (OECD) report of 10 November 2022 entitled ‘Global Outlook on Financing for Sustainable Development 2023: No Sustainability Without Equity’,

     having regard to the Human Development Report 2023/24 entitled ‘Breaking the Gridlock: Reimagining cooperation in a polarized world’,

     having regard to the report of the UN Inter-agency Task Force on Financing for Development of April 2024, entitled ‘Financing for Sustainable Development Report 2024: Financing for Development at a Crossroads’,

     having regard to the initiative by the UN Secretary-General ‘SDG Stimulus to Deliver Agenda 2030’ of February 2023,

     having regard to the Bridgetown Initiative launched on 23 September 2022,

     having regard to the One Health Initiative of the World Health Organization (WHO) and the One Health Joint Action Plan (2022-2026) of the WHO, the UN Food and Agriculture Organization (FAO), the World Organisation for Animal Health, and the UNEP,

     having regard to the WHO’s 2024 progress report on the Global Action Plan for Healthy Lives and Well-being for All,

     having regard to the Spotlight Initiative to eliminate violence against women and girls,

     having regard to the FAO’s Voluntary Guidelines for Securing Sustainable Small-Scale Fisheries in the Context of Food Security and Poverty Eradication,

     having regard to the Summit for a New Global Financial Pact which took place in Paris in June 2023,

     having regard to the 2023 SDG Summit which took place in September 2023, during the United Nations General Assembly high-level week,

     having regard to the Summit of the Future which took place on 22 and 23 September 2024 in New York, its outcome, the Pact for the Future, which pledges 56 actions to accelerate and finance sustainable development, and its two annexes, the Global Digital Compact and the Declaration on Future Generations,

     having regard to the 4th International Conference on Financing for Development that will take place in Seville, Spain, from 30 June to 3 July 2025,

     having regard to the Sustainable Development Solutions Network report of January 2025 entitled ‘Europe Sustainable Development Report 2025: SDG Priorities for the New EU Leadership’,

     having regard to the ‘SDG Acceleration Actions’ online database,

     having regard to the existing national and regional initiatives that encourage the fulfilment of the Sustainable Development Goals,

     having regard to Rule 55 of its Rules of Procedure,

     having regard to the joint deliberations of the Committee on Development and the Committee on the Environment, Climate and Food Safety under Rule 59 of the Rules of Procedure,

     having regard to the report of the Committee on Development and the Committee on the Environment, Climate and Food Safety (A10-0125/2025),

    A. whereas the 2030 Agenda and the 17 integrated SDGs, including their 169 targets and 247 indicators, represent the only globally shared and politically agreed framework for evidence-based policies to address common challenges and achieve sustainable development in its three dimensions – economic, social and environmental – in a balanced and integrated manner;

    B. whereas UN member states have committed to achieving the SDGs by 2030; whereas only 17 % of SDG targets are on track, nearly half are showing minimal or moderate progress, and progress on over a third has stalled or even regressed below 2015 baseline levels; whereas the important steps already made in crucial fields highlight the need for urgent action to reverse this alarming trend and should act as an incentive to implement the SDGs in full;

    C. whereas the implementation of the 2030 Agenda implies that economic development goes hand in hand with social justice, good governance and respect for human rights; whereas the consequences of the COVID-19 pandemic, the new geopolitical landscape, escalating conflicts, geopolitical tensions, the transgression of planetary boundaries, increasing dependencies on raw materials and critical minerals, the negative effects of climate change and biodiversity loss, and multiple crises in various areas are severely affecting progress towards the achievement of the SDGs;

    D. whereas the number of additional people in extreme poverty in the world’s poorest countries is estimated to reach 175 million by 2030, including 89 million women and girls[16]; whereas people with disabilities are more vulnerable to poverty due to reduced employment and education opportunities, lower wages and higher living costs; whereas further collective action is urgently needed to respond to poverty;

    E. whereas the SDGs, being universal and indivisible, are applicable to all actors, including civil society and social partners, and to both the public and private sectors; whereas these actors should be systematically involved in devising and implementing policies related to the SDGs; whereas the commitment of the private sector to the SDGs offers the possibility of increasing the scale of development actions and their sustainability by creating jobs, stimulating economic growth and eliminating poverty;

    F. whereas the EU has underlined its unequivocal commitment to the 2030 Agenda and its SDGs; whereas progress towards achieving SDG targets is uneven across European countries and many dimensions of sustainable development have not shown significant progress in the past decade, with increasing levels of poverty and an increasing level of inequality between and within countries being a threat to sustainable development; whereas the latest progress monitoring report of the 8th Environment Action Programme shows that for a majority of the indicators the EU is not on track to meet the targets[17]; whereas the Commission has acknowledged that more progress is needed on many SDGs at EU level, and that accelerating the SDGs’ implementation is more urgent than ever, with a particular focus on vulnerable people;

    G. whereas the Commission has not yet devised an overarching strategy for the implementation of the 2030 Agenda at EU level or a financing plan for the SDGs; whereas Commission has committed to taking a ‘whole-of-government’ approach to SDG implementation and its work programme should foster the realisation of the 2030 Agenda; whereas the EU should set a good example for ensuring the prosperity for present and future generations globally;

    H. whereas the 2025 High-Level Political Forum (HLPF) will be convened from 14 to 23 July 2025 under the auspices of the Economic and Social Council; whereas the 2025 HLPF will focus on advancing sustainable, inclusive, science- and evidence-based solutions for the 2030 Agenda and its SDGs, aiming to leave no one behind; whereas it will conduct in-depth reviews of SDG 3 (Ensure healthy lives and promote well-being for all at all ages), SDG 5 (Achieve gender equality and empower all women and girls), SDG 8 (Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all), SDG 14 (Conserve and sustainably use the oceans, seas and marine resources); and SDG 17 (Revitalize the global partnership for sustainable development);

    I. whereas health is an indispensable foundation for peoples’ well-being; whereas health is a state of complete physical, mental and social well-being and not merely the absence of disease or infirmity[18]; whereas the COVID-19 pandemic alone has eliminated a decade of progress in global levels of life expectancy[19]; whereas non-communicable diseases (NCDs), including cardiovascular disease, cancer, diabetes, dementia and chronic respiratory disease, are the world’s leading causes of death; whereas road safety is also a cause for concern;

    J. whereas air pollution constitutes a major factor for non-communicable diseases and is responsible for almost 7 million deaths globally, with more than nine out of ten deaths occurring in lower- and middle-income countries; whereas at EU level, air pollution remains the largest environmental health risk, despite the progress made, causing hundreds of thousands of premature deaths every year;

    K. whereas gender equality is crucial for fair, inclusive and sustainable development; whereas, despite some steps forward, significant inequalities continue to persist; whereas reinforcing women’s rights, empowering women and girls, challenging biased social norms, eliminating harmful practices and tackling discrimination are necessary to promote SDG 5;

    L. whereas protection of labour rights is declining and income inequality is rising; whereas the global jobs gap reached 402 million in 2024, while extreme forms of working poverty affect 240 million workers globally[20]; whereas women and young people experience higher unemployment rates; whereas more than one in five young people are not in education, employment or training[21];

    M. whereas the ocean covers more than 70 % of the surface of our planet and constitutes its largest ecosystem; whereas the ocean plays a critical role as a climate regulator, enables economic activity and provides livelihoods for more than 3 billion people; whereas the ocean constitutes the world’s greatest ally against climate change as it generates 50 % of the world’s oxygen, absorbs 25 % of all carbon dioxide emissions and captures 90 % of the excess heat generated by these emissions but its absorption capacity is decreasing; whereas 40 % of the ocean is heavily affected by pollution, depletion of fisheries, loss of coastal habitats and other human activities; whereas the UN Secretary-General declared an ‘ocean emergency’ during the 2022 UN Ocean Conference; whereas an inclusive ocean governance should, among others, be human-rights-based and socially equitable, and enhance gender equality;

    N. whereas there is currently a USD 4 trillion annual investment gap to achieve the SDGs; whereas foreign direct investment flows to developing countries have decreased while gains in remittances and official development assistance (ODA) have been modest[22];

    O. whereas the lack of financing is a major barrier in achieving gender equality outcomes; whereas gender equality is fundamental to delivering on the promises of sustainability, prosperity, social justice, peace and human progress; whereas meaningful and sustained financial commitments and strengthen budgeting processes are fundamental to support the implementation of legislation, policies and gender responsive services to advance gender equality across all SDG 5 targets[23];

    P. whereas, after a decade of rapid debt accumulation, the debt levels of low-, middle- and high-income countries remain at unprecedentedly high levels, limiting their capacity to invest in achieving the SDGs and in efficiently tackling climate challenges; whereas about 60 % of low-income countries are at high risk of or are already experiencing debt distress[24]; whereas the existing fiscal space in heavily indebted developing countries is further reduced by external shocks, such as natural disasters, different aspects of debt management, higher borrowing costs and the absence of a conducive international environment for domestic resource mobilisation;

    Q. whereas illicit financial flows, tax base erosion, profit shifting and corruption have led to a global decline in revenues and represent another important obstacle to sustainable development; whereas further international tax cooperation and rules are needed to address these challenges;

    R. whereas the EU and its Member States constitute the largest donor for developing countries, providing approximately 42 % of the total ODA; whereas the EU has set the target of collectively providing ODA equivalent to 0.7 % of its gross national income (GNI); whereas the collective ODA of the EU stood at 0.57 % of GNI in 2023 with only four Member States meeting the agreed target and several others making historic cuts to their ODA; whereas in order to reach the agreed target, the EU budget for ODA should amount to an estimated minimum of EUR 200 billion over the next multiannual financial framework; whereas the Global Gateway is a strategic instrument and has the potential to advance a range of interconnected SDGs, notably through international partnerships and investments in transport, energy, digital infrastructure, health and education;

    S. whereas the EU’s political commitment to policy coherence for development was reaffirmed in the 2017 New European Consensus on Development, which identified policy coherence for development as a ‘crucial element of the EU strategy to achieve the SDGs and an important contribution to the broader objective of policy coherence for sustainable development (PCSD)’; whereas PCSD is an approach that integrates the economic, social and environmental dimensions of sustainable development at all stages of domestic and international policymaking;

    T. whereas the new US administration has taken a number of deeply worrisome and damaging decisions in the field of international development and humanitarian aid, most significantly the suspension of 83 % of funding for programmes of the US Agency for International Development (USAID); whereas it is estimated that USD 54 billion in foreign aid contracts are affected; whereas the suspension of USAID funding and global aid cuts by several Member States will have long-term implications for the world’s development agenda and the achievement of the SDGs;

    State of play

    1. Reaffirms its strong and unwavering commitment to ensuring the full and prompt implementation and delivery of all the SDGs, their targets and the 2030 Agenda as a whole, especially in the light of the deteriorating geopolitical, social, economic and environmental landscape; reaffirms its strong commitment to the Pact for the Future, which is a crucial step towards revitalising the UN and achieving the SDGs;

    2. Regrets that the global community is severely off track with regard to realising the 2030 Agenda and achieving SDG targets; recognises the interconnectedness and interdependence of the 17 SDGs and acknowledges that the achievement of the 2030 Agenda and beyond will require broad and accelerated action across all SDGs; underlines that the scarring effects of the COVID-19 pandemic, escalating conflicts, geopolitical tensions, social, health and humanitarian emergencies and the accelerating negative effects of climate change constitute significant obstacles for the achievement of the SDG targets and that more efforts by all actors are needed to match real needs;

    3. Recognises that the delay in achieving the SDGs is aggravated by the significant progress gap among different groups of countries, particularly in the poorest and most vulnerable countries and regions; highlights that the current unequal progress is being exacerbated by the suspension of USAID funding and by cuts to global aid budgets by EU Member States and other OECD countries; stresses the need to maintain a strong focus on development cooperation in order to place the world on course to achieve the SDGs;

    4. Underlines that relevant policies for achieving the SDGs in low- and middle-income countries are to a large extent reduced by high debt levels and high debt service burdens; points also to the limitations of the global financial architecture and insufficient international support; stresses that these countries urgently require more financial resources and fiscal space to facilitate far greater investment in the SDGs; emphasises the need for global cooperation to reform the global financial architecture, especially in view of the 4th International Conference on Financing for Development held in Seville from 30 June to 3 July 2025;

    5. Stresses the urgent need for international cooperation and decisive transformative action to place our societies and economies firmly on course to achieve the SDGs and address the triple planetary crisis of climate change, biodiversity loss and pollution; highlights that the SDGs should be achieved in a just way and with respect for planetary boundaries; emphasises that social sustainability, including reducing global inequalities, ensuring access to essential services and promoting social inclusion, should be mainstreamed across all SDG implementation efforts;

    6. Welcomes, as a first step, the latest version of the Bridgetown Initiative in terms of climate action, which calls for the mobilisation of an additional USD 500 billion per year for climate change mitigation and adaptation in developing countries; recalls, however, that it still falls short of what is required; urges the EU and its Member States, accordingly, to work towards providing an additional USD 1.3 trillion per year for climate change mitigation and adaptation as well as loss and damage, through public concessional and non-debt creating instruments, in line with the Baku to Belem Roadmap agreed at COP 29;

    7. Reiterates that international cooperation is a fundamental condition for the world to make progress on the SDGs by 2030 and beyond and that such cooperation should prioritise strengthening the resilience, stability and autonomy of partner countries, especially in Africa, by promoting opportunities for economic and human development and refocusing on key priorities such as nutrition, healthcare and education; highlights that, despite the difficulties posed by the current geopolitical situation, special attention should be given to regions and communities that are furthest off-track, to ensure that no one is left behind; warns that the consequences of inaction or further delay would primarily be borne by the most vulnerable but would also detrimentally affect the world as a whole;

    8. Underlines the importance of uninterrupted access to high-quality climate and environmental data and the fulfilment of international reporting obligations for science- and evidence-based policymaking; notes with concern that recent geopolitical developments highlight vulnerabilities in the global climate infrastructure; highlights, moreover, the need for stronger collaboration between EU and global institutions, the IPCC and the UN to ensure that both EU and global policies remain grounded in the latest climate science;

    9. Recognises the importance of country-led sustainable development strategies for the implementation of the SDGs; acknowledges that sustainable development approaches should be tailored to specific local contexts; highlights, in this regard, the significant role of local and regional authorities in defining, implementing and monitoring local actions and strategies that contribute to the global achievement of the SDGs; stresses, moreover, that the effective implementation of the SDGs requires the involvement of a wide range of stakeholders, stronger social and institutional partnerships, public and private investment, cooperation and shared responsibility between public actors, greater involvement of the people, adequate education and broader interaction between the public and private sectors, science and civil society;

    10. Highlights that EU leadership in the global implementation of the SDGs remains crucial, especially in the light of multiple geopolitical challenges and ongoing crises; emphasises that the EU and its Member States should assume a stronger leadership role in coordinating global efforts to reverse stagnation or regression, and to facilitate and accelerate the achievement of the SDGs, while remaining a reliable partner for effective and sustainable aid; stresses the important role of the European Green Deal in implementing and achieving the SDGs;

    11. Highlights the need to mobilise adequate financial resources towards SDG-relevant transformations and to promote policy coherence and inclusiveness at all levels of governance, prioritising the inclusion of the SDGs in policymaking and Commission impact assessments;

    12. Calls on the EU institutions to live up to their long-standing commitments to apply gender mainstreaming and an intersectional perspective to all EU policies and funding; regrets that countries still lack 44 % of data needed to track SGD 5 and that over 80 % of countries are missing data on at least one SDG 5 target[25]; therefore, stresses the need to strengthen national statistical offices, and improve their global coordination and cooperation to ensure informed policymaking and close the remaining gender data gaps;

    13. Highlights the significant role of the UN and the annual HLPF for the monitoring and review of the implementation of the 2030 Agenda and the SDGs; believes that the 2025 HLPF should be used as an opportunity to provide high-level political guidance and new impetus to intensified efforts and accelerated action to achieve the SDGs by 2030;

    SDGs under in-depth review at the 2025 HLPF

    SDG 3. Ensure healthy lives and promote well-being for all at all ages

    14. Regrets the marginal or moderate progress in most SDG 3 targets and the slowing pace since 2015 in multiple key areas; notes with concern that less than 10 % of SDG 3 targets are on track and less than one third are likely to be met by 2030; is highly concerned that the EU has also experienced setbacks in about half of the indicators analysed by Eurostat for its June 2024 report

    15. Is alarmed that progress towards universal health coverage has slowed, leaving almost half of the world’s population without access to essential health services; is highly concerned that the lack of health coverage exposes 2 billion people to financial hardship from healthcare costs[26];

    16. Underlines that healthcare systems are experiencing increased strains due to the ageing global population, low-quality healthcare infrastructure and the global shortage of healthcare workers and recalls that progressing towards universal health coverage requires addressing these challenges; underlines the significant disparities around the globe regarding the adequate number of healthcare workers, with low-income countries experiencing the lowest density and distribution; notes that an additional 1.8 million healthcare workers are needed in 54 countries, mostly high-income ones, just to maintain their current age-standardised density[27]; highlights the vulnerability of healthcare workers confronted with increased workloads, burnout and mental health issues; recommends targeted support, training, and protective measures to safeguard frontline professionals and strengthen emergency health response capacity;

    17. Stresses that multiple and interlocking crises, the negative impact of climate change and biodiversity loss on health, economic instability, poverty, persistent inequalities, especially among vulnerable populations and regions, and increasingly constrained resources, despite the increasing demands on health services, threaten to worsen the health crisis, undermine global health security and further derail progress towards SDG 3 targets;

    18. Regrets the devastating effect of the COVID-19 pandemic on global health and on progress towards SDG 3 targets; stresses that the COVID-19 pandemic has revealed extensive long-lasting weaknesses in healthcare systems and has highlighted the importance of increasing crisis preparedness, crisis response capacity and healthcare systems resilience; stresses that health threats know no borders and that a local health emergency can quickly escalate into a global pandemic, necessitating a coordinated global response and strengthened international cooperation through robust multilateral health institutions, in particular the WHO;

    19. Deeply regrets the US decision to withdraw from the WHO and the dismantling of health programmes under USAID; underlines that this decision will have a severe effect on people’s lives and access to health services globally, exposing and exacerbating weaknesses in global health systems, increasing healthcare disparities and straining resources with long-term consequences for global health security and resilience; stresses that this withdrawal will significantly hinder progress towards achieving SDG 3 by reducing capacities for monitoring health threats, as well as international coordination, resources and leadership in addressing health crises and promoting equitable access to health for all; calls on the US to reconsider its decision to withdraw from the WHO;

    20. Recognises that efforts to combat communicable diseases such as HIV-AIDS, tuberculosis, malaria and neglected tropical diseases have led to significant progress in the past decades; is concerned, however, about the increased numbers of cases of malaria and tuberculosis and about the fact that, despite the achievements, inequalities continue to persist and threats continue to emerge, leaving many populations vulnerable and weakening global efforts; deeply regrets that the disruption of HIV-AIDS programmes could undo 20 years of progress, which could lead to over 10 million additional HIV-AIDS cases and 3 million deaths[28]; calls for more effective implementation of policies and programmes to further reduce transmission rates and improve access to treatment and prevention, particularly in less developed countries;

    21. Notes that neglected tropical diseases continue to affect billions of people, with many countries lacking adequate access to treatment, which highlights the urgent need to strengthen the prevention, preparation and response capacities of the EU and its partners, particularly in the Global South, to ensure that the benefits of global efforts reach everyone; calls for incentives to promote research and development on medicines targeting tropical diseases; calls for the EU to take proactive measures to encourage innovation and accelerate drug availability;

    22. Notes with concern that, despite the improvement in skilled birth attendance and the decrease in global neonatal mortality and under-five mortality rates, the global maternal mortality rate remains almost unchanged since 2015; points to the significant divergences between low-income and high-income countries and the grim situation in high and very high alert fragile countries; calls for decisive action across Member States and as part of the EU’s external policies to make substantial progress towards the 2030 goal to reduce maternal mortality, ensure universal access to sexual and reproductive healthcare services, including access to quality maternal healthcare services, skilled birth attendance, emergency obstetric care, comprehensive antenatal and postnatal services, family planning and legal abortions;

    23. Highlights that improvements in reducing adolescent birth rates and in access to modern contraceptive methods do not benefit all women and girls equally; points to the persisting social, economic and regional inequalities hindering the broadening of positive trends; calls for the EU to ensure, as a priority, access to safe and effective contraception methods and to legal abortion services across Member States and to contribute to the same through its external policies; reiterates its call for the right to safe and legal abortion to be included in the EU Charter of Fundamental Rights;

    24. Recalls that the full realisation of sexual and reproductive health and rights (SRHR) and upholding women’s and girls’ bodily autonomy is critical to achieving gender equality; highlights that SRHR are an integral part of the universal health coverage and are critical to achieving SDG 3, particularly target 3.7; calls on the Commission to ensure that SRHR are included in EU initiatives and programmes on universal health coverage;

    25. Regrets that progress towards the nine global voluntary targets agreed to in the NCD Global Monitoring Framework is slow and uneven; stresses that without increased uptake of these effective interventions, half of all countries will miss the 2030 SDG target to reduce NCD-related premature mortality by one third; calls, therefore, for strengthened, coordinated, and multi-sectoral actions to prevent and control NCDs to reduce suffering and prevent premature mortality; calls, moreover, for the implementation of the WHO’s ‘best buys’ policies to be prioritised, to address the primary risk factors of NCDs, including tobacco use, unhealthy diets, harmful use of alcohol, drug use and physical inactivity; calls, in addition, for the full implementation of the WHO Framework Convention on Tobacco Control in all signatory countries;

    26. Calls on the Commission to fully align EU air quality standards with the WHO guidelines in line with the Ambient Air Quality Directive[29]; recalls that sustainable cities and communities, and in particular tackling air pollution levels in urban areas, are key to promoting health and well-being, since over half of the world’s population currently resides in cities;

    27. Calls for enhanced, coordinated and holistic action, multiannual and tailor-made planning and substantial investment to achieve universal health coverage; stresses the need to strengthen health systems and the healthcare workforce, ensure equitable access to quality healthcare services and safe, effective and affordable medicines and vaccines, promote disease prevention and treatment, develop innovative solutions, and build inclusive and resilient health systems; calls also for action to tackle aggravating environmental factors, reduce the number of illnesses and deaths from hazardous chemicals and pollution, reduce the risks from emerging and re-emerging zoonotic epidemics and pandemics, and combat antimicrobial resistance; underlines the need to support social and solidarity healthcare organisations and address social determinants of health and disparities in access to quality care and services, including sexual and reproductive health services, especially for vulnerable populations such as women and girls with disabilities, with particular attention to directly affected regions and rural and remote communities;

    28. Stresses the need for horizontal programming in health policy and for investment in preparedness against health threats and in resilient public health systems; calls for increased investment in research and development on vaccines and medicines for the communicable and non- communicable diseases that primarily affect developing countries with a view to providing access to affordable essential medicines and vaccines; regrets that in 2022, 20.5 million children missed out on life-saving vaccines[30]; notes that access to vaccines must be equitable for an effective global response; calls for the use of initiatives such as the Global Gateway to facilitate investment for the local production of medicines and medical technologies and to prevent future health emergencies by strengthening capacities around the world;

    29. Reaffirms its commitment to the One Health approach; considers that applying the One Health approach is key to achieving progress on SDG 3; underlines, moreover, the need for the Commission and the Member States to fully implement the EU global health strategy, monitoring its implementation and regularly reporting to Parliament on the achievement of its objectives;

    30. Recalls that access to affordable and quality medicines depends also on technology and knowledge transfer; underlines, therefore, the flexibilities in the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), confirmed by the Doha Declaration, as legitimate policy measures that governments can use to protect and promote public health by putting limits and safeguards on the enforcement of intellectual property rights; urges the EU to ensure that trade agreements with developing countries are fully supportive of this objective;

    31. Underlines that environmental risks account for a quarter of the disease burden worldwide[31]; recalls that, in line with the One Health approach, human and animal health depend on planetary health and that a healthy environment is a universal human right and a fundamental pillar of sustainable development and human well-being; welcomes the wide support at the UN General Assembly for the recognition of the right to a clean, healthy and sustainable environment as a universal human right[32] and calls for its effective protection at EU level; stresses the need to ban the most hazardous chemicals, including banning endocrine disruptors, and to phase out the PFAS forever chemicals, allowing their use only where essential for critical sectors, such as medical devices, pharmaceuticals and products necessary for the twin transition to a climate neutral and digital economy; stresses the need to also ban exports of chemical pesticides that are banned in the EU to third countries;

    32. Highlights the rising health risks due to the climate crisis, including increased incidences of heat-related illnesses, respiratory and cardiovascular diseases, and the spread of vector- and water-borne diseases; calls for dedicated efforts to protect vulnerable populations, including older persons, children, people with pre-existing conditions, persons with disabilities, and low-income communities, which face disproportionate climate-related health risks; urges for the implementation of localised heat action plans and the provision of accessible shelters and targeted outreach during extreme weather events;

    33. Stresses, moreover, that extreme weather events are disrupting healthcare infrastructure, energy supply, and supply chains, thereby compromising access to critical medical care and treatment; underscores the need to invest in climate-resilient healthcare systems, including disaster-proof infrastructure, renewable energy sources in medical facilities, and robust water and sanitation systems; calls for the integration of early warning systems, mobile health units, and decentralised community-based healthcare models to ensure continuity of care in climate emergencies; calls on the Commission and the Member States to integrate climate resilience into all public health policies and national health strategies; encourages the use of SDG-aligned indicators to monitor the health impacts of climate change and to guide EU and national-level adaptation strategies;

    SDG 5. Achieve gender equality and empower all women and girls

    34. Expresses grave concern about the slow progress towards gender equality, with a majority of the indicators being off track, risking further backsliding on gender equality and women’s rights, including actions that shrink the civic space for women rights defenders; considers that development aid cuts are already having a negative impact on women’s empowerment and gender equality; reaffirms gender equality as both a distinct goal and a catalyst for the advancement of the other SDG goals; calls for strong EU leadership internationally in the promotion of gender equality and women’s rights through policy and financial assistance;

    35. Calls for accelerated, targeted action to end all forms of violence and harassment against women and girls, including sexual and gender-based violence and technology-facilitated gender-based violence, and to end harmful practices such as child, early and forced marriage, so-called ‘honour’ based violence, sterilisation and female genital mutilation; recalls that over 230 million girls and women have undergone female genital mutilation[33] and deplores the fact that new estimates show an increase of 30 million cases compared to 2016[34]; remains gravely concerned about the high worldwide rates of maternal mortality, in particular in low and middle-income countries; stresses that rape remains one of the most widespread human rights violations and calls for the establishment of a common definition of rape on the basis of lack of consent; stresses that the objectives of SDG 5 must also play an important role in the EU’s relations with other countries;

    36. Stresses that women are disproportionately affected by climate change, particularly in least developed countries and rural areas; underlines that this disproportionate impact poses unique threats to their livelihoods, health and safety, including increased food and water insecurity, heightened exposure to gender-based violence in the context of climate-related displacement and migration, and greater economic instability owing to a reliance on climate-sensitive sectors; stresses that four out of five of those displaced due to the climate crisis are women and girls[35]; calls for climate action plans to include support for women and for women’s participation in climate decision-making at all levels; calls for strengthened healthcare systems to address climate-related diseases affecting women and for the promotion of education on climate adaptation; calls on the Commission and the Member States to integrate climate resilience into all public health policies and national health strategies; encourages the use of SDG-aligned indicators to monitor the health impacts of climate change and to guide EU and national-level adaptation strategies and looks forward to the new gender action plan under the UNFCCC; calls on the Commission and the Member States to provide leadership for the adoption of a new ambitious and effective gender action plan at COP30;

    37. Regrets that women’s sexual and reproductive rights remain limited globally, and stresses the importance of addressing the barriers that hinder women’s ability to make decisions about contraception, healthcare access and sexual consent, recognising that socio-economic factors, education and geographical location significantly influence women’s ability to exercise these rights; recalls the EU’s commitment to the promotion, protection and fulfilment of the right of every individual to have full control over and decide freely and responsibly on matters related to their sexuality and sexual and reproductive rights, free from discrimination, coercion and violence; warns that targets set by SDG 5 will not be achieved if universal access to sexual and reproductive health and reproductive rights is not guaranteed in the EU and globally and calls on the EU to prioritise this question in policy and funding, and enshrine the right to legal and safe abortion in the EU Charter of Fundamental Rights; reiterates that all women must have access to sexual and reproductive healthcare services, including for family planning, information and education, and calls for the integration of reproductive health into national strategies and programmes; calls for increased investment in these areas to ensure access to comprehensive and non-discriminatory services;

    38. Calls for the continuation of funding for programmes focusing on promoting women’s rights, empowerment and autonomy and fighting against all forms of gender-based violence; calls on the Commission to ensure that 85 % of all new external actions incorporate gender as a significant or principal objective and that 20 % of ODA in each country is allocated to programmes with gender equality as one of their principal objectives; calls, furthermore, on the Commission to ensure the systematic implementation of rigorous gender analyses, gender disaggregated data collection, gender-responsive budgeting and gender impact assessments;

    39. Regrets that assistance from OECD Development Assistance Committee donors for gender equality dropped in 2022, marking the first decline after a decade of growth[36]; notes that only 4 % of allocable ODA focused on gender equality as its principal objective[37]; stresses the need to mobilise new resources to resume progress towards gender equality; regrets that since the launch of the GAP III only 3.8 % of all gender-responsive/targeted actions have gender equality as a principal objective, falling behind the 5 % target outlined in the NDICI Regulation[38]; calls on the Member States and the Commission to substantially increase the number of the EU’s actions having the promotion of gender equality as a principal objective; calls for the EU to increase its funding of multilateral funds for gender equality, such as UN Women, and for sexual and reproductive health, such as the UN Population Fund and the Global Fund to fight AIDS Tuberculosis and Malaria;

    40. Recalls that women in general perform most unpaid domestic and care work, which imposes a disproportionate burden on lower-income households, contributing to poverty, inequality and precarious living conditions and reducing the labour market participation of women; calls for stronger promotion of the right of every woman to balance her professional and private life based on joint responsibility and working conditions that facilitate the reconciliation of private, family and working lives; calls for accelerated efforts to close the gender pay and pension gaps, including in the care economy, as well as to tackle horizontal and vertical labour market segregation; calls, moreover, for efforts to ensure women’s full, equal and meaningful participation and leadership in decision-making roles and opportunities in the public and private sectors, including in all aspects of peace and security; calls for further promotion of women’s participation in science, technology, engineering and mathematics;

    41. Recognises the urgent need to respond to negative trends hampering progress in gender equality in the EU, including gender-based violence, and to prevalent sexist political discourse; welcomes, in this regard, the Commission’s Roadmap for Women’s Rights as a compass for future EU action in the area both inside and outside the Union and in shaping the new gender equality strategy from 2026; stresses that this roadmap should foster the implementation of legislative and non-legislative measures for greater progress and accountability on SDG 5 and calls for stronger Member States involvement; urges a comprehensive approach addressing sexual and reproductive services, intersectional discrimination and the protection of vulnerable women;

    42. Deplores the increasing unjustified attacks against civil society organisations, particularly women’s rights organisations, both in the EU and worldwide; stresses the need for the establishment of a protection mechanism for human rights defenders in the EU, with particular attention paid to women, LGBTIQ+ people and SRHR human rights defenders; calls for the full implementation of gender equality policies (gender action plan, gender equality strategy), including in their SRHR components, and insists that this implementation must be backed up with adequate funding, including for women’s rights and SRHR organisations, and information about family planning, affordable contraception, free, safe and legal abortion, and maternal healthcare; stresses that women’s rights organisations continue to be systematically underfunded, receiving less than 1 % of global ODA;

    43. Recognises that, despite progress, 122 million girls worldwide remain out of school[39]; emphasises that equal access to education is fundamental for sustainable development, poverty reduction, and economic prosperity, as it empowers women and girls to participate fully in society; calls for the integration of gender-responsive strategies in education policies to address these inequalities; calls on Member States to ensure the provision of education in primary and secondary schools,  focused on fighting gender-based violence and gender stereotyping; underlines that investing in girls’ education yields great returns for generations to come, directly contributing to the realisation of their fundamental rights and protecting them against all forms of violence, and also contributing to better well-being for whole societies;

    44. Recognises the disproportionate vulnerability of women and girls in conflict and humanitarian crises, including the increased risk they face of sexual and gender-based violence, displacement, and disruption of essential services; reaffirms the vital role of women and girls in peacebuilding, conflict resolution and post-conflict reconstruction, emphasising their essential participation in peace negotiations and decision-making processes, as outlined in the women, peace and security agenda;

    45. Calls for stronger policies and actions that promote access to land, credit, entrepreneurship and education, as well as employment and health, especially for women and girls in circumstances of vulnerability, women with disabilities, pregnant women and women in rural areas;

    46. Takes note of the lessons learned listed in the 2024 join report entitled ‘Are we getting there? A synthesis of the UN system evaluations of SDG 5’, including the importance of effectively engaging men and boys in programmes and initiatives on issues that educate and assist them in the behavioural change that is needed if the targets are to be met, and the more sustained and comprehensive prioritisation of the targets in humanitarian settings;

    47. Regrets the regression of LGBTIQ+ rights and the transphobia that threatens gender equality; denounces the fact that, between 2021 and 2022, just three anti-LGBTIQ+ organisations reported USD 1 billion in income, while 8 000 global LGBTIQ+ grantees received USD 905 million between them[40]; warns of the worrying increase in anti-gender financing that aims to counteract the progressive achievements of women’s and LGBTIQ+ rights of the past decades;

    48. Calls for the EU to ban conversion centres in the Member States and to do anything possible to prevent this practice everywhere;

    SDG 8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all

    49. Is alarmed that SDG 8 targets face the highest rates of stagnation or regression among the SDGs under in-depth review at the 2025 HLPF;

    50. Expresses concern about the decrease over the past decade in labour rights, freedom of association and collective bargaining rights, highlighting its adverse impact on social justice and efforts to promote productive employment and decent work for everyone; regrets that one fifth of the world’s population lives in countries with high levels of inequality[41]; affirms the need to strengthen social measures to address inequalities in line with the leave no one behind principle, taking into account the social consequences of inflation, rising budget pressures, geopolitical tensions and risks posed by climate change and extreme weather events to the health and safety of workers; stresses the importance of a just transition for the decarbonisation of the economy, to ensure that the transition is as fair and inclusive as possible for all concerned;

    51. Calls for stronger policies and bold actions to promote inclusive and sustainable economic development; urges the EU and global partners to use instruments such as the Global Gateway to leverage multiple sources of funding, including private sector investments, respect social and environmental standards and promote the creation of decent jobs that will reduce income inequality and ensure that no one is left behind; recognises the role of private finance in bridging the financing gap to achieve the SDGs; highlights, however, the need for public investments in critical services such as healthcare, education and social protection;

    52. Underlines the need to address territorial and housing inequalities by supporting access to affordable, adequate and energy-efficient housing, especially in disadvantaged urban and rural areas; calls for increased investment in integrated community development, social infrastructure and basic services to promote social cohesion and economic inclusion; encourages support for local and regional authorities in implementing sustainable, inclusive and resilient development strategies that link climate, health, housing, mobility and social inclusion;

    53. Expresses concern that economic growth in many developing countries remains slow and uneven, often hindered by structural weaknesses, economic inequalities, political instability, external shocks and the growing impact of climate change; emphasises that local initiatives addressing unique community needs play a vital role in fostering equitable economic growth; underscores that regional cooperation on economic corridors enhances trade, investment, sustainable industrialisation, and economic diversification;

    54. Recommends increased public and private investment in research, sustainable business practices, the green and digital transition, quality education and skills development, including reskilling and upskilling, as well as aligning them with market demands, and supporting small and medium-sized enterprises and start-ups to support access to finance and foster investment and innovation; reiterates the need for a special focus on the promotion of women’s economic empowerment and on ensuring equitable access to business opportunities; calls for inclusive policies for persons with disabilities in the workplace;

    55. Reiterates the importance of policies that support youth employment, education and vocational training; stresses the significance of the expanding young population in the Global South for sustainable development; insists on the importance of creating stronger links between education, skills development and employment, to allow access to decent work in the rapidly changing labour market;

    56. Emphasises that initiatives aimed at stimulating economic growth should go hand in hand with social justice, gender equality, labour rights and environmental protection; calls for the EU to constructively engage with and work towards the adoption of the UN Treaty on Business and Human Rights;

    57. Regrets that more than half of the global workforce finds itself in informal employment[42], thus posing a significant barrier to social justice and inclusive growth; expresses deep concern that in the least developed countries, in sub-Saharan Africa and in Central and Southern Asia, almost nine out of ten workers are still employed informally[43];

    58. Notes that while gross domestic product remains an important indicator of economic performance, additional metrics reflecting social and environmental dimensions should be taken into account in order to achieve a more balanced and informed approach to economic policymaking;

    59. Calls for further measures to eradicate forced labour and human trafficking, and to put an end to any form of child labour, including the recruitment and use of child soldiers;

    SDG 14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development

    60. Stresses the alarming trends of marine pollution, coastal eutrophication, ocean acidification, rising temperatures, overfishing, declining marine biodiversity, habitat destruction, unsustainable industrial practices, underwater noise and inland water contamination, which individually and cumulatively threaten marine ecosystems and coastal communities, especially in developing countries and vulnerable regions, and hinder the achievement of SDG 14 targets;

    61. Regrets the lack of actual progress towards meeting SDG 14 targets and, in some cases, their worsening outlook, notably owing to the lack of effective measures alongside increasing economic pressures; is alarmed that none of the SDG 14 targets for 2020 were met; considers that the marginal or moderate progress and the high levels of stagnation and regression mean that global action is far from the speed and scale required to meet SDG14 targets on time; recalls that equity in both benefits and cost-sharing is essential for the implementation of SDG 14;

    62. Notes that SDG 14 remains among the least financed SDGs and that the current funding gap is estimated at about USD 150 billion per year; underlines that the 2025 UN Ocean Conference should provide new impetus in eliminating the existing funding gap and creating a stable and enabling environment for the mobilisation of increased funding for the achievement of the SDG 14 targets; calls on the EU and its Member States to step up their financial contribution to protecting and restoring marine ecosystems; calls on the Commission to allocate dedicated funds to the European Ocean Pact for the protection of the ocean and the just transition to a sustainable blue economy benefitting coastal communities, economic growth and society as a whole;

    63. Highlights the need to protect the ocean as a unified entity and use it sustainably; calls for a holistic approach that integrates environmental protection and restoration, prosperity, social equity, sustainability and competitiveness, and for a comprehensive framework serving as a single reference point for all ocean-related policies; expects the upcoming European Ocean Pact to set an international example by providing such a holistic approach to all ocean-related policies and coherence across all policy areas linked to the ocean;

    64. Believes that binding global measures and an ecosystem-based approach are urgently needed to address shortcomings, accelerate action and ensure the long-term health of the ocean, also and especially under changing climate conditions; stresses that such measures should ensure the protection of human rights and our marine ecosystems; considers it particularly necessary to support the just transition to sustainable fisheries, combat illegal, unreported and unregulated fishing, address the increasing numbers of invasive alien species, strengthen transparency in the seafood sector, protect small-scale fishers’ rights, enhance marine conservation and restoration efforts and adopt a global treaty on plastic pollution; recalls that the EU Nature Restoration Law is one of the tools for the EU to meet its international commitments in restoring marine and coastal ecosystems;

    65. Calls for enhanced global action to tackle ocean acidification and ocean heat levels in order to safeguard the role of the ocean as the most important carbon sink on the planet and to protect marine life and food web;

    66. Welcomes the adoption of UN High Seas Treaty (Biodiversity Beyond National Jurisdiction Agreement, or BBNJ); regrets, however, that, to date, only one of the 27 EU Member States has ratified that treaty; urges all Member States to swiftly complete their individual ratification processes; calls on the parties to continue work on the UN Ocean and Climate Change Dialogue and ensure swift implementation of the agreement, including by mobilising funds from the EU Global Ocean Programme; welcomes the Commission proposal to integrate the UN High Seas Treaty into EU law;

    67. Recalls the commitment under target 3 of the Kunming-Montreal Global Biodiversity Framework  for the effective conservation of at least 30% of terrestrial and inland water areas and of marine and coastal areas by 2030 through the establishment of protected areas and other effective area-based conservation measures; considers that increased efforts are required for the further expansion of marine and coastal protected areas to achieve the 30 % target and facilitate the conservation and sustainable management of marine species, habitats, ecosystems and resources; regrets that the EU is off track to meet its objectives to protect 30 % of its marine areas by 2030;68.  Is alarmed by the increasing levels of marine pollution that are set to double or triple by 2040; highlights that a large part of the pollution pressure placed on the ocean results from land-based activities; calls for stronger measures and accelerated implementation as a matter of urgency to put an end to marine pollution both at EU and international level; underlines that plastics make up the largest, most harmful and most persistent share of marine litter; regrets the lack of a conclusion on the first ever global legally-binding instrument on plastic pollution; urges for the adoption of an ambitious binding global treaty on plastic pollution at the resumption of the intergovernmental negotiations in 2025; supports the EU position that the final agreement should contain a target of reducing the production of primary plastic polymers;

    69. Stresses the importance of advancing the EU’s zero pollution action plan that includes significant targets for the improvement of water quality, the reduction of waste generation, and the reduction of nutrient losses; notes that only 37 % of Europe’s surface waters are in a healthy ecological state and that nutrient pollution is costing more than EUR 75 billion per year[44]; notes, moreover, that, according to the 2025 zero pollution monitoring and outlook report, only two of the zero pollution targets are on track; stresses that the implementation and enforcement of environmental legislation is crucial to achieve the 2030 zero pollution targets and that additional action is needed; reiterates its call on the Commission to propose ambitious EU targets for 2030 to significantly reduce the EU material and consumption footprints and bring them within planetary boundaries by 2050 as required under the 8th Environment Action Programme; highlights, moreover, the need to leverage modern technologies, including artificial intelligence, to monitor pollution;

    70. Stresses the importance of applying the precautionary principle in deep-sea mining; reiterates, in this regard, its support for an international moratorium on commercial deep-sea mining exploitation until such time as the effects of deep-sea mining on the marine environment, biodiversity and human activities at sea have been studied and researched sufficiently[45];

    71. Highlights that the ongoing decline in sustainable fish populations underscores the importance of a regulatory framework following an ecosystem-based approach along with efficient and transparent monitoring systems to promote sustainable fishing practices and combat illegal, unreported and unregulated fishing; welcomes the WTO Agreement on Fisheries Subsidies as a major step forward towards ending harmful subsidies that contribute to overfishing; calls on WTO members that have not yet done so to deposit their instruments of acceptance to allow for the agreement to become operational; urges, moreover, WTO members to phase out environmentally harmful subsidies in maritime economic activities, including harmful fisheries subsidies;

    72. Recognises that sustainable fishing practices involving community participation are instrumental in reducing overfishing and ensuring the long-term sustainability of marine resources;​ recalls that many small-scale fishing communities continue to face marginalisation and unfair competition; notes that it is essential to promote the resilience of coastal and island communities and the potential of the blue economy in line with the EU environmental legislation and objectives, ensuring access to drinking water, sustainable transport, rules-based fisheries, sustainable tourism, entrepreneurship and fair access to services; calls on the Commission to promote international sustainable fishing standards to ensure, among other things, a global level-playing field;

    73. Calls for the EU to reaffirm and step up its support for ocean science; encourages the promotion of scientific research and the dissemination of accurate data, alongside the development and sharing of best practice; emphasises the need to integrate ocean management policy with indigenous and traditional knowledge, science and community engagement; calls for the development and implementation of area-based management tools in conjunction with other appropriate conservation measures;

    SDG 17. Strengthen the means of implementation and revitalise the Global Partnership for Sustainable Development

    74. Calls for the EU to continue advocating and working for multilateralism and provide global leadership in advancing the implementation of the SDGs and the 2030 Agenda, and reinforcing international treaties and agreements, such as the Paris Agreement, the Convention on Biological Diversity, and regional conservation initiatives;

    75. Emphasises that, in the current difficult and uncertain geopolitical landscape, a vocal re-commitment to the SDGs will send a clear signal to partners around the world and support the EU’s global action; is concerned about the USD 4 trillion investment gap on achieving the SDGs[46]; stresses that the EU’s commitment to the SDGs should be supported by ambitious financial commitments in the next multiannual financial framework 2028-2034; calls for the EU to pursue a reinforced approach to development cooperation and to mobilise and continue to engage constructively with other international players in stepping up their sustainable development efforts and supporting peace, gender equality and human development;

    76. Reaffirms that ODA remains a crucial source of public financing and an essential tool for reducing poverty, addressing inequalities, and supporting the most vulnerable communities, particularly in fragile, conflict-affected and least developed countries (LDCs);

    77. Regrets the reduction in ODA by several EU Member States; calls on all Member States and global partners to uphold their commitment to ODA as a key pillar of their development policy and ensure that sufficient financing is dedicated to fulfilling the commitment to spend 0.7 % of gross national income on ODA and 0.2 % as ODA to LDCs; stresses, moreover, that only 12 % of ODA currently targets children despite their significant representation within the population of ODA-receiving countries; calls for the removal of obstacles, including administrative burden, to enable aid to reach the most vulnerable communities;

    78. Calls for the EU to enhance its role in advocating stronger financial commitments for development and humanitarian aid at international level, including the SDGs and the Paris Agreement, and particularly supporting climate adaptation and resilience in the most vulnerable regions, including Small Island Developing States (SIDS) and LDCs; calls, moreover, on the EU to ensure that climate finance targets are met and prioritised in multilateral negotiations and global partnerships; emphasises that advancing EU economic interests should also encompass creating stable partnerships guided by mutual interests and that all EU external policies should be embedded in the larger framework of the 2030 Agenda, while EU development policy and the use of EU ODA should remain focused on poverty alleviation as defined by the OECD Development Assistance Committee;

    79. Stresses the urgent need to address the underrepresentation of countries from the Global South in global governance and to foster a more inclusive international financial architecture; considers South-South and triangular cooperation crucial for the implementation of the 2030 Agenda;

    80. Insists on the paramount importance of the UN at the core of the multilateral system for creating a peaceful, fair, equal, inclusive, and rules-based global system that works for all, leaving no one behind; expresses, in this context, its support for swift and effective reforms of the UN Security Council; highlights the pressing need to review and reform the global governance of international development cooperation, particularly following cuts to global aid by several countries; stresses that reforms to the international financial system should be driven by a renewed commitment to multilateralism;

    81. Emphasises the crucial role of multi-stakeholder partnerships and the meaningful involvement of local governments, civil society and youth and women’s representatives for attaining the SDG targets as well as of the full and effective participation of indigenous peoples and local communities in global partnerships, in line with the UN Declaration on the rights of indigenous people; emphasises the need for youth-led initiatives, particularly in the Global South and in climate-affected regions;

    82. Recognises the vital and multifaceted roles that civil society organisations play in advancing the SDGs through locally-led, context-specific strategies that empower local actors and ensure broad-based, inclusive participation at all levels of society; calls, in this context, for deeper involvement of vulnerable communities in designing and monitoring SDG-related policies and for strengthened cooperation, resource mobilisation, and multi-stakeholder participation to advance the SDGs; calls for civil society participation and civic space in order to ensure that public funds are prevented from financing repressive regimes; stresses that access to structural funding is necessary for the effective participation of civil society in policy-making;

    83. Calls for better monitoring of SDG implementation at regional and local levels, including through support for voluntary local reviews; stresses the importance of improving the availability of reliable data and collecting and using data disaggregated by income, age, gender, disability and geography; emphasises the need to modernise statistics and strengthen data capacity-building in the countries of the Global South;

    84. Calls for the EU and its Member States to support global debt relief and debt restructuring for developing countries, particularly those in the Global South, taking into account the UN Trade and Development principles on promoting responsible sovereign lending and borrowing; calls, moreover, for comprehensive reforms of global financial institutions, including multilateral development banks, to enhance their effectiveness, equity and responsibility in supporting the implementation of the SDGs; emphasises that existing instruments and development banks, such as the European Bank for Reconstruction and Development, should be more in focus;

    85. Stresses the need to align the Neighbourhood, Development and International Cooperation Instrument – Global Europe, including Global Gateway programmes, with the SDGs, the Paris Agreement and human development indicators; calls for greater involvement of Parliament and for it to take a more active role in the scrutiny of Global Gateway programmes, guaranteeing their effectiveness and proper implementation;

    86. Insists that the Global Gateway initiative requires a more strategic and coordinated approach, incorporating strict criteria with the SDGs and the Paris Agreement goals and fundamental EU values, including human rights, good governance, democracy, transparency and environmental sustainability; recognises the potential of the Global Gateway to be able to contribute to sustainable development; stresses that it must be transparent in its planning process and have clear mechanisms for monitoring and evaluating its impact;

    87. Highlights the need for clearer communication, coordination and alignment of Global Gateway projects with existing EU development policies; stresses, in this context, that the EIB should intensify its collaboration with other international financial institutions and national development banks to maximise the impact of its interventions, while ensuring its activities fully align with the objectives of the Paris Agreement and the SDGs;

    88. Reiterates its strong call on the Commission and the Member States to strengthen cooperation with partners on fighting organised crime, corruption, illicit financial flows, harmful tax competition, tax avoidance and tax evasion; calls for the scaling-up of cooperation with developing countries on tax matters, including in terms of capacities, digitalisation, and the strengthening of their tax systems; welcomes the setting up of an intergovernmental process to adopt a UN convention on tax as a new global framework for international tax cooperation; highlights the pivotal role of progressive taxation in securing revenue to finance sustainable development; supports the decision of the G20 finance ministers to ensure that ultra-high net worth individuals are effectively taxed;

    Outlook

    89. Reiterates that the SDGs are the only globally agreed and comprehensive set of goals on the major challenges faced by both developed and developing countries and are the best tool for tackling the root causes of these challenges; stresses that the achievement of the 2030 Agenda is contingent on global collaboration and enhanced and accelerated action by all actors; calls on the EU to double down action and take the lead on advancing progress in these five years before the 2030 deadline in order to accelerate action to reverse the negative trends and foster a more just, peaceful and sustainable future for all;

    90. Emphasises that policy coherence for development is a binding obligation under Article 208 of the TFEU aiming at integrating the economic, social, and environmental dimensions of sustainable development at all stages of the policymaking cycle, in order to foster synergies across policy areas, identifying and reconciling potential trade-offs, as well as addressing the international spillover effects of EU policies;

    91. Highlights the opportunity provided by the SDGs to foster a sustainable, well-being and people-centred economy; emphasises the need for a comprehensive approach that ensures long-term sustainability and prosperity beyond 2030 in line with the diverse needs and circumstances of different countries;

    92. Welcomes the Pact for the Future which pledges 56 actions to accelerate and finance sustainable development, ensure that technology benefits people and the planet, invest in young people, support human rights and gender equality, and transform global governance; calls for the commitments made during the Summit of the Future and reflected in the Pact for the Future to be translated into concrete actions and measurable targets; urges the UN to begin preparing a comprehensive post-2030 Agenda strategy based on global commitment to sustainable development;

    93. Calls for implementation plans with concrete timelines for achieving the SDGs by 2030 and setting ambitious targets beyond; calls, in this regard, on the Commission to lead by example and develop a comprehensive strategy accompanied by a structured SDG implementation plan with clear and concrete targets; calls, moreover, for the next EU multiannual financial framework to be fully consistent with the SDGs;94.  Welcomes the EU’s first voluntary review of SDG implementation in 2023; considers that its conclusions can serve as a solid basis for a comprehensive EU SDG strategy, which should include an updated monitoring system that takes into account the EU’s internal and external impact on the SDG process; insists that such reviews become regular exercises and that their conclusions be taken into account in Commission proposals;

    95. Believes that successes in SDG progress should be made visible and lay the groundwork for formulating best practice for the achievement of the SDGs; stresses, in this context, the importance of inclusive digitalisation, including with regard to AI, building on the Global Digital Compact; welcomes the 2025 Human Development Report that focuses on this matter;

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    96. Instructs its President to forward this resolution to the Council and the Commission, the Secretary General of the United Nations and the President of the United Nations General Assembly.

    MIL OSI Europe News

  • MIL-OSI Europe: Highlights – Action Plan for the European Automotive Sector – Committee on the Internal Market and Consumer Protection

    Source: European Parliament

    Vehicles © Image used under the license from Adobestock

    On 26 June 2025, the European Commission presented its newly adopted Industrial Action Plan for the European Automotive Sector, outlining a comprehensive strategy to support the industry’s transition towards clean, connected, and automated mobility while preserving its competitiveness and resilience. The Action Plan seeks to deliver targeted support to one of Europe’s most strategic sectors.

    It is structured around five key pillars – Innovation & Digitalisation, Clean Mobility, Competitiveness & Supply Chain Resilience, Skills & the Social Dimension, and a Level Playing Field & Business Environment.
    Members welcomed the Action Plan and underlined the critical timing of this initiative as the automotive sector undergoes profound transformation. Several Members emphasised the importance of ensuring access to affordable zero-emission vehicles, especially in rural and less-connected areas and called for accelerated investment in charging infrastructure and electricity grids. There was broad recognition of the need to maintain the EU’s global competitiveness while securing high environmental and social standards.

    MIL OSI Europe News

  • MIL-OSI Europe: At a Glance – Product safety and regulatory compliance in e commerce and non-EU imports – 01-07-2025

    Source: European Parliament

    The problems posed by the increasingly high numbers of online purchases made by EU consumers, particularly from third-country traders, have risen to the top of the political agenda. During the July part-session, Parliament will vote on the report adopted by the Committee on the Internal Market and Consumer Protection (IMCO) on product safety and regulatory compliance in e-commerce and non-EU imports.

    MIL OSI Europe News

  • MIL-OSI Security: Marrero Woman Guilty of Cares Act Fraud

    Source: US FBI

    NEW ORLEANS, LOUISIANA – Acting U.S. Attorney Michael M. Simpson announced that on Tuesday, June 24, 2025, LINDA TRIGGS (“TRIGGS”), age 73, a resident of Marrero, pleaded guilty to making a false statement related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), in violation of Title 18, United States Code, Section 1001(a)(2).

    On March 27, 2020, the President of the United States signed into law the CARES Act, which provided emergency assistance, administered by the United States Small Business Administration (SBA), to small business owners affected by the Coronavirus (COVID-19) pandemic.  One of the  primary sources of funding for small businesses was the Paycheck Protection Program (PPP).

    According to the charging documents, on or about April 18, 2021, TRIGGS, on behalf of a non-profit corporation that she owned, made false statements to an approved lender to obtain approximately $59,065 for PPP loans.

    TRIGGS faces a maximum term of imprisonment of five (5) years, a fine of up to $250,000, a period of supervised release of up to three years, and a mandatory special assessment fee of $100.00.  United States District Judge Brandon S. Long will sentence TRIGGS on September 30, 2025.

    For more information on the Department of Justice’s response to the pandemic, please visit https://www.justice.gov/coronavirus.  Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    Acting U.S. Attorney Simpson praised the work of the Federal Bureau of Investigation in investigating this matter.  Assistant U.S. Attorney Brittany Reed of the Violent Crimes Unit is in charge of the prosecution.

    MIL Security OSI

  • MIL-OSI USA: Hickenlooper Votes Against Republicans’ Budget Bill That Strips Health Care from Americans, Closes Rural Hospitals, Explodes National Deficit

    US Senate News:

    Source: United States Senator John Hickenlooper – Colorado
    Republicans’ legislation will increase prices for Coloradans, strip health care from 17 million Americans, increase the deficit, and give tax cuts to the ultra-wealthy
    Republicans blocked Hickenlooper-backed amendments to protect funding for Medicaid and clean energy
    WASHINGTON – Today, U.S. Senator John Hickenlooper released the following statement after he voted against Republicans’ Senate budget bill:
    “This is pure lunacy, and downright cruel.
    “Republicans have voted to kick 17 million Americans off their health care, push hundreds of rural hospitals toward closure, wipe out millions of American clean energy careers, and add trillions to our national debt. And for what? For lavish tax cuts for the wealthiest Americans.”
    Hickenlooper voted NO on the budget resolution after Republicans voted down critical Democratic-led amendments to prevent cuts to Medicaid, SNAP, and Inflation Reduction Act clean energy funding. While Hickenlooper was successful in working with his colleagues to eliminate devastating public lands provisions and alter a few of the worst clean energy proposals, he joined a bipartisan group of senators in opposition to the final bill. The reconciliation bill now heads to the House for final passage. Hickenlooper will continue fighting against it and urge every member of the House to stop it from becoming law.
    HICKENLOOPER AMENDMENT:
    Hickenlooper spoke on the Senate floor in support of his amendment to protect the Inflation Reduction Act’s residential clean energy credit – which covers 30% of the cost of purchasing and installing residential solar, battery backup, or geothermal heat pumps. Hickenlooper’s amendment would protect the program from Republican cuts for one year, giving clean energy small businesses in Colorado and across the nation a runway (at bare minimum) to weather the storm the Republicans are causing and prepare for the loss of federal funding, in addition to  preserving more than 85,000 American jobs. Watch his full remarks about his amendment HERE.
    “They’re also taxing clean energy and cutting larger energy credits, which will create more expensive energy and more blackouts,” Hickenlooper said. “We should create jobs, cut costs, and boost energy production, not sacrifice working families so that the richest Americans pay less taxes.”
    Click to download full video
    WHAT’S IN THE BILL:
    The Republican-led Senate reconciliation bill includes a $3 trillion tax cut for the wealthiest Americans. It pays for those tax cuts by:
    Taking Health Care Away from 17 Million Americans
    The Republican budget proposal calls for extreme Medicaid cuts of more than $900 billion, which would take away people’s health benefits; make it harder for them to see their health care providers; and prevent seniors from getting nursing home care.
    The budget also fails to extend the Affordable Care Act expanded premium tax credits, which expire at the end of 2025.
    The latest CBO estimates that the combined cuts to Medicaid and the Affordable Care Act would result in 17 million Americans losing health insurance by 2034, and increase our national debt by $3.3 trillion.   
    The cuts would hit rural hospitals the hardest:
    According to initial estimates, more than 338 rural hospitals across the country are at an acute risk of closure as a result of these Medicaid cuts. Including 6 hospitals in Colorado:
    Delta County Memorial Hospital – Delta (CO-03)
    Conejos County Hospital – La Jara (CO-03)
    Grand River Hospital District – Rifle (CO-03)
    Prowers Medical Center – Lamar (CO-04)
    Southwest Memorial Hospital – Cortez (CO-03)
    Arkansas Valley Regional Medical Center – La Junta (CO-03)

    Slashing Investments in Clean Energy and Driving up Energy Bills
    The Republican budget bill guts hundreds of billions in Inflation Reduction Act (IRA) clean energy investments, including tax credits for wind and solar. The results: over a million jobs lost, hundreds of billions in lost GDP and lost wages, electricity price inflation, and killing new renewable energy needed to prevent blackouts.
    Increasing Our National Debt by Trillions
    Even after gutting over $1 trillion from Medicaid and other services, the Senate reconciliation bill will still increase our national debt by more than $3.3 TRILLION.
    The Senate version of the bill adds $900 billion moreto the national debt than the previous House version of the bill.
    Hickenlooper recently took to the Senate floor to slam the bill as “fiscal madness.”
    ADDITIONAL AMENDMENTS:
    In total, Hickenlooper introduced and joined 16+ amendments to the 2025 Senate reconciliation bill to oppose Republican provisions that would harm Coloradans. Specifically, he introduced and joined amendments to:
    Prevent Americans from Losing Health Care
    Protect Nursing Homes and Medicaid Patients: Hickenlooper-led amendment to strike any provision that cuts funding for Medicaid, which covers care for 60% of all nursing home residents.
    Safeguard Small Businesses and Medicaid: Hickenlooper-led amendment to strike any provision that cuts funding for Medicaid and the Affordable Care Act (ACA), which protects access for the 7,000,000 small businesses workers who depend on Medicaid coverage; and protects access for the 4,000,000 small businesses who depend on the ACA exchanges.
    Protect Medicaid: Led by Senator Wyden, Hickenlooper joined this amendment to strike any provision that cuts funding for Medicaid; and would ensure big corporations and the ultra-wealthy pay a fair share in taxes.
    Extend ACA Enhanced Premium Tax Credits: Led by Senator Jon Ossoff, Hickenlooper joined this amendment to permanently extend the Affordable Care Act enhanced Premium Tax Credits.
    Protect Safety Net Programs
    Safeguard SNAP-Education: Led by Senator Angela Alsobrooks, Hickenlooper joined this amendment to strike the section that eliminates the SNAP Education Program, which provides free nutrition education to SNAP recipients.
    Expand Pell Grant Eligibility: Led by Senator Tim Kaine, Hickenlooper joined this amendment to strike the workforce Pell section in the budget bill and replace it with the bipartisan JOBS Act to expand Pell Grant eligibility to include short-term workforce training programs.
    Protect Public Lands
    Block Sale of Public Lands: Hickenlooper-led amendment to block the sale of our public lands. The amendment ensures that public lands cannot be sold if they hold any of the multiple values our public lands offer, including benefits for watershed health, hunting, fishing, recreation, and critical wildlife habitat. It also excludes sale of lands with cultural or historic significance, areas sensitive for national security, areas within an Indian reservation, or lands to which Tribes hold reserved rights.
    Non-Competitive Leasing: Hickenlooper-led amendment to strike provision that would reauthorize non-competitive leasing on federal public lands.
    Maintaining National Park Service Staffing: Led by Senator Angus King, Hickenlooper joined this amendment to strike the repeal of ~$267M in Inflation Reduction Act funding for the National Park Service staffing.
    Address our Climate Crisis + Invest in Renewable Energy
    Protect the solar industry:Hickenlooper-led amendment to change the termination date of the 25D Residential Clean Energy Credit from December 31, 2025 to December 31, 2026 to save jobs and small businesses and help American households power their homes and reduce energy costs with solar, battery storage, and geothermal heat pumps. It is paid for by increasing the top tax bracket to 39.6%.
    RECA Expansion: Hickenlooper-led amendment that adds Colorado to the list of states that benefit from an expanded downwinder provision under the Radiation Exposure Compensation Act.
    Advanced Manufacturing Tax Credit: Led by Senator Michael Bennet, Hickenlooper joined this amendment to strike all changes to the 45X Advanced Manufacturing Tax Credit, but retain foreign entities of concern rules, and strike changes to 48C advanced energy tax credit.
    Maintaining Parity for Wind and Solar Facilities: Led by Senator Jacky Rosen, Hickenlooper joined this amendment to restore parity for solar and wind with other technologies under the Production Tax Credit (45Y) and Investment Tax Credit (48E), paid for with an increase to the top rate at $1 million for individual filers and $1.3M for married filing jointly.
    Eliminating the tax on wind and solar: Led by Senator Adam Schiff, Hickenlooper joined this amendment to strike the new excise tax on wind and solar, paid for with an increase to 39.6 percent for individuals making $10 million.
    Repeal of Termination of Certain Clean Energy Credits: Led by Senators Jean Shaheen and Peter Welch, Hickenlooper joined this amendment to strike provisions that would terminate the Energy Efficient Home Improvement Credit (25C), the Residential Clean Energy Credit (25D), the New Energy Efficient Home Tax Credit (45L), and the Energy Efficient Commercial Building Deduction (179D).
    Maintaining Modernized Royalty Rates: Led by Senator Jacky Rosen, Hickenlooper joined this amendment to strike the repeal of the Inflation Reduction Act royalty rate modernization for oil and gas.
    Budget resolutions guide federal spending and revenue policies for the year. This is the third budget resolution the Senate has voted on during the reconciliation process. Hickenlooper voted against the first package in February, and the second package in April. The Senate and the House must pass identical versions of the budget for the reconciliation bill to become law.

    MIL OSI USA News

  • MIL-OSI USA: House Foreign Affairs Committee Ranking Member Meeks, McCaul, Bera, Huizenga Introduce Burma GAP Act

    Source: United States House of Representatives – Congressman Gregory W Meeks (5th District of New York)

    Washington, D.C. – Representatives Gregory W. Meeks, Ranking Member of the House Foreign Affairs Committee; Michael McCaul; Ami Bera, Ranking Member of the Subcommittee on East Asia and the Pacific; and Bill Huizenga, Chairman of the Subcommittee on South and Central Asia, issued the following statement announcing the bipartisan introduction of the ‘‘Burma Genocide Accountability and Protection Act,” or the “Burma GAP Act.” 

    “In March 2022, Secretary of State Antony Blinken determined that the Burmese military’s widespread campaign of violence against Rohingya in Burma constituted genocide, crimes against humanity and ethnic cleansing. And yet, in 2025, Rohingya and Burma remain in crisis because the military’s brutality has continued. Hundreds of thousands remain internally displaced in Burma, and refugee camps in Bangladesh and the surrounding region are overstretched due to the continued influx of refugees.

    “The United States must not shirk its moral leadership in addressing this crisis, which is also destabilizing the region. Today we are introducing the BURMA Genocide Accountability and Protection Act (the Burma GAP Act) to help create a pathway to safety for Rohingya. This legislation calls for the State Department to develop a holistic strategy to address the Rohingya crisis that involves providing humanitarian assistance, supporting refugees, creating protection mechanisms for ethnic minorities, and authorizing accountability and justice programs.”  

    A previous version of this bill passed the House Foreign Affairs Committee in the 118th Congress (H.R. 8936). A PDF copy of the bill text can be found here.

    BURMA GAP Act Highlights:  

    • Calls for a holistic U.S. strategy to support Rohingya that includes protection efforts; engagement with the Rohingya community and stakeholders to facilitate safe, voluntary, and sustainable repatriation to Burma; developing a comprehensive transitional justice strategy; humanitarian assistance, including basic needs and access to livelihoods; programs to prevent and respond to gender-based violence and trafficking; and support for Rohingya civil society organizations;
    • Authorizes the designation of a Special Representative and Policy Coordinator for Burma to promote a comprehensive effort to resolve the crisis in ways that returns Burma to civilian rule and protects Rohingya and other ethnic minorities in Burma;
    • Authorizes $9 million per year for 5 years for the Department of State to support atrocity crime investigations, transitional justice and accountability mechanisms, as well as witness protection measures for Rohingya and other ethnic minorities in Burma.
    • Calls on the Administration to refuse to recognize the Burmese military and State Administrative Council as Burma’s legitimate government.
    • Calls on the Administration to ensure that Rohingya refugees in camps in Bangladesh receive a ration sufficient to meet the humanitarian minimum standards for food and nutrition;

    Several Rohingya and human rights organizations support the Burma GAP Act, including Campaign for a New Myanmar, Global Center for Responsibility to Protect, International Campaign for the Rohingya, Jewish Rohingya Justice Network, Never Again Coalition, No Business with Genocide, Peace Direct, Refugees International, The Sentry, and U.S. Campaign for Burma.

    MIL OSI USA News

  • MIL-OSI USA: Merkley, Salinas, Oregon Delegation Secure Over $2.2 Million Manufacturing Boost for OMEP

    Source: US Representative Andrea Salinas (OR-06)

    Merkley, Salinas Led Charge to Stop Elimination of Key Program for Oregon Manufacturing Extension Partnership

    Washington, D.C. – Oregon’s U.S. Senator Jeff Merkley and U.S. Representative Andrea Salinas (OR-06) announced today, alongside the Oregon delegation—Senator Ron Wyden and Representatives Suzanne Bonamici (OR-01), Val Hoyle (OR-04), Maxine Dexter (OR-03), and Janelle Bynum (OR-05)—that $2,217,708 is heading to the Oregon Manufacturing Extension Partnership (OMEP), which ensures the program can continue to support local manufacturers across the state.

    The federal funding comes from the National Institute of Standards and Technology (NIST) as a part of the Manufacturing Extension Partnership (MEP) program, which is essential to support public-private manufacturing partnerships. This collaboration is vital to help small-and medium-sized manufacturers grow by streamlining operations, develop new products and customers, expand and diversify markets, adopt new technology, and enhance value within supply chains while reducing their risk. In 2024 alone, the MEP program saved Oregon manufacturers $24 million and allowed them to create or retain 1,400 jobs across the state.

    When the Trump Administration moved to eliminate the MEP program earlier this year, Salinas led the Oregon delegation in condemning the decision and urgently pressed U.S. Department of Commerce Secretary Howard Lutnick to change course. Earlier in June, Merkley joined OMEP to hear directly from Oregon companies about how OMEP helps manufacturers grow and innovate. In a Senate Appropriations Committee hearing, Merkley doubled down on urging Secretary Lutnick to support Oregon and American manufacturers by continuing the MEP program. This sustained pressure from Merkley, Salinas, and the Oregon delegation caused the Commerce Department to reverse the elimination of the MEP program and release initial critical federal funding needed to support American manufacturing.

     “Let the protection of the MEP program be a lesson—standing up for the federal funding serving our communities is effective and imperative,” Merkley said. “It’s clear that when Oregon’s manufacturing industry does well, all Oregonians benefit. The release of this federal funding means the Oregon Manufacturing Extension Partnership can continue to provide local manufacturers with the support they need to grow, stay competitive in the global marketplace, and keep the engine of our economy going strong.”

    “I am glad to see funding restored for the Oregon Manufacturing Extension Partnership (OMEP), which plays a crucial role in our local economy, supporting good-paying jobs and ensuring that small and medium-sized businesses across the state can innovate and thrive,” said Salinas. “I led my Oregon delegation colleagues in a letter condemning the Trump Administration’s decision to eliminate this funding. Now, our manufacturers can continue building a stronger future for all Oregonians.” 

    “Make no mistake, battling for Oregon manufacturers and the local jobs with good wages they generate in our communities will always be a top priority,” Wyden said. “Our state’s manufacturers have earned this federal investment with their record of success. And I’m glad the teamwork with our delegation and manufacturers has produced this win that restored our state’s fair share of investment in this business sector and the Oregonians who work in it.” 

    “Oregon’s small- and medium-sized manufacturers are a critical part of our state’s economy, and they thrive when they have consistent, high-quality support to help them grow and stay competitive,” said Bonamici. “I’m pleased that NIST reversed course and restored funding for MEP Centers, including a five-year cooperative agreement with Oregon’s OMEP. This decision will give OMEP the stability it needs to keep delivering critical services, including workforce development, supply chain assistance, and process modernization. I’ll continue fighting to strengthen domestic manufacturing and support the workers and businesses that power it.”

    “I’m proud that this critical manufacturing program was protected after strong advocacy from our delegation,” said Hoyle. “It supports good-paying jobs, helps small manufacturers grow, and strengthens local economies across Oregon. This is exactly the kind of investment we need to support working-class people and keep Oregon’s economy moving forward.”

    “The Oregon Manufacturing Extension Partnership has a proven track record of strengthening our state’s manufacturing sector, creating good-paying jobs, and helping small and mid-sized manufacturers compete in an increasingly complicated global economy,” Dexter said. “I am grateful for Senator Merkley and Representative Salinas’ leadership in demanding Trump reverse the reckless decision to eliminate this critical program.”

     “The Trump Administration’s decision to eliminate the MEP program earlier this year was harmful to our economy and extremely misguided – so we fought it, and we won,” said Bynum. “This funding will provide local manufacturers with the support they need to continue creating jobs for our communities and ensure that our local businesses come out on top.”

    The Oregon delegation is encouraged by the Administration’s decision to continue investing in American manufacturing, and the lawmakers look forward to the Commerce Department’s ongoing support for this critical industry. Oregon manufacturers contribute nearly $40 billion to the state’s economy and support over 175,000 good paying jobs, and OMEP plays a significant role in the manufacturing sector’s success. According to OMEP, their efforts support 530 businesses across the entire state, and it has delivered $3.9 billion in direct economic impact over the past 10 years. In 2024 alone, OMEP leveraged $2.2 million in funding to support $165.6 million in private investment—a 75:1 return on investment for U.S. taxpayers.

    “On behalf of OMEP, I want to extend my sincere thanks to Senator Jeff Merkley, his team, and the entire Oregon congressional delegation for their steadfast support in securing one year of federal funding through the Hollings Manufacturing Extension Partnership,” said Mike Vanier, OMEP President. “Without their advocacy, this funding would have most likely been cut, but their efforts reflect a strong, ongoing commitment to supporting small and medium-sized manufacturers across Oregon. This investment ensures we can continue delivering expert consulting services to help manufacturers improve performance, grow sales, strengthen their workforce, and stay competitive in a rapidly evolving global market. We are deeply grateful for their leadership and dedication to Oregon’s manufacturing community.”

    ###

    MIL OSI USA News

  • MIL-OSI USA: Issues Revisited: Titles, Amendments to Rule 15c2-12 Undertakings and Voluntary

    Source: Securities and Exchange Commission

    Good afternoon. Thank you to the Government Finance Officers Association (“GFOA”) for inviting me to speak with you today. In my role as the Securities and Exchange Commission’s (“Commission” or “SEC”) Director of the Office of Municipal Securities (“Office of Municipal Securities” or “OMS”), I get a front row seat to see how government finance professionals strive to advance the continued integrity of the municipal securities market. However, I also get a front row seat to some concerning behaviors that may impact the investor confidence and transparency of the municipal securities market. 

    As is customary, I must remind you that this speech is provided in my official capacity as the Commission’s Director of the Office of Municipal Securities but does not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.

    I. What’s in a Title?

    Before I delve into disclosure practices, I would like to start by offering my views on another area of concern to which OMS is paying careful attention. It’s been fifteen years since Congress created a new class of regulated person required to register with the Commission: municipal advisors.[1] But when I speak with market participants or pick up an official statement or visit an issuer’s website, I am regularly confronted with a title that imprecisely[2] reflects the nature of the relationship between municipal entities and/or obligated persons and their advisors: financial advisor.[3]

    While some of you may view using the terms “financial advisor” and “municipal advisor” to be interchangeable when discussing hiring a professional to negotiate terms of a transaction or verify pricing as just a matter of a title, Congress expressly defined those persons who engage in municipal advisory activities[4] as “municipal advisors”.[5]

    I’m going to start with why I think it’s helpful to use regulatory terms. Although not required, using regulatory terms such as “municipal advisor” in solicitations and offering documents is helpful because it clearly indicates to investors that those professionals are subject to the rules and regulations designed to protect investors and municipal entities[6] and obligated persons.[7] Additionally, using defined regulatory terms in these documents may be helpful to municipal entities and obligated persons in avoiding including confusing or ambiguous statements in disclosures to investors.

    Now, for the what. Let’s start with hiring professionals. Municipal entities and obligated persons often retain various professionals through a competitive request for proposal/qualification (“RFP/Q”) process. Before anyone objects, you’re correct: responses to RFP/Qs do not on their own constitute municipal advisory activity.[8] I have, however, observed instances (most notably in public-private partnerships[9] and charter schools[10]) where the work or services requested in the RFP/Qs would require the selected professional to be registered as a municipal advisor because they would be providing advice with respect to the issuance of municipal securities or the use of municipal financial products. In our review of these RFP/Qs, we have either seen municipal entities be silent on requiring that respondents to an RFP/Q be registered as a municipal advisor with the Commission and Municipal Securities Rulemaking Board (“MSRB”) or, worse, affirmatively say that registration as a municipal advisor is not a requirement.[11]

    Given that unregistered entities may be engaging in what appears to be municipal advisory activity, you may want to confirm not only that any professional providing municipal advisory services to you is properly registered[12] but also that you have in your RFP/Qs for services or work constituting municipal advisory activity a requirement that respondents be registered with the Commission and the MSRB as municipal advisors in order to submit a response. At a minimum, I do not believe these RFP/Qs should be soliciting the services of a “financial advisor” or “consultant” which may create the impression that they do not need to be registered with the Commission or the MSRB. If you are seeking the services of a municipal advisor, it would be helpful to use the term municipal advisor in your RFP/Qs.

    Another area where I see a concerning use of “financial advisor,” where “municipal advisor” should be used, is in your offering documents. As previously mentioned, municipal advisor is more than just a title: it is a regulatory term. Using “municipal advisor” tells investors that the firm, its associated persons, and its activities are subject to rules and regulations; that the Commission monitors municipal advisors for compliance; and takes necessary action to enforce Congress’s mandate. If you use municipal advisors in your transactions, I think it would be beneficial to use the defined term “municipal advisor” in your offering documents to accurately describe the professionals fulfilling that role. Using a term that is explicitly defined by law may also help avoid including confusing or ambiguous statements in disclosures to investors.

    There are also strong benefits to being involved with or retaining persons or firms registered and regulated as municipal advisers, as it demonstrates that these persons or firms recognize that they are engaging in municipal advisory activity. Registering as a municipal advisor may also demonstrate that the advisor understands that it has certain legal obligations, including a requirement to register unless an exclusion or exemption applies. These obligations include, among other things, a requirement to disclose to clients any material conflicts of interest. If you remember nothing else from today, remember this: your municipal advisor is required to always act in your best interest.

    II. Observations on Amendments to Continuing Disclosure Undertakings

    Now turning to disclosure practices. When the Commission proposed amendments[13] to Rule 15c2-12 (“Rule 15c2-12” or “Rule”)[14] of the Securities Exchange Act of 1934 (“Exchange Act”) in 1994[15] prohibiting underwriters, subject to certain exemptions, from purchasing or selling municipal securities covered by the Rule in a primary offering, unless the underwriter had reasonably determined that the issuer (or obligated person) had undertaken in a written agreement or contract[16] (“continuing disclosure undertaking”) to provide specified annual information and event notices,[17] practitioners expressed concern[18] that the amendments were not sufficiently flexible to address changing conditions to financial and pertinent operating information. The Commission addressed practitioners’ concerns when it adopted the amendments.[19]

    a. NABL 1 Letter

    The Commission explained in the 1994 Amendments Adopting Release that Rule 15c2-12, as amended, requires that continuing disclosure undertakings specify only the general type of information to be provided[20] and that undertakings should be drafted with sufficient flexibility to accommodate for subsequent developments that may require adjustments in the financial information and operating data contractually agreed upon in the undertaking.[21] Shortly after adoption of the amendments, the National Association of Bond Lawyers (“NABL”) requested[22] staff guidance interpreting an issue that I see continues to be debated thirty-one years later: amending continuing disclosure undertakings.

    Let’s take a moment and revisit the statements made by staff on amending continuing disclosure undertakings in response to the NABL 1 Letter.[23] Staff first noted that in meeting the requirement that annual financial information be specified in reasonable detail, staff anticipated that continuing disclosure undertakings would set forth a general description of the type of financial information and operating data that would be provided. Staff further observed that these descriptions would not need to state more than a general category of financial information and operating data. Moreover, staff noted that where a continuing disclosure undertaking calls for information that no longer can be generated because the operations to which it related had been materially changed or discontinued, a statement to that effect would satisfy the continuing disclosure undertaking. In such instances, staff explained that it may be good practice to provide similar operating data with respect to any substitute or replacement operation. Further, staff noted that issuers and obligated persons may provide additional information that is not required by the terms of the undertaking. Accordingly, the staff did not anticipate that it often would be necessary to amend informational undertakings.

    In addition to providing guidance on the circumstances under which an undertaking could be amended, the staff also provided several examples[24] of annual financial information descriptions. For example, categories of operating data provided for a college or university facility bond offering might include, among others, information regarding attendance, applications, and tuition and room and board rates charged to students. In a water or sewer financing, categories of information provided might include, among others, customers, rates, use, capacity, and demand.

    b. Current State of Continuing Disclosure Undertakings

    Now I would like to take the opportunity to reflect on the current state of continuing disclosure undertakings. Since the 1994 amendments promoted flexibility in drafting continuing disclosure undertakings, staff has heard that practitioners have discovered ambiguities and inconsistencies in their continuing disclosure undertakings that have resulted in overlapping, inconsistent, and outdated information in required disclosures. Consequently, practitioners continue to struggle with questions about amending continuing disclosure undertakings and have asked the staff for guidance on this issue.

    To start, I want to remind practitioners that Rule 15c2-12, as amended, offers flexibility in the content and scope of disclosed financial information.[25] The Rule specifies only general types of information relating to the financial information and operating data to accommodate for any subsequent developments that would require adjustments to the data.[26] Further, adhering to your continuing disclosure undertakings does not preclude you from providing additional information, particularly where disclosure may be necessary to avoid liability under the antifraud provisions.[27]

    The staff recognizes that, despite the staff interpretive guidance in the NABL 1 Letter, which elaborated on statements in the 1994 Amendments Adopting Release, some obligated persons have continued to provide specific and relatively unflexible descriptions of annual financial information or operating data in the continuing disclosure undertakings by, for instance, pointing to specific tables of information in an official statement because they believe it makes it easier for issuers and dissemination agents to comply with the undertaking. Although Rule 15c2-12 does not prohibit such specificity or incorporation by reference,[28] I believe that where obligated persons choose to include references to specific tables or similar specificity, they might consider including language allowing for flexibility, such as describing tables “of the type” or tables “of the kind” provided in the official statement.

    The inclusion in continuing disclosure undertakings of clear descriptions of the disclosures to be made by municipal issuers and obligated persons promotes a more transparent and efficient market. However, drafters of continuing disclosure undertakings may want to be mindful when specifying the particular types of information that will be provided for many years into the future, as continuing disclosure undertakings are contractual obligations that cannot be amended based on a unilateral decision by an issuer or any other party. With very limited exceptions, issuers and obligated persons may not later decide unilaterally what types of information an investor would consider necessary or meaningful, especially where such information has previously been agreed upon.[29]

    Continuing disclosure undertakings would be meaningless if issuers and obligated persons could unilaterally determine that certain types of information were no longer necessary or meaningful to investors.[30] Despite previous requests from the market for guidance on amending continuing disclosure agreements, I remind you that those agreements are contracts governed by state law[31] from which the Commission does not have the authority to provide exemptions. Failure to comply with continuing disclosure undertakings would be breaches of contract enforceable by private parties.[32] This is why staff statements have focused on using language in continuing disclosure agreements that allow for changing conditions.

    III. The Importance of Voluntary Disclosure in the Municipal Securities Market

    Sound, timely, and accurate disclosures of the financial condition and operating status of issuers and obligated persons promotes the continued integrity of the municipal securities market.[33] As we all know, Rule 15c2-12 requires that continuing disclosure undertakings set forth certain enumerated requirements. Rule 15c2-12 does not generally impose an obligation to provide ongoing information beyond the contractual continuing disclosure obligations. I am of the view, however, that voluntary disclosures[34] — providing information beyond contractual continuing disclosure obligations — by issuers and obligated persons can provide market participants with updated financial and other disclosures regarding the effects of evolving economic conditions.[35]

    a. Improving Transparency and Market Efficiencies

    Issuer organizations and other market participants have noted that providing voluntary interim disclosure can serve the interests of municipal issuers and have developed voluntary disclosure best practices designed to improve the quality and quantity of voluntary disclosure in the secondary market.[36] GFOA issued a Best Practices on Voluntary Disclosure in 2021.[37]

    I am of the view that if issuers and obligated persons provide voluntary disclosures of their financial condition and operating status on a more frequent basis, the additional information could potentially reduce information asymmetries and help investors and other market participants identify early warning signs of an issuer’s or obligated person’s deteriorating financial condition sooner (such as budget deficits and imbalances, high unfunded pensions liability, and decreases in property value), which could lead to increased market efficiencies.

    Some examples of helpful voluntary disclosures that municipal issuers and obligated persons could consider disseminating are[38]

    • More Timely Financial Information. Municipal issuers routinely prepare periodic reports containing financial information and/or operating data, such as investment positions, interim financial information, or capital improvement plans, for various non-disclosure purposes,[39] which are generally produced in accordance with governance documents, best practices, and generally accepted guidelines. Municipal issuers could consider submitting such reports via the repository designated by the Commission (currently the MSRB’s Electronic Municipal Market Access (“EMMA”) system) and/or through their own designated website.
    • Reports Prepared for Other Governmental Purposes. Municipal issuers and obligated persons may have prepared reports addressing relevant climate, cybersecurity, litigation, or other risks for other purposes.
    • Reports and Information Shared with Third Parties. Reports prepared to be shared with rating agencies, bank loan providers or other market participants may also include information material to investors.[40]
    • Information Regarding Availability of Federal, State and Local Aid. If it materially affects, or is reasonably likely to materially affect, your ability to repay debt service, you could make available a description of available aid that you have sought or are planning on seeking and any other material terms of the aid to investors.
    • Information Regarding Non-Routine Events that May Impact an Issuer’s Ability to Repay Securities. For instance, a large business relocating to your jurisdiction may have a positive impact, while a natural disaster may have a negative impact. Sharing information with the market on any non-routine events that may impact your ability to repay debt service could be helpful.

    In my view, making any voluntary disclosures available in the place or places where they regularly make information available to investors, such as on the EMMA system and/or on their own websites, would be helpful to both issuers and investors.

    b. Observations on Liability

    I sometimes hear from issuers that they would disclose more information to the market, but that their counsel advises them, as a matter of course, not to provide any information that is not required. I recognize that the issue of liability is often raised in connection with voluntary disclosures.

    I believe that accompanying voluntary disclosures that contain projections or forward-looking statements with meaningful cautionary language — including, for example, (1) a description of relevant facts or assumptions affecting the reasonableness of reliance on and the materiality of the information provided, (2) a description of how certain important information may be incomplete or unknown, and (3) the process or methodology (audited versus unaudited) used by the municipal issuer or obligated person to produce the information — could not only improve the quality of the disclosure but also help mitigate associated legal risks.

    As I observe the municipal securities market and consider appropriate paths to address behaviors that impact investor confidence and transparency, I believe that it would be beneficial for municipal issuers to disclose, to exercise reasonable care, and to follow best practices in the creation and release of any voluntary disclosure.

    It’s always a pleasure to speak with members of the GFOA. Thank you again for the invitation to discuss these important issues with you today.


    [1]           See Section 975(a)(1)(B) (15 U.S.C. 78o-4(a)(1)(B)) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act” or “Dodd-Frank”).

    [3]           While state statutes or other governing documents may reference the selection or designation of a “financial advisor” in connection with the issuance of bonds, I am of the view that the term “municipal advisor” should also be used in any RFP/Qs and offering documents issued in these jurisdictions when the requested service may include municipal advisory activity. In the event a state statute or other governing document references “financial advisor” or other term, it may be appropriate to use both terms with appropriate definitions and cross-references.  

    [4]           Pursuant to Exchange Act Rule 15Ba1-1(e) (15 CFR 240.15Ba1-1(e)), “municipal advisory activities” includes, but is not limited to, “[p]roviding advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities, including advice with respect to the structure, timing, terms, and other similar matters concerning such financial products or issue.”

    [5]           See Exchange Act Section 15B(e)(4)(A) (15 U.S.C. 78o-4(e)(4)(A)). The definition of municipal advisor includes financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and swap advisors that provide municipal advisory services, unless they are statutorily excluded. See 15 U.S.C. 78o-4(e)(4)(B). The statutory definition of municipal advisor excludes a broker, dealer, or municipal securities dealer serving as an underwriter (as defined in section 77b(a)(11) of this title), any investment adviser registered under the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.), or persons associated with such investment advisers who are providing investment advice, any commodity trading advisor registered under the Commodity Exchange Act or persons associated with a commodity trading advisor who are providing advice related to swaps, attorneys offering legal advice or providing services that are of a traditional legal nature, or engineers providing engineering advice. See 15 U.S.C. 78o-4(e)(4)(C). The Commission exempts the following persons from the definition of municipal advisor to the extent they are engaging in the specified activities: accountants; public officials and employees; banks; responses to requests for proposals or qualifications; swap dealers; participation by an independent registered municipal advisor; persons that provide advice on certain investment strategies; certain solicitations. See Exchange Act Rule 15Ba1-1(d)(3)(i) through (viii) (17 CFR 240.15Ba1-1(d)(3)(i) through (viii)).

    [6]           See Registration of Municipal Advisors, Exchange Act Release No. 70462 (Sept. 20, 2013), 78 FR 67468, 67509 (Nov. 12, 2013) (“Municipal Advisor Adopting Release”).

    [7]           The timeline for being required to register as a municipal advisor when advising clients about conduit financing or other financing options is dependent on certain facts and circumstances. See id. at 67485.

    [8]           Id. at 67475.

    [11]         While the Dodd-Frank Act is a federal law, the municipal advisor registration requirements apply to advice with respect to the issuance of municipal securities regardless of the proposed source of funds used to repay those securities, which may include local tax revenue, state or federal revenue or grants or funds paid by a private lessee or purchaser. The staff is aware of publicly available documents where a state or local government has stated that municipal advisor registration is only required for municipal securities being repaid with federal funds.

    [12]         See Speech, Responsibilities of Regulated Entities to Municipal Issuers, supra note 2.

    [13]         See Exchange Act Release No. 33742 (Mar. 9, 1994), 59 FR 12759 (Mar. 17, 1994) (“1994 Amendments Proposing Release”).

    [14]         See 17 CFR 240.15c2-12. The Commission adopted Rule 15c2-12 in 1989 to enhance disclosure in the   municipal securities market by codifying standards for underwriters to obtain, review, and disseminate disclosure documents. See Exchange Act Release No. 26100 (Sept. 22, 1988), 53 FR 37778 (“1988 Proposing Release”); Exchange Act Release No. 26985 (June 28, 1989), 54 FR 28799 (July 10, 1989) (“1989 Adopting Release”). Rule 15c2-12 requires an underwriter acting in primary offerings of municipal securities with an aggregate principal amount of $1,000,000 or more to obtain and review an official statement “deemed final” by an issuer of the municipal securities, except for the omission of specified information, prior to making a bid, purchase, offer, or sale of municipal securities. See 17 CFR 240.15c2-12(a) and (b)(1).

    [15]         The Commission has amended Rule 15c2-12 over the years to respond to evolving market practices. See Exchange Act Release No. 34961 (Nov. 10, 1994), 59 FR 59590 (Nov. 17, 1994) (“1994 Amendments Adopting Release”); Exchange Act Release No. 59062 (Dec. 5, 2008), 73 FR 76104 (Dec. 15, 2008) (“2008 Amendments Adopting Release”); Exchange Act Release No. 62184A (May 27, 2010), 75 FR 33100 (June 10, 2010) (“2010 Amendments Adopting Release”); and Exchange Act Release No. 83885 (Aug. 20, 2018), 83 FR 44700 (Aug. 31, 2018) (“2018 Amendments Adopting Release”).

    [16]         See 17 CFR 240.15c2-12(b)(5).

    [17]         See 17 CFR 240.15c2-12(b)(5)(C).

    [18]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599.

    [19]         Id.

    [20]         Id.

    [21]         Id.

    [22]         NABL raised several questions in its letters. See Letter from Robert L.D. Colby, Deputy Director, Division of Market Regulation, U.S. Securities and Exchange Commission, to John S. Overdorff, Chair, and Gerald J. Laporte, Vice-Chair, Securities Law and Disclosure Committee, National Association of Bond Lawyers, dated June 23, 1995 (‘‘NABL 1 Letter”), available at https://www.sec.gov/info/municipal/nabl-1-interpretive-letter-1995-06-23.pdf; and Letter from Catherine McGuire, Chief Counsel, Division of Market Regulation, U.S. Securities and Exchange Commission, to John S. Overdorff, Chair, Securities Law and Disclosure Committee, National Association of Bond Lawyers, dated Sept. 19, 1995 (“NABL 2 Letter”), available at https://www.sec.gov/info/municipal/nabl-2-interpretive-letter-1995-09-19.pdf. See also Letter from Michael Nicholas, Chief Executive Officer, Bond Dealers of America, Emily Swenson Brock, Director, Federal Liaison Center, Government Finance Officers Association, Kenneth R. Artin, President, National Association of Bond Lawyers, Cornelia Chebinou, Washington Director, National Association of State Auditors, Comptrollers and Treasures, Michael Decker, Managing Director, Securities Industry and Financial Markets Association, to Jessica Kane, Director, Office of Municipal Securities, U.S. Securities and Exchange Commission, dated Aug. 9, 2016 available at https://www.nabl.org/wp-content/uploads/2023/02/20160809-Joint-Letter-on-Amending-CDAs.pdf.

    [23]         See NABL 1 Letter, Question 2, supra note 22.  

    [24]         Id.

    [25]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599; Securities and Exchange Commission, Report on the Municipal Securities Market (July 31, 2012) (“Report on the Municipal Securities Market”), at 70, available at https://www.sec.gov/news/studies/2012/munireport073112.pdf.

    [26]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599 (Commission noting that “the amendments require that the undertaking specify only the general type of information to be supplied . . .”).

    [27]         Id.

    [28]         Id.

    [29]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599. But see NABL 1 Letter, Question 2, supra note 22, outlining scenarios where an undertaking that includes an amendment provisions nevertheless may satisfy the requirements of Rule 15c2-12.

    [30]         See 1994 Amendments Adopting Release, supra note 15, 59 FR at 59599.

    [31]         Id. at 59601.

    [32]         Id. (“remedies for breach of any undertaking under applicable state law are a subject for negotiation between the parties to the Offering.”).

    [33]         See Exchange Act Release No. 33741 (Mar. 9, 1994), 59 FR 12748, 12752-754 (Mar. 17, 1994) (“1994 Interpretive Release”).

    [34]         As seen during the Covid-19 Pandemic, variations in voluntary disclosures persisted and the differing approaches to disclosure served as a reminder that required disclosures are not confined to enumerated events. For instance, some issuers included tailored, stand-alone COVID-19-risk sections in their disclosures or uploaded financial informational statements to EMMA identifying impacts on economies and revenues, and expectations regarding associated risk mitigation. See, e.g., MSRB, Municipal Securities Market COVID-19-Related Disclosure Summary (updated Mar. 28, 2021), available at https://www.msrb.org/sites/default/files/2022-09/Municipal-Securities-Market-COVID-19-Related-Disclosure-Summary.pdf; DPC Data COVID Disclosure Trends Charted in New Infographic, A Year of COVID-Tagged Disclosures, Mar. 2020 to Mar. 2021, available at https://www.dpcdata.com/resources/year-covid-tagged-disclosures/. 

    [35]         See, e.g., Report on the Municipal Securities Market, supra note 25, at III.A.1 and III.B (summarizing market participant and investor interest in voluntary disclosure guidelines and best practices to improve the level and quality of disclosure in the primary and secondary markets); Chairman Jay Clayton and Rebecca Olsen, Director, Office of Municipal Securities, U.S. Securities and Exchange Commission, The Importance of Disclosure for our Municipal Markets (May 4, 2020) (the “Municipal Market COVID-19 Statement”), available at https://www.sec.gov/news/public-statement/statement-clayton-olsen-2020-05-04.

    [36]         See, e.g., Government Finance Officers Association (“GFOA”) Best Practices Voluntary Disclosure (Oct. 1, 2021) (“Best Practices on Voluntary Disclosure”), available at https://www.gfoa.org/materials/voluntary-disclosure (“Enhanced market communication achieved through voluntary disclosure the issuer to improve its investor relations. This enhanced communication and improved relations with investors can become an important factor for access to the capital for markets….”); National Federation of Municipal Analysts (“NFMA”) Position Paper on Voluntary Interim Disclosures by State and Local Governments (Oct. 26, 2004) (“NFMA Voluntary Interim Disclosures Paper”), at 2-4, available at https://www.nfma.org/assets/documents/nfma_position_interim_disclosure.pdf (NFMA “strongly believe(s) that it is in the best interest of state and local government units and political instrumentalities thereof to provide investors on a voluntary basis with timely disclosure reports derived from information maintained in the normal course of operations” and that “[t]o the extent that governmental issuers have relevant financial information on hand, the benefits of providing voluntary interim disclosure vastly outweigh any administrative burden entailed in disseminating this information to the market.”)

    [37]         See Best Practices on Voluntary Disclosure, supra note 36.

    [38]         See, e.g., id.; Report on the Municipal Securities Market, supra note 25, at 58 (noting that the “practices of market participants in voluntarily providing [large amounts of information about issuers of municipal securities] to investors are not, however, consistent,” further explaining that “[l]arge repeat issuers generally have more comprehensive disclosure than small, infrequent or conduit issuers, who may voluntarily provide little ongoing information to investors.”).

    [39]         In many cases, municipal issuers already prepare and disseminate reports or other documents containing financial information and/or operating data to various governmental or institutional bodies, or to the public. See, e.g., Application of Antifraud Provisions to Public Statements of Issuers and Obligated Persons of Municipal Securities in the Secondary Market: Staff Legal Bulletin No. 21 (OMS) (Feb. 7, 2020) (“Staff Legal Bulletin No. 21”), available at https://www.sec.gov/municipal/application-antifraud-provisions-staff-legal-bulletin-21; Report of Investigation in the Matter of the City of Harrisburg, Pa. Concerning the Potential Liability of Public Officials with Regard to Disclosure Obligations in the Secondary Market, Exchange Act Release No. 69516 (May 6, 2013), (“Harrisburg Report”), available at https://www.sec.gov/litigation/investreport/34-69516.htm.

    [40]         See Report on the Municipal Securities Market, supra note 25, at 106 n.640.

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to Texas Small Businesses, Nonprofits and Residents Affected by May Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses, nonprofits, and residents in Texas of the Aug. 1 deadline to apply for low interest federal disaster loans to offset physical damage caused by the severe storm and straight-line winds beginning May 8.

    The disaster declaration covers the Texas counties of Brooks, Duval, Jim Wells, Kleberg, Live Oak, Nueces and San Patricio.

    Small businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.

    “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s physical damage loans.”

    SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit (PNP) organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    Interest rates can be as low as 4% for small businesses, 3.62% for PNPs, and 2.81% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to return physical damage applications is Aug. 1.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to New Mexico Private Nonprofits Affected by Severe Storm and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in New Mexico of the Aug. 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm and flooding occurring Oct. 19-20, 2024.

    The disaster declaration covers the New Mexico county of Chaves.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature who suffered financial losses directly related to the disaster. Examples of eligible non-critical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

    EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

    The loan amount can be up to $2 million with interest rates as low as 3.25% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

    Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than Aug. 1.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to New Mexico Private Nonprofits Affected by Severe Storm and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in New Mexico of the Aug. 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm and flooding occurring Oct. 19-20, 2024.

    The disaster declaration covers the New Mexico county of Chaves.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature who suffered financial losses directly related to the disaster. Examples of eligible non-critical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

    EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

    The loan amount can be up to $2 million with interest rates as low as 3.25% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

    Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than Aug. 1.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to Cheyenne River Sioux Tribe Private Nonprofits Affected by July Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in the Cheyenne River Sioux Tribe of the Aug. 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm, straight-line winds and flooding occurring July 13-14, 2024.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature who suffered financial losses directly related to the disaster. Examples of eligible non-critical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

    EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

    The loan amount can be up to $2 million with interest rates as low as 3.25% and terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

    Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than Aug. 1.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to Cheyenne River Sioux Tribe Private Nonprofits Affected by July Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible private nonprofit (PNP) organizations in the Cheyenne River Sioux Tribe of the Aug. 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm, straight-line winds and flooding occurring July 13-14, 2024.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs providing non-critical services of a governmental nature who suffered financial losses directly related to the disaster. Examples of eligible non-critical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

    EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable and other bills not paid due to the disaster.

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

    The loan amount can be up to $2 million with interest rates as low as 3.25% and terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

    Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than Aug. 1.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to New Mexico Small Businesses and Private Nonprofits Affected by Severe Storm and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in New Mexico of the Aug. 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm and flooding occurring Oct. 19-20, 2024.

    The disaster declaration covers the New Mexico counties of Chaves, De Baca, Eddy, Lea, Lincoln, Otero and Roosevelt.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than Aug. 1.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to New Mexico Small Businesses and Private Nonprofits Affected by Severe Storm and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in New Mexico of the Aug. 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm and flooding occurring Oct. 19-20, 2024.

    The disaster declaration covers the New Mexico counties of Chaves, De Baca, Eddy, Lea, Lincoln, Otero and Roosevelt.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than Aug. 1.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI USA: SBA Relief Still Available to Cheyenne River Sioux Tribe Small Businesses and Private Nonprofits Affected by July Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in the Cheyenne River Sioux Tribe of the Aug. 1, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by the severe storm, straight-line winds and flooding occurring July 13-14, 2024.

    The disaster declaration covers the Cheyenne River Sioux Tribe as well as the South Dakota counties of Corson, Dewey, Haakon, Meade, Pennington, Perkins, Potter, Stanley, Sully, Walworth and Ziebach.

    Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”

    The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    Submit completed loan applications to the SBA no later than Aug. 1.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI: Banco Santander Chile welcomes Andrés Trautmann Buc as the Bank’s New CEO and Country Head

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, July 01, 2025 (GLOBE NEWSWIRE) — (NYSE: BSAC; SSE: Bsantander). Andrés Trautmann Buc was officially welcomed as the new CEO and Country Head of Banco Santander Chile (“Santander Chile” or the “Company”), an appointment previously announced last February, in the presence of Héctor Grisi, CEO of Banco Santander. Trautmann thus replaces Román Blanco, who is leaving the Chilean subsidiary after a successful tenure with the bank.

    At the meeting, which was attended via streaming by all employees across the country, Grisi thanked Román Blanco for his work over the years, highlighting the strong position of the Chilean subsidiary in terms of results and market share. “The Group is proud to have a bank like Santander Chile: number one in loans, with practically one in three SMEs in the country as a client, and an ROE of 25.9% in a highly competitive environment. We must be Best in Class in each of the markets in which we operate, and to achieve this, it is essential to combine our local presence with the strength of our global scale. That is our greatest strength; we have exceptional teams and a solid culture. Developing it to its full potential is the great challenge we face.” Thus, the executive addressed the bank’s employees, asking them to “give Andrés the same support they gave Román, because having a team that supports him is essential.”

    For his part, Trautmann stated, “I am deeply proud to represent Santander Chile in this new position, a leading bank in the local industry that has made significant contributions to the Group’s global objectives. I know I have a first-class team with whom we will continue to dedicate ourselves strongly to supporting the progress of people and companies with innovative products and services that make their daily lives easier and boost the development of their businesses.”

    In his first appearance as CEO and country head, Trautmann emphasized that “Santander is present in key markets in Europe and the Americas. One of our key goals is precisely to leverage this global capacity and, through our experience and market knowledge, contribute to the growth of Chilean companies that are the driving force of our economy. We also want our more than 4.3 million customers to have a similar service experience in the different geographical areas where the Group operates, so that they feel part of an international entity. This is what they can experience today through the Work/Café branch network deployed in more than nine countries.”

    For his part, Román Blanco stated that “over these three years, we have made great progress in a context where digital banking is advancing rapidly. In this context, we strengthened the growth of Getnet, also adding new features, and Santander Consumer Finance, in addition to the launch of digital accounts and new ways of serving our customers, such as the Work/Café Expresso model.” The executive concluded by thanking “everyone who has been part of this journey over these three years and who has made it possible to accomplish all these achievements. Chile is a country of multiple opportunities and great growth potential. I am convinced that Santander is in the best hands, because through Andrés’s leadership, his business vision, and his ability to work as a team, they will be able to face the new challenges of this industry and achieve the goals we have set for ourselves.”

    Local Perspective with International Experience
    Trautmann, who holds a degree in Business Administration from the University of Chile, has a distinguished career at Santander, having joined the Group in 2007. He began his career as Head of Institutional and Corporate Sales at Santander Chile, then, between 2010 and 2012, he was in charge of Structured Products Sales in London for Santander UK. From 2013 to 2018, he was responsible for Andean Region Sales for Goldman Sachs in New York. That year, he assumed the position of Head of Markets for Santander’s local subsidiary until 2021, when he was appointed Executive Vice President of CIB at Santander Chile, a global division that supports corporate and institutional clients with high-value-added services, products, and solutions.

    From his initial position at Markets, he has led significant achievements such as tripling the growth of the Sales and Trading business and then, from CIB, the Investment Banking area, also driving the expansion of CIB products in large companies, leveraging the global capabilities of the Santander Group. Recently, the executive has also added the Corporate and Institutional Banking and Santander Consumer Finance businesses to his responsibilities, which has given him a comprehensive view of the bank’s management.

    As of March 31, 2025, the bank had total assets of Ch$67,059,423 million (US$70,284 million), total gross loans (including those owed by banks) at amortized cost of Ch$41,098,666 million (US$43,075 million), total deposits of Ch$30,607,715 million (US$32,080 million), and bank owners’ equity of Ch$4,400,233 million (US$4,612 million). The BIS capital ratio was 16.9%, with a core capital ratio of 10.7%. As of March 31, 2025, Santander Chile employed 8,712 people and had 237 branches throughout Chile. Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody’s, A- from Standard & Poor’s, A+ from the Japan Credit Rating Agency, AA- from HR Ratings, and A from KBRA. All of our ratings have a stable outlook as of the date of this report.

    CONTACT INFORMATION
    Investor Relations
    Banco Santander Chile
    Bandera 140, Floor 20
    Santiago, Chile
    (562) 26483583

    Email: irelations@santander.cl
    Website: www.santander.cl

    The MIL Network

  • MIL-OSI Video: Secretary-General/Financing for Development & other topics – Daily Press Briefing | United Nations

    Source: United Nations (video statements)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    ———————————

    Highlights:
    Secretary-General / Financing for Development
    Deputy Secretary-General
    Occupied Palestinian Territory
    Syria
    Humanitarian Syria
    Sudan
    Sudan Humanitarian
    Democratic Republic of the Congo
    Haiti
    Briefing
    ———————————
    SECRETARY-GENERAL/ FINANCING FOR DEVELOPMENT
    This morning, in Sevilla, Spain, the Secretary-General had a closed meeting with the Heads of the Multilateral Development Banks (MDBs). He then had a bilateral meeting with Juan Manuel Moreno Bonilla, President of the regional government of Andalusia and the First Vice-President of the European Committee of the Regions.
    The Secretary-General left Sevilla in the afternoon. We expect to announce his next travel in the coming days.

    DEPUTY SECRETARY-GENERAL
    The Deputy Secretary-General, Amina Mohammed, was also present at the Fourth International Conference on Financing for Development (FFD4) in Sevilla, where she delivered remarks at the High-Level session of the International Business Forum. She called for a shift from international assistance to investments in sustainable development and underscored the private sector’s role in delivering impact at scale.
    She also participated in a G20-Spain high-level special event on debt sustainability in developing countries alongside Prime Minister Pedro Sanchez, and she highlighted the need to break the cycle of debt and welcomed the growing attention from policymakers.
    This evening, she will travel to Vienna to address the 68th session of the Committee on the Peaceful Uses of Outer Space, organized by the United Nations Office for Outer Space Affairs (UNOOSA).
    During her time, there she will meet with Member States, senior government officials and the UN system. She will then return to Seville on Thursday for the closing of FFD4.

    OCCUPIED PALESTINIAN TERRITORY
    Turning to the situation in the Gaza Strip, the Israeli military operations have further intensified in northern Gaza since the issuance of the displacement order on Sunday by the Israeli authorities. In the time since that directive was announced, our partners on the ground say that at least 1,500 families have been displaced from North Gaza, as well as eastern parts of Gaza governorate, towards the central and western parts of Gaza governorate.
    Over the past 48 hours, five school buildings sheltering displaced families in North Gaza were reportedly hit, with deaths and injuries reported. Initial assessments by partners indicate that many families who fled from the schools that were hit have returned to North Gaza, largely due to the lack of alternatives and limited shelter space elsewhere.
    Healthcare also continues to come under attack. The World Health Organization says that in central Gaza yesterday, a tent sheltering displaced people in the courtyard of Al-Aqsa Hospital in Deir al Balah was reportedly hit, injuring five people. The agency added that the hospital’s internal medicine department also sustained some damage, and its oxygen supply line was affected.
    Since October 2023, WHO has documented 734 attacks on healthcare in Gaza. WHO reiterated its call for the protection of civilians and healthcare facilities. OCHA reiterates that under international humanitarian law, civilians and civilian infrastructure must be protected, not targeted.
    Regarding aid operations on the ground, OCHA tells us that movement restrictions remain a major challenge, preventing partners from predictably and sustainably providing critical services and assistance.

    Full Highlights:
    https://www.un.org/sg/en/content/ossg/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=01+July+2025

    https://www.youtube.com/watch?v=kggmKeR7k-k

    MIL OSI Video