Source: United Nations secretary general
The Secretary-General met with H.E. Mr. Jonas Gahr Støre, Prime Minister of Norway. The Secretary-General and the Prime Minister discussed the Summit of the Future, the climate action agenda and the International Financial Architecture. They also discussed the situation in the Middle East.
Source: United Nations secretary general
The Secretary-General met with H.E. Mr. Irakli Kobakhidze, Prime Minister of Georgia.
The Secretary-General and the Prime Minister discussed cooperation between the United Nations and the Government of Georgia, including in support of the conflict-affected communities, the Geneva International Discussions and the regional peace and security.
MIL ASI Translation. Region: Polish/Europe –
Fuente: Gobierno de Polonia en poleco.
Meeting of the Advisory Legal Committee with the participation of Deputy Minister Mościcka-Dendys23/09/2024The subject of today’s meeting of the Committee were selected issues from this year’s Report of the International Law Commission and practical aspects of the application of the Act on International Agreements.
The participants of the meeting discussed in particular the issues of: immunity of state representatives from foreign criminal jurisdiction, sea level rise and auxiliary measures for defining the rules of international law. Secondly, the members of the Committee discussed the issues concerning the application of the Act on International Agreements.***The Advisory Legal Committee was established in 1999. It consists of outstanding theoreticians and practitioners of law. It deals with important issues of international law, EU law and domestic law.
Photos (2)
EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.
Source: Federal Bureau of Investigation (FBI) State Crime News
An indictment was unsealed today charging nine individuals with conspiracy to illegally distribute prescription drugs, announced U.S. Attorney Dawn N. Ison.
U.S. Attorney Ison was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson of the Federal Bureau of Investigation and Special Agent in Charge Mario Pinto, of the Department of Health and Human Services, Office of Inspector General (HHS-OIG).
Charged in the indictment are:
Dr. Charles Wasson, 70, Orchard Lake, MI Dr. Maurice Potts, 65, Detroit, MI
Dr. Bruce Kaplan, 83, Commerce Township, MI
Sharlene Dawson (aka Sharlene Crawford), 55, Detroit, MI Desiree King, 41, Sterling Heights, MI
Lanise Gortman, 53, Warren, MI Aaron Thomas, 42, Southfield, MI Valecia Logan, 33, Detroit, MI and Antoine Arnold, 38, Mt. Clemens, MI
The indictment alleges that from June 2021 through September 2024, Sharlene Dawson (aka Sharlene Crawford), owner of P&A Aftercare, located in Southfield, Michigan, hired Drs. Charles Wasson, Maurice Potts, and Bruce Kaplan to issue controlled substance prescriptions for a cadre of “fake” patients, without medical necessity and outside the usual course of professional medical practice, in exchange for cash payments. According to the indictment, the “fake” patients were recruited by Lanise Gortman, Aaron Thomas, Valecia Logan, and Antoine Arnold. These recruiters would fill the prescription at area pharmacies and sell the controlled substances on the street. The indictment further alleges that Desiree King ran the front office at P&A Aftercare and worked closely with the recruiters to facilitate the issuance of the controlled substance prescriptions.
The primary prescription controlled substances illegally prescribed by the doctors named in the indictment included Schedule II controlled substances Oxycodone, Oxycodone-Acetaminophen (Percocet), and Hydrocodone-Acetaminophen (Norco). While most of the unlawful controlled substance prescriptions were paid for in cash, both controlled and non-controlled
“maintenance” medications were billed to health care benefit programs by pharmacies. It is also alleged that billings to the Medicare and Medicaid programs for medically unnecessary prescription drug medications and maintenance medications during this conspiracy exceeded
$20 million.
The case was investigated by special agents of the Federal Bureau of Investigation and the Department of Health and Human Services, Office of Inspector General, and it is being prosecuted by Assistant United States Attorneys Lisandra Fernandez-Silber and Regina R. McCullough. The Eastern District of Michigan is one of the twelve districts included in the Opioid Fraud Abuse and Detection Unit, a Department of Justice initiative to combat the opioid epidemic.
An indictment is only a charge and is not evidence of guilt. Each defendant is entitled to a fair trial in which it will be the government’s burden to prove guilt beyond a reasonable doubt.
Source: Federal Bureau of Investigation (FBI) State Crime News
DETROIT – A Farmington Hills man was sentence to 8 years in prison for conspiring to steal Volkswagen and Audi vehicles from a lot in Pontiac yesterday, announced United States Attorney Dawn N. Ison. The charges stem from an investigation initiated by the Oakland County Sheriff’s Office Auto Theft Unit.
Ison was joined in the announcement by Cheyvoryea Gibson, Special Agent in Charge of the Detroit Field Office of the Federal Bureau of Investigation, and Sheriff Michael Bouchard of Oakland County.
In April, after a 13-day trial, a jury convicted Romane Porter, 47, of conspiracy to transport stolen vehicles and transportation of stolen vehicles. The evidence presented during trial showed that for approximately six months in 2017, Porter and co-defendant Daniel Onorati conspired with each other and others to steal approximately 61 recalled Volkswagen and Audi cars that were parked at the site of the former Pontiac Silverdome.
“This defendant orchestrated a large-scale conspiracy to brazenly steal recalled vehicles and sell them across state lines,” said U.S. Attorney Ison. “This sentence reflects the seriousness with which we address fraud, and the work done to achieve the result in this case further demonstrates the strong collaboration and coordination between our local and federal law enforcement partners.”
In addition to the 97-month sentence, U.S. District Judge Denise Page Hood ordered Porter to pay
$683,080 in restitution and to serve three years of supervised release upon release from prison.
“The sentencing of Romane Porter sends a stark reminder that those individuals who conspire to commit fraud and theft, will face the highest penalties under the law,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “The joint investigative work of the FBI’s Detroit Fraud & Financial Crimes Task Force, the Oakland County Sheriff’s Office Auto Theft unit, and the diligent prosecution from the U.S. Attorney’s Office of the Eastern District of Michigan, disrupted an elaborate theft scheme orchestrated by this bad actor. The FBI in Michigan will continue to investigate and arrest individuals who engage in criminal acts.”
“I am grateful for the partnership between our Auto Theft Unit, the FBI, and the US Attorney’s Office who brought this organized auto theft activity to a close,” said Sheriff Michael J. Bouchard. “These individuals were bold in their behavior in stealing such a large volume of vehicles from a well-known location. These criminals deserve to be punished to the fullest extent of the law.”
The case was investigated by agents of the Federal Bureau of Investigation and the Oakland County Sheriff’s Office Auto Theft Unit. The team was also assisted by the Special Investigations Section, Office of Investigative Services of the Michigan Department of State, as well as the Hardin County Sheriff’s Office and the Kentucky State Police. The case was prosecuted by Assistant United States Attorneys Trevor Broad and Louis Meizlish
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)
Defendant believed to be responsible for distributing more than 660 pounds of methamphetamine over the course of six months
BOSTON – The leader of a nationwide drug trafficking ring has been sentenced in federal court in Boston. During the investigation over 160 pounds of pure methamphetamine, as well as an AK-47, a Glock with no serial number, two loaded Smith & Wesson handguns and over 4,200 rounds of ammunition were seized. An illegal marijuana grow operation with hundreds of marijuana plants was also dismantled.
Reshat Alkayisi, 63, a Turkish national residing in Covington, R.I., was sentenced on Sept. 17, 2024 by U.S. District Court Judge Nathaniel M. Gorton to 23 years in prison to be followed by five years of supervised release. In April 2024, Alkayisi pleaded guilty to five counts of a second superseding indictment, charging him with conspiracy to distribute and to possess with intent to distribute 500 grams or more of methamphetamine; possession of a firearm in furtherance of a drug trafficking offense; money laundering conspiracy; and two counts of money laundering.
“This defendant was one of the largest methamphetamine distributors in New England, whose massive drug operation fueled addiction and devastation across our communities. He is now going to pay a very heavy price for the havoc he wreaked across Massachusetts. This sentencing sends a powerful message to anyone engaged in pumping deadly narcotics onto our streets,” Acting United States Attorney Joshua S. Levy. “As demonstrated by this prosecution, the dedicated prosecutors and law enforcement partners will be relentless in our efforts to disrupt and dismantle drug trafficking operations and ensure that individuals like Mr. Alkayisi are held accountable.”
“Reshat Alkayisi was the leader of a nationwide drug trafficking organization that pushed massive amounts of methamphetamine onto New England streets, and profited from the pain and misery of others,” said Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division. “Thankfully, this 23-year sentence officially puts his 24/7 operation, protected in part by illegal firearms, including an AK-47, out of business. Operation Ice Cats is an example of how the FBI and our partners are hard at work dismantling dangerous trafficking operations as we work to make our communities safer.”
“DEA stands committed to keeping highly addictive drugs like methamphetamine off the streets of Massachusetts,” said Acting Special Agent in Charge Stephen Belleau, Drug Enforcement Administration, New England Field Division. “This substantial sentence not only holds Mr. Alkayisi accountable for his crimes but serves as a warning to those traffickers who are contributing to the drug crisis in New England and throughout America. This investigation demonstrates the strength of collaborative law enforcement efforts and our strong partnership with the U.S. Attorney’s Office.”
In late 2020, Alkayisi was identified as a large-scale methamphetamine trafficker, who distributed multi-pound quantities to distributor customers throughout the New England area. Between October 2020 and April 2021, 12 controlled purchases of methamphetamine were made from the drug trafficking organization—two of which were delivered personally by Alkayisi and one that was negotiated with Alkayisi and delivered by a co-conspirator.
Intercepted communications revealed that Alkayisi supplied multiple distributor customers with supplier quantities of pure methamphetamine. Alkayisi also regularly bragged to these distributors about quality of his methamphetamine, saying, “You’re gonna get nice, big crystals,” and “Ur contacts should b happy with the size of product.” Alkayisi also operated a large-scale marijuana grow out of his Rhode Island residence, including while on probation for a state conviction for unlawful marijuana distribution.
Alkayisi typically charged his distributor customers $5,000 to $6,000 per pound of methamphetamine and utilized multiple methods to conceal the nature of these proceeds. These included paying the bail of his distributors, structuring cash deposits to avoid reporting requirements, utilizing peer-to-peer transfers and purchasing vehicles with cash. Alkayisi also created and utilized a shell company to launder his proceeds and recruited and directed others, including his wife, to launder his drug proceeds for him.
On June 1, 2021, four packages were seized containing a total of approximately 100 pounds of 100% pure methamphetamine that were picked up on behalf of Alkayisi from a UPS store in Rhode Island. Each of the boxes were addressed to Alkayisi’s shell company, which he used to launder his drug proceeds.
On June 25, 2021, another package was seized, destined for Alkayisi that contained approximately 30 pounds of 100% pure methamphetamine. In total, approximately 160 pounds of methamphetamine was seized throughout the investigation from controlled purchases, motor vehicle stops and package seizures.
During a search of Alkayisi’s residence in Rhode Island, an AK-47 assault rifle, a Glock handgun with no serial number, over 4,200 rounds ammunition and over $23,000 cash were also seized. Additionally, numerous electronics, including a computer that contained a ledger documenting Alkayisi’s methamphetamine sales for January through June of 2021 was seized. Based on the ledger, as well as the seizures, Alkayisi was responsible for over 660 pounds of methamphetamine over the course of six months. Law enforcement also located his large unlawful marijuana grow operation with hundreds of marijuana plants in all stages of production for distribution.
Alkayisi is the seventh defendant to be sentenced in the case. All remaining defendants have pleaded guilty and are awaiting sentencing.
Acting U.S. Attorney Levy, FBI SAC Cohen and DEA Acting SAC Belleau made the announcement. Valuable assistance was provided by the Massachusetts, Rhode Island, New Hampshire and Maine State Police; Massachusetts Department of Correction; Norfolk County Sherriff’s Office; and Concord, Hudson, Peabody, Reading, Watertown and Waltham Police Departments. Assistant U.S. Attorneys Alathea Porter and Katherine Ferguson of the Criminal Division are prosecuting the case.
This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.
Source: The White House
Oval Office
12:30 P.M. EDT
PRESIDENT BIDEN: Well, Sheikh Mohamed, welcome back to Washington.
PRESIDENT BIN ZAYED AL NAHYAN: Thank you, sir.
PRESIDENT BIDEN: You’ve been a good friend. Our countries have — our strategic partners have rooted in decades — literally decades of close cooperation and friendship. And I welcome the chance to open a new chapter.
We — UAE is a nation of trailblazers, always looking — always looking to the future, always making big bets. And that’s something our countries have in common and our people have in common.
In fact, it’s a cornerstone of our growing cooperation in AI, in clean energy, in space, and investing in infrastructure to connect regions. And for many years, our forces also stood shoulder to shoulder in the same most difficult places.
Today, we honor that legacy and carry our relationship forward, as UAB — UAE is going to become a major defense partner of the United States, joining only one other country: India.
We also will discuss our efforts to end the war in Gaza and a number of regional issues. I’ve been briefed on the latest developments in Israel and Lebanon. My team is in constant contact with their counterparts, and we’re working to de-escalate in a way that allows people to return to their home safely.
Mr. President, I want you to know that I remain committed to the UAE’s security. And I look forward to our discussion; it’s going to cover a lot of areas.
So, again, welcome.
PRESIDENT BIN ZAYED AL NAHYAN: Thank you, Mr. President.
(As interpreted.) Your Excellency, Mr. President, I am pleased to meet with you once again, and I would like to thank you for the warm reception. And I look forward to continuously discussing our relationship between the two nations.
And I would like to reaffirm that the United Arab Emirates has a firm and unwavering commitment to work with the United States of America for the sake of deepening the strategic partnership between our two nations.
Once again, Your Excellency, Mr. President, I am pleased to meet you, and I would like to extend to you and the American people the best of wishes.
PRESIDENT BIDEN: Thank you.
Thank you, everyone.
12:34 P.M. EDT
Source: The White House
New York City, New York
Thank you.
It’s great to be with so many world leaders, your Excellencies from Malawi, the Dominican Republic, and Nepal.
Director General of the World Health Organization and President Banga of the World Bank, I’m glad to see you both again. And I appreciate your support of this new coalition.
I’m also grateful to Open Philanthropy, which has been at the forefront of the fight against lead poisoning in children for many years.
To Cathy Russell and Administrator Power: thank you for inviting me to join you today.
Cathy and I have known each other for decades. Beyond the causes we both care so deeply about—from expanding opportunities for women to protecting and lifting up children—I’m grateful for our friendship. You and the team at UNICEF take on some of the world’s toughest challenges and you make a difference in every life you touch. Thank you.
And Samantha Power, Joe’s intrepid Administrator of USAID, I am inspired by all that you do. The only thing greater than your determination to tackle humanitarian challenges around the world is your optimism for creating a healthier, safer, brighter future for people everywhere.
Several years ago, I traveled to Jordan.
There, I met Ms. Maha, a principal of an all-girls’ school.
More and more families were arriving to her community from Syria after fleeing violence. And Ms. Maha’s school was already at capacity.
One day, a mother showed up, desperate to enroll her daughter.
The mother had tried and been turned away at so many other schools.
So, with tears in her eyes, she pleaded with Ms. Maha to find a place for her daughter.
Ms. Maha loves her students. And she said, “I think love is giving as much as you can.”
So she made a promise.
Send your daughter to class with a chair, and she can enroll.
In the days that followed, more and more young girls showed up—carrying any chair they could find—so they could go to school and learn.
As educators, we don’t sit with problems.
We solve them.
I saw this in the classrooms I visited in rural Malawi.
The teachers found inventive ways for their students to learn through songs, rhythm, and repetition.
Even from my own experience, like four years ago, when the pandemic hit and schools in the United States went silent.
Overnight, educators had to learn how to use Zoom and reimagine lesson plans so we could reach our students.
Our world is full of complexities and conflicts.
But for the problems we can solve we can’t hesitate.
In Principal Maha’s words: We must give as much as we can.
Every year, the United Nations General Assembly meets to recognize our shared challenges and to find ways to overcome them.
Right now, around the world, parents give their children toys so they can learn and play.
They prepare meals with everyday cookware to keep their family fed.
All the while, dangerous amounts of lead seep into their lives.
And the consequences are irreversible.
These children will never reach the full potential they were born with because lead poisoning is so pervasive.
But it’s a problem we can solve.
I’m proud that this new partnership is committing more than $150 million, which will jumpstart efforts to end childhood lead exposure in developing countries.
This funding is 10 times more than what’s been spent annually on this problem to date.
And it has a coalition behind it: Partners—from governments to industry to advocates—who will phase out lead from everyday products, enforce safe standards, and create a lead-free future for every child.
Through the Partnership for a Lead-Free Future, UNICEF and USAID believe we can end childhood lead poisoning by 2040.
Education is my life’s work.
And I often think of what leaders might learn from teachers, who know that the future isn’t some far off place.
It’s right before them, in their students who are striving to learn and grow.
Teachers who don’t stop at problems, they push through.
Teachers who love what they do. And love is giving as much as you can.
Children will reach for the promise that resides within them—if we do our part, everything we can, to break down the barriers in their way.
It’s going to take all of us, pulling up chairs and joining this coalition to end lead poisoning.
That future is within our grasp.
Let’s reach for it, together.
###
Source: Government of India (2)
Posted On: 24 SEP 2024 12:17AM by PIB Delhi
Prime Minister Shri Narendra Modi met H.E. Mr. To Lam, General Secretary of the Communist Party of Vietnam and State President of the Socialist Republic of Vietnam in New York on the sidelines of the Summit of the Future at UNGA on 23 September 2024.
Prime Minister congratulated President To Lam on assuming enhanced leadership responsibilities and expressed hope for continued collaboration towards strengthening bilateral ties between India and Vietnam.
Prime Minister reiterated his sympathies and solidarity with Vietnam in the face of loss and damage caused by Typhoon Yagi earlier this month. President and General Secretary To Lam thanked Prime Minister for the timely supply of emergency humanitarian assistance and disaster relief by India under Operation Sadbhav.
Both leaders reaffirmed the importance of deep civilizational and cultural links and growing strategic ties, marked by unwavering mutual trust, understanding and shared interests between the two countries. Recalling the visit of Vietnamese Prime Minister H.E. Mr. Pham Minh Chinh to India last month, they discussed prospects of advancing bilateral cooperation and further strengthening the Comprehensive Strategic Partnership between the two countries. The leaders also exchanged views on important regional and global issues, including the Indo-Pacific and underscored a collective role for Global South at international platforms.
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MJPS/VJ/SR/SKS
(Release ID: 2058085) Visitor Counter : 25
Source: The White House
His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, and President Joseph R. Biden Jr. met today at the White House during an official visit of His Highness President Sheikh Mohamed bin Zayed to the United States. The visit is the first-ever by a President of the United Arab Emirates to Washington and marks the leaders’ fourth bilateral meeting in the Biden-Harris Administration. The leaders affirmed the enduring U.S.-UAE strategic and defense partnership, bolstered areas of deepening cooperation in advanced technology and investments, and discussed global and regional matters. The leaders pledged to pursue new opportunities to strengthen their economic and defense partnership; promote peace and stability across the Middle East and wider region; and deliver global leadership on issues of shared importance. The five decades of U.S.-UAE ties and friendship are rooted in a strong foundation of close collaboration that has underpinned our countries’ prosperity and security.
The leaders welcomed the significant progress between the United Arab Emirates and the United States during their tenure through cooperation in building trusted technology ecosystems, the Partnership for Global Infrastructure and Investment (PGI), the U.S.-UAE Partnership for Accelerating Clean Energy (PACE) initiative, and the Economic Policy Dialogue (EPD), all of which serve to uplift economic and trade ties between the two countries.
On particular issues of discussion:
Dynamic Strategic Partnership: Trade and Advanced Technology
Our countries’ strong foundation of partnership is reflected in our close alignment on key economic objectives and in the excellence of our private sectors that generate more than $40 billion of bilateral trade annually and an access of $26 billion of U.S. exports to the UAE. The Leaders charted an ambitious course for the United Arab Emirates and the United States to lead global efforts to develop and expand new fields central to the global economy, particularly in advanced technologies and the clean energy required to power Artificial Intelligence.
They welcomed the partnership between Microsoft and UAE’s Group 42 (G42) through Microsoft’s $1.5 billion investment in April 2024. This investment is accelerating joint AI development to bring advanced AI and digital infrastructure to countries in the Middle East, Central Asia, and Africa.
The leaders further welcomed Microsoft and G42’s ongoing digital transformation in Kenya, which will leverage 1GW of geothermal energy to power data-centers to enable the deployment of cloud infrastructure and AI services for the public sector and regulated industries as well as enterprises. Further, the partnership will support the development of local Large Language Models and the establishment of an East African Innovation Lab. Additionally, the partnership hopes to encourage international and local connectivity investments, and collaboration with the government of Kenya to enable digital transformation programs across East Africa.
These initiatives mark the beginning of our partnership and investments in the responsible deployment of advanced technologies, clean energy, and frontier technologies that will be the engine that powers our interconnected world.
To meet the promise of this transformational moment and harness the potential of leading-edge technologies to improve human welfare globally, President Biden and His Highness President Sheikh Mohamed bin Zayed welcomed the Common Principles for Cooperation on AI, endorsed today by National Security Advisor Jake Sullivan and UAE National Security Advisor Tahnoon bin Zayed, and through which the United States and the United Arab Emirates aim to further strengthen cooperation, develop regulatory frameworks, promote the safe and trusted deployment of critical and emerging technologies, and enable enhanced support for joint private-public sector research and academic exchanges.
Building on our collaboration in the field of advanced technology, this partnership incorporates safeguards to protect the national security of both countries, enable trusted investments and entrepreneurship, and facilitate cross-border innovation, while creating jobs and facilitating the protection of advanced U.S. technologies and respect for international principles, best practices, and human rights. Moving forward, the leaders decided to promote the expansion of relationships among scientific, academic, and research and development communities.
Strengthening Critical Infrastructure and Supply Chain Resiliencies
The leaders reviewed progress on efforts to build a more interconnected, integrated world in committing to secure and resilient supply chains through the Partnership for Global Infrastructure and Investment (PGI).
His Highness President Sheikh Mohamed bin Zayed and President Biden discussed progress on the landmark India-Middle East-Europe Economic Corridor (IMEC) launched at the 2023 G20 Leaders’ Summit in New Delhi together with the leaders of India, Saudi Arabia, France, Germany, Italy, and the European Union. The leaders reaffirmed that the corridor – connecting India to Europe by ship-to-rail connections through the United Arab Emirates, Saudi Arabia, Jordan, Israel, and Europe through Greece – will generate economic growth, incentivize new investments, increase efficiencies and reduce costs, enhance economic unity, generate jobs, lower greenhouse gas emissions, and enable the transformative integration of Asia, Europe, and the Middle East.
They underscored that this transformative partnership has the potential to usher in a new era of international connectivity to facilitate global trade, expand reliable access to electricity, facilitate clean energy distribution, and strengthen telecommunication. The two leaders emphasized the importance of joint initiatives to promote a circular economy, reduce waste, facilitate recycling, and advance sustainable practices, underscoring their commitment to innovation for resource efficiency and environmentally responsible growth.
The leaders also reaffirmed their commitment to continue their efforts with international partners and the private sector to connect the continents to commercial hubs and facilitate the development and export of clean energy; support existing trade and manufacturing synergies; strengthen food security and supply chains; and link energy grids and tele-communication lines through undersea cables to expand access to electricity, enable innovation of advanced clean energy technology, and connect communities to secure and stable internet.
The leaders additionally discussed the importance of ongoing efforts to cooperate on strategic investments in hard infrastructure and critical minerals-supply chains in Africa and emerging markets globally. These investments aim to diversify sourcing of critical minerals that are essential components to clean energy and advanced technologies, including batteries, wind turbines, semiconductors, and electric vehicles. President Biden recognized the United Arab Emirates’ leadership in strategic investments globally to ensure reliable access to critical infrastructure including, ports, mines, and logistics hubs through the Abu Dhabi Investment Authority, the Abu Dhabi Developmental Holding Company, Abu Dhabi Ports, and DP World.
Both leaders committed to remain in close touch on future investment opportunities and maintain cooperation on strategic investments.
The leaders additionally highlighted that the U.S.–UAE 123 Agreement, which provides a comprehensive framework for peaceful nuclear cooperation based on a mutual commitment to nuclear nonproliferation, is the “gold standard” for securing and propelling the next generation of technologies.
Partnering to Protect our Planet Through the Clean Energy Transition
The leaders underscored the importance of U.S.-UAE leadership at COP28, which galvanized world leaders to take action and address the climate crisis. President Biden thanked His Highness President Sheikh Mohamed bin Zayed for his extraordinary commitment that was central to the groundbreaking outcomes at COP28 in Dubai resulting in the UAE Consensus.
The two leaders recognized that this moment represents a unique opportunity to create sustainable and clean energy jobs, revitalize communities, improve quality of life, and power digital infrastructure with renewable energy across both countries and around the globe. In this context, the two leaders affirmed their shared commitment to protecting our precious planet and securing a sustainable future for humanity through united leadership across various platforms, including the upcoming COP29 and beyond, which will serve to advance climate action and strengthen global partnerships.
The two leaders expressed their determination to leverage visionary initiatives, including the Partnership for Accelerating Clean Energy (PACE), the Agricultural Innovation Mission for Climate (AIM4C), the First Movers Coalition, the Net Zero Producers Forum, the Global Methane Pledge, Carbon Management Challenge, the Oil and Gas Decarbonization Charter (OGDC), the Industrial Transition Accelerator (ITA), the Global Biofuels Alliance, and Global Flaring and Methane Reduction (GFMR) Trust Fund; and encourage commercial partnerships to decarbonize our energy systems, reduce emissions in pursuit of a net zero economy, and deliver prosperity to future generations.
President Biden and His Highness President Sheikh Mohamed bin Zayed reaffirmed their strong commitment to collaborate on sustainability and climate resilience, emphasizing their commitment to addressing global challenges through innovative solutions. The two leaders underscored their joint efforts in advancing agri-tech and vertical farming innovations, key drivers in enhancing food security for future generations. They highlighted ongoing cooperation in humanitarian initiatives aimed at addressing food insecurity in vulnerable regions, particularly through agricultural development and capacity building in climate affected areas. Recognizing the impact of climate change on public health, the leaders emphasized the need to integrate health resilience into comprehensive climate action strategies.
President Biden also congratulated the United Arab Emirates on its many successes in its two Years of Sustainability (2023-2024), including the recent announcement on co-hosting the next UN Water Conference in 2026 with Senegal, noting the critical importance of accessible and affordable clean water to all; and its significance within various sectors in the clean energy transition, addressing climate change, and the sustainable development agenda.
Partnership to Accelerate Clean Energy (PACE)
Under the U.S.-UAE Partnership to Accelerate Clean Energy (PACE) initiative, the United States and the UAE are announcing several initiatives that will continue our efforts to ensure a swift and smooth transition towards clean energy. The United States and United Arab Emirates remain committed to investing together in Africa and working to end energy poverty across sub-Saharan Africa. Today, the UAE-based Averi Finance and AMEA Power are both private sector partners under the U.S.-led Power Africa Initiative, joining an existing partnership with UAE-based company Phanes. As private sector partners, these firms will be offered tailored assistance from transaction advisors and technical experts and can benefit from services offered by participating U.S. government departments and agencies.
To support the Power Africa initiative, Averi Finance intends to facilitate $5 billion in investments, build 3GW of power generation projects, construct over 3,000 kilometers of transmission or distribution lines, establish over 500,000 new home and business connections, and aim for a CO2 equivalent reduction or avoidance of 90 million tons. AMEA Power and Power Africa have recently entered into a partnership to accelerate power projects. AMEA Power is targeting 5GW of renewable energy capacity in Africa by 2030, and to realize this target, intends to mobilize $5 billion in capital.
Additionally, under PACE, ADNOC has announced a 35 percent stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas. This facility aims to produce up to approximately 900,000 tons of low-carbon ammonia per year, enabling the transition to cleaner fuels in hard-to-abate sectors. Plynth Energy – a recently established Abu Dhabi government-owned early-stage fund focused on fusion technologies and supply chains – invested in the U.S. company Zap Energy, which plans to build scalable and commercially-viable fusion energy. This investment will help fund the further development of Zap Energy’s small-format commercial fusion technology. Zap Energy is a participant in the U.S. Department of Energy’s (DOE) Milestone-Based Fusion Development Program, and will receive DOE funding based on reaching development milestones to support the design of a fusion pilot plant.
Lastly, as two of over 155 participants in the Global Methane Pledge, the U.S. and the UAE will accelerate their respective domestic methane reductions, work together to support countries undertaking methane abatement, and call on others to do the same by advancing methane reduction projects, strengthening methane standards and regulations, addressing methane super emitter events, and identifying appropriate financing for methane reduction.
Partners in Space Exploration
As founding nation members of the Artemis Accords, His Highness President Sheikh Mohamed bin Zayed and President Biden reinforced the U.S. and UAE’s groundbreaking cooperation in space, the future of human exploration, and our shared interest in deepening our understanding of the universe.
The leaders recalled the role of this partnership in the historic launch of the first Arab probe to Mars, the Hope Probe in 2021, and the resulting and ongoing global scientific collaboration and contribution to the study of Mars’ atmosphere. This strategic partnership in deep space missions is further exemplified by the UAE Space Agency’s announcement of the Emirates Mission to the Asteroid Belt, the first multi-asteroid tour and landing mission to the main belt, with the partner, Laboratory for Atmospheric and Space Physics at the University of Colorado Boulder.
The leaders highlighted the January 2024 Mohammed bin Rashid Space Center agreement with NASA for the Center to provide an airlock for Gateway, humanity’s first space station to orbit the Moon supported by NASA’s missions for long-term Moon exploration under the Artemis Program. The airlock will allow crew and equipment transfers to-and-from the habitable environment of Gateway’s pressurized modules to the vacuum of space. This agreement will also enable the first Emirati astronaut to fly to the Gateway for joint exploration of the Moon.
This cooperation builds on NASA and the UAE’s previous human spaceflight collaboration. In 2019, Hazaa Al Mansouri became the first Emirati astronaut to fly to space during a visit to the International Space Station (ISS), where he worked with NASA to perform experiments and educational outreach. A second Emirati astronaut, Sultan Al Neyadi, launched to the ISS in 2023, where he participated in the floating laboratory’s scientific research to advance human knowledge and improve life on Earth. The leaders welcomed continued training of astronauts, including two Emirati astronaut candidates in training at the Johnson Space Center, as well as ongoing work on Mars research and scientific studies to support mutual exploration goals.
Sharing the common spirit and ambition of humanity’s journey in space, the leaders reaffirmed the principles of the Artemis Accords to explore and use outer space for peaceful purposes and usher in a new era of exploration, as well as obligations under the Outer Space Treaty, including the requirement that countries not place in orbit around the Earth any objects carrying nuclear weapons or any other kind of weapons of mass destruction.
Partners in Security and Defense
His Highness President Sheikh Mohamed and President Biden praised the strong security and defense partnership with the UAE. President Biden strongly affirmed the United States’ commitment to the United Arab Emirates’ security and territorial defense, and to facilitating its ability to obtain necessary capabilities to defend its people and territory against external threats. The leaders reaffirmed their commitment to a strong bilateral security and defense relationship and to expanding defense and security cooperation to bolster joint defense capabilities against external threats, including through the Department of Defense’s State Partnership Program.
The leaders affirmed a shared vision of an interconnected, peaceful, tolerant, and prosperous region as outlined by President Biden during the GCC+3 Summit Meeting in Jeddah, Saudi Arabia, on July 16, 2022. They reviewed the proud legacy of standing shoulder-to-shoulder, in peace and in conflict, including the UAE’s support for American-led counterterrorism missions since the attacks in New York, Pennsylvania, and Washington on September 11, 2001, to deter threats, de-escalate conflicts, and reduce tensions globally. Specifically, the leaders recalled the United States and the United Arab Emirates standing alongside each other in the global coalition against Da’esh, and prior conflicts: Somalia, the Balkans, Iraq, Afghanistan, and Libya.
The leaders reviewed ongoing initiatives and investments in advanced systems that have made the United Arab Emirates one of the most capable U.S. military partners in the region, in addition to a robust schedule of bilateral and multilateral exercises. They underscored the importance of strengthening efforts to combat regional threats, advance counterterrorism initiatives, reinforce maritime security and counter-piracy efforts, increase security cooperation, and intercept illicit shipments of weaponry and technology.
The leaders discussed deepening investment in U.S. defense systems and acknowledged that military-to-military cooperation with the United Arab Emirates’ armed services helps ensure interoperability with the United States through the provision of advanced defense articles and services. They further decided to explore potential investment in our most advanced defense systems and to maintain regular exchanges to deepen partnership in research and development.
The leaders reaffirmed the 2017 Defense Cooperation Agreement, an important step for both countries that underscored their vital and longstanding collaboration in defeating terrorist groups, such as Da’esh and al-Qaida, securing regional stability, and combatting threats against their common interests including terrorist financing. They underscored the importance of the annual Joint Military Dialogue as the foremost bilateral defense forum for advancing the U.S.-UAE defense partnership, including reviewing shared security interests, as well as discussing strategic objectives for the relationship and challenges in the region, such as maritime security, counter-piracy, counterterrorism cooperation, and domain awareness in the Middle East, the Indian Ocean, and East Africa. They further noted the recognition by the Security Council in Resolution 2686 that hate speech, racism, racial discrimination, xenophobia, related forms of intolerance, gender discrimination and acts of extremism can contribute to driving the outbreak, escalation and recurrence of conflict.
Designation as a Major Defense Partner of the United States
Acknowledging the U.S. and UAE’s deepening security partnership and cooperation in advanced technology and acquisition, shared interest in preventing conflict and de-escalation, President Biden today recognized the United Arab Emirates as a Major Defense Partner of the United States, joined by only India, to further enhance defense cooperation and security in the Middle East, East Africa, and the Indian Ocean regions. This unique designation as a Major Defense Partner will allow for unprecedented cooperation through joint training, exercises, and military-to-military collaboration, between the military forces of the United States, the UAE, and India, as well as other common military partners, in furtherance of regional stability.
Both leaders committed to close and sustained cooperation among our militaries.
Partners in a Stable, Integrated, and Prosperous Middle East and Wider Region
The leaders stressed the importance of reaching a peaceful solution to the dispute over the three islands, Greater Tunb, Lesser Tunb, and Abu Musa, through bilateral negotiations or the International Court of Justice, in accordance with the rules of international law including the UN Charter.
The leaders discussed persisting and emerging threats to peace and stability in the Middle East and the wider region. They renewed their commitment to upholding international law, particularly international humanitarian law, work with parties to resolve conflicts and protect civilians, and to provide urgently needed aid to alleviate human suffering. They reiterated the importance of sustainable and enduring solutions to the security threats in the region, including those posed by non-state terrorist actors. They discussed the enduring importance of the Abraham Accords and continuing on the path of peace, integration, and prosperity in the region.
The leaders discussed the war in Gaza. They underscored their commitment to continue working together towards ending the conflict, calling for a lasting and sustainable ceasefire and the release of hostages and detainees in accordance with the United Nations Security Council Resolution (UNSCR) 2735, and affirmed that all sides to the conflict must adhere to their obligations under international humanitarian law. President Biden commended the UAE’s extraordinary humanitarian efforts in Gaza, which have been critical in addressing the humanitarian crisis, including through the launch of a maritime corridor for movement of aid, opening a field hospital in Gaza, and supporting evacuations of wounded civilians and cancer patients.
The two leaders emphasized the ongoing need for the urgent, unhindered, and sustained delivery of life-saving humanitarian assistance, at a scale commensurate with the growing needs among the civilian population throughout Gaza. They called on all parties to ensure the safety, security, and sustained access of aid workers to all those in need, and to create the conditions needed to facilitate an effective humanitarian response in Gaza.
His Highness President Sheikh Mohamed commended the mediation efforts by the United States, along with Egypt and Qatar, to reach a lasting and sustainable ceasefire and hostage release deal to help end the war in Gaza. His Highness also echoed the principles laid out by President Biden on May 31, 2024, and stressed the importance of building on this proposal in order to create a serious political horizon for negotiation. To that end, the leaders discussed a path to stabilization and recovery that responds to the humanitarian crisis, establishes law and order, and lays the groundwork for responsible governance. The leaders expressed their commitment to the two-State solution, wherein a sovereign and contiguous Palestinian state lives side-by-side in peace and security with Israel, as the only way to resolve the Israeli-Palestinian conflict in accordance with the internationally-recognized parameters and the Arab Peace Initiative. They stressed the need to refrain from all unilateral measures that undermine the two-State solution, and to preserve the historic status quo of Jerusalem’s holy sites, recognizing the special role of the Hashemite Kingdom of Jordan in this regard.
On the conflict in Sudan, the leaders expressed their deep concern over the tragic impact the violence has had on the Sudanese people and on neighboring countries. Both leaders expressed alarm at the millions of individuals who have been displaced by the war, the hundreds of thousands experiencing famine, and the atrocities committed by the belligerents against the civilian population. They stressed that there can be no military solution to the conflict in Sudan and underscored their firm and unwavering position on the imperative for concrete and immediate action to achieve a lasting cessation of hostilities, the return to the political process, and transition to civilian-led governance.
Both leaders reaffirmed their shared commitment to de-escalate the conflict, alleviate the suffering of the people of Sudan, ensure humanitarian assistance reaches the Sudanese people, and prevent Sudan from attracting transnational terrorist networks once again. Noting their shared concern about the risk of imminent atrocities, particularly as fighting continues in Darfur, they underscored that all parties to the conflict must comply with their obligations under international humanitarian law, and all individuals and groups that commit war crimes must be held accountable. The leaders emphasized that the priority right now must be the protection of civilians, particularly women, children and the elderly, securing humanitarian pauses in order to scale up and facilitate the movement of humanitarian assistance into the country and across conflict lines, and ensuring the delivery of aid to those in need, especially to the most vulnerable.
Partners in Cyberspace
The leaders emphasized that safety and stability in cyberspace is critical for digital economic growth and development, and reaffirmed their commitment to an open, interoperable, secure, and reliable internet, underpinned by the multistakeholder model of internet governance.
They committed to deepen cooperation on cybersecurity and to enhance cyber collaboration to protect critical infrastructure, counter malicious cyber activity by state and non-state actors, and noted that the UAE’s significant contributions to the International Counter Ransomware Initiative reflects the strength of our cooperation. The leaders committed to promote stability in cyberspace based on the applicability of international law including the United Nations Charter, the promotion of voluntary norms of responsible state behavior during peacetime, and the development and implementation of confidence building measures between states.
Looking Forward
The United States and the United Arab Emirates are both entrepreneurial nations, joined together by a relentless focus on the future. Our aspirations are rooted in a common resolve to pursue innovative partnerships in new fields, including AI, food security, infrastructure investment, and supply chain resilience, even as we continue to strengthen the foundational element of our partnership: our longstanding people-to-people ties. These connections between our countries drive progress and expand horizons, from clean energy technologies, to AI, defense cooperation, space exploration, and ongoing coordination across priority areas of science, education, and culture. This first-ever official visit by a President of the United Arab Emirates to the United States sets a new foundation for our countries’ cooperation for decades to come
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US Senate News:
Source: United States Senator for Alaska Dan Sullivan
09.23.24
WASHINGTON—In an opinion published in the Wall Street Journal over the weekend, U.S. Senator Dan Sullivan (R-Alaska), a member of the Senate Armed Services Committee (SASC), condemned the Biden-Harris administration for abandoning the Trump administration’s policies towards Iran, resulting in a more powerful Iran and a more dangerous world. Senator Sullivan urged President Biden to course correct this week during what will likely be the President’s last major foreign policy speech. Tomorrow, President Biden is set to address the United Nations General Assembly (UNGA).
“It’s hard to deny that the world is more dangerous today than when he [Biden] became president,” Sen. Sullivan writes in the Wall Street Journal. “There are many reasons for this, but the single most important course correction Mr. Biden could make is on his Middle East policy. In his speech he should call on the U.N. to condemn and impose sanctions on the Iranian terrorist regime for acting as the architect of chaos throughout the Middle East and Ukraine. Mr. Biden should also denounce the antisemitism that has pervaded the U.N. for decades and call out the organization for insufficiently condemning Hamas’s massacre of 1,200 Israelis. He should demand that the U.N. declare Iran-backed Hamas a terrorist organization. He also needs to denounce the U.N. Relief and Works Agency, some of whose employees participated in Hamas’s Oct. 7 attacks. Unfortunately, none of this is likely to happen. Appeasing Iran has been a hallmark of the Biden-Harris administration, and as a result the terrorist leadership has become richer, more powerful and more menacing.”
Senator Sullivan has frequently warned of the Biden-Harris administration’s weakness on Middle East policy and pushed for a return to Trump-era sanctions aimed at re-establishing deterrence against Iran and its terrorist proxies. His latest op-ed in the Wall Street Journal details many of those efforts. Click here or below to read the full opinion.
Opinion: Biden’s Last Opportunity to Stand Up to Iran
By: U.S. Senator Dan Sullivan
September 20, 2024
On Monday I will go to New York with a group of senators to meet with foreign leaders at the United Nations General Assembly. President Biden will likely give his last major foreign-policy speech on Tuesday, a final opportunity to correct course. It’s hard to deny that the world is more dangerous today than when he became president. There are many reasons for this, but the single most important course correction Mr. Biden could make is on his Middle East policy.
In his speech he should call on the U.N. to condemn and impose sanctions on the Iranian terrorist regime for acting as the architect of chaos throughout the Middle East and Ukraine.
. . .
Before Mr. Biden took office, under the Trump administration’s sanctions, Iran’s oil exports in 2020 were reduced to about 200,000 barrels a day from 2.7 million and its foreign reserves to roughly $4 billion from $122.5 billion. The Trump administration negotiated the Abraham Accords, the Middle East’s first peace agreement in 26 years, which could put the region on a path to widespread peace.
The Biden-Harris administration chose not to enforce the Trump-era sanctions. As a result, Iran has been enriched with about $100 billion in oil revenue, with which Tehran funds, trains and equips the Houthis, Hamas and Hezbollah.
In a meeting with Mr. Biden last year, I raised the issue of reinstating Trump-era sanctions against Iran. He supported the idea and told me to work with Jake Sullivan, his national security adviser. It hasn’t happened.
…
The Houthis, with intelligence from Iranian navy spy ships, have launched dozens of drones and missiles to sink U.S. Navy and commercial ships in the Red Sea. Senior military officials operating in the Middle East requested permission to sink these Iranian spy ships but were denied by senior administration officials. They argued that such actions would be “escalatory.” This is a case study in self-deterrence.
There is a precedent for the U.S. to sink Iranian warships that target our Navy. In 1988, President Ronald Reagan authorized Operation Praying Mantis in retaliation after Iran nearly sank a U.S. Navy ship in the Persian Gulf. By the end of the operation, our military sank several Iranian ships and destroyed two Iranian oil platforms. Tehran got the message.
The most outrageous example of appeasement has been the Biden-Harris administration’s relative silence on the Iranian regime’s atrocious human-rights record, particularly against women. When Iran’s “morality police” murdered 22-year-old Mahsa Amini two years ago for not properly wearing her hijab, tens of thousands of Iranians, mostly women, took to the streets. More than 22,000 people have been arrested and more than 530 put to death. I wrote Secretary of State Antony Blinken, urging him to meet with Masih Alinejad, one of the courageous leaders of the Woman, Life, Freedom movement. He refuses to do so.
. . .
The administration’s policy toward Iran has dangerous repercussions across the globe. When U.N. member nations refused to reinstate the multilateral sanctions on Iran’s ballistic missiles, the White House didn’t protest. Now Iran is sending missiles to Russia to use against Ukraine.
The Biden-Harris administration’s appeasement has squandered America’s progress against Iran. The Trump administration punished the regime with maximum sanctions, killed Quds Force Commander Qassem Soleimani, and spearheaded the Abraham Accords. History has shown time and again that appeasement doesn’t work and invites more aggression. We should learn from history.
Source: Government of India
Posted On: 23 SEP 2024 10:12PM by PIB Delhi
Excellencies,
On behalf of India, the world’s largest democracy, and 1.4 billion Indians, Greetings to all of you. In the largest elections in human history held recently in June, the people of India have given me the opportunity to serve them, for a third consecutive term. And today I bring the voice of this one sixth of humanity to you. ,
Friends,
When we are discussing Global Future, we must accord the highest priority to a Human centric approach. While prioritizing sustainable development, we must also ensure human welfare, food and health security. By lifting 250 million people out of poverty in India, we have demonstrated that Sustainable Development can be Successful. And we are ready to share this experience of our success with the entire Global South. ,
Friends,
Success of Humanity lies in our collective strength, not in the battlefield. And for global peace and development, reforms in global institutions are essential. Reform is the key to relevance! Permanent membership of the G20 to the African Union at the New Delhi Summit, was an important step in this direction. While on the one hand, terrorism continues to be a serious threat to global peace and security, on the other hand, areas such as cyber, maritime and space, are emerging as new theaters of conflict. On all these issues, I will stress, that, Global Action must match Global Ambition!,
Friends,
There is a need for balanced regulation for the safe and responsible use of Technology. We need global digital governance, which ensures that national sovereignty and integrity are upheld. Digital Public Infrastructure should be a Bridge, not a Barrier! For Global Good, India is ready to share its digital public infrastructure with the entire world.,
Friends,
For India, “One Earth, One Family, One Future” is a commitment. This commitment is also reflected in our initiatives such as “One Earth, One Health”, and “One Sun, One World, One Grid”. India will continue to work in thought, words and deeds to protect the rights of all humanity and for global prosperity.
Thank you very much.
DISCLAIMER – This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered
Source: Government of India (2)
Posted On: 23 SEP 2024 11:09PM by PIB Delhi
Prime Minister addressed the ‘Summit of the Future’ at the United Nations in New York today.
The theme of the Summit is ‘Multilateral Solutions for a Better Tomorrow’. The Summit witnessed the participation of a large number of world leaders.
In his address, Prime Minister highlighted India’s vision for shaping a sustainable world for future generations. He noted that he was speaking at the Summit on behalf of one-sixth of humanity which seeks global peace, development and prosperity. Calling for the primacy of a human-centric approach in our collective quest for a bright global future, the Prime Minister highlighted India’s success at scaling sustainable development initiatives and, in this regard, noted that the country had lifted 250 million people out of poverty in the last decade. Expressing solidarity with countries of the Global South, he emphasized that India was privileged to share its development experience with them. He called for balanced regulations to promote safe and responsible use of technology, noting that India is open to sharing its digital public infrastructure for greater public good. He also underlined India’s commitment to “One Earth, One Family, One Future” as a guiding principle.
Prime Minister noted that reform is key to relevance and called for urgent reform of the institutions of global governance, including the UN Security Council. He noted that global action must match global ambition. Full remarks of the PM may be seen here. https://bit.ly/4diBR08
The Summit concluded with the adoption of an outcome document – A Pact for the Future, along with two annexes, Global Digital Compact and A Declaration on Future Generations.
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MJPS/VJ/SR/SKS
(Release ID: 2058080) Visitor Counter : 65
Source: Government of India
Increase of Around 152% In Budget Allocation for DoNER Ministry From ₹2,332 Cr (FY 2014-15) To ₹5,892 Cr (FY 2023-24)
In Comparison To Period 2009-2014, A 384% Increase in Average Annual Budget Allocation under Railways Totaling ₹9,970 Cr (FY 2023-24). 1,909 Km Increase in Railway Tracks
In 100 days 6 Projects worth ₹419.13 Cr have been sanctioned including for establishing a State Cancer Institute at Itanagar, Arunachal Pradesh under PM-DevINE
Policy reforms for simplification of Scheme Guidelines and Streaming of release of funds
Posted On: 23 SEP 2024 9:44PM by PIB Delhi
Union Minister of Communications and Development of North Eastern Region Shri JyotiradityaScindia addressed a press conference in New Delhi today on the important initiatives, decisions and achievements of the last ten years and first 100 days of the third term of Prime Minister Shri Narendra Modi.
On this occasion, Union Minister Shri JyotiradityaScindia launched the ‘EkPedMaaKeNaam’ mobile application along with Union MoS for Department of Telecommunications, Dr. Pemmasani Chandra Sekhar. This campaign, launched on World Environment Day, 2024, encourages citizens to plant trees to honour their mothers, promoting nationwide environmental awareness and action. By leveraging technology, this app empowers individuals to contribute to a greener India, fostering a culture of sustainability and community engagement.
Addressing the media persons, Union Minister highlighted the development activities in North Eastern Region by various Ministries/Department of Government of India. He informed that more than ₹5 lakh Cr has been allocated in NER under 10% Gross Budgetary Support by 54 Ministries. The expenditure in NER has increased from ₹24819 Cr in FY 2014-15 to ₹1,02,749.46 Cr in FY 2023-24. There is also 152% increase in Budget allocation of MDoNER from ₹2332 Cr in 2014-25 to Rs.5892 Cr in 2023-24.
He said that during the first ten years of Modi Government, there is 384% of increase in average Annual Budget Allocation of Railways totaling ₹9970 Cr in 2023-24. The Annual commissioning was 66.6 KM/year during 2009-2014 which has increased by 170% to 179.78 Km/Year (2014-23). There is 1,909 Km increase in Railway Tracks.19 Railway projects worth ₹81941 Cr are in different stages of execution.
Talking about the revolutionary work done by the government in the last 10 years, he also highlighted completion of 46,296 Km Rural Roads under Pradhan Mantri Gram SadakYojana (PMGSY) with an expenditure of ₹47,279 Cr. He made a mention of laying foundation stone and inauguration of many projects in NER by Hon’ble PM on 9th March, 2024 including inauguration of Sela Tunnel for all weather connectivity to Tawang. Increase in number of airports from 9 to 17 (including operationalization of 72 routes under Udan Scheme), increase in Number of National Waterways from 1 to 20 and an expenditure of ₹21,151 Cr on education and establishment of 843 new Schools in NER during last ten years was also mentioned by Hon’ble Minister.
100 Days Achievements:
Union Minister said that the during first 100 days of Modi 3.0, MDoNER has sanctioned 6 Projects worth ₹ 419.13 Cr under PM-DevINE, including establishment of State Cancer Institute at Itanagar, Arunachal Pradesh, 3 Projects worth ₹152.6 Cr. under NESIDS (OTRI)including augmentation of Water Supply System at Namsai Township in Arunachal Pradesh and 5 Projects worth ₹ 370.16 Cr under NESIDS (Roads).
Union Minister has informed that guidelines of various Schemes of MDoNER have been simplified to jointly consider concept note and DPR of project proposals in one go to reduce the lead time in conceptualization and sanction of projects substantially. Financial and sectoral demarcation among the schemes of MDoNER have been rationalized and issued on 21.08.2024, to prevent duplication of sanction of projects. Funds flow process for projects sanctioned under Schemes of MDoNER/NEC has been simplified to enable the release of funds for projects in 4 installments only.
MDoNER has empanelled the Third Party Technical Inspection (TPTI) Agencies and Project Quality Monitors (PQMs) through NEDFi for inspection of ongoing projects to strengthen the monitoring and inspection mechanism of ongoing projects sanctioned under various schemes of MDoNER.
Union Minister informed that for supporting new Start-ups, Manipur Strart-up Venture Fund with an initial corpus of Rs. 30 Crhas been initiated and two Start-ups have received in-principle investment commitments from this fund.
The Ministry is organizing Ashtalakshmi Mahotsav-2024 from 6th to 8th December, 2024 at Bharat Mandapam, New Delhi to promote rich heritage, handicrafts, handloom, agri-produce and craft tourism of the North Eastern States.
North East Science and Technology (NEST) Cluster for innovation ecosystem: The Ministry of DoNER approved NEST on 13.8.2024, North east Science & Technology Cluster (NEST cluster) ecosystem exclusively for the North eastern Region similar to the S&T Cluster of the Office of the Principal Scientific Advisor. 4 Verticals have been approved viz. (i) Innovation Hub on Grassroots Technologies, (ii) Technology Hub for Artificial Intelligence & Semiconductor (iii) CoE for Innovation in Bamboo based Technology, Entrepreneurial promotion & skill development and Skill Development and (iv) Innovation Centre on Biodegradable, eco-friendly Plastics & Solid-Waste Management. The objective of the NEST cluster is to identify and address the issues and challenges of the people of NER through the technological interventions for the holistic development of North Eastern Region.
Launch of North Eastern Region Agri-Commodity e-Connect (NE-RACE) Portal: It is a transformative step for the agricultural sector in North East, aligning with Hon’ble Prime Minister’s vision of ‘Vocal for Local’ and opening global markets to our farmers.The North Eastern Council (NEC) under the Ministry of Development of North Eastern Region (MDoNER) in collaboration with North Eastern Development Finance Corporation Limited (NEDFi) launched on 12th July 2024 a digital initiative called North Eastern Region Agri-Commodity E-Connect (NE-RACE) to provide market linkage for agricultural and horticultural products from the North Eastern Region (NER) in both fresh and processed forms. The NE-RACE digital platform is funded by NEC and is developed and managed by the NEDFi.
Development of various Portals – On 22nd July, 2024, a portal was launched for robust monitoring and evaluation of the projects being implemented under various scheme of Government of India’s 54 Ministries/Departments (non-exempted under 10% GBS). The said portal has been developed. All the Ministries have been sensitized through a live demo on 6th September, 2024. This portal will help in robust monitoring and evaluation of the projects being implemented under various scheme of Government of India’s Ministries/Departments. Similarly, a portal has been developed to capture the expenditure being made under the 10% GBS of the 54 non-exempted Ministries/Departments. The expenditure details monitored will be State- wise and scheme-wise by respective Ministries/Departments. The portal will capture expenditure details State wise and scheme wise therefore ensuring effective evaluation and monitoring.
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MG/PD
(Release ID: 2058063) Visitor Counter : 31
Source: United States of America – The White House (video statements)
President Biden hosts a bilateral meeting with His Highness President Sheikh Mohamed bin Zayed Al Nahyan of the United Arab Emirates.
The White House
US Senate News:
Source: United States Senator for Maryland Chris Van Hollen
September 23, 2024
Today, U.S. Senators Chris Van Hollen (D-Md.) and Jeanne Shaheen (D-N.H.) were joined by Senators Cory Booker (D-N.J.), Martin Heinrich (D-N.M.), Ed Markey (D-Mass.), Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.), and Peter Welch (D-Vt.) in writing to Federal Housing Finance Agency (FHFA) Director Sandra Thompson urging the Agency to set a minimum energy efficiency standard for new homes built using loans backed by government-sponsored enterprises, such as Fannie Mae, Freddie Mac, and Ginnie Mae. In response to a question from Senator Van Hollen during a Senate Banking, Housing, and Urban Affairs Committee hearing earlier this spring, Director Thompson suggested that FHFA would do so this summer – but it has not yet taken such action. In their letter, the Senators ask Director Thompson for an updated timeline for a decision, while calling on FHFA to act swiftly in order to improve home energy efficiency and ultimately save money for American homeowners and renters.
“We are writing to urge the Federal Housing Finance Agency (FHFA) to phase in a minimum energy efficiency standard for Enterprise-backed mortgages on new homes. Such a standard would save homeowners and renters money and make the housing market more consistent and stable,” the Senators began. “When asked at a hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs last April, you indicated an intention to make a decision about this potential action on or about the end of the second quarter. As we are now rapidly approaching the end of the third quarter, we respectfully request an update on your intended timeline for a decision and for the Enterprises to begin implementation.”
Outlining the benefits of a minimum energy standard, they wrote, “Aligning new home energy standards with updated model codes will save money for homeowners and renters across the country. HUD and USDA found that the increased initial costs of construction are more than made up for by lower monthly energy costs. […] Beyond these financial benefits, updated codes help save lives by protecting families from the impacts of extreme weather events, particularly utility outages during heat waves and cold snaps. Updated energy codes can also yield better indoor air quality and reduce exposure to pollutants that can have negative health impacts including asthma, heart disease and lung cancer.”
“This year is an ideal time for FHFA to make these changes. The Bipartisan Infrastructure Law and Inflation Reduction Act provided over $1.2 billion of federal funding to help states and localities update their building codes. Already, multiple state and local governments, as well as HUD and USDA have adopted the updated building codes,” they Senators continued.
They concluded, “We urge you to move quickly to adopt modern energy standards for new homes utilizing Enterprise-backed mortgages to align with other federally backed housing construction, and ask you for an update on your timeline for taking this action. These standards will support a stable, efficient housing market by reducing wasted energy, improving health outcomes, and lowering costs for both renters and homeowners across the country.”
This letter is supported by Americans for Financial Reform, Rocky Mountain Institute, and the National Electrical Manufacturers Association.
The full text of the letter is available here and below.
Dear Director Thompson:
We are writing to urge the Federal Housing Finance Agency (FHFA) to phase in a minimum energy efficiency standard for Enterprise-backed mortgages on new homes. Such a standard would save homeowners and renters money and make the housing market more consistent and stable. When asked at a hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs last April, you indicated an intention to make a decision about this potential action on or about the end of the second quarter. As we are now rapidly approaching the end of the third quarter, we respectfully request an update on your intended timeline for a decision and for the Enterprises to begin implementation.
FHFA has the opportunity to match or exceed the standards recently adopted by the Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture (USDA) for their residential mortgage programs. This action would support consistency and further the expansion of resilient, energy-saving construction practices across the housing market.
Your authority to take this action is clear from Public Law 110-289, the Housing and Economic Recovery Act of 2008, as well as from other actions FHFA and the government-sponsored enterprises have undertaken in alignment with their missions and obligations. Freddie Mac’s research has found that energy efficiency improvements can reduce risks associated with mortgage-backed securities, in part due to better resale values. Research also suggests that during major economic disruptions, energy efficiency may reduce mortgage defaults.
Aligning new home energy standards with updated model codes will save money for homeowners and renters across the country. HUD and USDA found that the increased initial costs of construction are more than made up for by lower monthly energy costs. For a typical home purchased with a 30-year mortgage, energy bill savings more than make up for small increases to down payments and monthly mortgage payments. High-performance homebuilders and multifamily property developers in diverse markets have found the incremental up-front costs of at- or above-code performance to be closer to 1% or, in some cases, negative.
Beyond these financial benefits, updated codes help save lives by protecting families from the impacts of extreme weather events, particularly utility outages during heat waves and cold snaps. Updated energy codes can also yield better indoor air quality and reduce exposure to pollutants that can have negative health impacts including asthma, heart disease and lung cancer.
This year is an ideal time for FHFA to make these changes. The Bipartisan Infrastructure Law and Inflation Reduction Act provided over $1.2 billion of federal funding to help states and localities update their building codes. Already, multiple state and local governments, as well as HUD and USDA have adopted the updated building codes.
When energy codes raise the floor on building performance, 45L tax incentives for builders to achieve certifications – such as ENERGY STAR® for Residential New Construction and Zero-Energy Ready Homes (ZERH) – frequently mean that the smartest path for developers is to build to these higher standards. ZERH homes use about 40% less energy than a typical home, opening the door to Greenhouse Gas Reduction Fund financing, green MBS opportunities, and – most importantly – even cleaner air, lower bills, and more secure housing for households nationwide. If FHFA also requires updated building codes, it will reduce or eliminate the need for developers to understand numerous different codes.
In summary, we urge you to move quickly to adopt modern energy standards for new homes utilizing Enterprise-backed mortgages to align with other federally backed housing construction, and ask you for an update on your timeline for taking this action. These standards will support a stable, efficient housing market by reducing wasted energy, improving health outcomes, and lowering costs for both renters and homeowners across the country.
Sincerely,
Source: Securities and Exchange Commission
The Securities and Exchange Commission today announced charges against Texas-based registered investment adviser Atom Investors LP for its failure to maintain and preserve off-channel communications in violation of the recordkeeping provisions of the federal securities laws. The Commission did not impose a penalty because Atom Investors self-reported the conduct, promptly remediated the violations, and provided substantial cooperation to Commission staff in an investigation of another entity.
According to the order, in 2021, the Commission staff issued a subpoena to Atom Investors for documents in connection with an investigation into a third party. In responding to the subpoena, Atom Investors discovered that, over a more than three-year period, it had failed to preserve records subject to the recordkeeping requirements of the federal securities laws, including records that were responsive to the Commission staff’s subpoena. This included communications by personnel at senior levels of the firm. Some of these records related to recommendations and advice to purchase or sell securities.
“This enforcement matter highlights the risk to investors when firms don’t comply with their recordkeeping obligations: because of Atom Investors’s longstanding failures to preserve required communications, including communications by Atom Investors’s senior personnel, we were hampered in our investigation into a third party,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “At the same time, this resolution shows that the full benefits of cooperation are available in recordkeeping matters. Atom Investors’s self-reporting and prompt remedial efforts weighed heavily in the Enforcement Division’s decision to recommend that the Commission not impose a penalty, which the Commission accepted. This resolution should serve as a model for other investment advisors that are not currently in compliance with federal recordkeeping requirements.”
The SEC’s order finds that Atom Investors violated the recordkeeping provisions of the federal securities laws. Without admitting or denying the SEC’s findings, Atom agreed to cease and desist from further violations of the securities laws and to a censure.
The SEC’s investigation was conducted by Wendy E. Pearson and Sarah S. Nilson, assisted by Stephen Kam, and supervised by Finola H. Manvelian, all of the Los Angeles Regional Office.
US Senate News:
Source: The White House
Building on the common vision of President Joseph R. Biden, Jr. and President H.H. Sheikh Mohamed bin Zayed Al Nahyan to advance safe, secure, and trustworthy artificial intelligence (AI), U.S. Assistant to the President for National Security Affairs Jake Sullivan and UAE National Security Advisor H.H. Sheikh Tahnoon bin Zayed Al Nahyan reaffirmed the shared intention of the United States (U.S.) and the United Arab Emirates (UAE) to promote cooperation in AI and related technologies. This statement also signals our shared commitment to develop a government-to-government memorandum of understanding on AI between the U.S. and the UAE.
Common Principles for Cooperation
We recognize the tremendous potential of AI for good, including to accelerate economic growth, transform education and healthcare, create jobs, and drive environmental sustainability. At the same time, we acknowledge the challenges and risks of this emerging technology and the vital importance of safeguards and protections with respect to the most advanced technologies.
Recognizing the importance for each of our nations to pursue their own national AI and advanced technologies strategies, and in order to fully realize the benefits of AI and technology, the U.S. and the UAE affirm the importance of deepening bilateral ties and strengthening cooperation between our governments, companies, and workforces.
In particular, we intend to closely collaborate to:
Advance Safe, Secure, and Trustworthy AI: Foster acceptance of international AI frameworks, principles, and standards to help ensure the responsible and reliable development and use of AI technologies that are explainable and equitable, that safeguard human rights and fundamental freedoms, that promote international norms, best practices, and the interoperability in AI governance.
Align Regulatory Frameworks to Strengthen Innovation Ecosystems: Further the alignment of regulatory frameworks and rules for AI and related technologies to safeguard national security interests, enable trusted investments and entrepreneurship, and facilitate cross-border innovation, while facilitating protection of advanced technologies and respect for international principles and best practices
Promote Ethical AI Research and Development: Conduct ethical AI research and development by prioritizing research addressing bias, discrimination, and ensuring fairness in AI algorithms.
Broadening and Deepening Cooperation in AI Protection and Cybersecurity: Promote an open, interoperable, secure, and reliable cybersecurity environment and cyber incident response strategies that foster efficiency and resilience of critical infrastructure, whilst managing related emerging technology risks.
Facilitate Opportunities for Trusted Trade and Investment: Support and facilitate bilateral investment and efficient licensing to seize opportunities for developing robust and secure AI infrastructure.
Talent Development and Exchange: Foster talent development to facilitate knowledge exchange and development between the nations through joint training programs and workshops for AI researchers, engineers and policymakers.
Promote Clean Energy for the AI Future: Build on our ongoing bilateral cooperation through the U.S.-UAE Partnership for Accelerating Clean Energy (PACE) to meet the energy demands of AI systems with clean energy sources, consistent with our shared commitment to combatting climate change.
Support AI for Sustainable Development in Developing Countries: Foster inclusive, responsible, and sustainable capacity building with respect to AI and AI infrastructure to address the world’s greatest challenges, and close digital divides, globally, and in particular across the Middle East and North Africa.
Conclusion
President Joseph R. Biden, Jr. and President H.H. Sheikh Mohamed bin Zayed Al Nahyan directed relevant officials to develop a U.S.-UAE government-to-government memorandum of understanding to build upon this shared vision overseen by a High-Level Mechanism which includes the appropriate talents and experience to accomplish the task.
The U.S. and the UAE look forward to deepening collaboration across AI and related technologies to propel their strategic partnership forward, delivering a more prosperous, secure future for their peoples, underpinned by a shared commitment to safe, secure, and trustworthy AI.
Jake Sullivan U.S. Assistant to the President for National Security Affairs
Tahnoon bin Zayed Al NahyanUAE National Security Advisor
US Senate News:
Source: United States Senator for New Jersey Cory Booker
WASHINGTON, D.C. – Today, U.S. Senators Cory Booker (D-NJ), Jeff Merkley (D-OR), and Chuck Grassley (R-IA) teamed up with U.S. Representatives Ashley Hinson (R-IA-01) and Alma S. Adams, Ph.D. (D-NC-12) to introduce a bipartisan, bicameral resolution recognizing September 19th as National Stillbirth Prevention Day.
Earlier this year, the bipartisan Maternal and Child Health Stillbirth Prevention Act—led by Merkley in the Senate and Hinson and Adams in the House—was signed into law by President Biden to help save the lives of mothers and babies across America. With at least 25 percent of stillbirths being potentially preventable, this resolution stresses the need for continued stillbirth prevention activities in the United States.
“Thousands of families grapple with the unimaginable pain of stillbirths, and, devastatingly, Black women and underserved communities are disproportionately impacted by these tragedies,” Booker said. “By designating September 19 as National Stillbirth Prevention Day, we will help raise awareness, promote research and develop solutions so all mothers and babies, regardless of their background or circumstances, have access to the care and support they deserve.”
“A single family affected by stillbirth is one too many. Yet this tragedy impacts thousands across America, upending the lives of individuals and families from all walks of life,” Merkley said. “Getting my Maternal and Child Health Stillbirth Prevention Act signed into law was an important first step, but we must do more to reduce the alarming rate of stillbirth, which disproportionately impacts Black, Native Hawaiian or Other Pacific Islander, and American Indian or Alaska Native women. This National Stillbirth Prevention Day we recommit to doing everything we can to end this public health crisis, so no one again ever has to experience the trauma of stillbirth.”
“Iowa has made strides towards reducing stillbirths in our state. This bipartisan resolution recognizes researchers like we have in Iowa, as well as care providers and advocates. It also reaffirms our goal to improve maternal care resources, particularly in rural areas,” Grassley said. “No mom should know the heartbreak of a stillbirth. I’m glad to be partnering on a number of federal legislative efforts to help target contributing factors and save babies’ lives.”
“Over 21,000 babies are stillborn in the U.S. each year. This rate is unacceptably high, and we must do more to ensure more women experience healthy pregnancies and have healthy babies. I am proud to lead this bipartisan, bicameral effort to recognize September 19th as National Stillbirth Prevention Day to raise awareness about stillbirth prevention so we can help save more moms and babies,” Hinson said.
“I was proud to co-lead the Maternal and Child Health Stillbirth Prevention Act and see it pass into law this year, which will increase awareness for families on how to prevent this painful, yet common experience. Today we recommit to ending stillbirth and to giving more families a chance to be whole. This is just the beginning, and I am committed to doing my part on behalf of all of America’s families,” Adams said.
According to the Centers for Disease Control and Prevention, one out of every 175 U.S. births tragically result in stillbirth—accounting for nearly 21,000 stillbirths a year—more stillbirths annually than the number of babies who pass away during their first year of life. In the last two decades, the stillbirth rate in the United States declined by a negligible 0.4 percent. In a report published by the World Health Organization comparing progress in improving stillbirth rates, the United States ranked 183 out of 195 countries.
“For the third year in a row, and under Senator Merkley’s leadership, we pause to recognize the crisis of stillbirth in this country and celebrate progress on stillbirth prevention efforts. When Congress recognizes this important day, when buildings and bridges are lit up across the country, and moms and dads make their voices heard through OpEds and sharing their personal stories of loss — progress happens and lives are saved. We mourn the tens of thousands of babies who should be with their families right now and accelerate progress so no other family has to endure the tragedy of stillbirth,” said Emily Price, Healthy Birth Day Inc. CEO.
In the Senate, the resolution is cosponsored by Senators Angus King (I-ME) and Martin Heinrich (D-NM). Healthy Birth Day Inc., Charles Martin Corvi Fund, Birth and Breastfeeding in Color Inc, American College of Nurse-Midwives, Aaliyah in Action, Yale University Reproductive and Placental Research Unit, Yale University, The Sudden Unexplained Death in Childhood Foundation, Nitamising Gimashkikinaan Our First Medicine Indigenous Perinatal and Lactation Support Circle, Division of Indian Work, Maternal Mental Health Leadership Alliance, 1st Breath, 2 Degrees, Dieudonne Foundation, Jace’s Journey, Start Healing Together, In the Arms Of Jesus Grief Support, Healing Our Hearts Foundation, Matties Memory, Society for Reproductive Investigation, March of Dimes, Measure the Placenta, Nurturing Babyhood N’ Beyond LLC, PUSH for Empowered Pregnancy, March for Moms, Policy Center for Maternal Mental Health, Gifts from Liam, Mera’s Mission, and Kansas Birth Justice Society also endorsed the resolution.
Previous Efforts
Last year, Booker reintroduced the Stillbirth Health Improvement and Education (SHINE) for Autumn Act, legislation that aims to reduce the alarmingly high U.S. stillbirth rate. Named after Autumn Joy, a New Jersey baby who was stillborn in 2011, the bill would provide critical resources to states, local public health departments, the Centers for Disease Control and Prevention (CDC), and other related federal agencies to improve data collection and increase education and awareness of stillbirth in the United States.
The full text of the resolution can be found by clicking here.
US Senate News:
Source: United States Senator for New Jersey Cory Booker
WASHINGTON, D.C. — Today, U.S. Senator Cory Booker (D-NJ) and Congressman Maxwell Alejandro Frost (D-FL-10) introduced the Fair Future Act, legislation to repeal an amendment to the Fair Housing Amendments Act of 1988 that has led to permanent denial of rental housing to people with prior drug convictions regardless of the severity of their offenses or the length of time that has passed since their conviction.
The current law has meant that the over 9 million people who have been previously convicted of drug offenses in the United States can be denied rental housing.
“No one should be permanently denied a place to live because of a prior drug conviction,” said Senator Booker. “Right now, housing laws have denied people with prior drug convictions the ability to live in rental housing and in turn, denied them a fair chance at reentering society. The Fair Future Act will eliminate this discriminatory barrier to housing and help us put an end to our nation’s cycle of poverty and recidivism.”
“People who have served their time, repaid their debt to society, and are looking to re-enter our communities cannot do so when the deck is stacked against them,” said Congressman Frost. “Housing is the foundation of a safe and secure life – yet outdated housing laws and conflicting state laws on marijuana mean that someone could go to jail, serve time, and be denied housing in one state, while someone carrying the same amount of marijuana in another state is abiding by the law. It’s time we allow folks a fresh start and put an end to housing exclusion for folks who have paid for their crimes and are rebuilding their lives.”
The Fair Future Act was inspired in part by the personal testimony of people impacted by this flawed policy, like Yusuf Dahl, a Milwaukee native who served a five-and-a-half-year sentence and went on to become an outstanding member of society, receiving an Ivy League education and leading a center for entrepreneurship, only to be denied housing while attempting to rent a home for him and his family in Pennsylvania.
“The Fair Future Act is a common-sense reform that ensures housing applicants are judged by their income, credit history, and rental record—not automatically denied by an algorithm based solely on a decades-old drug conviction,” said Yusuf Dahl. “Given housing’s crucial role in economic mobility and stability in today’s competitive rental market, the Fair Future Act offers a necessary fix to a federal policy that unfairly punishes formerly incarcerated individuals who have already paid their debt to society. When people have turned their lives around, we shouldn’t keep them tethered to their past by denying them one of the most fundamental rights: the right to live where they choose.”
The Fair Future Act has been endorsed by the National Housing Law Project.
“Everyone, no matter their race, place, or party deserves safe, stable, and healthy housing. But for almost 30 years, a racist and discriminatory provision has robbed people who had been convicted of drug distribution of their fair housing protections. Today, we’re proud to support Representative Frost and Senator Booker’s legislation to repeal the Thurmond amendment and affirm that all Americans deserve Fair Housing. NHLP will continue fighting for a more fair future for all,” said National Housing Law Project Executive Director Shamus Roller.
To read the full text of the bill, click here.
Source: Securities and Exchange Commission
TLDR: The SEC’s Office of Investor Education and Advocacy continues to urge investors to be cautious if considering an investment involving crypto asset securities. Investments in crypto asset securities can be exceptionally volatile and speculative, and the platforms where investors buy, sell, borrow, or lend these securities may lack important protections for investors. The risk of loss for individual investors who participate in transactions involving crypto assets, including crypto asset securities, remains significant. The only money you should put at risk with any speculative investment is money you can afford to lose entirely. Investors should understand that:
1. Those offering crypto asset investments or services may not be complying with applicable law, including federal securities laws. Under the federal securities laws, a company may not offer or sell securities unless the offering is registered with the SEC or an exemption to registration is available. Similarly, the law requires parties such as securities broker-dealers, investment advisers, alternative trading systems (ATS), and exchanges to register with the SEC, a state regulator, and/or a self-regulatory organization (SRO), such as FINRA. Moreover, entities and platforms involved in lending or staking crypto assets may be subject to the federal securities laws.
Registration of a securities offering requires the issuer to disclose important information about the company, the offering, and the securities offered to the public. Unregistered offerings in crypto asset securities may not provide key information that investors need to make informed decisions. For example, registration typically requires an issuer to include financial statements audited by an independent public accounting firm registered with the Public Company Accounting Oversight Board (PCAOB). Audited financial statements play an important role in making sure investors are provided the information they need to understand the securities in which they want to invest. Issuers of unregistered crypto asset securities offerings might not provide audited financial statements, depriving investors of this key information.
In addition, a proof of reserves is not as rigorous, or as comprehensive, as a financial statement audit and may not provide any level of assurance. For example, audited financial statements typically require audits of a complete set of financial statements performed by a registered public accounting firm in accordance with PCAOB auditing standards. With so-called proof of reserves, there are no specific audit requirements for the engagement or the information reported, allowing an entity full discretion to manage the terms of the engagement. For example:
Investors should be aware that this level of management discretion undermines any suggestion that a proof of reserves offers protections similar to a financial statement audit. In sum, investors should exercise extreme caution when relying on proof of reserves to conclude that a crypto asset entity has sufficient reserve assets to meet customer liabilities.
Similarly, registration with the SEC by an entity as a “broker-dealer” and/or “investment adviser” provides important protections for investors. Some of those benefits include rules around custody of assets, fees, conflicts of interest, standards of conduct, and minimal capital requirements for broker-dealers. For example, a broker-dealer must comply with custody requirements such as the customer protection rule, which requires broker-dealers to safeguard customer assets and to keep customer assets separate from the firm’s assets – increasing the likelihood that customers’ securities and cash can be returned to them in the event of the broker-dealer’s failure. In addition, a broker-dealer making recommendations of securities or investment strategies involving securities (including crypto asset securities) to retail customers is subject to Regulation Best Interest, which requires broker-dealers to make recommendations in the retail customers’ best interest, and requires compliance with specific disclosure, care, conflict of interest, and compliance obligations.
Recordkeeping and reporting rules require a broker-dealer to make and keep current ledgers reflecting all assets and liabilities. Moreover, financial responsibility rules require that broker-dealers routinely prepare financial statements. These books, records, and financial reporting requirements assist securities regulators in examining for compliance with the federal securities laws. Crypto asset entities not offering these types of protections put investors at risk.
ATSs, which are marketplaces for securities, must be registered broker-dealers and members of an SRO, such as FINRA. In addition to complying with federal securities laws and its SRO’s rules, an ATS must comply with Regulation ATS, which includes filing disclosures with the SEC about the ATS’s operations and securities trading and protecting its users’ trading information.
SEC-registered investment advisers that hold or have the ability to obtain possession of their clients’ funds or securities are required to maintain those assets with a qualified custodian, like a bank or broker-dealer. SEC-registered investment advisers that have “custody” of client funds and securities are also generally required to undergo an annual “surprise examination” in which an independent public accountant verifies the existence of these assets and to make and keep records showing all purchases and sales for each client.
Also, unlike SEC-registered entities, crypto asset securities trading platforms or other intermediaries (such as so-called “crypto exchanges”) may offer a combination of services that are typically performed by separate firms that may each be required to be separately registered with the SEC, a state regulator, or a SRO. The commingling of these functions, exchange, broker-dealer and custodial functions, for example, creates conflicts of interest and risks for investors. SEC-registered entities are subject to a number of rules to minimize these risks and conflicts of interests, in some cases by separating the functions into legally separate and unaffiliated entities. Registered broker-dealers, ATSs, and investment advisers are also subject to examination by regulators. None of the major crypto asset entities is registered with the SEC as a broker-dealer, exchange, or investment adviser—so investors may not get the protections afforded by the rules applicable to these entities.
In particular, no crypto asset entity is registered with the SEC as a national securities exchange (like, for example, the New York Stock Exchange or the Nasdaq Stock Market). And no existing national securities exchange currently trades crypto asset securities. As a result, investors in crypto asset securities may not benefit from rules that protect against fraud, manipulation, front-running, wash sales, and other misconduct when intermediaries for those products do not comply with the federal securities laws that apply to registered exchanges.
Investors who hold registered securities with registered broker-dealers also generally benefit from protections offered by the Securities Investor Protection Corporation (SIPC). Similarly, people who place deposits in banks enjoy insurance, up to a defined limit, provided by the Federal Deposit Insurance Corporation (FDIC). The National Credit Union Administration (NCUA) insures deposits in federal credit unions. There are no such protections for accounts that you place with crypto asset entities.
In sum, investors in crypto asset securities should understand they may be deprived of key information and other important protections in connection with their investment.
2. Investments in crypto asset securities can be exceptionally risky, and are often volatile. Over the last year, the crypto asset space has been exceptionally volatile – and a number of major platforms and crypto assets have become insolvent and/or lost value. Investments in crypto asset securities continue to be subject to significant risk, including:
Investors who deposit funds or crypto assets with a crypto asset securities entity might cease to have legal ownership of those assets and might not be able to get those assets back when they want to. Over the past year, a number of crypto asset entities have faced severe financial difficulties, sometimes resulting in suspending customers’ ability to withdraw their assets. Some crypto asset entities have entered bankruptcy proceedings, and it is unclear how much of their holdings (if any) customers might be able to recover. Investors need to be wary of claims that “you always retain ownership of your crypto assets” and “you can withdraw your assets whenever you like.”
3. Fraudsters continue to exploit the rising popularity of crypto assets to lure retail investors into scams, often leading to devastating losses. Crypto asset securities-related investments continue to be replete with fraud, including bogus coin offerings, Ponzi and pyramid schemes, and outright theft where the project promoter simply disappears with investors’ money.
Some promoters use social media to find and entice new investors with testimonials about returns made on deposits and investments, but what is not mentioned is that the promoter is often paying investor withdrawals out of new investor funds – a Ponzi scheme. Moreover, recovering money from the wrongdoers can be nearly impossible. In part, that can be because of the anonymity or pseudonymity associated with crypto assets. However, the SEC and state regulators continue to bring enforcement actions in this space.
Learn more about investment fraud, including how to spot “red flags” of a scam, in our Investor Bulletin, What You Can Do to Avoid Investment Fraud.
4. Having an investing plan, as well as understanding your risk tolerance and time horizon, can be critical to your investing success.
What are the best saving and investment products for you? The answer depends on when you will need the money, your goals, and whether you will be able to sleep at night if you purchase a risky investment (one where you could lose your entire principal). Before making any investment, consider these tips:
Source: US State of California 2
What you need to know: California is launching a campaign to empower one million Californians to take climate action in their communities.
SACRAMENTO – During Climate Week, Governor Gavin Newsom announced a new state initiative to mobilize one million Californians to take climate action at home and in their neighborhoods to help build resilient communities.
California’s Climate Action Counts initiative aims to educate and inspire people to reimagine the power of volunteerism by taking impactful, everyday actions in their communities.
Governor Gavin Newsom
The campaign highlights 10 priority actions and encourages participants to take the pledge to action. Those taking the pledge join hundreds of California Climate Action Corps fellows in efforts to combat the effects of climate change.
👗 Reduce waste: Donate, upcycle and thrift.
🍎 Compost food scraps: Toss in your green bin or compost in your yard.
🛒 Support local farmers: Shop at local farmers markets or join a CSA (Community Supported Agriculture).
🚲 Green your ride: Walk, bike, use public transit, carpool whenever you can – or consider a zero-emission vehicle.
🌱 Get planting: Plant trees and native plants or start a community garden.
🔥 Be disaster ready: Be prepared for wildfire and extreme heat.
💡 Save energy, water and money: Use a smart thermostat, conserve water and capture savings.
🌄 Discover nature: Enjoy nature at your local parks and trails.
📣 Tell a friend: Encourage your friends and family to take part in Climate Action Counts.
💚 Get connected: Sign up to serve or volunteer in your community!
Campaign partners span cities, colleges and universities, state agencies, community-based organizations, business and climate leaders, including the cities of Long Beach, Riverside and Sacramento, California Community Colleges, University of California, California State University, California Natural Resources Agency, CalRecycle, California ReLeaf, Sierra Club, Jane Goodall Institute and Patagonia.
“This campaign will inspire hope – showing when it comes to the climate crisis, we are not powerless,” said California Chief Service Officer Josh Fryday. “We are calling on one million Californians to take simple, everyday actions for collective impact.”
“The best solutions to the climate crisis come from the grassroots,” said Corley Kenna, Vice President of Communications and Public Policy at Patagonia. “We’re partnering with the Climate Action Counts campaign to help one million Californians build thriving communities while protecting the natural world. Everyone has a role to play in this movement.”
As a part of California’s comprehensive strategy to address the climate crisis, Governor Gavin Newsom created the California Climate Action Corps in 2020 – the nation’s first state-level service and volunteer program focused on combating climate change. Since then, numerous states have adopted California’s model to establish their own Climate Corps.
What you need to know: The passage of Proposition 1 by California voters adds rocket fuel to Governor Gavin Newsom’s transformational overhaul of the state’s behavioral health system. These reforms refocus existing funds to prioritize Californians with the most serious mental health and substance use issues, who are too often experiencing homelessness. They also fund more than 11,150 new behavioral health beds and supportive housing units and 26,700 outpatient treatment slots.
Los Angeles, California – California took a major step forward in correcting the damage from 50 years of neglect to the state’s mental health system with the passage of Proposition 1. This historic measure — a signature priority of Governor Gavin Newsom — adds rocket fuel to California’s overhaul of the state’s behavioral health systems. It provides a full range of mental health and substance abuse care, with new accountability metrics to ensure local governments deliver for their communities.
This is the biggest reform of the California mental health system in decades and will finally equip partners to deliver the results all Californians need and deserve. Treatment centers will prioritize mental health and substance use support in the community like never before. Now, it’s time to roll up our sleeves and begin implementing this critical reform – working closely with city and county leaders to ensure we see results.
Governor Gavin Newsom
What they’re saying:
Bigger picture: Transforming the Mental Health Services Act into the Behavioral Health Services Act and building more community mental health treatment sites and supportive housing is the last main pillar of Governor Newsom’s Mental Health Movement – pulling together significant recent reforms like 988 crisis line, CalHOPE, CARE Court, conservatorship reform, CalAIM behavioral health expansion (including mobile crisis care and telehealth), Medi-Cal expansion to all low-income Californians, Children and Youth Behavioral Health Initiative (including expanding services in schools and on-line), Older Adult Behavioral Health Initiative, Veterans Mental Health Initiative, Behavioral Health Community Infrastructure Program, Behavioral Health Bridge Housing, Health Care Workforce for All and more.
More details on next step here
Source: US State of Rhode Island
On Friday, September 27 at 8 p.m., the Rhode Island Department of Transportation (RIDOT) will begin a weekend closure of a portion of Main Road (Route 77) in Tiverton for the rapid replacement of a culvert for Quaket Creek, which runs under the road just south of its intersection with Nanaquaket Road. The road will reopen by 6 a.m. on Monday, September 30.
During the weekend, motorists will be required to detour using Bulgarmarsh Road (Route 177) to the north of the closure area or East Road (Route 179) south of the closure area to reach Crandall Road (Route 81). RIDOT will post trail blazing detour signage so drivers can easily follow the detour. Motorists should plan additional travel time.
While the road is closed, RIDOT will demolish the old culvert and install prefabricated box culvert sections and repave the road. This approach avoids three months of lane closures which would be more disruptive to residents and businesses.
RIDOT may have temporary single-lane alternating traffic patterns at the culvert leading up to the closure and for two weeks after it. The full closure will be limited to the September 27-30 weekend.
All construction projects are subject to changes in schedule and scope depending on needs, circumstances, findings and weather.
The replacement of this culvert is made possible by RhodeWorks and the Bipartisan Infrastructure Investment and Jobs Act. RIDOT is committed to bringing Rhode Island’s infrastructure into a state of good repair while respecting the environment and striving to improve it. Learn more at www.ridot.net/RhodeWorks.
Source: Samsung
As a global company, Samsung believes the key to a greener future begins with an everyday approach to sustainability. Since the launch of our expanded environmental strategy in September 2022, we continue to address the environmental impact in every stage of our product’s lifecycle and place sustainable innovation at the forefront of our products and user experience. Our environmental strategy reflects Samsung’s sustained dedication to being a responsible business – both within the U.S. and around the world.
This updated toolkit is a reference guide highlighting how everyday changes, at Samsung’s scale, result in a meaningful impact on our environment. Highlights include:
Our thoughtfully designed products can help our customers reduce their environmental impact as they go about their daily lives. We also believe in the importance of recycling and reusing materials, and provide ways to close the loop on electronic waste. For instance, our Certified Re-Newed program extends the life of older mobile devices, providing consumers the exceptional performance they expect from our new products by refurbishing with 100% genuine Samsung parts and providing the same warranty as any new device.. And through our community engagement efforts, such as Solve for Tomorrow, Global Goals App and volunteerism we work to improve environmental literacy and support innovative solutions to address society’s greatest challenges – including climate change.
Samsung has a long history of climate action, and we’re proud of the strides we have made to enhance our positive impact. Our comprehensive strategy includes commitments to achieve enterprise-wide net zero carbon emissions for all operations in the Device eXperience Division by 2030 (Mobile eXperience, Visual Display, Digital Appliances, Networks, and Health & Medical Equipment), and across all global operations and the Device Solutions Division (Memory, System LSI, and Foundry) by 2050. Samsung’s sustainability commitments encompass an enterprise-wide effort to enhance resource circularity throughout the entire product lifecycle, from raw material sourcing to recycling and recovery. In addition, we’re making bigger investments in new and emerging technologies to reduce emissions from process gases, as well as to conserve and restore water in our operations and to continue to reduce power consumption in consumer products.
But we also recognize there is much more work to be done, and our business must continue adapting to changing societal and consumer needs. That’s why we are working to continue advances in product energy efficiency, expand our use of renewable energy, eliminate all single-use plastic from our mobile packaging by 2025, recycle 7.5 million metric tons of e-waste and reuse 500,000 tons of recycled plastics globally in our products by 2030 – a goal we exceeded last year. We are committed to driving positive changes across our operations while helping our customers reduce their footprint.
We invite you to further explore our sustainability commitments and continued progress in our newly updated 2024 Environmental Toolkit. To download the full toolkit, click here. To download individual briefs, please see Environmental Strategy, Product Energy Efficiency, Product Stewardship, Sustainable Materials, Sustainable Operations, and Sharing Our Values.
Source: US State of Vermont
James B. Nutter & Company, a former mortgage lender located in Kansas City, Missouri, has agreed to pay $2.4 million to resolve allegations that it violated the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act of 1989 by knowingly underwriting Home Equity Conversion Mortgages (HECM) insured by the Department of Housing and Urban Development (HUD)’s Federal Housing Administration (FHA) that did not meet program eligibility requirements.
“The HECM program helps support our nation’s senior citizens by providing an additional source of funds to supplement their income,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “Together with our partners at HUD, we are committed to protecting the financial integrity of this critical program and to pursuing those who seek to abuse it.”
The FHA offers numerous mortgage insurance programs intended to help build and sustain strong communities across America. The HECM program is a reverse mortgage program specifically for senior homeowners aged 62 and older. The program allows seniors to access the equity in their residences, and thereby age in place in their family home, through a mortgage agreement with a lender that is insured against loss by the FHA.
Lenders who participate in the FHA’s HECM program are authorized to underwrite mortgages without first having the government review the loans for compliance with the agency’s underwriting and origination requirements. If an FHA-insured loan defaults, the holder of the loan can then recover from the United States for certain losses. Lenders commit to following FHA rules to ensure that only eligible mortgages are insured by the government.
The settlement announced today resolves the United States’ allegations in a lawsuit filed in 2020 that James B. Nutter & Company knowingly violated FHA underwriting requirements when it allowed inexperienced temporary staff to underwrite FHA-insured loans, and submitted loans for FHA insurance with underwriter signatures that were falsified and/or affixed before all the documentation the underwriter should have reviewed was complete.
“This case sought to redress serious violations of FHA requirements that posed a risk to the HECM program,” said HUD General Counsel Damon Smith. “HUD will continue to protect the integrity of this important mortgage program that serves the interests of our nation’s senior citizens.”
“The U.S. Attorney’s Office is dedicated to seeking recovery from mortgage lenders who take advantage of FHA programs and ignore essential program requirements,” said U.S. Attorney Teresa A. Moore for the Western District of Missouri. “The integrity and resources of those important programs must not be put at risk by mortgage lenders who put their own financial interests first.”
“Our office continues its diligent pursuit of mortgage originators that do not play by the rules,” said U.S. Attorney Matthew Graves for the District of Columbia. “If a lender is asking the government to insure its loans, the government expects that lender to employ qualified underwriters to ensure the loans present acceptable credit risks and are supported by sound appraisals of the homes used to secure them.”
“This case and the resulting $2.4 million settlement demonstrate the HUD Office of Inspector General’s commitment to holding lenders accountable when they commit fraud against FHA mortgage programs designed to provide financial assistance to senior homeowners,” said Inspector General Rae Oliver Davis of HUD. “No one is above the law. Our office will continue to work with our partners at the Justice Department to investigate mortgage lenders who jeopardize the integrity of FHA mortgage programs.”
The investigation, litigation and settlement were the result of a coordinated effort among the Commercial Litigation Branch of the Justice Department’s Civil Division, the U.S. Attorneys’ Offices for the Western District of Missouri and the District of Columbia, HUD and HUD’s Office of Inspector General.
Trial Attorneys Christopher Reimer, Kelly Phipps, Yifan Wang and Wilma Metcalf of the Commercial Litigation Branch and Assistant U.S. Attorney Cindi Woolery for the Western District of Missouri and Assistant U.S. Attorneys Brian Hudak and Benton Peterson for the District of Columbia handled the matter. The litigation resolved by the settlement was captioned United States v. James B. Nutter & Co., Case No. 4:20-cv-874-RK (WDMO).
The claims resolved by the settlement are allegations only. There has been no determination of liability.
Settlement
Source: US State of Missouri
JEFFERSON CITY, MO, SEPT. 23, 2024 – As the seasons begin to change, it’s time to check out some of the many activities available at state parks and historic sites in the St. Louis region.
The hike to the bone bed will take place on the Wildflower Trail, a 0.5-mile trail with stairs and natural surfaces. Please note that the excavation site is covered; hikers will not be able to see any fossils, artifacts or active digging. Interpreters will not identify artifacts or fossils at this event. Outdoor activities, including atlatl throwing and guided hikes, are subject to cancellation due to inclement weather. All activities are free and open to the public, and registration is not required. The event will take place at 1050 Charles J. Becker Drive in Imperial.
For detailed information on any of these activities, please visit mostateparks.com/events. For more information on state parks and historic sites, visit mostateparks.com. Missouri State Parks is a division of the Missouri Department of Natural Resources.
Source: US State of Missouri
Missouri’s eight 2024 Gold Star Schools have also been recognized as U.S. Department of Education (USED) National Blue Ribbon Schools. The National Blue Ribbon Schools program recognizes individual schools for either their outstanding academic achievement (top 15 percent in the state based on English and mathematics assessment scores and graduation rates) or their performance at high academic levels while serving a significant proportion of disadvantaged students.
Missouri’s 2024 National Blue Ribbon Schools:
“Congratulations to the students, teachers, and staff members at each of these schools for this extraordinary accomplishment,” said Commissioner of Education Karla Eslinger. “These schools go above and beyond to provide the best education possible for their students. We appreciate their commitment and commend them for a job well done.”
In May, these eight schools were honored as Missouri Gold Star Schools, a program established by the Missouri Department of Elementary and Secondary Education in 1991. They were then nominated for the National Blue Ribbon Schools program, which shares the same nomination criteria as the Gold Star Schools award. To date, more than 9,000 schools across the country have been presented with this coveted U.S. Department of Education award.
The 2024 National Blue Ribbon Schools award ceremony will be held November 7 and 8 in Washington, DC. Photographs and brief descriptions of all 2024 National Blue Ribbon Schools are available from USED here.
US Senate News:
Source: United States Senator for Colorado Michael Bennet
Washington, D.C. — Colorado U.S. Senators Michael Bennet and John Hickenlooper introduced and voted to pass the bipartisan resolution formally recognizing Hispanic Heritage Month, celebrated from September 15th through October 15th. The resolution passed unanimously.
“There is so much to celebrate about the Hispanic community’s deep roots in Colorado,” said Bennet. “This month, I’m grateful for the contributions of the more than 1.2 million Hispanic Americans who call our state home.”
“¡Feliz Mes de la Herencia Hispana! Colorado’s rich Latino community defines our state and has helped make it the best place to live,” said Hickenlooper.
In 1968, President Lyndon B. Johnson first commemorated Hispanic Heritage by designating “Hispanic Heritage Week.” President Ronald Reagan expanded the celebration in 1988 for a full month. Hispanic Americans are the country’s largest racial or ethnic minority group, representing more than 65 million people and comprising nearly a fifth of the U.S. and Colorado’s population.
The text of the resolution is available HERE.
US Senate News:
Source: United States Senator for Michigan Gary Peters
Published: 09.23.2024
WASHINGTON, D.C. – U.S. Senator Gary Peters (D-MI), Chairman of the Homeland Security and Governmental Affairs Committee, introduced bipartisan legislation to reform the Federal Emergency Management Agency’s (FEMA) Individual Assistance program. This bill would improve how FEMA provides assistance to individuals to rebuild their lives in the aftermath of a disaster. According to the National Oceanic and Atmospheric Administration, there were 28 weather and climate disasters in 2023, surpassing the previous record of 22 in 2020, and with a price tag of at least $92.9 billion in recovery costs.
“Severe weather and natural disasters are becoming more frequent, more catastrophic and more costly, leaving people across the country in need of swift federal resources to help assist their recovery,” said Senator Peters. “My commonsense bipartisan legislation would reform the FEMA disaster assistance process and improve how the agency provides assistance to individuals for home repairs, disaster housing, and mitigation activities.”
The bipartisan Disaster Survivors Fairness Act would reform individual federal disaster assistance programs to best support survivors. The bill would provide FEMA with new authorities to increase its ability to fund disaster mitigation projects and expand support to homeowners. The bill would also enable FEMA to reimburse states that implement their own innovative post-disaster housing solutions and bolster development of post-disaster solutions for renters. The bill requires FEMA and the Government Accountability Office (GAO) to complete a series of reports and studies that would identify additional challenges regarding the administration of post-disaster assistance for survivors and boost transparency.
As Chairman of the Homeland Security and Governmental Affairs Committee, Peters has led several efforts to strengthen our federal disaster preparedness and response. Earlier this year, Peters’ bipartisan bill to create one deadline to apply for two FEMA disaster assistance programs was signed into law. Peters’ bipartisan bill to simplify the federal application process by creating a universal FEMA application across federal agencies passed in the Senate. Peters secured $500 million in funding as part of the bipartisan infrastructure bill for a program he created to help states establish revolving loan programs for local governments to carry out mitigation projects that reduce the risk of shoreline erosion, extreme flooding, and other natural disasters. Peters’ bipartisan legislation to protect FEMA Reservists from losing their full-time employment when they are called up to assist communities with disaster response was also signed into law. Finally, Peters’ bill to help protect pets and other animals during and in the aftermath of natural disasters and emergencies was also signed into law.
Source: Securities and Exchange Commission
You may have recently read in the financial press about the phase-out of LIBOR. You may be affected by the transition away from LIBOR if you hold securities, financial instruments or financial products that have exposure to LIBOR. The SEC’s Office of Investor Education and Advocacy (OIEA) wants to help you understand how the transition away from LIBOR could impact your investments and financial situation, and where you can go for additional information.
U.S.-dollar LIBOR is a benchmark interest rate set by input from a panel of banks. It has been used to set the interest rate in floating rate, adjustable rate or variable rate instruments or loans, in which the interest rate periodically resets (such as every three months or every year) over the life of the instrument or loan. LIBOR was used once in over $200 trillion of financial instruments, ranging from sophisticated financial and investment derivatives to bonds, bank loans and consumer products, like adjustable rate mortgages and student loans.
In recent years, however, U.S.-dollar LIBOR is being phased out in response to concerns that the benchmark was being manipulated. The publication for one-week and two-month U.S.-dollar LIBOR ceased at the end of 2021. The remaining tenors of U.S.-dollar LIBOR are scheduled to cease publication after June 30, 2023.
The end of LIBOR has precipitated the need for an alternative benchmark rate. In March 2022, Congress enacted the Adjustable Interest Rate (LIBOR) Act. This Act provides a process and protections for transitioning to an alternative rate in contracts with terms that do not provide for a clear transition. The Federal Reserve Board adopted a final rule in December 2022 implementing the LIBOR Act and specified benchmarks based on the Secured Overnight Financing Rate (SOFR) as the replacement rates.
Some investments you own, such as mutual funds, ETFs, closed-end funds, business development companies (BDCs), municipal and corporate bonds, and individual stocks, may either be LIBOR-based financial instruments or have exposure to such instruments.
For instruments that are subject to the LIBOR Act, the replacement rate will be a SOFR-based rate. Other LIBOR-based financial instruments that already provide for a clear transition from LIBOR may have other non-SOFR-designated replacement rates, such as the U.S. prime rate.
You may be affected by the transition away from LIBOR if you hold securities, financial instruments or financial products that have exposure to LIBOR.
Municipal, corporate and FHLB bonds. If you are directly invested in a variable or floating rate municipal, corporate or FHLB bond that relies on LIBOR as a component for the periodic variable rate adjustment, then the cessation of LIBOR will have direct implications for you. Review any disclosures provided by the issuer of the bond. You can utilize our EDGAR database to review disclosures by issuers of corporate bonds. For municipal bonds, you may access information at the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access (EMMA) website. You can find offering disclosure regarding FHLB bonds on their website. In addition, it may be worthwhile to have a discussion with your broker or investment adviser about your specific exposure and how the LIBOR transition may affect your specific bond holdings.
Individual stocks. Many companies use sophisticated financial and investment instruments and derivatives as a means to manage the company’s financial situation and risk profile. Many of these instruments and derivatives may incorporate a variable interest rate based on LIBOR.
To further understand how a company may be affected by the LIBOR transition, you may review the company’s periodic disclosure in our EDGAR database. Companies that have material risk exposure to the LIBOR transition should discuss such risks in their annual reports on Form 10-K and quarterly reports on Form 10-Q. A search for the term “LIBOR” in the document can be a quick way to find the relevant discussions. The SEC’s Division of Corporation Finance has encouraged public companies and asset-backed securities issuers to keep investors informed about the progress toward risk identification and mitigation, and the anticipated impact on the company, if material, and expects disclosures to evolve as companies provide updates to reflect transition efforts and the broader market and regulatory landscape.
Asset-backed securities. Asset-backed securities are securities whose income payments come from a pool of specific debt obligations, such as mortgages, credit card obligations or car loans. Mortgage-backed securities (MBSs) issued by Fannie Mae, Freddie Mac and Ginnie Mae are types of asset-backed securities. New LIBOR-based securities are no longer being issued by these entities, except for certain re-securitizations, which will cease on June 30, 2023. If you invest in asset-backed securities, then you may want to have a conversation with your broker or investment adviser about how the LIBOR transition may affect your specific holdings of asset-backed securities. Fannie Mae and Freddie Mac have also prepared frequently asked questions relating to the LIBOR transition that you may want to review.
Mutual funds and ETFs. Mutual funds and ETFs that you own may have invested in individual stocks, municipal bonds, corporate bonds, bank loans and/or securitizations that have risks related to the LIBOR transition. You along with your broker or investment adviser may want to assess the nature and character of the mutual funds and ETFs you are invested in to determine how much exposure to LIBOR transition risk you have. Certain types of a mutual funds or ETFs may merit closer review, particularly those investing in companies in the real estate, banking, or insurance industries or specific municipal and corporate bonds, including floating rate debt, and bank loans.
You can review a fund’s principal strategies and risk disclosure in its prospectus. The SEC’s Division of Investment Management has encouraged funds affected by the LIBOR transition to provide investors with tailored risk disclosures that specifically describe the impact of the transition on their holdings.
Adjustable rate mortgages. Many adjustable rate mortgages—a mortgage where the interest rate adjusts to the then prevailing market rate after a period of time—are tied to LIBOR as the reference rate. In 2016, there was an estimated $1.2 trillion in residential mortgages with an interest rate based on LIBOR.
If you have an adjustable rate mortgage based on LIBOR, consider consulting with your lender or loan servicer or read the documentation to understand how you may be affected by the LIBOR transition. Read this blog from the Consumer Financial Protection Bureau (CFPB) for more information.
Student loans. Similar to adjustable rate mortgages, student loans can have variable rates based on LIBOR. If you have a variable rate student loan, consult with your lender or loan servicer or read the documentation to understand how you may be affected by the LIBOR transition. If you are planning on obtaining a new student loan or refinancing an existing one, consider the LIBOR transition in your decision making.
Other consumer products. Other consumer credit products such as credit cards, auto loans and personal loans and lines of credit can also have variable rates based on LIBOR. You should review the financial products that you hold, particularly those that operate with a variable interest rate, in light of the LIBOR transition.
To learn how the SEC is addressing the LIBOR transition, see the Staff Statement on LIBOR Transition, the Office of Municipal Securities Staff Statement on LIBOR Transition In The Municipal Securities Market, and the Staff Statement on LIBOR Transition—Key Considerations for Market Participants.
To learn more about adjustable rate mortgages, see the CFPB’s Consumer Handbook on Adjustable Rate Mortgages (CHARM) booklet.
For additional investor educational information, see the SEC’s website for individual investors, Investor.gov.
Call OIEA at 1-800-732-0330, ask a question using this online form, or email us at Help@SEC.gov.
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