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Category: Economy

  • MIL-OSI USA: King, Intel Colleagues Sound Alarm About “DOGE” Risk to National Security and American Privacy in Letter to White House

    US Senate News:

    Source: United States Senator for Maine Angus King
    WASHINGTON, D.C. –U.S. Senator Angus King (I-ME), a member of the Senate Select Committee on Intelligence (SSCI),  joined his committee colleagues to sound the alarm on the new national security risks that present themselves with the current operations of the Department of Government Efficiency (DOGE). In a letter to White House Chief of Staff Susie Wiles, the Senators write about the risks to national security by allowing unvetted DOGE staff and representatives to access classified and sensitive government materials.
    The Committee members demanded that the administration provide details to Congress about how DOGE staff and representatives are being vetted, which systems, records and information are being shared, and what steps the administration is taking to safeguard them from misuse or disclosure.
    “According to press reports, DOGE inspectors already have gained access to classified materials, including intelligence reports, at the United States Agency for International Development (USAID), sensitive government payment systems, including for Social Security and Medicare, at the Treasury Department, and federal personnel data from the Office of Personnel Management. Further, as of today the scope of DOGE’s access only seems to be expanding, as reports indicate DOGE has now entered the Department of Labor and other agencies,” the Senators wrote. “No information has been provided to Congress or the public as to who has been formally hired under DOGE, under what authority or regulations DOGE is operating, or how DOGE is vetting and monitoring its staff and representatives before providing them seemingly unfettered access to classified materials and Americans’ personal information.”
    The Senators added, “As you know, information is classified to protect the national security interests of the United States. Government employees and contractors only receive access to such information after they have undergone a rigorous background investigation and demonstrated a ‘need to know.’ Circumventing these requirements creates enormous counterintelligence and security risks. For example, improper access to facilities and systems containing security clearance files of Intelligence Community personnel puts at risk the safety of the men and women who serve this country. In addition, unauthorized access to classified information risks exposure of our operations and potentially compromises not only our own sources and methods, but also those of our allies and partners. If our sources, allies, and partners stop sharing intelligence because they cannot trust us to protect it, we will all be less safe.”
    “Unclassified government systems also contain sensitive data, the unintended disclosure of which could result in significant harm to individuals or organizations, including financial loss, identity theft, and exposure of medical and other private personal information. The U.S. Treasury payment systems, in particular, are used to disburse trillions of dollars each year, and contain everyday Americans’ personal information, such as Social Security numbers, home addresses, and bank accounts. Allowing DOGE access to this information raises unprecedented risks to Americans’ private personal and financial information,” the Senators continued.
    They concluded, “Such unregulated practices with our government’s most sensitive networks render Americans’ personal and financial information, and our classified national secrets, vulnerable to ransomware and cyber-attacks by criminals and foreign adversaries. The recent unprecedented Salt Typhoon and Change Healthcare attacks that affected tens of millions of Americans further underscore the importance of rigorously fortifying our government systems.”
    Joining King on the letter are Senators Mark Warner (D-VA), Ron Wyden (D-OR), Martin Heinrich (D-NM), Michael Bennet (D-CO), Kirsten Gillibrand (D-NY), Jon Ossoff (D-GA), and Mark Kelly (D-AZ).
    The full text of the letter is available here and below.
    +++
    Dear Ms. Wiles,
    We write to express our grave concern with the illegal actions currently being undertaken by the Department of Government Efficiency (DOGE), which risk exposure of classified and other sensitive information that jeopardizes national security and violates Americans’ privacy. The January 20 Executive Order establishes DOGE under the Executive Office of the President with DOGE Teams established by Agency Heads within their respective agencies, and requires the Administrator of DOGE to report to the White House Chief of Staff. According to press reports, DOGE inspectors already have gained access to classified materials, including intelligence reports, at the United States Agency for International Development (USAID), sensitive government payment systems, including for Social Security and Medicare, at the Treasury Department, and federal personnel data from the Office of Personnel Management. Further, as of today the scope of DOGE’s access only seems to be expanding, as reports indicate DOGE has now entered the Department of Labor and other agencies.
    No information has been provided to Congress or the public as to who has been formally hired under DOGE, under what authority or regulations DOGE is operating, or how DOGE is vetting and monitoring its staff and representatives before providing them seemingly unfettered access to classified materials and Americans’ personal information.
    As you know, information is classified to protect the national security interests of the United States. Government employees and contractors only receive access to such information after they have undergone a rigorous background investigation and demonstrated a “need to know.”  Circumventing these requirements creates enormous counterintelligence and security risks. For example, improper access to facilities and systems containing security clearance files of Intelligence Community personnel puts at risk the safety of the men and women who serve this country. In addition, unauthorized access to classified information risks exposure of our operations and potentially compromises not only our own sources and methods, but also those of our allies and partners.If our sources, allies, and partners stop sharing intelligence because they cannot trust us to protect it, we will all be less safe.
    Unclassified government systems also contain sensitive data, the unintended disclosure of which could result in significant harm to individuals or organizations, including financial loss, identity theft, and exposure of medical and other private personal information. The U.S. Treasury payment systems, in particular, are used to disburse trillions of dollars each year, and contain everyday Americans’ personal information, such as Social Security numbers, home addresses, and bank accounts. Allowing DOGE access to this information raises unprecedented risks to Americans’ private personal and financial information.
    Moreover, there are strict cybersecurity controls for accessing federal networks, which DOGE does not seem to be following, including by reportedly connecting personal devices to sensitive government systems. Such unregulated practices with our government’s most sensitive networks render Americans’ personal and financial information, and our classified national secrets, vulnerable to ransomware and cyber-attacks by criminals and foreign adversaries. The recent unprecedented Salt Typhoon and Change Healthcare attacks that affected tens of millions of Americans further underscore the importance of rigorously fortifying our government systems.
    The Executive Branch cannot operate without regard to rules, regulations, or Congressional oversight. The American people, and our intelligence officials, deserve to know that their information is being appropriately safeguarded. We therefore respectfully request written responses to the following questions by February 14, 2025:
    Provide a list of personnel operating under DOGE, their position or role, and their duties. 
    Pursuant to the Executive Order, DOGE teams are to be established by Agency Heads within their respective agencies. Provide a list of each agency that has established a DOGE team, and the agency personnel overseeing such team.
    Under what authorities is DOGE conducting its operations?
    Who is overseeing DOGE’s operations?
    Provide a list of each agency DOGE has requested information from.
    Provide a list of all unclassified systems, records, or other information DOGE has requested and/or gained access to. 
    Provide a list of all classified systems, records, or other information DOGE has requested and/or gained access to.
    Do DOGE staff or representatives have access to any Intelligence Community systems, networks, or other information? If so, please specify the extent of such access.
    Under what authority is DOGE requesting and/or gaining access to classified information?
    What security clearances have been provided to DOGE staff or representatives, and who has authorized such clearances?
    What processes have been followed prior to granting security clearances to DOGE staff or representatives?
    What vetting for potential conflicts of interest has been conducted prior to granting clearances or access to government systems, records, or other information to DOGE staff or representatives?
    Provide a list of each DOGE staff or representative who has requested and/or gained access to classified information, what clearance each such individual holds, and who authorized each security clearance. 
    Who is supervising and/or monitoring DOGE employee access to classified information?
    What processes have been followed prior to granting DOGE staff or representatives access to sensitive government systems and networks, and who has authorized such access?
    Who is supervising and/or monitoring DOGE employee access to sensitive government systems and networks?
    Has DOGE briefed you, the White House Chief of Staff, on the counterintelligence and other risks of DOGE staff or representatives accessing classified and other sensitive information? If so, please specify the date of the briefing and those in attendance.
    Has DOGE briefed you, the White House Chief of Staff, on the counterintelligence and other risks of DOGE staff or representatives accessing government networks and systems? If so, please specify the date of the briefing and those in attendance.
    Has the Office of the Director of National Intelligence and/or the Central Intelligence Agency been briefed on the counterintelligence and other risks of DOGE staff or representatives accessing Treasury’s payment systems? If so, please specify the date of the briefing and those in attendance. 
    Has the Office of the Director of National Intelligence and/or the Central Intelligence Agency been briefed on the counterintelligence and other risks of DOGE staff or representatives accessing USAID’s classified and other sensitive information, including security clearance files? If so, please specify the date of the briefing and those in attendance.
    What actions if any has the Office of the Director of National Intelligence and/or the Central Intelligence Agency taken to ensure DOGE employee access does not create counterintelligence risks?
    What actions if any has the Office of the Director of National Intelligence and/or the Central Intelligence Agency taken to ensure DOGE employee access does not compromise classified or other sensitive intelligence and/or personal information of intelligence community officials? 
    To underscore, DOGE seems to have unimpeded access to some of our nation’s most sensitive information, including classified materials and the private personal and financial information of everyday Americans. In light of such unprecedented risks to our national and economic security, we expect your immediate attention and prompt response.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray Highlights Trump’s Illegal Spending Freeze on Billions via Day One Executive Orders, Putting Economies and Jobs at Risk

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ***VIDEO HERE*** 
    Trump Administration is still blocking hundreds of billions of dollars passed by Congress
    ICYMI: Murray Hold Press Call With WA State Orgs About Jobs at Risk Due to Funding Freeze
    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, is helping lead Senate Democrats in holding the Senate floor for a full 30 hours ahead of a final confirmation vote on Russell Vought to serve as Director of the Office of Management and Budget. Senator Murray delivered an hour-long floor speech and her remarks below touch specifically on how the Trump Administration is still blocking hundreds of billions of dollars of approved funding under Trump’s executive orders, and what sort of pain this illegal funding freeze could mean for Washington state and the country:
    On infrastructure:
    “All of these projects, and many more have been thrown into complete uncertainty because of President Trump’s Executive Orders. It is just completely unclear when, or if these projects are going to get the funds they are counting on and owed—from the bills Congress passed.
    “And that is not just causing chaos, it is not just causing delays, it is causing harm and alarm—because it could mean construction grinds to a halt, and workers lose jobs. It could mean the work will go un-started—or perhaps in some cases—unfinished.
    “Plus, it will mean increasing costs for cities, counties, states, and Tribes for those projects that somehow make it through this. And while there are many more infrastructure projects in my state I still haven’t even touched on, not to mention the other projects across the country. There are so many other projects, organizations, and people who are being harmed right now by President Trump’s reckless funding freeze. “
    On foreign assistance:
    “When people are starving, you cannot just feed them money—you need to have already made the investments to grow food. When democracies are in crisis, you can’t just cut them a check—you need to have helped them build strong institutions. When a deadly disease outbreak strikes—you are going to learn very quickly that an ounce of prevention is worth a pound of cure.”
    “Freezing foreign assistance is not putting America first—it is guaranteeing America comes in last. Because every funding gap we leave is an opportunity for our adversaries to step in, fill the gap, and play the hero while casting us as the villain.”
    […]
    “And let’s be clear—it is not just U.S. leadership on the line here. There are U.S. jobs at stake here. That reality is hitting home hard this week. Back in Washington state, there are some world class organizations that I know may have to lay people off this week—hundreds of people—all because of President Trump’s funding freeze.
    “International aid organizations may make a difference around the world—but they support American jobs too. People who have a paycheck and family. People who work incredibly hard—and who are incredibly proud of the work they do to make the world a better place and reaffirm U.S. global leadership…
    “But they are being sent packing—not because they’ve done anything wrong, not because this work isn’t important. But because President Trump and Elon Musk are listening to whacko conspiracists and ultra-isolationists—while ignoring the experts, ignoring the obvious realities, and again ignoring the law. We should all stand against this”
    The full text of Senator Murray’s remarks on the funding still being frozen by President Trump can be found below, and video can be found HERE.
    “And let me make one thing perfectly clear—even before this latest whirl of chaos, President Trump was already illegally blocking billions of dollars. And even after the OMB guidance was reversed, he is still holding back all of those funds through his illegal executive orders.
    “You don’t have to take it from me. You can take it directly from the White House Press Secretary, quote: ‘This is not a rescission of the federal funding freeze… The President’s [Executive Orders] on federal funding remain in full force and effect, and will be rigorously implemented’
    “So, now that was the chaos of last week, I want to talk about the chaos that remains—what we are still seeing this week, and what it means for folks back home, and across the country. Because there is still significant confusion, and the remaining freezes are still causing significant pain.
    “For example, I’ve heard from cities in my state, and from the Washington State Department of Transportation. Now, it is still hard to get a clear picture, given the chaotic roll out, roll back, and more. But they are telling me they are concerned about infrastructure projects all over my state that are already getting delayed now—and could get derailed entirely because President Trump is still illegally blocking funding we passed with his executive orders.
    “If this illegal freeze continues, people will lose jobs and communities will lose out on projects that have been in the works for years.
    “Trump is blocking money to repair electric chargers, to install heavy duty chargers for trucks, to make critical repairs to bridges in order to protect the safety of millions of drivers, and to install new chargers along major roads in my state like I-90, US-97, US-2, US-195, and US-395. Stopping these projects is just pointlessly hurting commuters and businesses, it is costing construction workers, it is killing jobs.
    “Trump is holding up road projects that make streets safer for pedestrians, bicyclists, and drivers, like a safer streets project in Richland, Washington, and critical safety barriers in Spokane—not to mention the Liberty Park Land Bridge in Spokane, which would reconnect communities, and provide more green space for families to enjoy.
    “Or funds for the city of Lakewood’s plans to revitalize its downtown and bring in more retail space, and restaurants, and health care services, and financial services, make upgrades to roads, and provide a new festival area, park areas, and more.
    “Trump’s freeze is also a concern for the Samish Indian Nation as it works to improve safety and access to their land at the Campbell Lake Road intersection—which has seen growing traffic in recent years—and for a project led by the Tulalip Tribe to improve the interchanges along I-5 exits. The congestion on these ramps can get so bad it backs up to the main highway!
    “We want to get these projects done, we want to get them done—and the last thing we need is uncertainty about these stalled funds.
    “There’s also a project underway to upgrade the technology at our border with Canada—replacing and improving the outdated wait time system to improve accuracy and help our inspection and transportation agencies. This will help travelers headed to Canada avoid long wait times at the border and help fans from around the world, by the way, who are travelling between Seattle and Vancouver for next year’s World Cup move quickly—but not if Trump’s executive orders stop all of this funding!
    “Same for the efforts to update our state-wide planning with a new electronic system that would make the process for planning, and specifications, and estimates more efficient.
    “And, of course, in Washington state—we can never forget about fish, which are crucial to our culture, and our economy, in many ways. Trump’s ongoing funding freeze is putting projects to improve fish habitats on ice—replacing the culvert at Thornton Creek, replacing the failing culvert at Wapato Creek, which is right underneath the Pierce County Terminal at the Port of Tacoma, or removing the fish barrier culverts at Johnson Creek which will open up nearly 3,000 meters of upstream habitat.
    “Not to mention other wildlife preservation work, like an undercrossing structure and wildlife barriers east of Winthrop. And work on our waterways. Funding from the Bipartisan Infrastructure Law is still not restored today for some projects on the Lower Columbia River, projects like stormwater infrastructure that will help keep toxins out of water and restore wetlands and protect the ecosystems.
    “Our ports, our ports—so critical for not only Washington state’s economy, but for the whole country—are caught up in this too. There are port projects now on hold across my state, including for electrical infrastructure and shore power for vessels. These impacts are being felt from Anacortes to Port Angeles to Vancouver. Frozen funding is hurting working families in Washington and across the country, and it is making our economy less competitive.
    “And, we cannot forget our ferries—which are so crucial to many commuters in my state. Washington state ferries are looking to improve their data with a better system for collecting, analyzing, and reporting wait times at all of our terminals. This would give them useful information to improve efficiency and make life better for the people they serve. Losing that funding means more people will miss ferries and long waits in line for Washington state commuters crossing the water to work, to school, to medical appointments.
    “We also have absolutely essential electric transmission and distribution projects that are on hold now and in jeopardy. These are projects that are necessary, helping reduce our wildfire risks, ensure grid reliability, improve resilience to natural disasters, and lower costs for ratepayers across my state of Washington.
    “And these are funded under the Bipartisan Infrastructure Law—that is a law that Republicans and Democrats worked together to pass–it’s a program that Republicans thought was important enough to provide $10.5 billion. After what we have seen in recent months and years, I don’t know how you can say with a straight face that modernizing our grid isn’t absolutely vital to the future of our country. You don’t have to listen to me—Secretary Burgum and Secretary Wright said as much in their confirmation hearings.
    “But this project—all of these projects, and many more have been thrown into complete uncertainty because of President Trump’s Executive Orders. It is completely unclear when, or if these projects are going to get the funds they were counting on and they were owed—from bills Congress passed and were signed into law.
    “And that is not just causing chaos, it is not just causing delays, it is causing harm and alarm—because it could mean construction grinds to a halt, and workers lose jobs. It means the work will go un-started—or perhaps in some cases—unfinished.
    “Plus, it will mean increasing costs for cities, counties, states, and Tribes for those projects that somehow make it through all of this. And while there are many more infrastructure projects in my state I still haven’t even touched on, not to mention the other projects across the country. There are so many other projects, and organizations, and people who are being harmed right now by President Trump’s reckless funding freeze.
    “I know there are medical researchers, still worried their work will be considered ‘woke’ when in reality, it is actually pretty darn important we understand the roots of health disparities—things like why the maternal death rate is so much higher for Black or Native American women.
    “Yet, researchers are being told that their research is at risk of being defunded if they are examining issues of ‘equity,’ or ‘barriers to care,’ or even if they are specifically studying ‘females.’
    “And, there are hospitals in my state, and across the country, worried that some of these programs—which are appropriately focused on someone’s gender or race—are in jeopardy.
    “For example, we know pulse oximeters are less accurate for people with darker skin tones—making sure these clinical measurements are accurate will save lives, and can have life and death consequences for patients. And we know women have much higher rates of autoimmune disorders than men—we need to take a look at why that is.
    “We also need to invest in training the next generation of scientists, including from diverse backgrounds. Studies show that diversity in the scientific workforce leads to greater innovation and productivity. But there is a serious concern that lifesaving work is going to get caught up in President Trump’s sweeping illegal executive orders.
    “Another impact of Trump’s actions? The National Park Service has rescinded all of its employment offers for summer seasonal staff. Now that doesn’t just mean people will be facing longer wait lines and dirtier bathrooms—though they will. It could mean park closures throughout this entire summer, and it will mean delayed responses to emergencies—making people less safe.
    “And outside our national parks, Trump is also freezing regional clean up efforts. Things like stopping illegal dumping and improving air quality in our communities.
    “And M. President, let’s talk about foreign assistance, because, for decades now—there has been widespread, bipartisan understanding that promoting stability abroad, promoting democracy, improving health, strengthening trade, and building partnerships is crucial to US leadership.
    “But Trump’s executive orders put all of that at risk by illegally freezing funds. I have heard from organizations that operate all over the world about how they were unable to deliver the life-saving aid that millions of people rely on due to these stop-work orders. That meant millions of doses of lifesaving drugs sat un-used on shelves. Time-sensitive prevention methods against diseases like malaria were not carried out, putting millions at risk. Training for more than 64,000 health care workers were put on hold. Hundreds of millions of metric tons of U.S.-grown commodities sitting—and at the risk of spoiling—in transport, instead of reaching their final destinations across the world to feed people in need.
    “And despite a so-called ‘waiver’ from the U.S. State Department to resume work, much of this life-saving aid is still today on hold. Without a start-work order, those organizations fear they are taking on significant risk in continuing operations. Put simply: this was already unacceptable.
    “And now, over the weekend—President Trump and Elon Musk have decided against all reason, against all evidence, and against the law, mind you, to completely dismantle USAID. And that is on top of the illegal funding freeze that has already been pushing U.S. businesses, nonprofits, and international aid groups to make tough choices, for truly pointless reasons.
    “It should be obvious that these cuts will hurt people across the world. These cuts will mean people starve. These cuts will mean people don’t get clean water. These cuts will mean more disease outbreaks with higher death counts. These cuts will mean less help for victims of violence, and higher death rates for pregnant women.
    “And anyone with an ounce of humanity can see this freeze will get devastating, fast. And—it is important to note—it will get devastating in ways you cannot just make up for with more money later once the damage is done. That is just not how it works.
    “When people are starving, you cannot just feed them money—you need to have already made the investments to grow food.
    “When democracies are in crisis, you can’t just cut them a check—you need to have helped them build strong institutions.
    “When a deadly disease outbreak strikes—you are going to learn very quickly that an ounce of prevention is worth a pound of cure.
    “These are not lessons we need to learn the hard way—by letting people die. We know it all, painfully well, right now. And so, to freeze this funding, is asking for disaster—and not just for other countries across the world, but for us, for the U.S. and for our families here at home.
    “Freezing foreign assistance is not putting America first—it is guaranteeing America comes in last.
    “Because every funding gap we leave is an opportunity for our adversaries to step in, fill that gap, and play the hero while casting us as the villain. How are we supposed to lead the world if we are unwilling to invest in it?
    “I will tell you right now—China is not holding back. They are investing constantly—because they know they aren’t just building infrastructure across the world, they are building stronger partnerships. And we just counted ourselves out of that competition.
    “You want to end U.S. global dominance? You want to tell the world the U.S. is done being a leader? You want to tell other countries—we cannot be trusted to keep our word?
    “Because that is exactly what we are doing if we let Trump get away with illegally cutting off global aid—with the stroke of a pen—and letting the richest man in the world cut off help for some of the poorest people in the world.
    “And let’s be clear—it is not just U.S. leadership on the line here. There are U.S. jobs at stake here. That reality is hitting home hard this week. Back in Washington state, there are some world class organizations that I know may have to lay people off this week—hundreds of people—all because of President Trump’s funding freeze.
    “It is a scene that is not isolated to Washington state—I know it is playing out across the country as well, with thousands of layoffs across 38 states and counting. And I know, so long as President Trump’s lawless war on foreign aid continues—so will these layoffs. We will see hundreds, if not thousands more every week.
    “International aid organizations may make a difference around the world—but they support American jobs, too. People who have a paycheck and family. People who work incredibly hard—and who are incredibly proud of the work they do to make the world a better place and reaffirm U.S. global leadership.
    “But they are being sent packing—not because they have done anything wrong, not because this work is not important. But because President Trump and Elon Musk are listening to whacko conspiracists and ultra isolationists—while ignoring the experts, ignoring the obvious realities, and again ignoring the law. We should all stand against this.”

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray Blasts Musk Takeover of Treasury Payment Systems

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

     ***VIDEO HERE***

    Murray: “The richest man in the world is taking over the Treasury in the name of fighting corruption? The irony is almost as rich as Musk himself.”

    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, is helping lead Senate Democrats in holding the Senate floor for a full 30 hours ahead of a final confirmation vote on Russell Vought to serve as Director of the Office of Management and Budget.

    As Senator Murray delivered an hour-long floor speech on the Senate floor, she also specifically discussed how Elon Musk, like Vought, is working to illegal block funds and cut programs families rely on—including by gaining alarming access to sensitive financial systems:

    “This is not Silicon Valley—where you can just ‘move fast and break things.’ When you break things here—people don’t get health care, people don’t get Social Security checks, people don’t get crucial warnings and lifesaving information.

    “And anyone who thinks—’well, that surely won’t happen’—has not been paying attention. Because just this week, Elon Musk and Donald Trump put Americans in danger.

    “We have citizens in dangerous corners of the world who were suddenly locked out of their emails and cut off from an app that is meant to help address threats like kidnapping—so no one should be shrugging this off and just saying ‘well what’s the worst that could happen.’ Because this can get really, really bad really, really fast.


    “And if anyone is thinking ‘well it’s okay, we have guardrails, we have laws’—make no mistake, even though Trump and Musk have absolutely zero legal authority to hold up any federal payments that are law, that has not stopped them so far.

    “As we’ve seen—they are already halting other funds illegally, they are already firing government watchdogs and officials left and right, regardless of our laws. They are already putting forward blatantly unconstitutional executive orders.

    “The fact of the matter is—Trump and Musk have yet to find a law they think applies to them. They think because they are rich and powerful, they get to call all the shots—regardless of the courts and Congress. But that’s just not how things work in this country. Billionaires are not above the law. Neither are Presidents.”

    The full text of Senator Murray’s remarks on Elon Musk can be found below, and video can be found HERE.

    “And, M. President, I know we are discussing the Vought nomination now, but I want to talk about someone who has not been nominated to anything, he’s not been elected to anything, and yet he is serving as de facto Co-President—Elon Musk. Arguably he is more important and more influential than the elected sitting President. And he has proven himself in lock-step with Russ Vought, who we are voting on tomorrow, when it comes to slashing programs that matter to American families and ignoring the laws of our nation.

    “In recent days, Musk has been busy illegally shuttering USAID and cutting off foreign assistance programs—which, as I’ve said, will lose jobs for Americans, lose lives in countries around the world, and lose leadership as adversaries like China fill the gap.


    “Shockingly, Musk has even had people fired for denying his lackeys classified resources that they had no authority to access. And last weekend, we all learned Elon Musk essentially commandeered access to the Treasury Department’s most sensitive payment system handling six trillion dollars every year and managing nearly all of our federal disbursements.

    “It’s a system that contains extremely sensitive personal and commercial information and I’ve been hearing from people across my state who are truly alarmed about what Musk and his associates having access to this system could mean for their data—and for funding that they count on.

    “Let’s not mince words here: an unelected, unaccountable billionaire—with expansive conflicts of interest, deep ties to China, and an indiscreet axe to grind against perceived enemies—is hijacking our nation’s most sensitive financial data system and its checkbook. So that he can illegally block funds to our constituents based on the slightest whim or wildest conspiracy. Funds—mind you—that Congress, on a bipartisan basis, passed.

    “Some Republicans are trying to suggest that Musk only has ‘viewing access’ to Treasury’s highly sensitive payment system as if that’s acceptable either! But why on earth should we believe that? Particularly when Musk himself is saying the exact opposite loudly and repeatedly for everyone to hear.

    “What funds will Elon target next—life saving medical research? Homelessness assistance? Food banks? We already know he is falsely attacking faith-based organizations that help folks—and promising to cut off funds based on conspiracy theories. In other words: the world’s richest man has vowed to cut off funding that helps the least among us. Think about that.

     “And next—think about how many dollars he himself makes from government contracts. I mean, seriously: the richest man in the world, with countless government contracts, and ties to our adversaries is taking over the Treasury in the name of fighting corruption? The irony is almost as rich as Musk himself.

    “And let me underscore, M. President, just how dangerous this is—because now that Trump has handed over Treasury’s checkbook—what if Elon decides he doesn’t like how Rivian is getting federal funds to build an EV manufacturing facility, so what next?

    “All Elon has to do is say they’re ‘woke,’ and he can convince Trump to illegally cut off those funds? Is that how this works now?

    “Maybe Elon will decide he doesn’t like that Blue Origin—and not SpaceX—gets a contract, so he wants to gum up the works on their payments. Is that how this works?

    “Maybe Elon decides he wants to get into electronic health systems—and maybe he wants to punish hospital systems that don’t take him up on whatever he’s selling. Private corporations and competitors need to take note—the potential for abuse and corruption by Elon, especially considering his track record, is pretty much limitless.

    “And it is not just Treasury—Musk and his henchman are launching a full-scale invasion of sensitive data systems across government. We are talking about the Small Business Administration. We are talking about NOAA. We are talking about Medicare. The reporting is now clear they are not just looking either—they are directly making changes to some of those critical systems.

    “This is not Silicon Valley—where you can just ‘move fast and break things.’ When you break things here—people don’t get their health care, they don’t get their Social Security checks, they don’t get crucial warnings and lifesaving information.

    “And anyone who thinks—’well, that surely won’t happen’—has not been paying attention. Because just this week, Elon Musk and Donald Trump put Americans in danger.

    “We have citizens in dangerous corners of the world who were suddenly locked out of their emails and they were cut off from an app that is meant to help address threats like kidnapping—so no one should be shrugging this off and just saying ‘well what’s the worst that could happen.’ Because this can get really, really bad really, really fast.

    “And if anyone is thinking ‘well it’s okay, we have guardrails, we have laws’—make no mistake, even though Trump and Musk have absolutely zero legal authority to hold up any federal payments that are law, this has not stopped them so far.

    “As we’ve seen—they are already halting other funds illegally, they are already firing government watchdogs and officials left and right, regardless of our laws. They are already putting forward blatantly unconstitutional executive orders.

    “The fact of the matter is—Trump and Musk have yet to find a law they think applies to them. They think because they are rich and powerful, they get to call all the shots—regardless of the courts, regardless of Congress. That is just not how things work in this country.

    “Billionaires are not above the law. Neither are Presidents. We do not have a monarchy, where a President is king. We do not have an oligarchy, where the richest people get the largest say. We, in this country, have a democracy—if we can keep it—where each citizen has a vote. We have checks and balances—where the President is accountable to the Congress and to the people, where he has to follow the laws we pass.

    “But some of my colleagues across the aisle seem to be forgetting that our democracy does not work by magic. We have to do our part, our part here to hold Presidents accountable. Our job is not to say ‘yes’ to everything the President does—no matter how lawless or harmful. Our job is not to shrug our shoulders or cover our eyes. It is to fight for the people who sent us here—and to defend the Constitution.

    “So Democrats will be pushing back with the tools we have—we will speak out, we will press this administration, we will open investigations, and we will demand accountability—but one tool we do not have is a majority in Congress. So that means, M. President, our Republican colleagues have to say ‘enough.’ We need them to join us. We need them to stand up to the corruption and lawlessness and stand up for the people they represent.

    MIL OSI USA News –

  • MIL-OSI USA: Senator Murray Stands Up For Federal Workers As Trump and Musk Try To Push Them Out

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    ***VIDEO HERE*** 

    ICYMI: Murray sends newsletter on Trump Administration’s “fork in the road” email

    ICYMI: Murray, Colleagues send letter to OPM demanding answers on Trump’s deceptive, legally dubious “Deferred Resignation” scheme

    Murray: “You all deserve so much better than to have a billionaire with no real understanding of what you do, come in, belittle your work, suggest he can do it better, and try to push you out the door.”

    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, is helping lead Senate Democrats in holding the Senate floor for a full 30 hours ahead of a final confirmation vote on Russell Vought to serve as Director of the Office of Management and Budget.

    As Senator Murray delivered an hour-long floor speech on the Senate floor, she also specifically discussed the Trump Administration’s, “fork in the road” email to federal workers, and shared the stories she was hearing from Hanford workers back in Washington state, who are at threat of being laid off for no good reason:

    “So here’s what is important for everyone to know: first, there is no guarantee workers who accept this offer will get paid through September 30 as promised. Not only is there no funding for that time frame right now, but I personally am deeply skeptical of any offer from a President like Donald Trump, who has so consistently shown he will try to stiff workers at every opportunity. 

    “Being given only nine days to decide something like this should already be setting off alarm bells. That is a short amount of time to consider all of the financial impacts of potentially accepting the offer—including if and where you’d be able to find a new job, how this would impact benefits like health insurance and retirement, and more—and we know scammers often pressure people to act immediately. “

    “Additionally, the information being provided continues to change, and includes a lot of caveats. It claims you can rescind your resignation if you change your mind but that your job may no longer exist. If that happens, then tough luck. It claims that you aren’t expected to work if you accept the offer—expect in cases determined by each individual agency. It claims that you can stay in your current role—however there’s no guarantee your position will be needed. 

    “The lack of clear information and resources about exactly what will be allowed is rightfully creating confusion for the more than 56,000 federal workers across Washington state. To me, this leaves far too many questions unanswered. 


    […]


    “Here is my message to our federal workers. You do so much for our communities. And you all deserve so much better—than to have a billionaire with no real understanding of what you do come in, belittle your work, suggest he can do it better, and try to push you out the door. So, I hope you all will keep up the good work for the American people—and I will keep fighting for all of you as well.”

    The full text of Senator Murray’s remarks on the Trump administration’s offer to push folks out can be found below, and video can be found HERE.

    “And M. President, while I’m on the subject—I want to talk a bit about another scheme Elon Musk has cooked up. We are approaching the deadline set in the Trump Administration’s ‘Fork in the Road’ message, which claims—and I have to emphasize it merely claims—to give federal workers the option of a ‘deferred resignation’ that would allegedly allow workers to ‘retain all pay and benefits regardless of your daily workload and be exempted from all applicable in-person work requirements until September 30.’

    “I want to speak directly to all of our federal workers about this right now—because they deserve better than to be pushed out the door with a nine-day pressure tactic that comes with no clarity, no details, and a lot of questions left unanswered.

    “So here’s what is important for everyone to know: first, there is no guarantee workers who accept this offer will get paid through September 30 as promised. Not only is there no funding for that time frame right now, but I personally am deeply skeptical of any offer from a President like Donald Trump, who has so consistently shown he will try to stiff workers at every opportunity. 

    “Being given only nine days to decide something like this should already be setting off alarm bells. That is a short amount of time to consider all of the financial impacts of potentially accepting the offer—including if and where you’d be able to find a new job, how this would impact benefits like health insurance and retirement, and a lot more—and we all know scammers often pressure people to act immediately.

    “Additionally, the information being provided continues to change, and includes, by the way, a lot of caveats. It claims you can rescind your resignation if you change your mind but that your job may no longer exist. If that happens, then tough luck.

    “It claims that you aren’t expected to work if you accept the offer—except in cases determined by each individual agency.

    “It claims that you can stay in your current role—however there is no guarantee your position will be needed.
      

    “The lack of clear information and resources about exactly what will be allowed is rightfully creating confusion for the more than 56,000 federal workers in my state alone. To me, this leaves far too many questions unanswered.
     
     “Finally, I want to express a real gratitude for the federal workers who power so many essential services provided by our government. The American government is not Twitter—people rely on our federal workers and sometimes their work can be the difference between life and death.

    “Federal workers help inspect meat processing facilities, they make sure baby formula is safe, they approve lifesaving drugs and treatments, they manage our air traffic, help ensure clean drinking water, and there is so much more.

    “Where this administration continues to show outright hostility toward many of our federal workers, I want you to know, I will continue to fight for federal workers—everyone from Hanford workers, and the scientists at the Pacific Northwest National Laboratory, to the people who are making sure you get your Social Security check.

    “M. President—I got a letter this week from a Hanford worker. They started last year—hoping it would be a stable job that would let them provide for their family while making a difference in their community.

    “This employee has already been recognized several times for hard work—and then Elon Musk tried to push them out the door with his scammy buy out, and now they are on the list of employees who are at threat of being terminated for no good reason.

    “That is an utter betrayal—it is a betrayal of a hard-working parent, who did nothing wrong, and a betrayal of my Hanford community where Trump is undermining important environmental cleanup work.

    “Because at Hanford alone—which is already understaffed—there are nearly 30 people now on the chopping block: they are nuclear safety engineers, they are facility safety representatives, they are procurement and contracting personnel, they are attorneys, they are labor relations staff, and they are accountants.

    “How is firing nuclear safety engineers supposed to make anyone safer? Or better off? M. President, there are so many more stories like this already happening—or just around the corner.

    “I have heard Musk and Trump plan to cut workers at the Department of Energy by half. These are federal employees who put in long hours to support their families and to strengthen our country.

    “And for all their years of service, for all their sacrifice—Elon Musk is showing them the door and saying ‘don’t let it hit you on the way out.’ It’s wrong. It is ungrateful.

    “And for god’s sake—we’re talking about nuclear security here. Why on earth would anyone think it’s a good idea to cut corners!?

    “So here is my message to our federal workers. You do so much for our communities. And you all deserve so much better—than to have a billionaire with no real understanding of what you do come in, belittle your work, suggest he can do it better, and push you out the door. So, I hope you all will keep up the good work for the American people—and I want you to know, we will keep fighting for you as well.”

    MIL OSI USA News –

  • MIL-OSI USA: Grassley Speaks Up for Family Famers’ Needs During Senate Hearing on Ag Economy

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), a lifelong family farmer, today discussed the need to secure year-round, nationwide E-15 and boost transparency among poultry producers during a Senate Agriculture Committee hearing on the state of the ag economy. Grassley also highlighted farmers’ ongoing struggle with high input costs and low commodity prices, which were exacerbated by the Biden administration’s overregulation and unambitious approach to trade.

    Video and excerpts of Grassley’s questions for Zippy Duvall, President of the American Farm Bureau Federation, and Rob Larew, President of the National Farmers Union, follow.

    [embedded content]

    VIDEO 

    E-15 Year-Round, Nationwide:

    “I hope you can work hard for E-15 year-round, nationwide, because that’s going to help commodity prices more than a lot of other things we can do here.” 

    Packers and Stockyards Transparency Initiatives:

    “I understand this hearing is focused mostly on crop commodities, but I’d like to take this opportunity to ask both of you about the Poultry Grower Payment System and Capital Improvement Systems rule that was finalized under Secretary Vilsack. 

    “This rule is meant to provide more transparency for poultry producers under the tournament system and give farmers a fair shake in contracts. 

    “Mr. Duvall, can you speak to how this rule may positively effect producers’ bottom lines? 

    “Mr. Larew, can you speak to how changing or removing pieces of this rule may negatively impact poultry producers? 

    Farm Profitability and New Markets:

    “Over the last four years, American crop farmers had a year or two of record high net cash farm income. 

    “Unfortunately, American farmers have also had to face years of record high inflation under an administration that was largely deaf to farmers’ needs. 

    “In 2023 and 2024, net cash farm income dropped dramatically. In other words, row crop farmers were losing money. 

    “The stagnant trade policies, lack of ambition to find new markets for commodities and overregulation of the Biden administration caught up to farmers. 

    “Many family farmers in Iowa have faced machinery and land payments with high interest rates farmers haven’t seen in decades, while dealing with a steep downturn in commodity prices. 

    “…[T]his trend will continue until new markets are created for agriculture products.” 

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Gillibrand, Bipartisan Group Of Senators Introduce Legislation To Establish Stablecoin Regulatory Framework

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand

    Today, U.S. Senator Kirsten Gillibrand, together with Senators Bill Hagerty (R-TN), Tim Scott (R-SC), and Cynthia Lummis (R-WY), introduced the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, legislation to establish a clear regulatory framework for payment stablecoins.

    “The bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins Act protects consumers by requiring stablecoin issuers to maintain one-to-one reserves, prohibiting algorithmic stablecoins, and requiring issuers to comply with U.S. anti-money-laundering and sanctions rules,” said Senator Gillibrand. “Importantly, it will empower responsible innovation, maintain U.S. leadership in digital assets and blockchain technology, and keep crypto companies and jobs onshore. The future of stablecoins and cryptocurrency has strong bipartisan support. I’m proud to introduce this bill with Senators Hagerty, Lummis and Scott, and I look forward to working together to pass this important legislation.”

    Dollar-denominated payment stablecoins are digital assets pegged to the U.S. dollar. They can improve transaction efficiency, expand financial inclusion, and strengthen the dollar’s supremacy as the world reserve currency by driving demand for U.S. Treasuries.

     The GENIUS Act:

    1. Defines a payment stablecoin as a digital asset used for payment or settlement that is pegged to a fixed monetary value;
    2. Establishes clear procedures for institutions seeking licenses to issue stablecoins;
    3. Implements reserve requirements and light-touch, tailored regulatory standards for stablecoin issuers;
    4. For issuers of more than $10 billion of stablecoins, applies the Federal Reserve’s regulatory framework to depository institutions and the Office of the Comptroller of the Currency’s framework for nonbank issuers;
    5. Allows for state regulation of issuers under $10 billion in market capitalization and provides a waiver process for issuers exceeding the threshold to remain state-regulated; and
    6. Establishes supervisory, examination, and enforcement regimes with clear limitations.

    Full text of the GENIUS Act can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Rosen’s Bipartisan Bill to Help Lower Child Care Costs, Expand Availability Advances Out of Committee

    US Senate News:

    Source: United States Senator Jacky Rosen (D-NV)

    A Recent Report Labels Entire State Of Nevada As A “Child Care Desert”
    WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) announced that her bipartisan Small Business Child Care Investment Act has advanced out of the Senate Committee on Small Business and Entrepreneurship. This bipartisan legislation will help lower child care costs by increasing the availability of affordable, high-quality child care for Nevada families. It allows non-profit child care providers that otherwise qualify as small businesses to access larger and more flexible loans from the U.S. Small Business Administration. 
    A recent report labeled the entire state of Nevada as a “child care desert,” and found that nearly 75 percent of children below the age of five don’t have access to a licensed child care provider. The report deemed the cost of child care a “huge concern” in Nevada and found it often to be more expensive than college tuition. It also attributed the lack of affordable and accessible child care to the worker shortage that Nevada businesses report experiencing.
    “The lack of affordable, quality child care options is hurting hardworking Nevada families and forcing them to make tough financial choices,” said Senator Rosen. “That’s why I’ve been working across the aisle to pass my bipartisan bill to help lower costs by increasing access to affordable child care in our state. This legislation will help nonprofits, community organizations, churches, synagogues, and others to set up or expand child care centers, and I’m glad to see it advance out of committee today.”
    Senator Rosen continues working to lower child care costs for Nevada’s hardworking families. Last year, she joined a bipartisan bill to provide child care services for police officers and support law enforcement families. Senator Rosen also joined in helping to introduce the Child Care for Working Families Act, legislation that would help lower child care costs for an average American family to no more than $10-a-day. During a confirmation hearing in the U.S. Senate Armed Services Committee, Senator Rosen secured a commitment from General David Allvin, Air Force Chief of Staff, to cut red tape in a program designed to make child care available for military families like Airmen at Nellis and Creech Air Force Bases who work overnight shifts.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: On Senate Floor, Warren Underscores Danger of Budget Director Nominee Russ Vought

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 05, 2025

    Russ Vought is the architect of Project 2025 and responsible for last week’s government shutdown

    Video of Remarks (YouTube)

    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.) took to the Senate floor as part of a 30-hour hold by Senate Democrats to delay the confirmation of Mr. Russell Vought, nominee to be Director of the Office of Management and Budget. Senator Warren called out the serious consequences of Mr. Vought’s leadership, including the impacts of a government shutdown last week, on Massachusetts communities and families. Senator Warren also underscored the dangers of hundreds of executive orders President Trump has signed in his first few weeks. 

    Transcript: Senator Warren’s Floor Speech on the Nomination of Russ Vought
    U.S. Senate Floor
    February 5, 2025
    As Delivered

    Senator Elizabeth Warren: Thank you, Mr. President. I’d like to thank Senator Murray for her extraordinary leadership. She’s been a stalwart in the Senate for many, many years, and now is the ranking member of the Appropriations Committee, and knows firsthand the importance of the process by which we make a law in the United States, and that includes that we pass those laws in Congress, we fund them in Congress, it’s signed by the president of the United States, and people across this nation can know, through that process those are what the laws are. And if you don’t like those laws, then elect different people who will come up with different versions of the law. But everyone, Democrat or Republican, sticks to the same version, and that is: a law is a law. 

    The President of the United States, or his Co-President Elon Musk, do not have the right, simply, to go back on the laws and say, “Oh, we pick that one, that one, and that one to enforce, and that one, no, that one, no, and maybe that one half-time.” That is not how the process works. And Senator Murray has been a leading voice in fighting back against this and I just want to say how much I appreciate all that she has done.

    So, I want to talk for just a minute about Project 2025. During the 2024 election, the American people became familiar with this Republican document called Project 2025. The document laid out Republican plans to reshape our country, if they gained control. Now, Americans, a little at a time, got a chance to see the plan. People started to read it, and they were shocked. In no time, people from across the political spectrum, not just Democrats – Democrats, Republicans, independents, made clear how much they hated Project 2025, and that they wanted no part of it. So, what was in Project 2025 that made it so widely hated across the political spectrum? A few things – firing civil servants, weaponizing the Department of Justice and the Federal Bureau of Investigation, unleashing force onto protestors, and targeting political opponents, restricting abortion nationwide, ripping retirement and health care benefits from seniors, dismantling public education, and, biggest and best, funding tax cuts for the rich by raising taxes on America’s middle class. And, I want to be clear – it’s a big document. Those are just the top lines. 

    So Donald Trump’s response was to swear over and over and over again that he had nothing to do with those plans. Didn’t know about them, didn’t endorse them, didn’t want anything to do with them. Here are some of the things that Donald Trump said about Project 2025 back in 2024: “I know nothing about Project 2025. I have nothing to do with Project 2025. I disagree with some of the things they’re saying, and some of the things they’re saying are absolutely ridiculous and abysmal.” And, my personal favorite, “They’ve been told, officially, legally, in every way, that we have nothing to do with Project 2025.” 

    So, think about that. During the 2024 election, Donald Trump claimed he didn’t know anything about Project 2025, but he lied. Shortly after the election, he nominated one of the chief architects of Project 2025 in a key role with the government. Now, Donald Trump has named the lead architect of Project 2025, Russ Vought, to oversee the federal government’s entire budget office. That’s right, listen to this one, he is putting the head writer of the plans that you had only read about in nightmares in a key government position. Russ Vought wrote Project 2025, and now Donald Trump is rewarding him by inviting him into the government in order to carry out the Republican blueprint to make our government force people to live in the image that Russ Vought and other extremist Republicans approve of. And he plans to rework our economy to benefit the wealthiest among us and make everybody else pay for it. 

    Here are just a few of the things that Russ Vought has called for –- Russ Vought has called on Congress to outlaw medication abortion nationwide, restricting women’s reproductive rights even in states that protect abortion. Russ Vought has encouraged discrimination against transgender people in the workplace and in health care. In his first stint as OMB Director, Russ Vought decried the use of federal funding for diversity and equity training in a letter to federal agencies. The Project 2025 playbook calls for eliminating almost every civil rights office in the federal government. And Russ Vought has said he intends to put federal workers “in trauma” and destroy the merit-based system for civil servants so that he can fill the government with right wing extremists. 

    I’m going to pause here for a minute to see if Senator Gillibrand wants to speak. 

    Senator Kirsten Gillibrand: Thank you, Senator Warren, for your unbelievable tenacity and clear-eyed and thoughtful remarks. I yield the balance of my post-cloture debate time on the vote nomination to Senator Schumer. 

    Presiding Officer: Duly noted. 

    Senator Gillibrand: Thank you again, Senator Warren. 

    Senator Warren: Let’s keep in mind, Russ Vought has called for outlawing abortion, medication abortion nationwide. Doesn’t matter whether or not you live in the state that says, “No, we’re going to protect abortion,” Russ Vought wants to find a way to make sure it’s shut down everywhere. He wants to encourage discrimination against transgender people. He thinks getting rid of civil rights is the way to go for the American government. And he says he wants to put federal workers “in trauma” and destroy the merit-based system for civil servants so he can fill up our government with right wing extremists. 

    Now, we are already seeing firsthand the devastating effects of Russ Vought’s plan for America. Russ Vought was the puppet master behind the funding shutdown that threw this country into chaos last week. I saw this in Massachusetts. Parents didn’t know if their toddlers’ day care would be open. Seniors didn’t know if the hot meal that they were expecting from Meals on Wheels would grind to a halt. No one knew if the nursing homes funded by Medicaid would be able to pay their workers. And that was just the tip of the iceberg for Russ Vought. 

    If he is confirmed, you can absolutely bet on Russ Vought pulling out the rug from working people over and over and over again. And, quite frankly, we don’t know where he will stop. This is where they started – three weeks in and this is where they’ve started. 

    So will Russ Vought, Elon Musk, and Donald Trump stop when they’ve ripped abortion rights away from every single woman in America? Will he stop when he’s abolished the Department of Education and fired 180,000 teachers from their jobs? Will he stop when he has privatized Medicare and when seniors can’t afford to go see the doctor? Will he stop when he’s done stealing from middle-class families in order to fund tax breaks for the wealthiest households? Yep, by the way, that is in his blueprint, too. Tax hikes for the middle class, tax breaks for the rich. Or will he stop when he crashes the economy? And take it from me, with these kinds of plans, crashing the economy is no longer a stretch. 

    Russ Vought’s Project 2025 proposals will lead to higher inflation, higher interest rates, and weaker economic growth. Project 2025 would seriously threaten another recession. Look, already families all across this country are feeling the pressure from high grocery prices while Donald Trump and his administration just turn their backs on working families. American families cannot afford for Russ Vought to be in charge. We don’t know how far Russ Vought’s extremism will go, but we can’t afford to wait and find out. 

    Americans voted for each and every one of us right here in the United States Senate to fight for them, and they do not expect us to roll over and play dead. It is our sworn duty to stop dangerous people like Russ Vought before he destroys our freedom, our economy, and the stability of every working family in this nation. And so I urge every senator to vote no on his nomination. 

    Video of Senator Warren’s full remarks can be found here. 

    MIL OSI USA News –

  • MIL-OSI Australia: Allens’ trusted expertise recognised in 2024 banking and finance rankings

    Source: Allens Insights

    Allens secured top rankings in the 2024 syndicated loans and project finance league tables, reflecting a strong year of activity driven by complex cross-border financings, infrastructure investment, and evolving lender dynamics.

    The firm maintained its market-leading position in syndicated loans, with standout rankings across multiple league tables:

    Bloomberg

    • First in APAC (ex Japan) – borrower lead counsel by deal count
    • First in APAC (ex Japan) – lender lead legal adviser by value
    • Second in APAC (ex Japan) – borrower legal adviser by value

    Debtwire

    • First in APAC (ex Japan) – lead bank legal counsel
    • First in Australia – lead bank legal counsel
    • Second in APAC (ex Japan) – borrower legal counsel
    • Second in Australia – borrower legal counsel

    Infralogic

    • First in APAC – project finance legal adviser by value and deal count
    • First in Australia and New Zealand – project finance legal adviser by value and deal count

    LSEG (formally Refinitiv)

    • Second in APAC (inc Japan) – borrower legal adviser by value and deal count
    • Second in Australia – borrower legal adviser by value and deal count

    ‘These results reflect the trust our clients place in us to advise on their most strategic and high-value financings. We are fortunate to work with market-leading lenders, sponsors, and borrowers across the region, supporting them on complex transactions that drive investment and growth,’ said Partner and Head of Banking & Finance Tim Stewart.

    ‘The market remains highly active, particularly in project finance and structured lending, and we expect this momentum to continue into 2025 as borrowers and lenders adapt to evolving regulatory and economic conditions.’

    Highlights in 2024 included advising:

    MIL OSI News –

  • MIL-OSI USA: Jefferson, Do Non-inflationary Economic Expansions Promote Shared Prosperity? Evidence from the U.S. Labor Market

    Source: US State of New York Federal Reserve

    Thank you, Professor O’Connell, for that kind introduction and for the opportunity to talk to this group.1 I am delighted to be back at Swarthmore College. This special community brings back fond memories of fantastic students, great colleagues, and pedagogical excellence.

    Yesterday, I discussed my outlook for the current U.S. economy. I highlighted how the economy is growing and appears to be roughly in balance, with low unemployment and declining inflation. Today, I will review some of the historical evidence pertaining to periods when the Federal Reserve has achieved both components of its dual mandate, maximum employment and stable prices, on a sustained basis—that is, periods of long non-inflationary economic expansions. My title question is whether economic evidence indicates that such expansions also result in greater shared prosperity.
    My focus will be on the labor market. A reason for this focus is that for many individuals, their employment attachment is a key determinant of their household’s overall well-being. My approach will be to compare the current labor market with the labor market at the end of 2019—that is, at the end of the most recent long, non-inflationary expansion. Such a comparison provides a lens through which to view the prospects for broadly shared prosperity fostered by the current U.S. labor market.
    The remainder of my talk is organized as follows. First, I describe the labor market at the end of 2019. After that, I discuss the state of the labor market in the immediate aftermath of the COVID-19 pandemic. Then, I describe the current labor market situation. Next, I discuss possible reasons why strong labor markets facilitate broad-based prosperity. Before concluding, I consider whether the benefits of long expansions are persistent.
    The Labor Market on the Eve of the COVID-19 PandemicLet’s begin the exploration of my title question with a careful look at the situation during the historically strong labor market on the eve of the COVID-19 pandemic. Following the 2007-09 Global Financial Crisis, the U.S. economy expanded for 128 consecutive months, making it the longest economic expansion in U.S. history. During this period, as shown in figure 1, the aggregate unemployment rate fell steadily from a peak of 10 percent in October 2009 to 3.5 percent in September 2019, the lowest recorded in nearly 50 years. Job opportunities were plentiful in this strong labor market, with the ratio of vacancies to job seekers hovering around 1.2 throughout 2019, implying that businesses were seeking to fill more open positions than there were workers actively searching for employment. Moreover, while some long economic expansions have led to an unwelcome rise in prices, inflation remained low and stable. Indeed, the Federal Reserve was grappling with inflation somewhat below, rather than above, its longer-run 2 percent target.
    In addition, and perhaps related to the length of the expansion, the pre-pandemic labor market was remarkable in terms of the broad-based gains seen across demographic groups, which contributed to a historic narrowing of employment disparities. For instance, as shown in figure 2, the unemployment rate among African Americans, the solid red line, has usually been about twice as high as that for white individuals, the solid blue line, and is more sensitive to the state of the business cycle. The unemployment rate among Hispanics, the dotted green line, falls between these two groups. In late 2019, however, both African American and Hispanic unemployment rates had fallen to the lowest levels on record up to that point, significantly narrowing the persistent unemployment gaps between these groups. Before this, the greatest improvement in the unemployment rate among African Americans was at the end of the 1991–2001 economic expansion, which itself was the second longest expansion in U.S. history. But in 2019, the unemployment rate for African Americans was about 2 percentage points lower than it was in early 2001.
    The influence of the long expansion on employment gaps also was evident for other groups of workers. Like minorities, individuals with less education, and especially those who have not completed high school, also experience higher cyclical volatility in their employment.2 In 2019, as shown in figure 3, the unemployment rate gaps between workers with less than a high school education, the solid red line, and those who have attained at least a bachelor’s degree, the solid purple line, also were near multidecade lows. Further, the strong labor market created new opportunities for teens and younger workers, groups whose employment prospects, and even long-term career trajectories, are especially sensitive to the cyclical state of the economy.3
    Beyond narrowing gaps between workers actively searching for a job, the strong pre-pandemic labor market also helped draw many new participants into the labor force. Among prime-age workers, those aged 25 to 54, the labor force participation rate began rising again around 2015, as shown in figure 4, reversing a declining trend. This was true among both men, the solid black line, whose participation had been steadily declining since the 1950s, and women, the dashed red line, whose participation had previously peaked in early 2000. Labor force participation among women was rising especially briskly in the months just before the pandemic, essentially reversing its entire decline over the previous 20 years. While this partially reflects broader demographic trends such as increasing educational attainment, participation was rising for both women with and without a college degree after 2015, suggesting that the strong labor market played a part in this reversal.
    Turning now from employment and participation to earnings, nominal wages were growing solidly before the pandemic. As with gains in employment, the strong labor market was especially beneficial for some groups. Most noticeably, as shown in figure 5, wage growth for the bottom quartile of earners, the solid red line, started to pick up about five years into the expansion, in late 2014, and by 2019 was significantly stronger than for workers in higher earnings quartiles, the solid purple line.4 These differences in wage growth are important, as they imply convergence in levels and, therefore, declining wage inequality as the bottom of the distribution catches up to higher earners. Similarly, wages were growing faster for non-white workers relative to white workers in 2019, though differences by educational attainment were less pronounced at the time.
    Looking back now, the U.S. economy in 2019 was in a good place. The labor market was tight but not overheating, bringing widespread gains to workers. Further, had it not been for the sudden and dramatic interruption of the COVID-19 pandemic, this strong labor market was expected to persist. In December 2019, the median Federal Open Market Committee (FOMC) participant expected the aggregate unemployment rate to remain below 4 percent through the end of 2022 while inflation was expected to move back up to the Committee’s 2 percent objective.5 Had this long, non-inflationary expansion continued as the Committee forecast, gaps in employment and earnings across groups may have continued to narrow as well.
    The Labor Market Following the COVID-19 PandemicThe expansion, however, was cut short by the COVID-19 pandemic. In April 2020, the unemployment rate, as shown in figure 6, briefly surged to 14.8 percent, its highest rate since the Great Depression while the share of Americans seeking jobs (not shown) plummeted. Moreover, those same groups that had benefited from the strong pre-pandemic labor market—African American and Hispanic workers, women, and individuals without a college degree—generally fared worse at the onset of the pandemic. Although some of these groups typically experience greater losses in economic downturns, factors unique to the pandemic, including greater exposure to the industries most affected by lockdowns, also contributed to disparities in job losses. For instance, unlike a typical recession, the pandemic disproportionately affected service industries, which employ a larger share of women than industries like construction and manufacturing, which are generally more cyclically sensitive.
    Just as the pandemic itself led to unprecedented losses in the labor market, the subsequent recovery was unprecedented in many ways. As the health risk abated and the economy reopened, labor demand surged as businesses attempted to re-hire workers, but many workers remained on the sidelines. By late 2021, the labor force participation rate was still well below its pre-pandemic level. Vacancies rose to record levels, while, at the same time, quits, as shown in figure 7, surged as workers sought out new job opportunities, leading some to refer to the post-pandemic recovery as the “Great Resignation.” Consequently, as shown in figure 8, the gap between available jobs, the solid black line, and available workers, the dashed red line, which had been just over 1 million positions in late 2019, widened to over 6 million, the equivalent of two job openings for every unemployed worker. This was an exceptionally tight labor market, far exceeding any in recent history, including the labor market before the pandemic.
    The strong post-pandemic aggregate economy reversed the disparities between groups that initially widened in 2020. The aggregate unemployment rate fell to 3.4 percent in April 2023, its lowest since 1969. That same month, the unemployment rate for African Americans fell to 4.8 percent, the lowest level on record and 1/2 percentage point below the previous record set in 2019, as shown in figure 9 by the red solid line, which is the difference between the unemployment rate for African Americans and its own average in the year 2019.
    Although labor force participation was initially slower to recover, the labor force participation rate among prime-age women climbed to its highest level ever in 2023, well above even pre-pandemic levels, as shown in figure 10 by the red dashed line, which is the difference between the labor force participation rate for women and its own average in the year 2019.
    The tight labor market also led to a surge in nominal wage growth, especially for workers lower in the earnings distribution. In fact, as shown in figure 11, wage growth for low-wage workers, the solid red line, was strong enough, with a peak wage growth close to 7.5 percent in 2022, to drive a meaningful compression in the aggregate wage distribution (not shown). Economic research suggests that the pandemic recovery reversed around one-third of the increase in the aggregate ratio of the 90th percentile to the 10th percentile wage inequality since the 1980s.6 These gains at the bottom of the income distribution also were reflected in the experience of different demographic groups, as shown in figure 12, with stronger wage growth for nonwhite workers, the dashed red line, relative to white workers, the solid black line, and, unlike even the pre-pandemic expansion, for workers with a high school education or less relative to those with a bachelor’s degree or more.
    Unlike the noninflationary pre-pandemic expansion, however, these nominal wage gains coincided with rising prices, reducing many workers’ actual purchasing power. Real wage growth deflated by the personal consumption expenditures price index, which adjusts for the effect of inflation on workers’ purchasing power, was negative for many workers in 2022, despite strong aggregate employment growth. Further, the costs of inflation also vary across groups, and there is evidence that rising prices may hurt lower-income populations more.7 This underscores the connection between the two components of the Federal Reserve’s dual mandate to promote both maximum employment and stable prices, since the benefits of strong labor markets are eroded when accompanied by an unwelcome rise in inflation.
    The Current Labor Market SituationLet me turn now to the labor market situation more recently. As the economy has recovered from the pandemic, the labor market has come into better balance. By mid-2024, the gap between available jobs and available workers—I’ll show that figure again here—had essentially returned to where it was in 2019, reflecting both a decline in vacancies and improvements in labor supply. Various indicators pointed to a labor market that was still tight, but no longer overheating.
    Currently, the labor market remains solid, on balance, and inflation continues a bumpy descent toward the FOMC’s 2 percent objective. Layoff activity and initial claims for unemployment insurance, shown in figure 13, remain low by historical standards even as job openings have moved down to more normal levels. The unemployment rate appears to have leveled off close to what the median FOMC participant currently sees as its long-run sustainable level of 4.2 percent.8 While employment gaps between certain demographic groups have widened a touch since 2022, they remain historically narrow. Further, a welcome development as inflation has moderated is that real wage growth has picked up even as nominal wage growth has slowed. Though wages are now growing similarly across demographic groups, the narrowing of the wage gap across demographic groups realized in 2021 and 2022 persists.
    How Do Strong Labor Markets Facilitate Broad-Based Prosperity?Looking back at long, noninflationary episodes like the pre-pandemic expansion raises the question of why strong labor markets have been especially beneficial for certain demographic groups. Although the literature has not reached a definite conclusion to this question, researchers have pointed to several economic mechanisms that may help explain these patterns.
    In 1973, the economist Arthur Okun argued that “high-pressure” labor markets—such as those in 2019 and during the pandemic recovery—allowed workers to move up the job ladder, creating new opportunities for individuals on the margins of the labor market.9,10 Further, he argued that when job openings are difficult to fill, employers relax hiring standards, creating new opportunities for individuals who otherwise might struggle to find employment. Consistent with this argument, economic research shows that as the labor market strengthened from 2010 to 2014, employers reduced education and experience requirements in online job postings.11 Economic research also highlights the role of more productive job-worker matches as tight labor markets facilitate a re-allocation of labor to better and more productive jobs.12 On the participation side, the labor force participation rate tends to respond to business cycles with a significantly longer lag than the unemployment rate, for instance, due to the stickiness of decisions related to caregiving or educational responsibilities. This suggests that long expansions are especially important for drawing non-participants back into the labor market.13
    Of course, each business cycle is different, making it difficult to draw general conclusions from past episodes. The pandemic recovery, for example, led to a rise in retirements, far more than what would have been expected given population aging.14 On the downside, this contributed to the significant shortage of workers as the economy was reopening. On the upside, it may have created more opportunities for younger workers to move up the job ladder than is typical during a normal expansion, making Okun’s argument especially relevant. The COVID-19 pandemic also was a remarkable reallocation shock, and elevated quits and job switching may have improved the quality of matches between businesses and workers more than usual, potentially contributing to strong productivity growth and wage gains.
    Perhaps paradoxically, excessively tight labor markets may not be beneficial to lower-wage workers in the long run. Some economists argue that hiring difficulties may lead firms to adopt technologies that substitute, rather than complement, workers, ultimately reducing labor demand.15 Similarly, an overheating labor market may lead some workers to prioritize short-term gains over longer-term career stability. Empirical evidence, for example, suggests that during economic expansions some young people choose to take an unstable job that is likely to disappear in the next recession, rather than invest in training opportunities.16
    Are the Benefits of Long Expansions Lasting?Another key question for policymakers is whether the benefits of long expansions can be sustained, given that the same groups who benefit disproportionately from strong labor markets also fare worse in recessions. Again, the literature, while not conclusive, offers some reasons for cautious optimism. There is some empirical evidence that suggests that the benefits of tight labor markets are somewhat persistent, at least for African Americans and women.17 The fact that labor market disparities that worsened during the pandemic returned to their pre-pandemic levels so quickly following the pandemic may be another reason to be hopeful.
    ConclusionLet me conclude by offering an answer to my title question. The weight of the historical evidence I discussed today suggests that broadly shared economic prosperity is more likely when the economy grows over time with low unemployment and stable prices. While the early part of the current expansion was inflationary, the intent of monetary policy actions over the past few years has been to return us to a prolonged period where prices are stable and the labor market remains solid. The historical experience of the U.S. labor market suggests that long, noninflationary expansions are associated with narrower gaps in employment and earnings, with minority groups and less-educated workers benefiting disproportionately from sustained periods of strong economic growth. Such benefits can help make up for the disproportionate losses experienced by the same groups during economic downturns and, in some cases, may even lead to lasting gains.
    Finally, let me return to where I started, the Federal Reserve’s dual mandate: maximum employment and stable prices. The historical evidence that I have reviewed tonight suggests that shared prosperity is a byproduct of sustained accomplishment of our mission.
    Thank you.

    ReferencesAaronson, Stephanie R., Mary C. Daly, William L. Wascher, and David W. Wilcox (2019). “Okun Revisited: Who Benefits Most from a Strong Economy? (PDF)” Brookings Papers on Economic Activity, Spring, pp. 333–75.
    Akerlof, George A., Andrew K. Rose, and Janet L. Yellen (1988). “Job Switching and Job Satisfaction in the U.S. Labor Market (PDF),” Brookings Papers on Economic Activity, no. 2, pp. 495–582.
    Autor, David, Arindrajit Dube, and Annie McGrew (2023). “The Unexpected Compression: Competition at Work in the Low Wage Labor Market,” NBER Working Paper Series 31010. Cambridge, Mass.: National Bureau of Economic Research, March (revised May 2024).
    Betts, Julian R., and Laurel L. McFarland (1995). “Safe Port in a Storm: The Impact of Labor Market Conditions on Community College Enrollments,” Journal of Human Resources, vol. 30 (Autumn), pp. 741–65.
    Cajner, Tomaz, John Coglianese, and Joshua Montes (2021). “The Long-Lived Cyclicality of the Labor Force Participation Rate,” Finance and Economics Discussion Series 2021-047. Washington: Board of Governors of the Federal Reserve System, July.
    Dellas, Harris, and Plutarchos Sakellaris (2003). “On the Cyclicality of Schooling: Theory and Evidence,” Oxford Economic Papers, vol. 55 (January), pp. 148–72.
    Dellas, Harris, and Vally Koubi (2003). “Business Cycles and Schooling,” European Journal of Political Economy, vol. 19(4), pp. 843–59.
    Jefferson, Philip N. (2005). “Does Monetary Policy Affect Relative Educational Unemployment Rates?” American Economic Review, vol. 95 (May), pp.76–82.
    ——— (2008). “Educational Attainment and the Cyclical Sensitivity of Employment,” Journal of Business and Economic Statistics, vol. 26 (October), pp. 526–35.
    Krueger, Alan B. (2002). “Economic Scene: As Recovery Builds, the Less Educated Go to the End of the Employment Line,” New York Times, March 7.
    Modestino, Alicia Sasser, Daniel Shoag, and Joshua Ballance (2016). “Downskilling: Changes in Employer Skill Requirements over the Business Cycle,” Labour Economics, vol. 41 (August), pp. 333–47.
    Montes, Joshua, Christopher Smith, and Juliana Dajon (2022). ” ‘The Great Retirement Boom’: The Pandemic-Era Surge in Retirements and Implications for Future Labor Force Participation,” Finance and Economics Discussion Series 2022-081. Washington: Board of Governors of the Federal Reserve System, November.
    Okun, Arthur M. (1973). “Upward Mobility in a High-Pressure Economy (PDF),” Brookings Papers on Economic Activity, no. 1, pp. 207–52.
    Orchard, Jacob (2021), “Cyclical Demand Shifts and Cost of Living Inequality,” working paper, February (revised September 2022).
    Oreopoulos, Philip, Till von Wachter, and Andrew Heisz (2012). “The Short- and Long-Term Career Effects of Graduating in a Recession,” American Economic Journal: Applied Economics, vol. 4 (January), pp. 1–29.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. See Jefferson (2005, 2008). Return to text
    3. See Oreopoulos, Von Wachter, and Heisz (2012). Return to text
    4. Nominal wages in the figure are measured by the Atlanta Fed’s Wage Growth Tracker. Series show 12-month moving averages of the median percent change in the nominal hourly wage of individuals observed 12 months apart. Workers are assigned to wage quartiles based on the average of their wage reports in both the Current Population Survey and outgoing rotation group interviews; workers in the lowest 25 percent of the average wage distribution are assigned to the 1st quartile, and those in the top 25 percent are assigned to the 4th quartile. Return to text
    5. The December 2019 median forecast of FOMC participants is taken from the Summary of Economic Projections (SEP), which is available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm. FOMC participants submit projections of future economic activity and their individual views of the appropriate path of monetary policy conditional thereupon four times a year. These projections are published as the SEP. The SEP is neither a consensus forecast nor is it a commitment to a policy path. Rather, it shows the median, central tendency, and range of the participants’ projections estimated using the 19 individual projections. Return to text
    6. See Autor, Dube, and McGrew et al. (2023). Return to text
    7. See Orchard (2022). Return to text
    8. See the December 2024 median forecast of FOMC participants in the SEP, which is available on the Board’s website at https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm. Return to text
    9. See Okun (1973). Return to text
    10. While there is no official definition of a “high-pressure” labor market, the term usually refers to a period when the unemployment rate is below its natural rate—that is, below its long-run sustainable level. Return to text
    11. See Modestino and others (2016). Return to text
    12. See Akerlof, Rose, and Yellen (1988). Return to text
    13. See Cajner, Coglianese, and Montes (2021). Return to text
    14. See Montes, Smith, and Dajon (2022). Return to text
    15. See Krueger (2002). Return to text
    16. Specifically, empirical evidence indicates that educational enrollment rates go down during expansions. For four-year college enrollment rates, see Dellas and Sakellaris (2003); for community college enrollment rates, see Betts and McFarland (1995); for high school enrollment rates, see Dellas and Koubi (2003). Return to text
    17. See Aaronson and others (2019). Return to text

    MIL OSI USA News –

  • MIL-OSI USA: Senate Banking Committee Hearing Examines Impacts of Debanking

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)

    WASHINGTON, D.C. – The Senate Banking, Housing, and Urban Affairs (Banking) Committee held a hearing today to ensure banks and financial institutions make lending and services decisions based on impartial, risk-based analysis, not political or reputational favoritism. In recent years, prominent American banks have engaged in a discriminatory practice, referred to as debanking. Banks and financial institutions have used their economic standing to categorically exclude law-abiding industries by refusing to lend or provide services to them. This includes industries such as firearms, ammunition, crypto, federal prison contractors, and energy producers. 

    Prior to the hearing, U.S. Senator Kevin Cramer (R-ND), a member of the Senate Banking Committee, reintroduced his Fair Access to Banking Act, which protects fair access to financial services and ensures banks operate in a safe and sound manner. The legislation requires lending and services decisions to be based on impartial, risk-based analysis, not political or reputational favoritism.

    Cramer explained his legislation does not require banks to take specific actions, but rather prohibits them from categorically discriminating against legal industries. Cramer noted that the reason “some of the bank presidents, who have never dared say it out loud, tell me they support [the Fair Access to Banking Act] is because they want this burden removed from them. They want this political pressure from their 30-year-old staff or the regulator they fear, or the political movement of the day, or the activist investors trying to impose their values, they want that removed from them.”

    [embedded content]

    “What’s your sense of a bill like a Fair Access to Banking Act that again, it’s not saying you have to bank this industry,” asked Cramer. “It says you’re prohibited from discriminating against. Does this seem like a radical idea?”

    “I think the regulators have pushed debanking of industries, which is what you talking about,” replied Mike Ring, President, CEO and Co-Founder of Old Glory Bank. “I think mid-level executives push debanking of individuals for political causes.”

    “What needs to be done, consistent with the Act that you have introduced, is simply that there’s more transparency and there’s more notice when these kinds of [regulatory] decisions are made,” responded Stephen Gannon, a partner at Davis Wright Tremaine, LLP, a financial services expert.“There’s been a long sort of volume of executive orders coming out of the [Trump] White House, but one of them revived an executive order from 2019 called 13892. That executive order gives more due process to folks who wish to contest the actions of regulators than the due process clause itself allows.”

    MIL OSI USA News –

  • MIL-OSI USA: Boozman Welcomes Arkansas Farmers at Senate Ag Committee Hearing

    US Senate News:

    Source: United States Senator for Arkansas – John Boozman

    WASHINGTON – U.S. Senate Committee on Agriculture, Nutrition, and Forestry Chairman John Boozman (R-AR) welcomed Arkansas farmers to share their perspectives on the agricultural economy during a Senate hearing examining the challenges facing rural communities

    Marianna farmer Nathan Reed and Newport farmer Jennifer James detailed the difficulties they are experiencing in the industry.

    “The last couple years have been the most difficult of my life. Despite record yields, my operation has endured steep losses due to a sharp increase in input costs and low commodity prices,” Reed told committee members. 

    Reed and his wife along with their four children grow cotton, rice, corn and soybeans. He currently serves on the Board of Directors for the National Cotton Council and is an executive officer of the Arkansas Ag Council as well as a member of the Arkansas Plant Board.

    He expressed appreciation for the natural disaster and market assistance funds provided by Congress late last year but called for an improved farm bill to prevent farms from failing throughout rural America.

    James grows rice, corn and soybeans with her husband, father and son. She is an active member of USA Rice in addition to serving on the Farmers Board of Directors and the Farm Policy Task Force. Her many accolades include the 2019 USA Rice Farmer of the Year, the first-ever woman elected to serve on the Riceland Board of Directors, and 2023-24 Outstanding Alumna at the University of Arkansas Dale Bumpers College of Agricultural, Food and Life Sciences.

    “Last year, I completed my 30th full-time crop. I can say without a doubt that it was the most difficult year financially that we have endured so far. This year, I’m even more worried about what is to come. Just last week, my husband, dad, son and I sat down to have one of the hardest business conversations we’ve ever had to have – is it worth it? What scares me is I know we’re one farm family of thousands having these same conversations,” James said in her testimony.

    James called on Congress to pass a new, stronger farm bill to help improve the financial outlook for agricultural producers.

    In December, Boozman led Senate efforts to secure market assistance for the agriculture community and remains committed to delivering the certainty and predictability farmers, ranchers and producers need in an updated farm bill.

    “My highest priority for the next farm bill is to improve the farm safety net, whereby every farmer in every region of the country will have access to modernized risk management tools regardless of the commodity they grow. If we fail to modernize the safety net, agriculture will see further consolidation as farm families leave the business, and the ripple effects to our country will be profound,” Boozman said in his opening statement.

    Watch Boozman’s questions to Arkansas witnesses: 

    MIL OSI USA News –

  • MIL-OSI: Euronet Announces Fourth Quarter and Full Year 2024 Earnings Release Date and Conference Call Details

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kansas, Feb. 05, 2025 (GLOBE NEWSWIRE) — Euronet (or the “Company”) (NASDAQ: EEFT) announced today it will release fourth quarter and full year 2024 earnings results prior to the market opening on Thursday, February 13, 2025. Euronet will hold a conference call the same day at 9:00 a.m. Eastern Time to discuss the results.

    The conference call and accompanying slide show presentation will be accessible via webcast by following the link posted on http://ir.euronetworldwide.com. Participants wanting to access the conference call by telephone must register at Euronet Worldwide Fourth Quarter 2024 Earnings Call to receive dial-in information. While not required, it is recommended participants join the call five minutes prior to the event start.

    A webcast replay will be available beginning approximately one hour after the event at http://ir.euronetworldwide.com and will remain available for one year.

    About Euronet Worldwide, Inc.

    Starting in Central Europe in 1994 and growing to a global real-time digital and cash payments network with millions of touchpoints today, Euronet now moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit card processing, ATMs, POS services, branded payments, foreign currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster, and more secure for everyone. 

    A leading global financial technology solutions and payments provider, Euronet has developed an extensive global payments network that includes 55,292 installed ATMs, approximately 949,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 67 countries; card software solutions; a prepaid processing network of approximately 766,000 POS terminals at approximately 348,000 retailer locations in 63 countries; and a global money transfer network of approximately 595,000 locations serving 198 countries and territories. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the Company’s website at www.euronetworldwide.com.

    The MIL Network –

  • MIL-OSI United Kingdom: Government rips up rules to fire-up nuclear power

    Source: United Kingdom – Executive Government & Departments

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    • Prime Minister puts Britain back in the global race for nuclear energy.
    • Changes will allow for Small Modular Reactors for the first time.
    • Latest step in Government’s determination to grow the economy and deliver cleaner, more affordable energy.

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    Reforms to planning rules will clear a path for smaller, and easier to build nuclear reactors – known as Small Modular Reactors –to be built for the first time ever in the UK. This will create thousands of new highly skilled jobs while delivering clean, secure and more affordable energy for working people.

    This is the latest refusal to accept the status quo, with the government ripping up archaic rules and saying not to the NIMBYs, to prioritise growth. It comes after recent changes to planning laws, the scrapping of the 3-strike rule for judicial reviews on infrastructure projects, and application of common-sense to environmental rules.

    For too long the country has been mired by delay and obstruction, with a system too happy to label decisions as too difficult, or too long term. The UK was the first country in the world to develop a nuclear reactor, but the last time a nuclear power station was built was back in 1995. None have been built since, leaving the UK lagging behind in a global race to harness cleaner, more affordable energy.

    The industry pioneered in Britain has been suffocated by regulations and this saw investment collapse, leaving only one nuclear power plant – Hinkley Point C – under construction. And this was after years of delay caused by unnecessary rules – meaning companies produced a 30,000-page environmental assessment to get planning permission.

    Meanwhile, China is constructing 29 reactors, and the EU has 12 at planning stage, giving these places a huge advantage in the global race to harness new technologies, create jobs and deliver cleaner, cheaper, independent energy.

    Investors want to get on and build reliable, cheap nuclear power, which will in turn support critical modern infrastructure, such as supercomputers to power the UK’s ambitions – but they have been held back.

    Today’s plan will shake up the planning rules to make it easier to build nuclear across the country – delivering jobs, cheaper bills in the long term, and more money in people’s back pockets. This will be achieved by:

    Including mini-nuclear power stations in planning rules for the first time – so firms can start building them in the places that need them.

    Scrapping the set list of 8-sites – which meant nuclear sites could be built anywhere across England and Wales.

    Removing the expiry date on nuclear planning rules – so projects don’t get timed out and industry can plan for the long term. 

    Setting up a Nuclear Regulatory Taskforce – that will spearhead improvements to the regulations to help more companies build here. This will report directly to the PM. 

    This is the Government delivering on a manifesto commitment to galvanise nuclear to help the UK achieve energy security and clean power, while securing thousands of good, clean jobs.

    Prime Minister Keir Starmer said:

    This country hasn’t built a nuclear power station in decades. we’ve been let down, and left behind. 

    Our energy security has been hostage to Putin for too long, with British prices skyrocketing at his whims.  

    I’m putting an end to it – changing the rules to back the builders of this nation, and saying no to the blockers who have strangled our chances of cheaper energy, growth and jobs for far too long. 

    My government was elected to deliver change. I’ll take the radical decisions needed to wrestle Britain from its status quo slumber, to turbocharge our plan for change.

    Currently, nuclear development is restricted to eight sites – as part of archaic planning rules that haven’t been looked at since 2011. With the reforms unveiled today, the refreshed planning framework will help streamline the process to encourage investment and enable developers to identify the best sites for their projects, supporting development at a wider range of locations.  

    Developers will be encouraged to bring forward sites as soon as possible at the pre-application stage in the planning process, speeding up overall timelines.  

    It will include new nuclear technologies such as small and advanced modular reactors for the first time, providing flexibility to co-locate them with energy intensive industrial sites such as AI data centres. 

    These technologies are cheaper and quicker to build than traditional nuclear power plants and require smaller sites, meaning they can be built in a greater variety of locations.  

    There will also continue to be robust criteria for nuclear reactor locations, including restrictions near densely populated areas and military activity, alongside community engagement and high environmental standards. 

    Energy Secretary Ed Miliband said: 

    Build, build, build – that is what Britain’s clean energy mission is all about.  

    The British people have been left vulnerable to global energy markets for too long – and the only way out is to build our way to a new era of clean electricity. 

    Nuclear power creating thousands of skilled jobs. That is what this government will deliver.

    Alongside reforms to the siting process, a specialist taskforce will lead on making sure nuclear regulation incentivises investment, to deliver new projects more quickly and cost efficiently, while upholding high safety and security standards. 

    Britain is currently considered one of the world’s most expensive countries in which to build nuclear power. The taskforce will speed up the approval of new reactor designs and streamline how developers engage with regulators.  

    Nuclear regulation will cover both civil and defence nuclear to help unlock economic growth in the sector.  

    The taskforce will better align the UK with international partners so reactor designs approved abroad could be green lit more quickly, minimising expensive changes. It will also examine how to reduce duplication and simplify processes where there are multiple regulators covering overlapping issues, as well as ensuring regulatory decisions are both safe and proportionate. 

    The work will help the issues faced by projects such as Hinkley Point C, where three European regulators reached different assessments on the reactor design, leading to delays and increased costs. 

    The UK’s rigorous safety standards and record will continue to be upheld. Nuclear plants are designed with multiple layers of safety measures including making them robust enough to withstand a direct aircraft impact. 

    This is part of the government push to drive growth – building on the Prime Minister’s announcement to overhaul the legal challenges to major infrastructure projects including nuclear – with Sizewell C having suffered increased legal costs and uncertainty as a result of local activists taking them to court.  

    In a volatile world, where oil and gas prices are driven by tyrants like Putin, the drive for new nuclear is an integral part of the government’s plans to replace the UK’s dependence on fossil fuel markets with clean homegrown energy, to make the UK energy independent and protect consumers with clean, homegrown power.  

    Since July, the government has committed to driving forward new nuclear including further funding for Sizewell C at the Autumn Budget 2024.  

    Great British Nuclear also continues to progress the small modular reactor competition, with contract negotiations currently underway. 

    Gary Smith, GMB General Secretary, said: 

    GMB has long said there can be no net zero without new nuclear. 

    For too long, the failure to deliver new nuclear has weakened our energy security and undermined economic growth. 

    Sizewell C stands ready and waiting for the green light to power up our country’s future. 

    Now we need to see spades in the ground without delay.

    Alistair Black, Senior Director, UK at X-energy said: 

    Opening up new siting opportunities for a fleet of advanced reactors will help unlock tens of billions of pounds of investment and growth across the country, bringing clean secure electricity and heat for industry. 

    We welcome this step today, and the intent to streamline assessment processes whilst ensuring robust regulatory standards continue to be met. We look forward to reviewing this in detail and responding to the consultation.

    Simone Rossi, CEO of EDF in the UK, said:

    As a major operator, investor and developer, EDF welcomes the proposals designed to speed up new nuclear projects in the UK and unlock economic growth.

    Nuclear is essential to a secure, low carbon energy system and is the ideal partner to renewables. There is a great opportunity to build new infrastructure across England and Wales, to replace aging stations and take advantage of available skills, existing grid connections and supportive communities.

    “The opportunity will only be fully realised with the necessary reforms to planning and regulation, alongside continuing to build on the critical work at Hinkley Point C and Sizewell C to further develop skills and supply chains.”

    Darren Hardman, CEO, Microsoft UK, said: 

    We welcome the government’s plans to accelerate the building of safe, modern nuclear as part of the energy mix. Economic growth will require increased energy supply for the UK, but we must not lose sight of our ambitions for a fully decarbonised grid.

    Chair of Great British Nuclear Simon Bowen said:

    Nuclear energy is a powerful tool for growing the UK’s economy. By expanding the range of sites where safe, secure, reliable, and clean nuclear energy plants can be built, there is huge potential to positively transform areas facing economic uncertainty. 

    Today’s announcement also signals exciting opportunities to co-locate nuclear energy generation on data centre sites and to decarbonise industrial processes.

    Nuclear is one of the safest and cleanest forms of energy generation. The new independent nuclear regulation taskforce will help unlock growth and investment by providing clarity and certainty while ensuring regulations are fit for purpose.

    Tom Greatrex, Chief Executive of the Nuclear Industry Association, said:

    This is the Prime Minister’s strongest signal yet that new nuclear is critical to the growth and clean power mission. A more streamlined planning system will give certainty to investors, the supply chain and communities, and will enable us to get on with building new nuclear plants on more sites and at pace for a cleaner, more secure power system.

    We need to make Britain the best possible place to build new nuclear, both large-scale and SMRs, which means avoiding unnecessary stumbling blocks and ensuring regulations are proportionate to our urgent need for low carbon power, energy security and good jobs.

    Jonathan Geldart, Director General of the Institute of Directors, said:

    The government is right to identify nuclear power as a crucial contributor to the UK’s future electricity needs. This development shows the right desire to overcome the significant challenges involved in building back nuclear at scale, in terms of planning obstacles and project delivery. Despite these challenges, today’s announcement marks a significant move forward.

    Mike Clancy, General Secretary of Prospect said:

    The government’s ambition to drive forward a new generation of nuclear power after decades of delay is exactly what Britain needs.

    Nuclear is not only essential for hitting our Net Zero goals and maintaining energy security, it also creates thousands of good, well-paid jobs in areas of the country where they are sorely needed.

    Speeding up the approval of new sites and new reactors is an important step towards enabling investment in new nuclear. The government’s support for Sizewell C is also a welcome vote of confidence in the sector and bringing this project to a Final Investment Decision will provide a strong foundation for its future growth.

    The success of Britain’s world class nuclear sector is built on a robust regulatory process, and we welcome a review of this framework to ensure it is supporting investment while still providing assurance that high safety standards are being maintained.

    Cathal O’Rourke, Laing O’Rourke’s Group Chief Executive Officer said:

    This announcement is a significant step forward for the UK’s nuclear industry. The clarity provided by these new planning rules, the focus on streamlining the regulatory process, and the emphasis on standardising reactor designs is precisely the sort of clear, unequivocal direction the industry needs.

    Having played a central role in delivering nuclear capacity at Hinkley Point C, we understand the complexities of these projects firsthand and these new measures, particularly around regulatory reform and streamlined planning, will be invaluable in ensuring future projects, like Sizewell C, can be delivered more efficiently and cost-effectively.  

    In particular, standardisation and an industrialised approach will be key to driving down costs and accelerating construction timelines, ensuring we can deploy new nuclear capacity efficiently and at pace by adopting a “copy, improve, repeat” approach to design and implementation. This type of approach would also improve worker welfare conditions on site from a physical and wellbeing perspective.

    This clear signal from government will unlock investment, create jobs nationwide for shared prosperity, including an ability to plan for long-term investment in apprenticeships, and ensure the UK can benefit from clean, locally supplied nuclear power for generations to come.

    Chris Conboy, Managing Director, Nuclear EMEA at AtkinsRéalis said:

    We welcome plans to accelerate new nuclear developments. Speeding up lengthy planning processes would help to bring forward new projects faster, strengthening the UK’s world-class nuclear supply chain and creating jobs and skills across the country. 

    Nuclear will be the cornerstone of a reliable net zero energy system. We need both large and small nuclear technologies to realise our AI ambitions, bolster our energy security, and enable the sustainable development of towns, cities and industries across the UK: building the right technology in the right locations is vital to power the UK’s growth agenda and meet our net zero goals.

    David Omand, former Director of GCHQ said: 

    It is very welcome to see this government pushing forward on their commitment to national security by making the UK more energy secure and speeding up nuclear power to boost growth across the country. Nuclear is critical to national security, and taking this kind of action is a mark of the seriousness with which Keir Starmer takes the challenges of modern geopolitics. I fully support this push to knock down barriers to safe, modern nuclear as part of the nation’s critical infrastructure.

    Kim Darroch, former National Security Adviser said: 

    As a former National Security Adviser, I think driving for as much homegrown clean power as possible in this age of global turbulence should be among our top national security objectives. So I welcome the Prime Minister’s intervention to accelerate the regeneration of our nuclear power industry.

    Julian David OBE, CEO, techUK said: 

    If we want the UK economy to keep growing, we must invest in our energy infrastructure. We are pleased to see the Government announce new plans to reform planning rules to expand new energy generation. This move will boost the economy, create new jobs, and ensure the UK is not reliant on external agents for its own energy supply.

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New survey suggests benefits system is letting down people with mental health conditions who want to work

    Source: United Kingdom – Executive Government & Departments

    Many sick and disabled people say they want to work to help boost their living standards – but aren’t given the right support, according to new data published on Time to Talk day today [6 February].

    • New survey suggests 200k people claiming health and disability benefits are ready for work now if the right job or support were available.
    • Comes as number of young people with a mental health condition who are economically inactive due to long-term sickness reaches over a quarter of a million (270,000)
    • Overhaul of health and disability benefit system set to be unveiled in Spring to ensure it provides meaningful support to help long term sick back into work

    Many sick and disabled people say they want to work to help boost their living standards – but aren’t given the right support, according to new data published on Time to Talk day today [6 February].

    New research published by the Department for Work and Pensions shows that nearly half (44%) of people with a mental health condition expect to be able to work in future if their health improves.

    This comes as the number of young people (aged 16 to 34) who are economically inactive due to long-term sickness and have a mental condition reaches 270,000. This number has been rising consistently over the past decade and has increased by 60,000 (26%) in the last year alone. The equivalent figure for all people of working-age (16 to 64) is 790,000 – an increase of 140,000 (22%) over the last year

    The Work Aspirations of Health and Disability Claimants survey also finds that a third (32%) of those claiming health and disability benefits believe they can work now or in future.  (5%) say that they would be ready now if the right job or support were available. This equates to around 200,000 individuals

    The survey also finds that those out of jobs overwhelmingly see work as a key part of their identity and a route to higher self-esteem, happiness and security.

    In further evidence that the current system pushes people away from work, the survey revealed that 50% of people who are on health and disability benefits and are not currently in work said they were worried they would not get their benefits back if they tried paid employment and it did not work out.

     It comes as the Work and Pensions Secretary Liz Kendall visits Workbridge charity which offers support to people who are unable to work due to mental ill health, to hear how they’re supporting people with mental health conditions into work.

    Responding to the stark survey results, the Work and Pensions Secretary has said the report demonstrates the need to reform the current welfare system, so that it offers better, meaningful support to give disabled people and people with long-term health conditions a real opportunity to find work.

    The upcoming reforms will be a key part of the government’s Plan for Change to boost employment by breaking down barriers to opportunity – creating a welfare system that promotes tailored pathways into work and accommodates the complex nature of disabilities and health conditions – and consequently, improving people’s living standards.

    Work and Pensions Secretary, Rt Hon Liz Kendall MP said:

    Today’s report shows that the broken benefits system is letting down people with mental health conditions who want to work.

    People claiming Health and Disability benefits have been classed by the system as “can’t work” and shut out of jobs and have been ignored – when they’ve been crying out for support.

    That is a serious failure. It’s bad for people, bad for businesses, which miss out on considerable talent, and bad for the economy.

    For young people in particular, being out of work can have a scarring effect that lasts a lifetime.

    On Time to Talk day, it’s time to change how we support people with long-term health conditions, such as a mental health condition, so that they have a fair chance and choice to work.

    On her visit to Workbridge, Kendall will speak to experts to hear their insights on how government and employers can better accommodate the fluctuating nature of people’s mental health – ensuring that people’s views and voices are at the heart of changes that affect them.

    We know that being in work has a positive effect on people’s mental and physical health – providing people with confidence and independence, as well as financial benefits.

    The UK remains the only G7 country that has higher levels of economic inactivity now than before the pandemic, with the benefits bill spiralling – largely driven by the increase in people claiming incapacity benefits for mental health conditions, who had not received the care and treatment they deserve.

    The reforms to the health & disability benefit system due to be unveiled in a Green Paper in Spring will consider these issues and how the government can tackle these barriers to employment, and the government will work closely alongside charities, organisations and disabled people to ensure their voices help shape any proposals for reform.

    The Green Paper will set key ambitions for creating a system that is fairer on disabled people – offering support into work which takes into consideration the realities of their health condition and life circumstances, and fairness for the taxpayer by bringing down the benefits bill.

    The reforms are expected to build on the Get Britain Working White Paper, which set out the first steps to achieving the government’s target 80% employment rate, driving up growth and driving down poverty in every corner of our country. 

    Successful steps have already been taken to offer work and life-changing support, with a record number of people with mental health conditions receiving employment advice through the NHS Talking Therapies programme.

    Alongside this support, the Government has settled record funding for the NHS – so that all people can get the care they need – and have pledged:

    • 8,500 more mental health staff
    • Mental health support teams in every school
    • Open-access mental health hubs in every community

    Additional Information

    Time to Talk Day is an initiative led by Rethink Mental Illness, Mind and Co-op to encourage people to talk about their mental health.

    Full results from the Work Aspirations of Health and Disability Claimants are available here: https://www.gov.uk/government/publications/work-aspirations-and-support-needs-of-health-and-disability-customers

    Source: The employment of disabled people 2024 – Table EIA020  Apr-Jun 24 compared to Apr-Jun 23

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Government rips up rules to fire-up nuclear power

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    • Prime Minister puts Britain back in the global race for nuclear energy.
    • Changes will allow for Small Modular Reactors for the first time.
    • Latest step in Government’s determination to grow the economy and deliver cleaner, more affordable energy.

    More nuclear power plants will be approved across England and Wales as the Prime Minister slashes red tape to get Britain building – as part of his Plan for Change.

    Reforms to planning rules will clear a path for smaller, and easier to build nuclear reactors – known as Small Modular Reactors –to be built for the first time ever in the UK. This will create thousands of new highly skilled jobs while delivering clean, secure and more affordable energy for working people.

    This is the latest refusal to accept the status quo, with the government ripping up archaic rules and saying not to the NIMBYs, to prioritise growth. It comes after recent changes to planning laws, the scrapping of the 3-strike rule for judicial reviews on infrastructure projects, and application of common-sense to environmental rules.

    For too long the country has been mired by delay and obstruction, with a system too happy to label decisions as too difficult, or too long term. The UK was the first country in the world to develop a nuclear reactor, but the last time a nuclear power station was built was back in 1995. None have been built since, leaving the UK lagging behind in a global race to harness cleaner, more affordable energy.

    The industry pioneered in Britain has been suffocated by regulations and this saw investment collapse, leaving only one nuclear power plant – Hinkley Point C – under construction. And this was after years of delay caused by unnecessary rules – meaning companies produced a 30,000-page environmental assessment to get planning permission.

    Meanwhile, China is constructing 29 reactors, and the EU has 12 at planning stage, giving these places a huge advantage in the global race to harness new technologies, create jobs and deliver cleaner, cheaper, independent energy.

    Investors want to get on and build reliable, cheap nuclear power, which will in turn support critical modern infrastructure, such as supercomputers to power the UK’s ambitions – but they have been held back.

    Today’s plan will shake up the planning rules to make it easier to build nuclear across the country – delivering jobs, cheaper bills in the long term, and more money in people’s back pockets. This will be achieved by:

    Including mini-nuclear power stations in planning rules for the first time – so firms can start building them in the places that need them.

    Scrapping the set list of 8-sites – which meant nuclear sites could be built anywhere across England and Wales.

    Removing the expiry date on nuclear planning rules – so projects don’t get timed out and industry can plan for the long term. 

    Setting up a Nuclear Regulatory Taskforce – that will spearhead improvements to the regulations to help more companies build here. This will report directly to the PM. 

    This is the Government delivering on a manifesto commitment to galvanise nuclear to help the UK achieve energy security and clean power, while securing thousands of good, clean jobs.

    Prime Minister Keir Starmer said:

    This country hasn’t built a nuclear power station in decades. we’ve been let down, and left behind. 

    Our energy security has been hostage to Putin for too long, with British prices skyrocketing at his whims.  

    I’m putting an end to it – changing the rules to back the builders of this nation, and saying no to the blockers who have strangled our chances of cheaper energy, growth and jobs for far too long. 

    My government was elected to deliver change. I’ll take the radical decisions needed to wrestle Britain from its status quo slumber, to turbocharge our plan for change.

    Currently, nuclear development is restricted to eight sites – as part of archaic planning rules that haven’t been looked at since 2011. With the reforms unveiled today, the refreshed planning framework will help streamline the process to encourage investment and enable developers to identify the best sites for their projects, supporting development at a wider range of locations.  

    Developers will be encouraged to bring forward sites as soon as possible at the pre-application stage in the planning process, speeding up overall timelines.  

    It will include new nuclear technologies such as small and advanced modular reactors for the first time, providing flexibility to co-locate them with energy intensive industrial sites such as AI data centres. 

    These technologies are cheaper and quicker to build than traditional nuclear power plants and require smaller sites, meaning they can be built in a greater variety of locations.  

    There will also continue to be robust criteria for nuclear reactor locations, including restrictions near densely populated areas and military activity, alongside community engagement and high environmental standards. 

    Energy Secretary Ed Miliband said: 

    Build, build, build – that is what Britain’s clean energy mission is all about.  

    The British people have been left vulnerable to global energy markets for too long – and the only way out is to build our way to a new era of clean electricity. 

    Nuclear power creating thousands of skilled jobs. That is what this government will deliver.

    Alongside reforms to the siting process, a specialist taskforce will lead on making sure nuclear regulation incentivises investment, to deliver new projects more quickly and cost efficiently, while upholding high safety and security standards. 

    Britain is currently considered one of the world’s most expensive countries in which to build nuclear power. The taskforce will speed up the approval of new reactor designs and streamline how developers engage with regulators.  

    Nuclear regulation will cover both civil and defence nuclear to help unlock economic growth in the sector.  

    The taskforce will better align the UK with international partners so reactor designs approved abroad could be green lit more quickly, minimising expensive changes. It will also examine how to reduce duplication and simplify processes where there are multiple regulators covering overlapping issues, as well as ensuring regulatory decisions are both safe and proportionate. 

    The work will help the issues faced by projects such as Hinkley Point C, where three European regulators reached different assessments on the reactor design, leading to delays and increased costs. 

    The UK’s rigorous safety standards and record will continue to be upheld. Nuclear plants are designed with multiple layers of safety measures including making them robust enough to withstand a direct aircraft impact. 

    This is part of the government push to drive growth – building on the Prime Minister’s announcement to overhaul the legal challenges to major infrastructure projects including nuclear – with Sizewell C having suffered increased legal costs and uncertainty as a result of local activists taking them to court.  

    In a volatile world, where oil and gas prices are driven by tyrants like Putin, the drive for new nuclear is an integral part of the government’s plans to replace the UK’s dependence on fossil fuel markets with clean homegrown energy, to make the UK energy independent and protect consumers with clean, homegrown power.  

    Since July, the government has committed to driving forward new nuclear including further funding for Sizewell C at the Autumn Budget 2024.  

    Great British Nuclear also continues to progress the small modular reactor competition, with contract negotiations currently underway. 

    Gary Smith, GMB General Secretary, said: 

    GMB has long said there can be no net zero without new nuclear. 

    For too long, the failure to deliver new nuclear has weakened our energy security and undermined economic growth. 

    Sizewell C stands ready and waiting for the green light to power up our country’s future. 

    Now we need to see spades in the ground without delay.

    Alistair Black, Senior Director, UK at X-energy said: 

    Opening up new siting opportunities for a fleet of advanced reactors will help unlock tens of billions of pounds of investment and growth across the country, bringing clean secure electricity and heat for industry. 

    We welcome this step today, and the intent to streamline assessment processes whilst ensuring robust regulatory standards continue to be met. We look forward to reviewing this in detail and responding to the consultation.

    Simone Rossi, CEO of EDF in the UK, said:

    As a major operator, investor and developer, EDF welcomes the proposals designed to speed up new nuclear projects in the UK and unlock economic growth.

    Nuclear is essential to a secure, low carbon energy system and is the ideal partner to renewables. There is a great opportunity to build new infrastructure across England and Wales, to replace aging stations and take advantage of available skills, existing grid connections and supportive communities.

    “The opportunity will only be fully realised with the necessary reforms to planning and regulation, alongside continuing to build on the critical work at Hinkley Point C and Sizewell C to further develop skills and supply chains.”

    Darren Hardman, CEO, Microsoft UK, said: 

    We welcome the government’s plans to accelerate the building of safe, modern nuclear as part of the energy mix. Economic growth will require increased energy supply for the UK, but we must not lose sight of our ambitions for a fully decarbonised grid.

    Chair of Great British Nuclear Simon Bowen said:

    Nuclear energy is a powerful tool for growing the UK’s economy. By expanding the range of sites where safe, secure, reliable, and clean nuclear energy plants can be built, there is huge potential to positively transform areas facing economic uncertainty. 

    Today’s announcement also signals exciting opportunities to co-locate nuclear energy generation on data centre sites and to decarbonise industrial processes.

    Nuclear is one of the safest and cleanest forms of energy generation. The new independent nuclear regulation taskforce will help unlock growth and investment by providing clarity and certainty while ensuring regulations are fit for purpose.

    Tom Greatrex, Chief Executive of the Nuclear Industry Association, said:

    This is the Prime Minister’s strongest signal yet that new nuclear is critical to the growth and clean power mission. A more streamlined planning system will give certainty to investors, the supply chain and communities, and will enable us to get on with building new nuclear plants on more sites and at pace for a cleaner, more secure power system.

    We need to make Britain the best possible place to build new nuclear, both large-scale and SMRs, which means avoiding unnecessary stumbling blocks and ensuring regulations are proportionate to our urgent need for low carbon power, energy security and good jobs.

    Jonathan Geldart, Director General of the Institute of Directors, said:

    The government is right to identify nuclear power as a crucial contributor to the UK’s future electricity needs. This development shows the right desire to overcome the significant challenges involved in building back nuclear at scale, in terms of planning obstacles and project delivery. Despite these challenges, today’s announcement marks a significant move forward.

    Mike Clancy, General Secretary of Prospect said:

    The government’s ambition to drive forward a new generation of nuclear power after decades of delay is exactly what Britain needs.

    Nuclear is not only essential for hitting our Net Zero goals and maintaining energy security, it also creates thousands of good, well-paid jobs in areas of the country where they are sorely needed.

    Speeding up the approval of new sites and new reactors is an important step towards enabling investment in new nuclear. The government’s support for Sizewell C is also a welcome vote of confidence in the sector and bringing this project to a Final Investment Decision will provide a strong foundation for its future growth.

    The success of Britain’s world class nuclear sector is built on a robust regulatory process, and we welcome a review of this framework to ensure it is supporting investment while still providing assurance that high safety standards are being maintained.

    Cathal O’Rourke, Laing O’Rourke’s Group Chief Executive Officer said:

    This announcement is a significant step forward for the UK’s nuclear industry. The clarity provided by these new planning rules, the focus on streamlining the regulatory process, and the emphasis on standardising reactor designs is precisely the sort of clear, unequivocal direction the industry needs.

    Having played a central role in delivering nuclear capacity at Hinkley Point C, we understand the complexities of these projects firsthand and these new measures, particularly around regulatory reform and streamlined planning, will be invaluable in ensuring future projects, like Sizewell C, can be delivered more efficiently and cost-effectively.  

    In particular, standardisation and an industrialised approach will be key to driving down costs and accelerating construction timelines, ensuring we can deploy new nuclear capacity efficiently and at pace by adopting a “copy, improve, repeat” approach to design and implementation. This type of approach would also improve worker welfare conditions on site from a physical and wellbeing perspective.

    This clear signal from government will unlock investment, create jobs nationwide for shared prosperity, including an ability to plan for long-term investment in apprenticeships, and ensure the UK can benefit from clean, locally supplied nuclear power for generations to come.

    Chris Conboy, Managing Director, Nuclear EMEA at AtkinsRéalis said:

    We welcome plans to accelerate new nuclear developments. Speeding up lengthy planning processes would help to bring forward new projects faster, strengthening the UK’s world-class nuclear supply chain and creating jobs and skills across the country. 

    Nuclear will be the cornerstone of a reliable net zero energy system. We need both large and small nuclear technologies to realise our AI ambitions, bolster our energy security, and enable the sustainable development of towns, cities and industries across the UK: building the right technology in the right locations is vital to power the UK’s growth agenda and meet our net zero goals.

    David Omand, former Director of GCHQ said: 

    It is very welcome to see this government pushing forward on their commitment to national security by making the UK more energy secure and speeding up nuclear power to boost growth across the country. Nuclear is critical to national security, and taking this kind of action is a mark of the seriousness with which Keir Starmer takes the challenges of modern geopolitics. I fully support this push to knock down barriers to safe, modern nuclear as part of the nation’s critical infrastructure.

    Kim Darroch, former National Security Adviser said: 

    As a former National Security Adviser, I think driving for as much homegrown clean power as possible in this age of global turbulence should be among our top national security objectives. So I welcome the Prime Minister’s intervention to accelerate the regeneration of our nuclear power industry.

    Julian David OBE, CEO, techUK said: 

    If we want the UK economy to keep growing, we must invest in our energy infrastructure. We are pleased to see the Government announce new plans to reform planning rules to expand new energy generation. This move will boost the economy, create new jobs, and ensure the UK is not reliant on external agents for its own energy supply.

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Committee on Exercise of Inalienable Rights of Palestinian People Opens 2025 Session

    Source: United Nations General Assembly and Security Council

    (Note: Due to the financial liquidity crisis affecting the UN and the resulting constraints, the full press release will be published at a later date.)

    The Committee on the Exercise of the Inalienable Rights of the Palestinian People opened its 2025 session today, hearing from António Guterres, UN Secretary-General; Riyad Mansour, Permanent Observer of the State of Palestine to the United Nations; and Philippe Lazzarini, Commissioner-General of the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA).

    Michael Fakhri, Special Rapporteur on the right to food, and Hani Almadhoun, Senior Director of Philanthropy at UNRWA-USA and Co-Founder of the Gaza Soup Kitchen, also briefed.

    MIL OSI United Nations News –

  • MIL-OSI Australia: Bendigo NEXT presents a dynamic program to inspire business innovation

    Source: State of Victoria Local Government 2

    The region’s biggest tourism conference, Bendigo NEXT, returns with an exciting program tailored for tourism professionals and businesses to thrive in Greater Bendigo.

    Presented by Be.Bendigo in partnership with the City of Greater Bendigo and the Bendigo Tourism Board, Bendigo NEXT’s one-day showcase is from 10am to 4pm on Monday February 24 at the Quality Lakeside Hotel.

    City Manager Economy & Experience James Myatt said Bendigo NEXT was a must-attend event for businesses eager to drive innovation, growth, and success in Bendigo and beyond.

    “This year’s Bendigo NEXT conference builds on its tourism-focused roots whilst incorporating dynamic business training seminars designed to appeal to a broader audience in the business community,” Mr Myatt said.

    “From the latest trends to practical tools for growth, this event is packed with insightful presentations, interactive workshops, strategies, and a networking session to connect and build new partnerships.

    The MC for the day’s event is Bendigo Tourism Chair Kath Bolitho and the conference features an impressive program to inspire including:

    • Victorian Tourism Industry and Council Updates & the Future of Business with AI with Despina Karatzias
    • Upgrading nbn across the Bendigo region in 2025 with Emy Peel, Head of nbn Local – Victoria/Tasmania
    • Workforce Requirements and Opportunities with Martin Collins from the Victorian Skills Authority
    • Attracting Multicultural Visitors to Bendigo with Bendigo Heritage Attractions
    • Accessible Content for Businesses with City of Greater Bendigo Community Engagement Officer Angela McKinley
    • 2025 Highlights and Opportunities in Bendigo with Bendigo Art Gallery Curator Lauren Ellis, Manager Bendigo Venues & Events Julie Amos, Manager Major Events Nicole McNamara and Manager Destination and Experience Glenn Harvey

    Be.Bendigo incoming CEO Hayley Tibbett said the program offered something for everyone.

    “We’re really excited to be partnering with the City of Greater Bendigo to deliver the 2025 Bendigo NEXT Conference,” Ms Tibbett said.

    “This is a dynamic and forward-thinking event that builds on its tourism-focused expertise with new elements to support small business owners and entrepreneurs.

    “The program will deliver a wide of range of topics from expert-led presentations on critical topics like AI, workforce development, multicultural tourism, to interactive workshops on finance, marketing, and customer service tailored to your business needs.

    “The conference is more accessible than ever, designed to deliver practical insights and meaningful connections that will help businesses thrive. We encourage tourism professionals, small business owners, and innovators across all industries to join us for a day of learning, inspiration, and networking.”

    Bendigo NEXT stands for Networking, Emerging trends, eXperiences, and Technology.

    To register, visit:

    MIL OSI News –

  • MIL-OSI: LeddarTech Announces Listing Transfer to the Nasdaq Capital Market; Comments on Recent Positive Business Developments

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, Feb. 05, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech” or the “Company”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision™, today announced that it has received approval from the Nasdaq Stock Market (“Nasdaq”) to transfer the listing of its securities from the Nasdaq Global Market to the Nasdaq Capital Market. The Company’s Common Shares and publicly traded warrants will continue to trade under the symbols “LDTC” and “LDTCW,” respectively. The transfer of the Company’s listing to the Nasdaq Capital Market is not expected to have any impact on trading in the Company’s securities. This transfer is expected to take effect as of the opening of trading on February 6, 2025.

    As previously disclosed, the Company received notifications from Nasdaq indicating the Company had failed to comply with certain continued listing requirements for the Nasdaq Global Market. In connection with the transfer of its listing to Nasdaq Capital Market, the Company had either cured such deficiencies or met the applicable standards on the Nasdaq Capital Market, and will be subject to robust Nasdaq Capital Market listing standards going forward.

    “We look forward to further growth and development of LeddarTech on the Nasdaq,” said Frantz Saintellemy, President and CEO of LeddarTech. “We are excited about our business momentum, as demonstrated by the selection of LeddarVision, our fusion and perception software solution, by one of the world’s leading commercial vehicle OEMs (original equipment manufacturers) for their advanced driver assistance system (ADAS) program for 2028 model year vehicles. We believe this win along with other recent announcements validate our commercial strategy and reflect the momentum that is building with our business.”

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 170 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s selection by the OEM referred to above, anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics and ability to comply with Nasdaq Capital Markets listing standards in the future. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation, our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market, as well as: (i) the risk that LeddarTech and the OEM referred to above are unable to agree to final terms in definitive agreements; (ii) the volume of future orders (if any) from this OEM, actual revenue derived from expected orders, and timing of revenue, if any; (iii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iv) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (v) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vi) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs, projects, prospects and plans; (viii) changes in general economic and/or industry-specific conditions; (ix) our ability to retain, attract and hire key personnel; (x) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xi) legislative, regulatory and economic developments; (xii) the outcome of any known and unknown litigation and regulatory proceedings; (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Chris Stewart, Chief Financial Officer, LeddarTech Holdings Inc.

    Tel.: + 1-514-427-0858, chris.stewart@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    The MIL Network –

  • MIL-OSI: Gevo to Participate in Virtual Investor Meeting About Recent Closing of Acquisition of Net-Zero North

    Source: GlobeNewswire (MIL-OSI)

    ENGLEWOOD, Colo., Feb. 05, 2025 (GLOBE NEWSWIRE) — Gevo, Inc. (NASDAQ: GEVO) will participate in a virtual investor presentation and live Q&A, featuring Gevo’s CEO, Dr. Patrick Gruber, and Gevo’s Vice President of Corporate Development, Eric Frey, that will discuss the closing of Gevo’s acquisition of low-carbon ethanol and carbon capture assets at Net-Zero North. The virtual presentation will take place on February 6, 2025, at 10:00am ET.

    Investors and other persons interested in learning more about the virtual investor presentation can find information and registration details at the following link:
    https://www.renmarkfinancial.com/events/renmark-virtual-non-deal-roadshow-nasdaq-gevo-RYaaPSJEzQ

    About Gevo
    Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including sustainable aviation fuel (“SAF”), motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based renewable natural gas (“RNG”) facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent carbon capture and sequestration (“CCS”) facility, further solidifying America’s leadership in energy innovation. Additionally, Gevo owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo’s market driven “pay for performance” approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability and efficiency in tracking, measuring and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

    For more information, see www.gevo.com.

    Media Contact
    Heather Manuel
    VP of Stakeholder Engagement & Partnerships
    PR@Gevo.com

    Investor Relations Contact
    Eric Frey
    VP, Corporate Development
    IR@Gevo.com

    The MIL Network –

  • MIL-OSI: Silicon Motion Announces Results for the Period Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    Business Highlights

    • Fourth quarter of 2024 sales decreased 10% Q/Q and decreased 6% Y/Y
      • SSD controller sales: 4Q of 2024 decreased 5% to 10% Q/Q and decreased 5% to 10% Y/Y
      • eMMC+UFS controller sales: 4Q of 2024 decreased 10% to 15% Q/Q and were flat Y/Y
      • SSD solutions sales: 4Q of 2024 decreased 35% to 40% Q/Q and decreased 25% to 30% Y/Y
    • Announced annual cash dividend of $2.00 per American Depositary Share (“ADS”)

    Financial Highlights

      4Q 2024 GAAP 4Q 2024 Non-GAAP*
     • Net sales $191.2 million (-10% Q/Q, -6% Y/Y) $191.2 million (-10% Q/Q, -6% Y/Y)
     • Gross margin 46.8% 47.0%
     • Operating margin 10.3% 16.5%
     • Earnings per diluted ADS $0.68 $0.91
      Full Year 2024 GAAP Full Year 2024 Non-GAAP*
     • Net sales $803.6 million (+26% Y/Y) $803.6 million (+26% Y/Y)
     • Gross margin 46.1% 46.2%
     • Operating margin 11.6% 15.3%
     • Earnings per diluted ADS $2.69 $3.43

    * Please see supplemental reconciliations of U.S. Generally Accepted Accounting Principles (“GAAP”) to all non-GAAP financial measures mentioned herein towards the end of this news release.

    TAIPEI, Taiwan and MILPITAS, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion,” the “Company” or “we”) today announced its financial results for the quarter ended December 31, 2024. For the fourth quarter of 2024, net sales (GAAP) decreased sequentially to $191.2 million from $212.4 million in the third quarter of 2024. Net income (GAAP) increased to $23.0 million, or $0.68 per diluted ADS (GAAP), from net income (GAAP) of $20.8 million, or $0.62 per diluted ADS (GAAP), in the third quarter of 2024.

    For the fourth quarter of 2024, net income (non-GAAP) decreased to $30.9 million, or $0.91 per diluted ADS (non-GAAP), from net income (non-GAAP) of $31.0 million, or $0.92 per diluted ADS (non-GAAP), in the third quarter of 2024.

    All financial numbers are in U.S. dollars unless otherwise noted.

    Fourth Quarter of 2024 Review

    “We continued to execute well in the fourth quarter of 2024 despite the challenging consumer market, delivering revenue within our guided range and further expanding of our gross margin,” said Wallace Kou, President and CEO of Silicon Motion. ”For the full-year 2024, revenue rebounded strongly, growing 26% as compared to full-year 2023 and well above our initial expectations at the start of the year. For the full-year 2024, gross margin (non-GAAP) increased to 46.2% from 43.0% in 2023 despite the overall market weakness in the second half of 2024. We successfully launched our industry-leading PCIE Gen 5 controllers in the second half of 2024, winning four of the six flash makers and multiple module maker customers, which are all anticipated to ramp up throughout 2025. While the consumer market remains challenging in the near-term, we remain focused on delivering strong, sustainable long-term growth by broadening our product portfolio, expanding into new markets and growing our market share in the consumer, enterprise, automotive, industrial and commercial storage markets.”

    Key Financial Results

    (in millions, except percentages and per ADS amounts) GAAP Non-GAAP
    4Q 2024 3Q 2024 4Q 2023 4Q 2024 3Q 2024 4Q 2023
    Revenue $191.2 $212.4 $202.4 $191.2 $212.4 $202.4
    Gross profit $89.5 $99.3 $88.5 $89.9 $99.3 $89.3
    Percent of revenue 46.8% 46.7% 43.7% 47.0% 46.8% 44.1%
    Operating expenses $69.9 $74.8 $71.0 $58.3 $65.1 $61.5
    Operating profit $19.7 $24.5 $17.6 $31.6 $34.2 $27.8
    Percent of revenue 10.3% 11.5% 8.7% 16.5% 16.1% 13.8%
    Earnings per diluted ADS $0.68 $0.62 $0.63 $0.91 $0.92 $0.93

    Other Financial Information

    (in millions) 4Q 2024 3Q 2024 4Q 2023
    Cash, cash equivalents, restricted cash and short-term investments—end of period $334.3 $368.6 $369.0
    Routine capital expenditures $7.3 $7.4 $3.5
    Dividend payments $16.8 $16.8 $16.7

    During the fourth quarter of 2024, we had $10.8 million of capital expenditures, including $7.3 million for the routine purchases of testing equipment, software, design tools and other items, and $3.5 million for building construction in Hsinchu.

    Business Outlook
    “Longer-term, we expect to continue increasing our market share within the mobile and PC markets through greater outsourcing by the NAND flash makers, which should drive greater revenue and profitability for Silicon Motion,” said Mr. Kou. “This year, we expect to benefit from the introduction of several new products, including our 8-channel PCIe Gen 5 controller that started shipping in the second half of 2024, our new UFS 4.1 controller for the mobile market that will begin to ramp-up in the second half of this year, and our new 4-channel mainstream PCIe Gen 5 that we expect to launch late this year. Additionally, we will benefit from our many automotive controllers that are rapidly expanding across multiple applications and our MonTitan suite of enterprise controllers that just started shipping in the second half of 2024 and are expected to increase in the second half of this year. Consumer demand remains weak in the first half of 2025 and is proving more challenging than we initially anticipated; however, we expect a strong rebound in the second half of this year driven from new product introductions and new project wins with our OEM customers, reaching close to a run-rate of $1 billion in annual revenue in 4Q25.”

    For the first quarter of 2025, management expects:

    (in millions, except percentages) GAAP Non-GAAP Adjustment Non-GAAP
    Revenue $158m to $167m
    -17.5% to -12.5% Q/Q    		 — $158m to $167m
    -17.5% to -12.5% Q/Q
    Gross margin 46.9% to 47.4% Approximately $0.1m* 47.0% to 47.5%
    Operating margin 2.3% to 5.2% Approximately $7.5m to $8.5m** 7.7% to 9.7%

    * Projected gross margin (non-GAAP) excludes $0.1 million of stock-based compensation.
    ** Projected operating margin (non-GAAP) excludes $7.5 million to $8.5 million of stock-based compensation and dispute related expenses.

    Conference Call & Webcast:
    The Company’s management team will conduct a conference call at 8:00 am Eastern Time on February 6, 2025.

    Conference Call Details
    Participants must register in advance to join the conference call using the link provided below. Conference access information (including dial-in information and a unique access PIN) will be provided in the email received upon registration.

    Participant Online Registration:
    https://register.vevent.com/register/BI742c56c62eb0464e9ba0c61a39fa4c91

    A webcast of the call will be available on the Company’s website at www.siliconmotion.com.

    Discussion of Non-GAAP Financial Measures

    To supplement the Company’s unaudited selected financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company discloses certain non-GAAP financial measures that exclude stock-based compensation and other items, including gross profit (non-GAAP), gross margin (non-GAAP), operating expenses (non-GAAP), operating profit (non-GAAP), operating margin (non-GAAP), non-operating income (expense) (non-GAAP), net income (non-GAAP), and earnings per diluted ADS (non-GAAP). These non-GAAP measures are not in accordance with or an alternative to GAAP and may be different from similarly-titled non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with the Company’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measure. We compensate for the limitations of our non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

    Our non-GAAP financial measures are provided to enhance the user’s overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because they are consistent with the financial models and estimates published by many analysts who follow the Company. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with our forecasts, and for benchmarking our performance externally against our competitors. Also, when evaluating potential acquisitions, we exclude the items described below from our consideration of the target’s performance and valuation. Since we find these measures to be useful, we believe that our investors benefit from seeing the results from management’s perspective in addition to seeing our GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company’s GAAP financials, provide useful information to investors by offering:

    • the ability to make more meaningful period-to-period comparisons of the Company’s on-going operating results;
    • the ability to better identify trends in the Company’s underlying business and perform related trend analysis;
    • a better understanding of how management plans and measures the Company’s underlying business; and
    • an easier way to compare the Company’s operating results against analyst financial models and operating results of our competitors that supplement their GAAP results with non-GAAP financial measures.

    The following are explanations of each of the adjustments that we incorporate into our non-GAAP measures, as well as the reasons for excluding each of these individual items in our reconciliation of these non-GAAP financial measures:

    Stock-based compensation expense consists of non-cash charges related to the fair value of restricted stock units awarded to employees. The Company believes that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact of share-based compensation on its operating results.

    Restructuring charges relate to the restructuring of our underperforming product lines, principally the write-down of NAND flash, embedded DRAM and SSD inventory valuation and severance payments. 

    M&A transaction expenses consist of legal, financial advisory and other fees related to the transaction.

    Dispute related expenses consist of legal, consultant, other fees and resolution related to the dispute.

    Foreign exchange loss (gain) consists of translation gains and/or losses of non-US$ denominated current assets and current liabilities, as well as certain other balance sheet items which result from the appreciation or depreciation of non-US$ currencies against the US$. We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures.

    Realized/Unrealized loss (gain) on investments relates to the disposal and net change in fair value of long-term investments.

     
    Silicon Motion Technology Corporation
    Consolidated Statements of Income
    (in thousands, except percentages and per ADS data, unaudited)
     
      For Three Months Ended   For the Year Ended
      Dec. 31,     Sep. 30,     Dec. 31,     Dec. 31,     Dec. 31,  
      2023     2024     2024     2023     2024  
      ($)     ($)     ($)     ($)     ($)  
    Net Sales 202,379     212,412     191,160     639,142     803,552  
    Cost of sales 113,854     113,142     101,635     368,752     432,862  
    Gross profit 88,525     99,270     89,525     270,390     370,690  
    Operating expenses                  
    Research & development 56,432     58,486     54,156     174,357     217,822  
    Sales & marketing 6,205     7,009     7,360     26,920     27,450  
    General & administrative 7,600     9,315     8,350     27,923     31,354  
    Loss from settlement of litigation 720     –     –     1,312     1,250  
    Operating income 17,568     24,460     19,659     39,878     92,814  
    Non-operating income (expense)                  
    Interest income, net 4,221     3,518     3,768     12,246     14,528  
    Foreign exchange gain (loss), net (1,117 )   (488 )   1,046     914     1,391  
    Realized/Unrealized gain(loss) on investments (51 )   (602 )   956     8,002     601  
    Others, net 8     –                    –     8     –  
    Subtotal 3,061     2,428     5,770     21,170     16,520  
    Income before income tax 20,629     26,888     25,429     61,048     109,334  
    Income tax expense (benefit) (464 )   6,045     2,389     8,175     18,614  
    Net income 21,093     20,843     23,040     52,873     90,720  
                       
    Earnings per basic ADS 0.63     0.62     0.68     1.59     2.70  
    Earnings per diluted ADS 0.63     0.62     0.68     1.58     2.69  
                       
    Margin Analysis:                  
    Gross margin 43.7%     46.7%     46.8%     42.3%     46.1%  
    Operating margin 8.7%     11.5%     10.3%     6.2%     11.6%  
    Net margin 10.4%     9.8%     12.1%     8.3%     11.3%  
    　 　 　 　 　 　 　 　 　 　
    Additional Data:                  
    Weighted avg. ADS equivalents 33,416     33,687     33,690     33,353     33,642  
    Diluted ADS equivalents 33,587     33,700     33,814     33,470     33,722  
    Silicon Motion Technology Corporation
    Reconciliation of GAAP to Non-GAAP Operating Results
    (in thousands, except percentages and per ADS data, unaudited)
     
      For Three Months Ended   For the Year Ended
      Dec. 31,     Sep. 30,     Dec. 31,     Dec. 31,     Dec. 31,  
    2023     2024     2024     2023     2024  
    ($)     ($)     ($)     ($)     ($)  
    Gross profit (GAAP) 88,525     99,270     89,525     270,390     370,690  
    Gross margin (GAAP) 43.7%     46.7%     46.8%     42.3%     46.1%  
    Stock-based compensation (A) 106     63     162     406     311  
    Restructuring charges 648     –     164     3,996     209  
    Gross profit (non-GAAP) 89,279     99,333     89,851     274,792     371,210  
    Gross margin (non-GAAP) 44.1%     46.8%     47.0%     43.0%     46.2%  
                          
    Operating expenses (GAAP) 70,957     74,810     69,866     230,512     277,876  
    Stock-based compensation (A) (5,680 )   (3,595 )   (9,585 )   (17,141 )   (16,645 )
    M&A transaction expenses 288     –     –     (2,606 )   –  
    Dispute related expenses (3,477 )   (6,076 )   (1,999 )   (6,973 )   (13,135 )
    Restructuring charges (638 )   –     –     (5,217 )   –  
    Operating expenses (non-GAAP) 61,450     65,139     58,282     198,575     248,096  
                       
    Operating profit (GAAP) 17,568     24,460     19,659     39,878     92,814  
    Operating margin (GAAP) 8.7%     11.5%     10.3%     6.2%     11.6%  
    Total adjustments to operating profit 10,261     9,734     11,910     36,339     30,300  
    Operating profit (non-GAAP) 27,829     34,194     31,569     76,217     123,114  
    Operating margin (non-GAAP) 13.8%     16.1%     16.5%     11.9%     15.3%  
                       
    Non-operating income (expense) (GAAP) 3,061     2,428     5,770     21,170     16,520  
    Foreign exchange loss (gain), net 1,117     488     (1,046 )   (914 )   (1,391 )
    Realized/Unrealized holding loss (gain) on investments 51     602     (956 )   (8,002 )   (601 )
    Non-operating income (expense) (non-GAAP) 4,229     3,518     3,768     12,254     14,528  
                       
    Net income (GAAP) 21,093     20,843     23,040     52,873     90,720  
    Total pre-tax impact of non-GAAP adjustments 11,429     10,824     9,908     27,423     28,308  
    Income tax impact of non-GAAP adjustments (1,202 )   (649 )   (2,049 )   (4,169 )   (3,064 )
    Net income (non-GAAP) 31,320     31,018     30,899     76,127     115,964  
                       
    Earnings per diluted ADS (GAAP) $0.63     $0.62     $0.68     $1.58     $2.69  
    Earnings per diluted ADS (non-GAAP) $0.93     $0.92     $0.91     $2.27     $3.43  
                       
    Shares used in computing earnings per diluted ADS (GAAP) 33,587     33,700     33,814     33,470     33,722  
    Non-GAAP adjustments 110     109     181     129     84  
    Shares used in computing earnings per diluted ADS (non-GAAP) 33,697     33,809     33,995     33,599     33,806  
                       
    (A) Excludes stock-based compensation as follows:                  
    Cost of sales 106     63     162     406     311  
    Research & development 4,103     2,377     6,670     11,709     11,284  
    Sales & marketing 361     455     978     1,858     1,954  
    General & administrative 1,216   　 763   　 1,937   　 3,574   　 3,407  
    Silicon Motion Technology Corporation
    Consolidated Balance Sheet
    (In thousands, unaudited)
     
      Dec. 31,   Sep. 30,   Dec. 31,
      2023   2024   2024
      ($)   ($)   ($)
    Cash and cash equivalents 314,302   313,924   276,068
    Accounts receivable (net) 194,701   202,726   233,744
    Inventories 216,950   214,574   201,154
    Refundable deposits – current 49,656   51,102   54,645
    Prepaid expenses and other current assets e17,636   38,246   31,187
    Total current assets 793,245   820,572   796,798
    Long-term investments 17,116   16,878   17,326
    Property and equipment (net) 167,417   181,983   188,398
    Other assets 30,183   29,304   30,354
    Total assets 1,007,961   1,048,737   1,032,876
               
    Accounts payable 55,586   30,888   17,773
    Income tax payable 7,544   14,444   13,176
    Accrued expenses and other current liabilities 149,680   131,143   168,624
    Total current liabilities 212,810   176,475   199,573
    Other liabilities 60,455   62,673   59,548
    Total liabilities 273,265   239,148   259,121
    Shareholders’ equity 734,696   809,589   773,755
    Total liabilities & shareholders’ equity 1,007,961   1,048,737   1,032,876
    Silicon Motion Technology Corporation
    Condensed Consolidated Statements of Cash Flows
    (in thousands, unaudited)
     
      For Three Months Ended   For the Year Ended
        Dec. 31,     Sep. 30,     Dec. 31,     Dec. 31,     Dec. 31,  
        2023     2024     2024     2023     2024  
        ($)     ($)     ($)     ($)     ($)  
    Net income   21,093     20,843     23,040     52,873     90,720  
    Depreciation & amortization   5,356     6,664     7,256     21,810     25,331  
    Stock-based compensation   5,786     3,658     9,747     17,547     16,956  
    Investment losses (gain) & disposals   (432 )   602     (956 )   (8,217 )   (601 )
    Changes in operating assets and liabilities   11,582     22,280     (45,245 )   65,070     (55,213 )
    Net cash provided by (used in) operating activities   43,385     54,047     (6,158 )   149,083     77,193  
                         
    Purchase of property & equipment   (10,758 )   (12,436 )   (10,836 )   (50,313 )   (44,449 )
    Proceeds from disposal of properties   1,228     –     3     1,228     3  
    Purchase of long-term investments   –     –     (4,173 )   –     (4,173 )
    Disposal of long-term investments   –     –     4,432     –     4,432  
    Net cash used in investing activities   (9,530 )   (12,436 )   (10,574 )   (49,085 )   (44,187 )
                         
    Dividend payments   (16,676 )   (16,812 )   (16,814 )   (16,690 )   (67,254 )
    Net cash used in financing activities   (16,676 )   (16,812 )   (16,814 )   (16,690 )   (67,254 )
                         
    Net increase (decrease) in cash, cash equivalents & restricted cash   17,179     24,799     (33,546 )   83,308     (34,248 )
    Effect of foreign exchange changes   1,508     186     (717 )   (1,373 )   (409 )
    Cash, cash equivalents & restricted cash—beginning of period   350,303     343,611     368,596     287,055     368,990  
    Cash, cash equivalents & restricted cash—end of period   368,990     368,596     334,333     368,990     334,333  


    Shareholder Litigation:
    On August 31, 2023, a Silicon Motion ADS holder (the “Plaintiff”) filed a putative class action complaint in the United States District Court for the Southern District of California, captioned Water Island Event-Driven Fund v. MaxLinear, Inc., No. 23-cv-01607 (S.D. Cal.), asserting claims against MaxLinear, Inc. (“MaxLinear”) and two of its officers (the “MaxLinear Defendants”) for alleged violations of (i) Section 10(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder and (ii) Section 20(a) of the Exchange Act, in connection with alleged false and misleading statements made by the MaxLinear Defendants between June 6, 2023 and July 26, 2023 concerning MaxLinear’s intent to consummate the merger agreement it had entered into with Silicon Motion. On August 28, 2024, the Court dismissed the complaint against the MaxLinear Defendants without prejudice for lack of standing.  On September 18, 2024, the Plaintiff filed an amended complaint against the MaxLinear Defendants, and also added Silicon Motion and two of its officers (the “Silicon Motion Defendants”), asserting substantially similar claims under the Exchange Act. The complaint seeks compensatory damages, including interest, costs and expenses, and such other equitable or injunctive relief that the court deems appropriate. The motion to dismiss the amended complaint is fully briefed. The Silicon Motion Defendants believe that the claims asserted against them are without merit and intend to defend themselves vigorously.

    About Silicon Motion:
    We are the global leader in supplying NAND flash controllers for solid state storage devices.  We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications.  We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions.  Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs.  For further information on Silicon Motion, visit us at www.siliconmotion.com.

    Forward-Looking Statements:
    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our board of directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2024. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this news release.

    The MIL Network –

  • MIL-OSI: Silicon Motion Announces New $50 Million Share Repurchase Program

    Source: GlobeNewswire (MIL-OSI)

    TAIPEI, Taiwan and MILPITAS, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion” or the “Company”) today announced that its Board of Directors has authorized a new share repurchase program and approved related cash disbursement for the Company to repurchase up to $50 million of its American Depositary Shares (“ADSs”) over a six-month period (the “Repurchase Program”), effective immediately.

    “We experienced significant top-and-bottom-line growth in fiscal year 2024 as our strategy to capture greater market share and diversify our product portfolio and addressable markets is delivering results,” said Wallace Kou, President & CEO of Silicon Motion. “We are confident that our opportunities are expanding over the long-term as we enter the enterprise market with our new MonTitan platform and expand our presence in automotive, IoT, gaming, wearables and other emerging growth markets. We remain confident in our strategy, growth prospects and strong financial position and are committed to opportunistically repurchasing our shares when we believe the current equity value may not accurately reflect the strength of our business longer-term.”

    Repurchases made under the Repurchase Program will be made in the open market or according to other methods in compliance with the safe harbor provisions of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), subject to market conditions, applicable legal requirements and other factors. The Company expects to use cash on hand to fund the ADS repurchases. The Repurchase Program does not obligate the Company to acquire any particular amount of ADSs, and it may be suspended at any time at the Company’s discretion.

    As of December 31, 2024, the Company had approximately $334.3 million of cash, cash equivalents, restricted cash and short-term investments.

    About Silicon Motion:

    We are the global leader in supplying NAND flash controllers for solid state storage devices.  We supply more SSD controllers than any other company in the world for servers, PCs and other client devices and are the leading merchant supplier of eMMC and UFS embedded storage controllers used in smartphones, IoT devices and other applications.  We also supply customized high-performance hyperscale data center and specialized industrial and automotive SSD solutions.  Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs.  For further information on Silicon Motion, visit us at www.siliconmotion.com.

    Forward-Looking Statements:

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from one or more customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; the impact of inflation on our business and customer’s businesses and any effect this has on economic activity in the markets in which we operate; the functionalities and performance of our information technology (“IT”) systems, which are subject to cybersecurity threats and which support our critical operational activities, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology; the effects on our business and our customer’s business taking into account the ongoing U.S.-China tariffs and trade disputes; the uncertainties associated with any future global or regional pandemic; the continuing tensions between Taiwan and China including enhanced military activities; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; supply chain disruptions that have affected us and our industry as well as other industries on a global basis; the payment, or non-payment, of cash dividends in the future at the discretion of our board of directors and any announced planned increases in such dividends; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in the products we sell given the current raw material supply shortages being experienced in our industry; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; any potential impairment charges that may be incurred related to businesses previously acquired or divested in the future; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the U.S. Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission on April 30, 2024. Other than as required under the securities laws, we do not intend, and do not undertake any obligation to, update or revise any forward-looking statements, which apply only as of the date of this news release.

    The MIL Network –

  • MIL-OSI Submissions: Africa – Islamic Corporation for the Development of the Private Sector Signs the Country Work Program 2025 for Egypt, Unveiling $100 Million Financing Plan

    SOURCE: Islamic Corporation for the Development of the Private Sector (ICD)

    Islamic Corporation for the Development of the Private Sector Signs the Country Work Program 2025 for Egypt, Unveiling $100 Million Financing Plan. The agreement was officially signed by Engineer Hani Salem Sonbol, Acting CEO of ICD, who highlighted the corporation’s ongoing commitment to Egypt’s economic development

    CAIRO, Egypt, February 5, 2025/ — The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org), the private sector arm of the Islamic Development Bank Group (IsDB), has signed it’s the Country Work Program 2025 for Egypt, marking a significant milestone in its strategic partnership with the country.

    The signing ceremony took place in Cairo, in the presence of key government officials, including HE Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Governor of Egypt at the Islamic Development Bank; HE Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Development, Minister of Industry and Transport; and HE Dr. Sherif Farouk, Minister of Supply and Internal Trade.

    The agreement was officially signed by Engineer Hani Salem Sonbol, Acting CEO of ICD, who highlighted the corporation’s ongoing commitment to Egypt’s economic development.

    The 2025 country work program focuses on strengthening the private sector and driving economic growth in Egypt. Key initiatives include direct financing, investments, and financing tools aimed at boosting key sectors such as industry, infrastructure, energy, and agriculture.

    Additionally, the program seeks to enhance financial inclusion by providing lines of finance to Egyptian banks, particularly to support small and medium-sized enterprises (SMEs). ICD also plans to raise market awareness about the importance of Islamic finance as a tool for development and to facilitate access to capital markets by forming strategic alliances with international investors.

    One of the key components of the program is ICD’s intention to provide up to $100 million in new financing to support private sector projects in Egypt.

    Engineer Kamel El-Wazir, the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, said: “The Islamic Corporation for the Development of the Private Sector has proven, over the past years, its vital role in supporting the member countries of the Organization of Islamic Cooperation (OIC) by providing innovative financial solutions and supporting developmental projects that contribute to stimulating economic growth, creating job opportunities, and enhancing the role of the private sector, particularly small and medium-sized enterprises.”

    He added: “We recognize that the private sector plays a pivotal role in the economic development process, and therefore, a large part of this cooperation will focus on empowering entrepreneurs and supporting small and medium-sized industries, which are the cornerstone of any strong economy. Through this program, efforts will be made to provide the necessary financing for these industries, as well as encourage innovation and entrepreneurship. This support will contribute to creating new job opportunities, enhancing sustainable economic growth, and improving competitiveness in regional and international markets.”

    Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt’s Governor at the Islamic Development Bank, praised the successful partnership with the Islamic Corporation for the Development of the Private Sector (ICD). She highlighted the continuation of this fruitful partnership through the ICD’s Country Work Program in the Arab Republic of Egypt for 2025, which includes supporting the private sector in various diverse aspects. The program will allocate $100 million to financial institutions to finance small and medium-sized enterprises, as well as providing funding for large private sector companies operating in strategic sectors that are crucial to economic development. This includes particularly the industrial and agricultural sectors, which are key components of the country’s structural reform plan aimed at enhancing their contribution to GDP.

    Eng. Hani Salem Sonbol, Acting CEO of ICD, commented: “We are proud of our long-standing strategic partnership with the Arab Republic of Egypt. In 2025, we aim to deepen this relationship further by supporting the Egyptian government’s development plans. Our focus will be on enhancing the capacity of Egypt’s private sector and financial institutions, especially in supporting SMEs. Additionally, we will leverage our expertise to provide advisory services in the sukuk sector, particularly in assisting Egypt with issuing foreign currency sukuk and attracting new international investments to bolster financial flexibility.”

    He further added, “Our efforts will also include supporting the Arab-African Trade Bridges (AATB) Program, which aims to increase investments in member states, including Egypt.”

    Since its inception, ICD has provided Egypt with a total of $315 million in financing, including support for private sector companies, financial lines for banks, and direct investments in key sectors such as energy, food, and industry. This financing has played a crucial role in boosting economic growth, creating jobs, and fostering the development of Egypt’s private sector.

    About the Islamic Corporation for the Development of the Private Sector:
    ICD, a member of the Islamic Development Bank (IsDB) Group, is a multilateral financial institution established in 1999. ICD promotes economic development in member countries by financing private sector projects, fostering competition and entrepreneurship, offering advisory services, and encouraging cross-border investments. It holds strong credit ratings, including A2 by Moody’s, A+ by Fitch, and A- by S&P. ICD focuses on Shari’ah-compliant financing for projects like infrastructure and private equity funds, aiming to create jobs and boost exports.

    For more information, visit: www.ICD-ps.org.

    MIL OSI – Submitted News –

  • MIL-OSI USA: Scott Applauds Scott Turner’s Confirmation as Secretary of Housing and Urban Development

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    Senator Scott: “As HUD Secretary, Scott will make himself known. He will create access to quality, affordability housing…he will work to reverse decades of failed housing policies and make targeted reforms across all segments of the U.S. housing market.” 

    WASHINGTON — Today, the Senate voted to confirm Scott Turner as President Trump’s Secretary of Housing and Urban Development (HUD) by a vote of 55-44. Following the vote, U.S. Senator Tim Scott (R-S.C.), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, spoke on the Senate floor to highlight Secretary Turner’s life story, qualifications to lead HUD, and their share goal of addressing the housing crisis and increasing access to quality, affordable housing opportunities for Americans across the country. 

    During Secretary Turner’s hearing before the Senate Banking Committee, Senator Scott highlighted Mr. Turner’s record and leadership directing investments in Opportunity Zones, Senator Scott’s initiative under the Tax Cuts and Jobs Act to increase development in economically distressed communities. Senator Scott noted he looks forward to working with Secretary Turner to cut bureaucratic red tape, advance commonsense housing solutions, and put more Americans on the path to homeownership.

    Click here to watch Senator Scott’s remarks.

    Senator Scott’s full remarks as delivered: 

    Thank you, Mr. President.

    The Department of Housing and Urban Development’s mission is to create strong, sustainable communities and support affordable homes.

    Yet, under President Biden and his administration, the department failed to serve our nation’s most vulnerable.

    Here is the truth: we are facing a homelessness crisis in America.

    The latest homelessness survey found an 18 percent increase in homelessness year-over-year, increasing the number of homelessness in our country to nearly 772,000 Americans not able to find a place to lay their head.

    This is unacceptable!

    On top of that, we are facing an affordability crisis in our country as well.

    During President Biden’s tenure, mortgage rates ballooned 150 percent, and rents 20 percent.

    Over the last four years, far-left housing policies and burdensome regulations have put the American Dream out of reach for millions and millions of hardworking, dedicated patriots throughout our nation.

    It’s no secret that HUD is in serious need of new leadership.

    Fortunately, there is good news: help is right over there. And it’s on its way.

    My good friend Scott Turner has a remarkable life story – tremendous life story.

    Scott is a native Texan who has had an exceptional journey from professional athlete to public servant.

    Scott came from humble beginnings, but he never let those circumstances define who he is. Actually, Scott in high school – I believe it was – worked at a barbecue shop. What I love about Scott is he has an affection for the truth – he told me himself – he conceded that South Carolina barbecue is better than Texas. I’m glad he has no microphone to say anything right now I’m just you that is a man I can appreciate.

    He went on and had a successful career in the NFL, nine seasons as a cornerback, playing for the Denver Broncos, the San Diego Chargers, and yes, the Washington Redskins. And I note that he did not play for America’s team, the Dallas Cowboys.

    Everybody, nobody, can be perfect.

    After hanging up his cleats, Scott served two terms in the Texas State Legislature and then went to work in the Trump administration.

    As the Executive Director of the White House Opportunity and Revitalization Council, Scott helped implement the Opportunity Zones initiative I that created, directing over $50 billion in private sector capital into hard-hit, typically majority minority communities – breathing hope and opportunity not only into the neighborhoods of the people desperately, passionately praying for hope. And with less than a 5 percent gentrification rate. That’s what I call success.

    His story and his perspective are essential tools that he will bring to the table to fight the increase of homelessness, to fight the 150 percent ballooning of our mortgages, and to fight back against a 20 percent increase in rents.

    As HUD Secretary, Scott will make himself known. He will create access to quality, affordability housing…he will work to reverse decades of failed housing policies and make targeted reforms across all segments of the U.S. housing market.

    It’s time to make America’s economy work working class Americans.

    It is time for a blue-collar comeback. And I’m so thankful that we have a man prepared to put in 24 hours a day, seven days a week, if necessary, so more people – not 772,000 Americans but more Americans will have a place to lay their head because they’re no longer homeless. More Americans will be able to afford a home because interest rates will come down, the housing supply will increase, and we will thank God Almighty that we live in a land where opportunity is more available because the right person, at the right time, in the right place, says yes.

    Mr. President, I’m very thankful that Scott Turner is the Secretary of Housing and Urban Development. But I’m more thankful that we have a president making good decisions to put America back on the right track.

    I yield back the balance of my time.

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Scott Shines Light on Debanking of Americans, Pledges Solutions

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott

    WASHINGTON — At today’s Senate Banking Committee hearing focused on debanking, Senator Tim Scott (R-S.C.) highlighted the importance of access to financial services, citing his own story of obtaining a loan to start his small business. Senator Scott called out the Biden administration’s financial regulators who exploited their power and pressured financial institutions to cut off services to individuals and businesses. Senator Scott pledged that the committee will work to find solutions to address this issue, and he reiterated that no regulator, and no bank, is above the principles of fairness and market access.

    Senator Scott’s opening remarks as delivered:  

    Good morning and thank you all for being with us today.

    We’re here to address an issue that strikes at the core of what it means to live in a free and fair society: access to financial services. 

    Every federally legal business and law-abiding citizen deserves to be treated equally, regardless of political views or ideological leanings.  

    This is an issue that is deeply personal to me.

    When my grandfather was growing up in the Jim Crow South, banks did business with people they felt looked the right way – based on the color of their skin. 

    One’s ability to get a loan to finance their home or state a business was based primarily on the color of their skin. And in the 1940s, my mother experienced the same redlining that has been persistent, pervasive, and unfortunate for decades.

    Thankfully, our nation continues to evolve in the right direction.

    And in the 1990s, when I was starting my small business, I went to a bank and looked for an opportunity to get a loan. I’ll say, without any question, at that time as a kid growing up in poverty in a single parent household my best asset – Mr. Ricketts – was a 1990, ten-year old car with 253,000 miles. One would not consider that an asset, perhaps a liability, but it was my only means of transportation. And I will tell you, without a doubt, for me, it was an asset.

    The bank, however, helped me completely understand it was not. However, in those days someone could get a character loan, because of your time in a community, because of your relationships with local and community banks. Because of that, not only was my financial life changed, not only did my American Dream become a reality, but more importantly, my mother’s American Dream became a reality.

    We saw the strengthening confidence in our banking system, because things had changed in the right direction.

    With that loan everything seemed to get better.

    Had I not gotten that line of credit, I may not be here chairing this committee today.

    You see my story is so consistent with so many other Americans story that really reflects positively on the American Dream.

    In this country, access to credit is one of the cornerstones of building your American Dream.

    Owning a home and starting a business are challenging journeys filled with complexities, and achieving success is never a guarantee, nor should it be. 

    That’s why access to financial services is so important.

    The United States is home to a vast competitive network of banks and payment providers, creating one of the most robust and diverse financial services ecosystems on the planet. 

    It is this incredible landscape that offers countless opportunities for homeowners and entrepreneurs to build a healthy foundation and make strides toward achieving their version of the American Dream. 

    However, it is incredibly alarming and disheartening to hear stories about financial institutions cutting off services to digital asset firms, political figures, and conservative-aligned businesses and individuals.

    Under the Biden administration, we’ve seen the rise of what many are calling Operation Chokepoint 2.0, where federal regulators exploited their power, pressuring banks to cut off services to individuals and businesses with conservative disposition, or folks aligned with industries they just didn’t like – like the color of one’s skin in my family’s history.

    I wholeheartedly believe that debanking someone over their political ideology is un-American and goes against the core values that our nation was founded on. 

    Today, we’ll have an opportunity to hear from Anchorage Digital’s CEO, whose OCC-chartered bank was debanked, Old Glory Bank’s CEO, who started a bank to serve those who had been debanked, and from a legal expert with extensive experience navigating these regulatory abuses, and from a policy expert at the Brookings Institution. 

    This hearing will also examine how practices similar to the original Operation Chokepoint have persisted, despite assurances that they would end. 

    We’ll investigate the role both regulators and financial institutions have played in these harmful practices, which hurt not just businesses but also consumers and our entire economy.

    This issue should concern every American, regardless of political affiliation and that’s why I am committed a bipartisan solution to stop this form of discrimination. 

    This hearing is just the beginning.

    We are here to shine a bright light on these unacceptable practices and to hold those responsible accountable. The message is crystal clear: no regulator, and no bank, is above the principles of fairness and market access. 

    Speaking of shining a light, I was so glad to see that just a couple of hours ago, the FDIC under President Trump’s leadership released a fresh set of never-before-seen supervisory documents, which further prove that Chokepoint 2.0 was real.

    I will be going through the documents in greater detail, but rest assured for those in this room, and those watching at home, they paint a disgusting and disheartening picture of abuse. 

    As Acting Chair Hill characterized them, “these and other actions sent the message to banks that it would be extraordinarily difficult—if not impossible—to move forward [with crypto related activities].” 

    I commend the new FDIC leadership for its commitment to transparency, but it is a shame that it took an election – an election – for the agency to begin following the laws of our country.

    Thank you. I look forward to hearing from our witnesses and working with colleagues on both sides of the aisle to stop debanking and protect every American’s right to participate fully in the economy.

    MIL OSI USA News –

  • MIL-OSI Security: Florida Man Pleads Guilty to Embezzling from Employer

    Source: Office of United States Attorneys

    BOSTON – The former finance director of a Florida-based company pleaded guilty to embezzling more than $5.7 million from his employer.

    Paul Schnitzer, 51, of Clermont, Fla., pleaded guilty to wire fraud. U.S. District Court Judge Leo T. Sorokin scheduled sentencing for May 6, 2025. Schnitzer was first charged in May 2024, indicted by a grand jury in June 2024, and detained in October 2024 after violating his conditions of pretrial release.

    Between January 2022 and May 2024, Schnitzer made more than 100 transfers out of his employer’s operating bank account into an investment account he controlled, disguised as “equity distributions.” To hide these transfers, Schnitzer falsified financial reports to the Massachusetts-based investment firm that owned the company. Schnitzer also secretly used a line of credit to replenish the balance in the company’s operating account after he had stolen from it.

    The charge of wire fraud provides for a sentence of up to 20 years in prison, three years of supervised release and a fine of up to $250,000 or twice the loss to the victim. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division made the announcement today. Assistant U.S. Attorney David M. Holcomb of the Securities, Financial & Cyber Fraud Unit is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: 5 Arrested in Law Enforcement Operation Targeting Fraudulent Withdrawal of Benefits Designated for Low-Income Families

    Source: Office of United States Attorneys

    LOS ANGELES – A multi-agency law enforcement operation has resulted in the arrest of five illegal aliens who allegedly used information from “skimmed” electronic benefit transfer (EBT) cards to “clone” counterfeit cards and steal funds that had been disbursed to low-income individuals by the State of California, the Justice Department announced today.

    Three of the defendants have been ordered detained without bond, and two of the five defendants arrested on Sunday are expected to make their initial appearances in United States District Court today.

    During the operation on Sunday, approximately 70 law enforcement officers began monitoring ATM locations across the Los Angeles area to identify individuals who were making multiple cash withdrawals with cards encoded with information that had been stolen from cards used by the California Department of Social Services (DSS) to provide CalFresh and CalWORKs benefits to qualified recipients.

    Authorities made arrests after determining that the suspects making withdrawals at the ATMs were not entitled to access funds that had been deposited into accounts belonging to legitimate EBT beneficiaries.

    “These defendants who are illegally in the United States targeted and stole from some of the poorest members of our community,” said Acting United States Attorney Joseph T. McNally. “This fraudulent activity has contributed to significant financial losses, undermining an essential lifeline for struggling families. The U.S. Attorney’s office, in close collaboration with our law enforcement counterparts, will continue to root out this criminal conduct and protect our most vulnerable citizens from further exploitation.”

    “This successful operation targeted transnational criminal organizations that have been stealing from our less fortunate neighbors and the taxpayers,” said HSI Los Angeles Acting Special Agent in Charge John Pasciucco. “HSI Los Angeles and our partners will work day and night to ensure that this help continues to be available to those who need it most, and not in the pockets of greedy criminals.”

    Late Monday, federal prosecutors filed three criminal complaints charging the five defendants with the use of unauthorized access devices (the cards with stolen EBT account numbers and PINs used to make the cash withdrawals). The defendants arrested Sunday allegedly made unauthorized withdrawals, obtaining as much as $25,480. The defendants named across three criminal complaints are:

    • Marcel Musat, 53, of Romania, who is charged with one count of use of unauthorized access devices and allegedly had approximately 45 cloned cards on his person when he was arrested. Musat admitted to investigators he had overstayed his visa and therefore is illegally in the United States. At a hearing Tuesday afternoon, Musat was ordered held without bond. He is scheduled to be arraigned on March 11.
    • Ionut Calciu, 31, of Romania, who is charged with one count of use of unauthorized access devices and allegedly possessed 10 counterfeit EBT cards when he was arrested. According to court documents, Calciu previously was convicted of aggravated robbery in Romania. Calciu, who is an illegal alien, is scheduled to appear in court today.
    • Florian Serban, 51, of Romania, who is charged with one count of use of unauthorized access devices and he allegedly possessed 58 re-encoded California EBT cards. Serban is due to appear in court today.
    • Wesley David Adrian Dimoua-Moua, 36, of France, who is charged with one count of use of unauthorized devices and allegedly had 11 counterfeit EBT cards when he was arrested. Dimoua-Moua is a visa overstay illegally present in the United States. At a hearing Tuesday afternoon, Dimoua-Moua was ordered held without bond. He is scheduled to be arraigned on February 24.
    • Hichem Mohamed El Mabrouk, 35, of France, who is charged with one count of use of unauthorized access devices and allegedly was in possession of 37 re-encoded California EBT cards when he was arrested. At a hearing Tuesday afternoon, El Mabrouk was ordered held without bond. He is scheduled to be arraigned on March 11.

    DSS detected more than $126.8 million stolen from victim EBT cards in 2024, according to court documents. This fraud has targeted CalWORKs and CalFresh (previously known as “food stamps”), both of which are intended to help low-income beneficiaries purchase food and provide for basic needs.

    The investigation has revealed that the fraudulent withdrawal of these benefits is done with “cloned” cards, which are debit cards, gift cards or other devices with magnetic strips that have been encoded with information from legitimate EBT cards. Court documents allege that at least some of those involved in the fraudulent withdrawals also possessed “skimming” devices that could be used to record personal identification information from victims.

    Criminal complaints and indictments contain allegations that a defendant has committed a crime. Every defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

    Homeland Security Investigation’s El Camino Real Task Force, which includes special agents with HSI and the United States Secret Service, as well as officers with the Los Angeles Police Department, is conducting the investigations in this matter.

    A number of law enforcement agencies provided significant support during Sunday’s operation, including the California Department of Social Services, the United States Marshals Service, the Los Angeles County District Attorney’s Office, the Los Angeles County Sheriff’s Department, the Hermosa Beach Police Department, the Baldwin Park Police Department, the Culver City Police Department, the El Monte Police Department, the Inglewood Police Department, the Orange County District Attorney’s Office, and the U.S. Department of Agriculture – Office of Inspector General.

    Assistant United States Attorneys Diane Roldán, Alexander H. Tran and Sophia Carrillo of the General Crimes Section are prosecuting these cases.

    MIL Security OSI –

  • MIL-OSI: EZCORP Reports First Quarter Fiscal 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Feb. 05, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its first quarter ended December 31, 2024.

    Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

    FIRST QUARTER HIGHLIGHTS

    • Pawn loans outstanding (PLO) up 13% to $274.8 million.
    • Net income increased 9% to $31.0 million. On an adjusted basis1, net income increased 14% to $32.6 million.
    • Diluted earnings per share increased 11% to $0.40. On an adjusted basis, diluted earnings per share increased 17% to $0.42.
    • Adjusted EBITDA increased 12% to $53.0 million.
    • Total revenues increased 7% to $320.2 million, while gross profit increased 7% to $185.4 million.

    CEO COMMENTARY AND OUTLOOK

    Lachie Given, Chief Executive Officer, stated, “Fiscal 2025 is off to a strong start as we build on our momentum from 2024. Customer demand for immediate cash solutions and high quality, cost-effective secondhand goods remains high, as reflected by another quarter of record revenues and PLO. We also continued to drive meaningful improvements to our bottom line and deliver on the operating leverage inherent in our business, with adjusted EBITDA increasing 12% and adjusted diluted EPS increasing 17%.

    “Our consistent performance across geographies underscores the strength of our operations and customer-focused strategy. In the U.S., PLO grew 15%, driven by strong loan demand and higher average loan size. In Latin America, PLO rose 19% on a constant currency basis, with revenues up 18%, reflecting robust customer demand for loans and secondhand goods, as well as our outstanding customer service. Our EZ+ Rewards program also continues to perform exceptionally well, which accounted for 77% of all transacting customers. These results demonstrate the momentum we are gaining across markets and the success of our strategic initiatives.”

    “We are proud of the solid foundation we have built, which will enable us to continue driving growth both organically and through strategic M&A. Looking ahead, we plan to continue delivering exceptional service to our customers and enhancing value for our shareholders. We remain deeply committed to our core values of People, Pawn and Passion, and believe we are very well-positioned to deliver another record year of performance in fiscal 2025,” concluded Given.

    CONSOLIDATED RESULTS

    Three Months Ended December 31 As Reported   Adjusted1
    in millions, except per share amounts 2024
    		   2023
    		   2024
    		   2023
                   
    Total revenues $ 320.2     $ 300.0     $ 329.7     $ 300.0  
    Gross profit $ 185.4     $ 172.6     $ 190.2     $ 172.6  
    Income before tax $ 41.4     $ 37.7     $ 43.4     $ 37.8  
    Net income $ 31.0     $ 28.5     $ 32.6     $ 28.6  
    Diluted earnings per share $ 0.40     $ 0.36     $ 0.42     $ 0.36  
    EBITDA (non-GAAP measure) $ 50.8     $ 47.1     $ 53.0     $ 47.2  
                                   
    • PLO increased 13% to $274.8 million, up $31.6 million. On a same-store2 basis, PLO increased 12% due to increase in average loan size, continued strong pawn demand and improved operational performance.
    • Total revenues and gross profit increased 7%, reflecting improved pawn service charge (PSC) revenues as a result of higher average PLO in addition to higher merchandise sales and merchandise sales gross profit.
    • PSC increased 10% as a result of higher average PLO.
    • Merchandise sales gross margin remains within our target range at 35%, down from 36%. Aged general merchandise was 2.1% of total general merchandise inventory. 
    • Net inventory increased 21%, due to the increase in PLO and decrease in inventory turnover to 2.7x, from 3.0x.
    • Store expenses increased 5% and 3% on a same-store basis.
    • General and administrative expenses increased 13%, primarily due to labor (including incentive compensation) and, to a lesser extent, ongoing support costs related to Workday.
    • Income before taxes was $41.4 million, up 10% from $37.7 million, and adjusted EBITDA increased 12% to $53.0 million.
    • Diluted earnings per share increased 11% to $0.40. On an adjusted basis, diluted earnings per share increased 17% to $0.42.
    • Cash and cash equivalents at the end of the quarter was $174.5 million, up from $170.5 million as of September 30, 2024. The increase was primarily due to cash from operating activities, partially offset by increase in earning assets, capital expenditures, taxes paid related to net share settlement of equity awards and share repurchases.

    SEGMENT RESULTS

    U.S. Pawn

    • PLO ended the quarter at $220.2 million, up 15% on a total and same-store basis due to increase in average loan size, increased loan demand and improved operational performance.
    • Total revenues increased 7% and gross profit increased 9%, reflecting higher PSC and merchandise sales.
    • PSC increased 11% as a result of higher average PLO.
    • Merchandise sales increased 3%, and gross margin was flat at 37%. Aged general merchandise increased to 2.6%, or $1.2 million of total general merchandise inventory. Excluding our three Max Pawn luxury stores in Las Vegas, aged general merchandise was 1%.
    • Net inventory increased 17%, in line with the growth in PLO. Inventory turnover decreased to 2.5x, from 2.7x.
    • Store expenses increased 8% (5% on a same-store basis), primarily due to labor costs (including higher health benefits) supporting more store activity, offset by a decrease in expenses related to our loyalty program.
    • Segment contribution increased 11% to $52.9 million.
    • During the quarter, segment store count remained at 542.

    Latin America Pawn

    • PLO improved to $54.6 million, up 4% (19% on constant currency basis). On a same-store basis, PLO increased 2% (17% on a constant currency basis) due to improved operational performance and increased loan demand.
    • Total revenues were up 7% (18% on constant currency basis), and gross profit increased 4% (14% on a constant currency basis), mainly due to increased PSC and higher merchandise sales.
    • PSC increased to $29.2 million, up 7% (17% on a constant currency basis) as a result of higher average PLO.
    • Merchandise sales increased 7% (19% on constant currency basis) and merchandise sales gross margin decreased to 30% from 32%. Aged general merchandise decreased to 1.4% from 1.6% of total general merchandise inventory.
    • Net inventory increased 35% (57% on a constant currency basis) due to increase in PLO and decrease in inventory turnover to 3.1x, from 3.8x.
    • Store expenses were flat (11% increase on a constant currency basis) and on a same-store basis decreased 2% (9% increase on a constant currency basis), primarily due to labor and rent.
    • Segment contribution increased 14% to $11.6 million (24% on a constant currency basis). On an adjusted basis, segment contribution was up 22% to $12.5 million.
    • During the quarter, segment store count increased by four de novo stores to 741.

    FORM 10-Q

    EZCORP’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2024 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

    CONFERENCE CALL
    EZCORP will host a conference call on Thursday, February 6, 2025, at 8:00 am Central Time to discuss First Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://register.vevent.com/register/BI86f9072cf4c447ae86954e0a22daa957. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: http://investors.ezcorp.com. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call. 

    ABOUT EZCORP

    Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index. 

    Follow us on social media:

    Facebook EZPAWN Official https://www.facebook.com/EZPAWN/

    EZCORP Instagram Official https://www.instagram.com/ezcorp_official/

    EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/

    EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/

    FORWARD LOOKING STATEMENTS

    This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company’s strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

    Contact:
    Email: Investor_Relations@ezcorp.com
    Phone: (512) 314-2220

    Note: Percentages are calculated from the underlying numbers in thousands and, as a result, may not agree to the percentages calculated from numbers in millions. Numbers may not foot or cross foot due to rounding.
    1“Adjusted” basis, which is a non-GAAP measure, excludes certain items. “Constant currency” basis, which is a non-GAAP measure, excludes the impact of foreign currency exchange rate fluctuations. For additional information about these calculations, as well as a reconciliation to the most comparable GAAP financial measures, see “Non-GAAP Financial Information” at the end of this release.
    2“Same-store” basis, which is a financial measure, includes stores open the entirety of the comparable periods.

       
    EZCORP, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
       
      Three Months Ended
    December 31,
    (in thousands, except per share amounts) 2024   2023
    Revenues:      
    Merchandise sales $ 186,343     $ 179,403  
    Jewelry scrapping sales   16,732       14,082  
    Pawn service charges   117,052       106,449  
    Other revenues   43       57  
    Total revenues   320,170       299,991  
    Merchandise cost of goods sold   121,824       115,210  
    Jewelry scrapping cost of goods sold   12,942       12,208  
    Gross profit   185,404       172,573  
    Operating expenses:      
    Store expenses   116,451       110,555  
    General and administrative   18,669       16,543  
    Depreciation and amortization   8,335       8,565  
    Loss (gain) on sale or disposal of assets and other   8       (172 )
    Total operating expenses   143,463       135,491  
    Operating income   41,941       37,082  
    Interest expense   3,147       3,440  
    Interest income   (2,093 )     (2,639 )
    Equity in net income of unconsolidated affiliates   (1,475 )     (1,153 )
    Other expense (income)   978       (271 )
    Income before income taxes   41,384       37,705  
    Income tax expense   10,368       9,235  
    Net income $ 31,016     $ 28,470  
           
    Basic earnings per share $ 0.57     $ 0.52  
    Diluted earnings per share $ 0.40     $ 0.36  
           
    Weighted-average basic shares outstanding   54,827       55,076  
    Weighted-average diluted shares outstanding   83,347       86,812  
                   
    EZCORP, Inc.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
    (in thousands, except share and per share amounts) December 31,
    2024    		   December 31,
    2023    		   September 30,
    2024
               
    Assets:          
    Current assets:          
    Cash and cash equivalents $ 174,506     $ 218,516     $ 170,513  
    Restricted cash   9,386       8,470       9,294  
    Pawn loans   274,824       243,252       274,084  
    Pawn service charges receivable, net   45,198       40,002       44,013  
    Inventory, net   199,481       164,927       191,923  
    Prepaid expenses and other current assets   36,562       44,001       39,171  
    Total current assets   739,957       719,168       728,998  
    Investments in unconsolidated affiliates   13,555       10,125       13,329  
    Other investments   51,903       51,220       51,900  
    Property and equipment, net   63,231       68,998       65,973  
    Right-of-use assets, net   227,810       231,103       226,602  
    Goodwill   304,722       303,799       306,478  
    Intangible assets, net   57,093       56,977       58,451  
    Deferred tax asset, net   24,990       25,984       25,362  
    Other assets, net   15,872       13,819       16,144  
    Total assets $ 1,499,133     $ 1,481,193     $ 1,493,237  
               
    Liabilities and equity:          
    Current liabilities:          
    Current maturities of long-term debt, net $ 103,205     $ 34,307     $ 103,072  
    Accounts payable, accrued expenses and other current liabilities   68,682       69,386       85,737  
    Customer layaway deposits   24,216       18,324       21,570  
    Operating lease liabilities, current   57,900       57,980       58,998  
    Total current liabilities   254,003       179,997       269,377  
    Long-term debt, net   224,505       326,223       224,256  
    Deferred tax liability, net   2,186       372       2,080  
    Operating lease liabilities   182,228       188,475       180,616  
    Other long-term liabilities   12,317       11,243       12,337  
    Total liabilities   675,239       706,310       688,666  
    Commitments and contingencies          
    Stockholders’ equity:          
    Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 52,050,550 as of December 31, 2024; 52,272,594 as of December 31, 2023; and 51,582,698 as of September 30, 2024   520       523       516  
    Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171   30       30       30  
    Additional paid-in capital   345,783       343,870       348,366  
    Retained earnings   536,427       457,929       507,206  
    Accumulated other comprehensive loss   (58,866 )     (27,469 )     (51,547 )
    Total equity   823,894       774,883       804,571  
    Total liabilities and equity $ 1,499,133     $ 1,481,193     $ 1,493,237  
                           
    EZCORP, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
       
      Three Months Ended
    December 31,
    (in thousands) 2024   2023
       
    Operating activities:      
    Net income $ 31,016     $ 28,470  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization   8,335       8,565  
    Amortization of debt discount and deferred financing costs   382       417  
    Non-cash lease expense   14,421       14,744  
    Deferred income taxes   478       345  
    Other adjustments   (617 )     (857 )
    Provision for inventory reserve   59       (156 )
    Stock compensation expense   2,597       2,264  
    Equity in net income from investment in unconsolidated affiliates   (1,475 )     (1,153 )
    Changes in operating assets and liabilities, net of business acquisitions:      
    Pawn service charges receivable   (1,368 )     (1,000 )
    Inventory   (2,384 )     2,066  
    Prepaid expenses, other current assets and other assets   1,375       (5,823 )
    Accounts payable, accrued expenses and other liabilities   (38,737 )     (33,991 )
    Customer layaway deposits   2,909       (719 )
    Income taxes   9,000       8,309  
    Net cash provided by operating activities   25,991       21,481  
    Investing activities:      
    Loans made   (247,225 )     (216,978 )
    Loans repaid   135,190       123,021  
    Recovery of pawn loan principal through sale of forfeited collateral   101,850       98,209  
    Capital expenditures, net   (5,609 )     (7,184 )
    Investment in other investments   —       (15,000 )
    Dividends from unconsolidated affiliates   1,902       1,745  
    Other   (148 )     (677 )
    Net cash used in investing activities   (14,040 )     (16,864 )
    Financing activities:      
    Taxes paid related to net share settlement of equity awards   (3,971 )     (3,253 )
    Purchase and retirement of treasury stock   (3,000 )     (3,007 )
    Payments of finance leases   (131 )     (132 )
    Net cash used in financing activities   (7,102 )     (6,392 )
    Effect of exchange rate changes on cash and cash equivalents and restricted cash   (764 )     (207 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   4,085       (1,982 )
    Cash and cash equivalents and restricted cash at beginning of period   179,807       228,968  
    Cash and cash equivalents and restricted cash at end of period $ 183,892     $ 226,986  
           
    EZCORP, Inc.
    OPERATING SEGMENT RESULTS
       
      Three Months Ended December 31, 2024
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America
    Pawn    		   Other
    Investments    		   Total Segments   Corporate
    Items    		   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 128,800     $ 57,543     $ —     $ 186,343     $ —     $ 186,343  
    Jewelry scrapping sales   15,498       1,234       —       16,732       —       16,732  
    Pawn service charges   87,876       29,176       —       117,052       —       117,052  
    Other revenues   27       16       —       43       —       43  
    Total revenues   232,201       87,969       —       320,170       —       320,170  
    Merchandise cost of goods sold   81,556       40,268       —       121,824       —       121,824  
    Jewelry scrapping cost of goods sold   11,968       974       —       12,942       —       12,942  
    Gross profit   138,677       46,727       —       185,404       —       185,404  
    Segment and corporate expenses (income):                      
    Store expenses   83,089       33,362       —       116,451       —       116,451  
    General and administrative   —       —       —       —       18,669       18,669  
    Depreciation and amortization   2,717       2,046       —       4,763       3,572       8,335  
    Loss on sale or disposal of assets and other   —       8       —       8       —       8  
    Interest expense   —       —       —       —       3,147       3,147  
    Interest income   —       (202 )     (594 )     (796 )     (1,297 )     (2,093 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (1,623 )     (1,623 )     148       (1,475 )
    Other (income) expense   (11 )     (71 )     —       (82 )     1,060       978  
    Segment contribution $ 52,882     $ 11,584     $ 2,217     $ 66,683          
    Income (loss) before income taxes             $ 66,683     $ (25,299 )   $ 41,384  
                                       

            

      Three Months Ended December 31, 2023
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America
    Pawn    		   Other
    Investments    		   Total Segments   Corporate
    Items    		   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 125,513     $ 53,890     $ —     $ 179,403     $ —     $ 179,403  
    Jewelry scrapping sales   12,815       1,267       —       14,082       —       14,082  
    Pawn service charges   79,073       27,376       —       106,449       —       106,449  
    Other revenues   37       16       4       57       —       57  
    Total revenues   217,438       82,549       4       299,991       —       299,991  
    Merchandise cost of goods sold   78,709       36,501       —       115,210       —       115,210  
    Jewelry scrapping cost of goods sold   11,284       924       —       12,208       —       12,208  
    Gross profit   127,445       45,124       4       172,573       —       172,573  
    Segment and corporate expenses (income):                      
    Store expenses   77,255       33,300       —       110,555       —       110,555  
    General and administrative   —       —       —       —       16,543       16,543  
    Depreciation and amortization   2,624       2,339       —       4,963       3,602       8,565  
    Loss (gain) on sale or disposal of assets and other   26       (196 )     —       (170 )     (2 )     (172 )
    Interest expense   —       —       —       —       3,440       3,440  
    Interest income   —       (420 )     (573 )     (993 )     (1,646 )     (2,639 )
    Equity in net income of unconsolidated affiliates   —       —       (1,153 )     (1,153 )     —       (1,153 )
    Other (income) expense   —       (48 )     1       (47 )     (224 )     (271 )
    Segment contribution $ 47,540     $ 10,149     $ 1,729     $ 59,418          
    Income (loss) before income taxes             $ 59,418     $ (21,713 )   $ 37,705  
                           
    EZCORP, Inc.
    STORE COUNT ACTIVITY
    (Unaudited)
       
      Three Months Ended December 31, 2024
      U.S. Pawn
    		   Latin America
    Pawn
    		   Consolidated
                           
    As of September 30, 2024   542       737       1,279  
    New locations opened   —       4       4  
    As of December 31, 2024   542       741       1,283  
                           
      Three Months Ended December 31, 2023
      U.S. Pawn
    		   Latin America
    Pawn
    		   Consolidated
                           
    As of September 30, 2023   529       702       1,231  
    New locations opened   —       5       5  
    Locations acquired   1       —       1  
    As of December 31, 2023   530       707       1,237  
                           

    Non-GAAP Financial Information (Unaudited)

    In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

    Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

    Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three months ended December 31, 2024 and 2023 were as follows:

           
      December 31,   Three Months Ended
    December 31,
      2024
    		   2023
    		   2024
    		   2023
                                   
    Mexican peso   20.8       17.0       20.1       17.5  
    Guatemalan quetzal   7.5       7.7       7.5       7.6  
    Honduran lempira   25.0       24.3       24.8       24.4  
    Australian dollar   1.6       1.5       1.5       1.5  
                                   

    Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

    Miscellaneous Non-GAAP Financial Measures

      Three Months Ended
    December 31,
    (in millions) 2024   2023
           
    Net income $ 31.0     $ 28.5  
    Interest expense   3.1       3.4  
    Interest income   (2.1 )     (2.6 )
    Income tax expense   10.4       9.2  
    Depreciation and amortization   8.3       8.6  
    EBITDA $ 50.8     $ 47.1  
                   

            

      Total
    Revenues    		   Gross
    Profit    		   Income
    Before Tax    		   Tax Effect   Net
    Income    		   Diluted
    EPS    		   EBITDA
                               
    2025 Q1 Reported $ 320.2     $ 185.4     $ 41.4     $ 10.4     $ 31.0     $ 0.40     $ 50.8  
    FX Impact   —       —       1.0       0.2       0.8       0.01       1.0  
    Constant Currency   9.5       4.8       1.0       0.2       0.8       0.01       1.2  
    2025 Q1 Adjusted $ 329.7     $ 190.2     $ 43.4     $ 10.8     $ 32.6     $ 0.42     $ 53.0  
                                                           
      Total
    Revenues    		   Gross
    Profit    		   Income
    Before Tax    		   Tax Effect   Net
    Income    		   Diluted
    EPS    		   EBITDA
                               
    2024 Q1 Reported $ 300.0     $ 172.6     $ 37.7     $ 9.2     $ 28.5     $ 0.36     $ 47.1  
    FX Impact   —       —       0.1       —       0.1       —       0.1  
    2024 Q1 Adjusted $ 300.0     $ 172.6     $ 37.8     $ 9.2     $ 28.6     $ 0.36     $ 47.2  
                                                           
      Three Months Ended
    December 31, 2024
    (in millions) U.S. Dollar
    Amount    		   Percentage
    Change YOY
           
    Consolidated revenues $ 320.2       7 %
    Currency exchange rate fluctuations   9.5      
    Constant currency consolidated revenues $ 329.7       10 %
           
    Consolidated gross profit $ 185.4       7 %
    Currency exchange rate fluctuations   4.8      
    Constant currency consolidated gross profit $ 190.2       10 %
           
    Consolidated net inventory $ 199.5       21 %
    Currency exchange rate fluctuations   8.5      
    Constant currency consolidated net inventory $ 208.0       26 %
           
    Latin America Pawn gross profit $ 46.7       4 %
    Currency exchange rate fluctuations   4.8      
    Constant currency Latin America Pawn gross profit $ 51.5       14 %
           
    Latin America Pawn PLO $ 54.6       4 %
    Currency exchange rate fluctuations   8.1      
    Constant currency Latin America Pawn PLO $ 62.7       19 %
           
    Latin America Pawn PSC revenues $ 29.2       7 %
    Currency exchange rate fluctuations   2.8      
    Constant currency Latin America Pawn PSC revenues $ 32.0       17 %
           
    Latin America Pawn merchandise sales $ 57.5       7 %
    Currency exchange rate fluctuations   6.6      
    Constant currency Latin America Pawn merchandise sales $ 64.1       19 %
           
    Latin America Pawn segment profit before tax $ 11.6       14 %
    Currency exchange rate fluctuations   0.9      
    Constant currency Latin America Pawn segment profit before tax $ 12.5       24 %
                   

    The MIL Network –

  • MIL-OSI USA: Wyden Demands Answers About DOGE’s Illegal Seizure of Americans’ Private Data

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    February 05, 2025

    WASHINGTON D.C. – U.S. Sen. Ron Wyden today demanded White House Chief of Staff Susie Wiles answer questions about the acute risks posed to national security by letting unvetted ‘DOGE’ staff rifle through Americans’ private data and classified government materials. 

    Wyden, along with fellow Senate Intelligence Committee members Mark R. Warner (D-VA), Martin Heinrich (D-NM), Angus King (I-ME), Michael Bennet (D-CO), Kirsten Gillibrand (D-NY), Jon Ossoff (D-GA), and Mark Kelly (D-AZ), demanded the administration provide details to Congress about how DOGE staff and representatives are being vetted for security clearance; which systems, records and information are being shared; and what steps the administration is taking to safeguard them from misuse or disclosure.

    “According to press reports, DOGE inspectors already have gained access to classified materials, including intelligence reports, at the United States Agency for International Development (USAID), sensitive government payment systems, including for Social Security and Medicare, at the Treasury Department, and federal personnel data from the Office of Personnel Management. Further, as of today the scope of DOGE’s access only seems to be expanding, as reports indicate DOGE has now entered the Department of Labor and other agencies,” the senators wrote. “No information has been provided to Congress or the public as to who has been formally hired under DOGE, under what authority or regulations DOGE is operating, or how DOGE is vetting and monitoring its staff and representatives before providing them seemingly unfettered access to classified materials and Americans’ personal information.”

    “As you know, information is classified to protect the national security interests of the United States. Government employees and contractors only receive access to such information after they have undergone a rigorous background investigation and demonstrated a ‘need to know.’ Circumventing these requirements creates enormous counterintelligence and security risks,” warned the senators. “For example, improper access to facilities and systems containing security clearance files of Intelligence Community personnel puts at risk the safety of the men and women who serve this country. In addition, unauthorized access to classified information risks exposure of our operations and potentially compromises not only our own sources and methods, but also those of our allies and partners. If our sources, allies, and partners stop sharing intelligence because they cannot trust us to protect it, we will all be less safe.”

    The senators added, “Unclassified government systems also contain sensitive data, the unintended disclosure of which could result in significant harm to individuals or organizations, including financial loss, identity theft, and exposure of medical and other private personal information. The U.S. Treasury payment systems, in particular, are used to disburse trillions of dollars each year, and contain everyday Americans’ personal information, such as Social Security numbers, home addresses, and bank accounts. Allowing DOGE access to this information raises unprecedented risks to Americans’ private personal and financial information.”

    “Such unregulated practices with our government’s most sensitive networks render Americans’ personal and financial information, and our classified national secrets, vulnerable to ransomware and cyber-attacks by criminals and foreign adversaries. The recent unprecedented Salt Typhoon and Change Healthcare attacks that affected tens of millions of Americans further underscore the importance of rigorously fortifying our government systems,” the senators cautioned.

    Finally, the senators also noted there are strict cybersecurity controls in place for federal networks which DOGE does not seem to be following, including by reportedly connecting personal devices to sensitive government systems and using personal emails. The senators concluded, “To underscore, DOGE seems to have unimpeded access to some of our nation’s most sensitive information, including classified materials and the private personal and financial information of everyday Americans. In light of such unprecedented risks to our national and economic security, we expect your immediate attention and prompt response.”

    The full text of the letter is here. 

    MIL OSI USA News –

  • MIL-OSI USA: RELEASE: Senate Intelligence Members Sound the Alarm about “DOGE” Risk to National Security and American Privacy

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA), Vice Chairman of the Senate Select Committee on Intelligence, along with Ron Wyden (D-OR), Martin Heinrich (D-NM), Angus King (I-ME), Michael Bennet (D-CO), Kirsten Gillibrand (D-NY), Jon Ossoff (D-GA), and Mark Kelly (D-AZ), wrote to White House Chief of Staff Susie Wiles about the risks to our national security of allowing unvetted DOGE staff and representatives to access classified and sensitive government materials. The Committee members demanded that the administration provide details to Congress about how DOGE staff and representatives are being vetted, which systems, records and information are being shared, and what steps the administration is taking to safeguard them from misuse or disclosure.

    “According to press reports, DOGE inspectors already have gained access to classified materials, including intelligence reports, at the United States Agency for International Development (USAID), sensitive government payment systems, including for Social Security and Medicare, at the Treasury Department, and federal personnel data from the Office of Personnel Management. Further, as of today the scope of DOGE’s access only seems to be expanding, as reports indicate DOGE has now entered the Department of Labor and other agencies,” the senators wrote. “No information has been provided to Congress or the public as to who has been formally hired under DOGE, under what authority or regulations DOGE is operating, or how DOGE is vetting and monitoring its staff and representatives before providing them seemingly unfettered access to classified materials and Americans’ personal information.”

    The senators added, “As you know, information is classified to protect the national security interests of the United States. Government employees and contractors only receive access to such information after they have undergone a rigorous background investigation and demonstrated a ‘need to know.’ Circumventing these requirements creates enormous counterintelligence and security risks. For example, improper access to facilities and systems containing security clearance files of Intelligence Community personnel puts at risk the safety of the men and women who serve this country. In addition, unauthorized access to classified information risks exposure of our operations and potentially compromises not only our own sources and methods, but also those of our allies and partners. If our sources, allies, and partners stop sharing intelligence because they cannot trust us to protect it, we will all be less safe.”

    The senators also raised alarms about the privacy implications of allowing an unknown number of DOGE staff to access unclassified systems containing information about individual American taxpayers and organizations. 

    Wrote the senators, “Unclassified government systems also contain sensitive data, the unintended disclosure of which could result in significant harm to individuals or organizations, including financial loss, identity theft, and exposure of medical and other private personal information. The U.S. Treasury payment systems, in particular, are used to disburse trillions of dollars each year, and contain everyday Americans’ personal information, such as Social Security numbers, home addresses, and bank accounts. Allowing DOGE access to this information raises unprecedented risks to Americans’ private personal and financial information.”

    Finally, the senators also noted that there are strict cybersecurity controls in place for federal networks which DOGE does not seem to be following, including by reportedly connecting personal devices to sensitive government systems.

    “Such unregulated practices with our government’s most sensitive networks render Americans’ personal and financial information, and our classified national secrets, vulnerable to ransomware and cyber-attacks by criminals and foreign adversaries. The recent unprecedented Salt Typhoon and Change Healthcare attacks that affected tens of millions of Americans further underscore the importance of rigorously fortifying our government systems,” the letter says. 

    The full text of the letter is available here and below. 

    Dear Ms. Wiles,

    We write to express our grave concern with the illegal actions currently being undertaken by the Department of Government Efficiency (DOGE), which risk exposure of classified and other sensitive information that jeopardizes national security and violates Americans’ privacy. The January 20 Executive Order establishes DOGE under the Executive Office of the President with DOGE Teams established by Agency Heads within their respective agencies, and requires the Administrator of DOGE to report to the White House Chief of Staff. According to press reports, DOGE inspectors already have gained access to classified materials, including intelligence reports, at the United States Agency for International Development (USAID), sensitive government payment systems, including for Social Security and Medicare, at the Treasury Department, and federal personnel data from the Office of Personnel Management. Further, as of today the scope of DOGE’s access only seems to be expanding, as reports indicate DOGE has now entered the Department of Labor and other agencies.

    No information has been provided to Congress or the public as to who has been formally hired under DOGE, under what authority or regulations DOGE is operating, or how DOGE is vetting and monitoring its staff and representatives before providing them seemingly unfettered access to classified materials and Americans’ personal information.

    As you know, information is classified to protect the national security interests of the United States. Government employees and contractors only receive access to such information after they have undergone a rigorous background investigation and demonstrated a “need to know.”  Circumventing these requirements creates enormous counterintelligence and security risks. For example, improper access to facilities and systems containing security clearance files of Intelligence Community personnel puts at risk the safety of the men and women who serve this country. In addition, unauthorized access to classified information risks exposure of our operations and potentially compromises not only our own sources and methods, but also those of our allies and partners. If our sources, allies, and partners stop sharing intelligence because they cannot trust us to protect it, we will all be less safe.

    Unclassified government systems also contain sensitive data, the unintended disclosure of which could result in significant harm to individuals or organizations, including financial loss, identity theft, and exposure of medical and other private personal information. The U.S. Treasury payment systems, in particular, are used to disburse trillions of dollars each year, and contain everyday Americans’ personal information, such as Social Security numbers, home addresses, and bank accounts. Allowing DOGE access to this information raises unprecedented risks to Americans’ private personal and financial information.

    Moreover, there are strict cybersecurity controls for accessing federal networks, which DOGE does not seem to be following, including by reportedly connecting personal devices to sensitive government systems. Such unregulated practices with our government’s most sensitive networks render Americans’ personal and financial information, and our classified national secrets, vulnerable to ransomware and cyber-attacks by criminals and foreign adversaries. The recent unprecedented Salt Typhoon and Change Healthcare attacks that affected tens of millions of Americans further underscore the importance of rigorously fortifying our government systems.

    The Executive Branch cannot operate without regard to rules, regulations, or Congressional oversight. The American people, and our intelligence officials, deserve to know that their information is being appropriately safeguarded. We therefore respectfully request written responses to the following questions by February 14, 2025:

    1. Provide a list of personnel operating under DOGE, their position or role, and their duties. 
    2. Pursuant to the Executive Order, DOGE teams are to be established by Agency Heads within their respective agencies. Provide a list of each agency that has established a DOGE team, and the agency personnel overseeing such team.
    3. Under what authorities is DOGE conducting its operations?
    4. Who is overseeing DOGE’s operations? 
    5. Provide a list of each agency DOGE has requested information from.
    6. Provide a list of all unclassified systems, records, or other information DOGE has requested and/or gained access to. 
    7. Provide a list of all classified systems, records, or other information DOGE has requested and/or gained access to.
    8. Do DOGE staff or representatives have access to any Intelligence Community systems, networks, or other information? If so, please specify the extent of such access.
    9. Under what authority is DOGE requesting and/or gaining access to classified information?
    10. What security clearances have been provided to DOGE staff or representatives, and who has authorized such clearances?
    11. What processes have been followed prior to granting security clearances to DOGE staff or representatives?
    12. What vetting for potential conflicts of interest has been conducted prior to granting clearances or access to government systems, records, or other information to DOGE staff or representatives?
    13. Provide a list of each DOGE staff or representative who has requested and/or gained access to classified information, what clearance each such individual holds, and who authorized each security clearance. 
    14. Who is supervising and/or monitoring DOGE employee access to classified information?
    15. What processes have been followed prior to granting DOGE staff or representatives access to sensitive government systems and networks, and who has authorized such access?
    16. Who is supervising and/or monitoring DOGE employee access to sensitive government systems and networks?
    17. Has DOGE briefed you, the White House Chief of Staff, on the counterintelligence and other risks of DOGE staff or representatives accessing classified and other sensitive information? If so, please specify the date of the briefing and those in attendance.
    18. Has DOGE briefed you, the White House Chief of Staff, on the counterintelligence and other risks of DOGE staff or representatives accessing government networks and systems? If so, please specify the date of the briefing and those in attendance.
    19. Has the Office of the Director of National Intelligence and/or the Central Intelligence Agency been briefed on the counterintelligence and other risks of DOGE staff or representatives accessing Treasury’s payment systems? If so, please specify the date of the briefing and those in attendance.  
    20. Has the Office of the Director of National Intelligence and/or the Central Intelligence Agency been briefed on the counterintelligence and other risks of DOGE staff or representatives accessing USAID’s classified and other sensitive information, including security clearance files? If so, please specify the date of the briefing and those in attendance.
    21. What actions if any has the Office of the Director of National Intelligence and/or the Central Intelligence Agency taken to ensure DOGE employee access does not create counterintelligence risks?
    22. What actions if any has the Office of the Director of National Intelligence and/or the Central Intelligence Agency taken to ensure DOGE employee access does not compromise classified or other sensitive intelligence and/or personal information of intelligence community officials?  

    To underscore, DOGE seems to have unimpeded access to some of our nation’s most sensitive information, including classified materials and the private personal and financial information of everyday Americans. In light of such unprecedented risks to our national and economic security, we expect your immediate attention and prompt response.

    MIL OSI USA News –