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Category: Economy

  • MIL-OSI Economics: Thales announces two new appointments to its Board of Directors

    Source: Thales Group

    Headline: Thales announces two new appointments to its Board of Directors

    Thales’ Board of Directors (Euronext Paris: HO) which met on February 4, 2025, coopted as a Board member Valérie Guillemet, Human Resources Director and member of Dassault Aviation’s Executive Committee.

    Upon the recommendation of Dassault Aviation, Valérie Guillemet is now a Director on Thales’ Board, following Charles Edelstenne, who ended his term on January 9, 2025. She will serve the remaining term, until the Ordinary General Meeting called to approve the financial statements for the 2025 financial year.

    Additionally, Eric Trappier succeeds Charles Edelstenne as a member of the Strategy & CSR Committee, and Valérie Guillemet succeeds Eric Trappier as a member of the Governance and Remuneration Committee.

    As a result of new appointments by the trade unions of two employee representative directors, Anne-Marie Hunot-Schmit is reappointed in her role and Stéphane Jubault succeeds Nadine Relier-David, for a 4 year term starting December 9, 2024. Stéphane Jubault has been appointed as a member of the Strategy & CSR Committee and Anne-Marie Hunot-Schmit remains a member of the Audit and Accounts Committee and the Governance and Compensation Committee.

    Valérie GUILLEMET

    Graduate of the “Ecole Nationale Supérieure de l’Aéronautique et de l’Espace (Sup’aero)”, Valérie Guillemet began her career at Dassault Aviation in 1988 as an aerodynamic engineer, then as an aerodynamic synthesis engineer in the Design Department.

    In 1995, Valérie Guillemet became Head of Mirage 2000 Systems, before heading the Series Systems department in 1999. In 2008, she was appointed Head of the Rafale Production Unit, then Head of the Falcon 7X/8X Production Unit in 2011.

    In 2014, Valérie Guillemet was appointed Deputy Manager of the Mérignac site, in charge of Production. The following year, she became Manager of the same site.

    Since July 2019, Valérie Guillemet has held the position of Human Resources Director and she has been a member of Dassault Aviation’s Executive Committee.

    Valérie Guillemet is Chairwoman of the GIFAS Labour Relations Commission and a member of the Board of Directors of ISAE-Supaero. She is also a Knight of the Legion of Honour and an Aeronautics Medalist.

    Stéphane JUBAULT

    Holder of a technical baccalaureate and a Joint Qualification Certificate of Metallurgy (CQPM) and Higher Technical Diploma in Electronics (BTS), Stéphane Jubault began his career in 1986 as a maintenance technician and then as a design draftsman before becoming a repair technician in 1990 ​ for instrument panels at Société Vendômoise d’Avionique, a subsidiary of Thomson-CSF’s aerospace division based in Vendôme. In 2007, he began working as an Industrial Methods Technician for several years, before taking on trade union responsibilities.

    MIL OSI Economics –

  • MIL-OSI Economics: Philip R. Lane: A middle path for ECB monetary policy

    Source: European Central Bank

    Speech by Philip R. Lane, Member of the Executive Board of the ECB, at the Peterson Institute for International Economics (PIIE)

    Washington, D.C., 5 February 2025

    It is a pleasure to be here at the Peterson Institute for International Economics (PIIE): your impressive research on a wide range of topics is extremely valuable for policymakers.[1]

    At last week’s monetary policy meeting, the ECB’s Governing Council decided to lower the deposit facility rate – the rate through which we steer the monetary policy stance – by 25 basis points from 3.0 per cent to 2.75 per cent. In cumulative terms, the deposit facility rate has declined by 125 basis points since last June. The decision reflected our updated assessment of the inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission.

    In what follows, I will explain in more detail the basis for this decision. I will review inflation developments, economic developments, our risk assessment, and financial and monetary conditions. Finally, I explain why pursuing a middle path for monetary policy is best suited to the current environment.

    Inflation developments

    The disinflation process remains well on track. Inflation has continued to develop broadly in line with the staff projections and is set to return to our two per cent medium-term target in the course of this year. Most measures of underlying inflation suggest that inflation will settle at around our target on a sustained basis. The Persistent and Common Component of Inflation (PCCI), which has the best predictive power among underlying inflation indicators for future headline inflation, continued to hover around two per cent in the December data, indicating that headline inflation is set to stabilise around our target.

    Domestic inflation, at 4.2 per cent, stayed well above all the other indicators in December mostly because wages and prices in certain sectors are still adjusting to the past inflation surge with a substantial delay. However, the PCCI for services, which should act as an underlying attractor for services inflation and domestic inflation, fell to 2.3 per cent.

    The anticipation of a downward shift in services inflation in the coming months also relates to the expected deceleration in wage growth in the course of 2025. Wages have been adjusting to the past inflation surges with a substantial delay, but the ECB wage tracker and the latest surveys point to a significant moderation in wage pressures this year. According to the latest results of the Survey on the Access to Finance of Enterprises (SAFE), firms expect wages to grow by 3.3 per cent on average over the next twelve months, down from 4.5 per cent this time last year. Similarly, the latest Corporate Telephone Survey indicates that wage growth should decelerate from 4.6 per cent in 2024 to 3.3 per cent in 2025 and 2.9 per cent in 2026. This assessment is shared broadly among forecasters. Consensus Economics, for example, foresees a decline in wage growth by about one percentage point between 2024 and 2025.

    Most measures of longer-term inflation expectations continue to stand at around two per cent, despite an uptick at shorter horizons that may reflect the recent rise in energy prices. While the inflation expectations of firms have stabilised at three per cent across horizons, according to the SAFE, larger firms that are aware of the ECB’s inflation target show convergence towards two per cent. Consumer inflation expectations have edged up recently, especially for the near term, which can at least be partly explained by their higher sensitivity to the recent uptick in realised inflation. Inflation expectations of professionals – as captured by the latest vintages of the Survey of Professional Forecasters and Survey of Monetary Analysts – as well as market-based measures of inflation compensation have ticked up for the near term but, over longer horizons, remain stable at levels consistent with our medium-term target of two per cent.

    Economic developments

    On a fourth-quarter-to-fourth-quarter basis, the 2024 growth rate came in at 0.9 per cent, constituting a material improvement in momentum relative to the 2023 growth rate of 0.1 per cent. While 2024 saw a modest recovery in consumption, investment remained weak and exporters continued to suffer competitiveness challenges. In terms of the quarterly profile, growth stagnated in the final quarter following a comparatively robust third quarter.

    The incoming survey indicators suggest that the euro area economy is set to remain subdued in the near term. While unemployment remained low at 6.3 per cent in December, there has been some softening in labour demand, as reflected in lower vacancies and lower employment growth.

    At the same time, our baseline assessment is that the conditions for a recovery remain in place. Higher incomes, lower interest rates and stronger household balance sheets should allow a faster pick-up in consumption. More affordable credit should also boost housing and business investment over time. Exports should also support the recovery as global demand rises, although this is highly conditional on developments in international trade policies.

    Financial and monetary conditions

    Global and euro area bond yields have increased significantly since our last meeting. Amongst other factors, the spillover impact of the rise in US and global longer-term rates has contributed to the steepening of the euro area yield curve.

    Our past interest rate cuts are gradually making it less expensive for firms and households to borrow. The cost of borrowing for firms has declined by 92 basis points and mortgage rates have declined by 62 basis points since their peaks in autumn 2023. However, the interest rates on existing corporate and household loan books remain high, especially in real terms, with pre-2022 debt still re-pricing at higher rates as fixation periods expire.

    In overall terms, financing conditions remain tight. While credit is expanding, lending to firms and households remains subdued relative to historical norms. Growth in bank lending to firms rose to 1.5 per cent in December. In part, the pick-up in December reflects firms substituting market-based long-term financing for bank-based borrowing amidst tightening market conditions and increasing upcoming redemptions of long-term corporate bonds. Overall external debt financing of firms increased by 1.9 per cent in December, but remained well below the historical average of 4.9 per cent.[2] Loans to households continued to rise gradually, driven by mortgages, but remained muted overall, with an annual growth rate of 1.1 per cent in December, notably below the long-term average of 4.2 per cent.

    According to the latest bank lending survey, the demand for loans by firms increased slightly in the fourth quarter. At the same time, credit standards for loans to firms have tightened again, after having broadly stabilised over the previous four quarters. The renewed tightening of credit standards for firms was driven by the fact that banks see higher risks to the economic outlook and have lower tolerance for taking on credit risk. This finding is consistent with the results from the SAFE, in which firms reported a small decline in the availability of bank loans and more demanding non-rate lending conditions. In terms of households, the demand for mortgages increased strongly, mostly on the back of more attractive interest rates and better prospects for the property market. Credit standards for housing loans remained unchanged overall.

    Risk assessment

    Risks to economic growth remain tilted to the downside. In addition to trade policy uncertainty, lower confidence could prevent consumption and investment from recovering as fast as expected. This could be amplified by geopolitical risks, such as Russia’s unjustified war against Ukraine and the tragic conflict in the Middle East, which could disrupt energy supplies and further weigh on global trade. Growth could also be lower if the lagged effects of monetary policy tightening last longer than expected. In the other direction, growth could be higher if easier financing conditions and falling inflation allow domestic consumption and investment to rebound faster.

    We take a two-sided approach to assessing inflation risk. Inflation could turn out higher if wages or profits increase by more than expected. Upside risks to inflation also stem from the heightened geopolitical tensions, which could push energy prices and freight costs higher in the near term and disrupt global trade. Moreover, extreme weather events, and the unfolding climate crisis more broadly, could drive up food prices by more than expected. By contrast, inflation may surprise on the downside if low confidence and concerns about geopolitical events prevent consumption and investment from recovering as fast as expected, if monetary policy dampens demand by more than expected, or if the economic environment in the rest of the world worsens unexpectedly. Greater friction in global trade would make the euro area inflation outlook more uncertain.

    A middle path for monetary policy

    Taken together, the incoming data since our previous meeting meant that it was clear that we should take a further step in monetary easing by lowering the deposit facility rate to 2.75 per cent. By excessively dampening demand, the alternative of holding the deposit facility rate at the level of 3.0 per cent would not have been consistent with the set of rate paths that would best ensure that inflation stabilises sustainably at our two per cent medium-term target. At the same time, the new level for the deposit facility rate at 2.75 per cent preserves considerable optionality in responding to shocks. In particular, the rate path can adjust as appropriate in the event of material upside or downside shocks to the inflation outlook and/or to economic momentum.

    While our baseline is that inflation should decline from 2.5 per cent in January to around our target in the coming months, it is still important to take into account that this deceleration might take longer than expected and that new upside risks to inflation could emerge, including due to external developments. These considerations explain why we have taken a step-by-step approach to rate cutting since last June.

    At the same time, an excessive abundance of caution in monetary easing could threaten the recovery in domestic demand that is needed to support the pricing environment compatible with our medium-term two per cent target. Under this too-cautious path, a below-target inflation dynamic could take hold, which would then require a more sizeable policy response to ensure inflation returns to our symmetric two per cent medium-term target.

    Balancing these considerations suggest a middle path is appropriate, which neither over-weighs upside risk nor over-weighs downside risk. That is, a robust monetary policy approach should balance the risks of moving too slowly against the risks of moving too quickly. Accordingly, it is prudent to maintain agility in adjusting the stance as appropriate on a data-dependent and meeting-by-meeting basis and to not pre-commit to any particular rate path.

    In closing, let me comment on two much-discussed concepts: restrictiveness and neutrality.

    When inflation is materially above target and requires a monetary response to ensure that it returns to target in a timely manner and that inflation expectations remain anchored, the monetary stance must be clearly restrictive. As inflation returns close to target, policymakers need to shift their focus to adjusting monetary policy in line with the incoming economic and financial data and the evolving risk assessment to deliver the two per cent target over the medium term. In other words, policymakers should deliver the monetary stance that is appropriate to the situation.

    In exiting a restrictive phase, much energy could be diverted towards creating a summary “restrictiveness” index. Any such index would have to incorporate at least nine factors: (i) the still-important rolling off of super-cheap debt that was taken out in the “low for long” era that is now being re-financed at higher rates; (ii) in the other direction, the transmission of the easing since the peak of the hiking cycle; (iii) the impact of the anticipation of future rate cuts on current financing conditions; (iv) the evolving contribution of quasi-exogenous influences on financing conditions (such as global upward pressure on term premia); (v) the dynamics of bond and equity risk premia; (vi) the evolution of credit standards in bank lending; (vii) the different timelines for market-based and bank-based transmission; (viii) the responsiveness of consumption and investment to shifting monetary conditions; and (ix) the responsiveness of price setting to shifting monetary conditions.

    All of these factors enter our calibration of monetary policy (our assessment of the strength of monetary policy transmission has been highlighted as central to our reaction function) and cannot be summarised by a single indicator such as comparing the prevailing policy rate to a highly-uncertain estimate of the so-called neutral rate.[3]

    In terms of policy making, uncertainty about the level of the neutral rate and, more generally, about the strength of monetary transmission inescapably sits alongside uncertainty about the inflation outlook and uncertainty about the economic outlook.

    This is why our 2021 monetary policy strategy statement highlights that our decisions are based on an integrated assessment of all relevant factors. Over the last two years, we have emphasised in particular the importance of underlying inflation and the strength of monetary transmission as particularly relevant in complementing our analysis of the inflation outlook. More generally, it is essential that all relevant risks are incorporated in monetary policy decisions.

    MIL OSI Economics –

  • MIL-OSI United Nations: ‘No Appetite for Another Extension’ of South Sudan Peace Agreement, Mission Head Tells Security Council, Urging Leaders Focus on Benchmarks without Delay

    Source: United Nations 4

    The Revitalized Peace Agreement in South Sudan is facing challenges due to low political will, trust deficit among the parties to the accord and lack of predictable funding, the Security Council heard today from senior officials assisting peacebuilding in that country.

    Charles Tai Gituai, Interim Chairperson of the Reconstituted Joint Monitoring and Evaluation Commission — the official oversight body responsible for monitoring and evaluating the status of implementation of the 2018 Revitalized Peace Agreement — said that the parties in September 2024 agreed to extend the transitional period from 22 February 2025 to 22 February 2027, with elections rescheduled to December 2026.  While the National Election Commission has completed its plans and has opened offices in the 10 states, financial constraints remain a hindrance in election preparations.

    Further, election laws stipulate that parties with armed forces cannot be registered until they relinquish their forces — this includes the Sudan People’s Liberation Movement/Army in Opposition and others within the South Sudan Opposition Alliance, he said.  This underscores the need to hasten the unification of forces so that these parties can participate in the elections.  Also expressing concern about persistent levels of intercommunal violence in some parts of the country, he noted that the Sudan conflict exacerbates the humanitarian situation and has caused a huge influx of returnees and refugees in South Sudan.  Further, oil production — the country’s main source of foreign earnings — was disrupted in the second quarter of 2024 because of that conflict.

    Welcoming the work of the National Constitutional Amendment Committee and the Judicial Reform Committee, he said “the success of these institutions demonstrates that with funding availability, the Peace Agreement institutions and mechanisms can fully discharge their mandates”.  The permanent ceasefire continues to hold, though recent skirmishes in Western Equatoria State are concerning.  Commending the mediation talks ongoing in Nairobi, he said:  “The people of South Sudan are looking forward to a positive outcome for these talks and hoping that it will bring practical and enhanced transformative approaches in addressing the root causes of conflict.”  The Council must consider a visit to South Sudan to mobilize resources and political support to help South Sudan achieve its first democratic elections in December 2026, he added.

    Also addressing the Council was Nicholas Haysom, Special Representative of the Secretary-General and Head of the United Nations Mission in South Sudan (UNMISS), who noted that this month marks the beginning of the fourth extension of the Revitalized Peace Agreement.  “There is no appetite for another extension,” he stressed.  Rather, “there is strong desire for the leaders to focus on the benchmarks set out in the Peace Agreement without further delay”.  Urging parties to engage constructively, he acknowledged progress in some areas and welcomed the declarations of Governors to expand the civic and political space in their states.  Also noting expanded access to justice, including through mobile courts, he pointed to the adoption of a national community violence reduction strategy.  The National Elections Commission has launched its website and is rolling out a voter education strategy.

    However, none of these achievements “are sufficient to significantly move the needle” on the critical conditions required for holding elections and adopting a new constitution, he added.  Stressing the importance of “low-hanging fruit” measures such as voter registration, he reiterated that “the clock is already ticking on the extended transitional period”.  Noting that constitution and census timelines do not fit into the framework for a December 2026 election, he added:  “we have not yet seen the previously promised harmonized work plan with an operational timetable for elections.”  The lack of Government funding is slowing down these processes, he said, underscoring that “neither UNMISS nor the international community or the electoral management bodies can provide the full measure of support if these critical decisions are not taken.”

    “My country is struggling to transition from instability to stability through implementation of the R-ARCSS [Revitalised Agreement on the Resolution of the Conflict in South Sudan],” observed Edmund Yakani, Executive Director of the Community Empowerment for Progress Organization. Noting that the Tumani Initiative under Kenya’s co-mediation provides an opportunity for transitioning the country from violence to peace, he added:  “We are impressed by the process of embracing inclusive Government”.  The only option for a peaceful transition is through elections, he said, pointing to the citizens’ disappointment over the last elections postponement.  Noting that deadly intercommunal violence poses a challenge for the country’s transition, he said that elections will be credible if the Government creates conditions for holding them.

    For her part, the representative of South Sudan acknowledged the concerns about delays in the transition process and assured the Council that “every effort is being made to accelerate key milestones, particularly the preparations for free, fair and credible elections”.  Her Government is committed to providing the necessary funding and institutional support to advance the electoral process and has taken significant steps to draft a permanent constitution “that will reflect the aspirations of the South Sudanese people”, she pledged.  The deployment of the Necessary Unified Forces remains a priority, and South Sudan is working to overcome logistical and financial challenges to complete Phase II of training and deployment, she added.

    Urging all parties, including opposition groups, to negotiate in good faith within the framework of the Revitalized Agreement rather than seeking a parallel process that could complicate the peace road map, she expressed concern about the deteriorating situation in Sudan.  Recalling her country’s appeals to Sudan to cease harbouring rebels who actively destabilize its security efforts, she said this plea has gone unanswered.  “The people of South Sudan have been deeply affected by videos depicting heartless killings” of their nationals, she said, adding that these are believed to be incited by General Yassir Al-Atta, Assistant to the Commander in Chief, who claimed that 65 per cent of the Rapid Support Forces are South Sudanese.  Despite the anger provoked by this, her Government continues to call for restraint from its people, she said.

    As Council members weighed in, they stressed the need to advance progress towards elections.  The representative of Sierra Leone, also speaking for Algeria, Guyana and Somalia, highlighted the need for a credible and inclusive electoral process.  For that, security sector reform and disarmament, demobilization and reintegration of armed groups remains crucial.  He also called for urgent action to finalize transitional security arrangements and establish a middle command structure for the Necessary Unified Forces.  While the electoral road map’s implementation is critical for elections, consideration should be given to the participation of internally displaced people and returnees, he pointed out.

    Pakistan’s delegate, noting that elections have been rescheduled to take place in 2026, encouraged South Sudan to use the two-year extension to move towards a credible path to elections.  “This extension must not become a missed opportunity”, Greece’s delegate said, while Slovenia’s delegate urged the Government to secure the necessary funding for timely implementation of the Revitalized Peace Agreement.  “Promises must be turned into reality,” said Denmark’s representative, also calling for a clear elections plan and resources for election-related bodies.

    The representative of the United States said the transitional Government failed to conclude the transitional period and use public revenue transparently for public needs.  Despite significant international support, South Sudan’s President and other political leaders “have not demonstrated political will to seriously move towards elections”, he observed, adding:  “In fact, they have made efforts worse.”  While the 2005 Comprehensive Peace Agreement was a “pivotal moment in South Sudan’s history that brought hope to a people long ravaged by war and oppression”, two decades later, that country’s leaders failed to meet their people’s expectations.  He called on the transitional Government to start using public revenues for appropriate public purposes rather than to benefit the “small corrupt elite”.

    Panama’s delegate was one among several Council members who expressed concern over persisting sexual and gender-based violence, noting that women and girls, as young as 11, have fallen victims to this crime.  Hence, the Mission’ work is crucial, he stressed, highlighting the need for the equitable participation of women, young people and communities in peacebuilding.  The representatives of the Republic of Korea and France also expressed support for UNMISS, highlighting its many crucial roles, which range from enabling humanitarian assistance to assisting with election preparations.

    China’s delegate, Council President for February, speaking in his national capacity, said that, prior to the meeting, his country, using virtual technologies, conducted an underground inspection of the Mission’s work.  A new “batch” of Chinese peacekeepers have recently completed their rotation and handover, he reported.  He welcomed South Sudan’s steps towards elections and called on the international community to respect its sovereignty and ownership.  Further, “sanctions, such as arms embargo, are constraining security capacity building in South Sudan and should be adjusted or lifted”, he stressed.

    Along similar lines, the Russian Federation’s delegate said that sanctions make it difficult to strengthen South Sudan’s security and called for a review of the parameters of the arms embargo.  Voting issues are South Sudan’s internal affairs, he observed, adding that the country’s leadership has managed to establish relative stability and attain progress in State-building and resolving security issues.

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: English rendering of PM’s reply to the Motion of Thanks on the President’s Address in Lok Sabha

    Source: Government of India

    Posted On: 04 FEB 2025 8:57PM by PIB Delhi

    Respected Chairman,

    I am present here to express my gratitude to the address of the honourable President. Yesterday and today till late at night, all the honourable MPs enriched this motion of thanks with their views. Many honourable experienced MPs also expressed their views, and naturally, as is the tradition of democracy, where there was need, there was praise, where there was a problem, there were some negative things, but this is very natural! Mr. Speaker, it is a great fortune for me that the people of the country have given me the opportunity to sit at this place for the 14th time and express my gratitude to the address of the President, and therefore, today I want to express my gratitude to the people with great respect, and I also express my gratitude to all those who participated in the discussion in the House and enriched the discussion.

    Respected Chairman,

    We are in 2025, in a way 25% of the 21st century has already passed. Time will decide what happened in the 20th century after independence and in the first 25 years of the 21st century, and how it happened, but if we study this President’s address closely, it is clearly visible that the President has told the country about the next 25 years and a new confidence-building speech for a developed India. In a way, this speech of the respected President is going to strengthen the resolve for a developed India, create new confidence and inspire the general public.

    Respected Chairman,

    All the studies have repeatedly said that in the last 10 years, the people of the country have given us a chance to serve them. 25 crore countrymen have come out of poverty by defeating the poverty.

    Respected Chairman,

    For five decades you have heard slogans of eradicating poverty and now 25 crore poor people have come out after defeating poverty. It does not happen just like that. It happens when one spend one’s life for the poor in a planned manner with full sensitivity and dedication.

    Respected Chairman,

    When people connected to the land spend their lives on the land while knowing the truth about the land, then change on the land is certain.

    Respected Chairman,

    We have not given false slogans to the poor, we have given them true development. The pain of the poor, the suffering of the common man, the dreams of the middle class are not understood just like that. Respected Chairman, this requires passion and I have to say with sadness that some people do not have it.

    Respected Chairman,

    How difficult it is to live under a thatched roof with plastic sheets during the rainy season. There are moments when dreams are crushed every moment. Not everyone can understand this.

    Respected Chairman,

    Till now the poor have got 4 crore houses. Those who have lived that life do not understand what it means to get a house with a concrete roof.

    Respected Chairman,

    When a woman is forced to defecate in the open, she can either go out before sunrise or after sunset after facing a lot of difficulties to do this small daily ritual, such people cannot understand what trouble she has to go through, respected chairman.

    Respected Chairman,

    We have solved the problems of our sisters and daughters by building more than 12 crore toilets. Respected Chairman, these days there is a lot of discussion in the media. It is happening more on social media. Some leaders are focusing on Jacuzzi and stylish showers in homes, but our focus is on providing water to every home. After 75 years of independence, 70-75% of the country’s population, i.e. more than 16 crore households, did not have tap water connection. Our government has provided tap water to 12 crore families in 5 years and that work is progressing rapidly.

    Respected Chairman,

    We have done so much work for the poor and because of this, the honourable President has described it in detail in his speech. Those who keep themselves entertained by having photo sessions in the huts of the poor will find it boring to talk about the poor in the Parliament.

    Respected Chairman,

    I can understand their anger. Respected Chairman, identifying the problem is one thing but if there is a responsibility then you cannot leave it after identifying the problem, you have to make dedicated efforts to solve it. We have seen, and you must have seen our work of the last 10 years and also in the President’s address, our effort is to solve the problem and we make dedicated efforts.

    Respected Chairman,

    There used to be a Prime Minister in our country, it had become a fashion to call him Mr. Clean. It had become fashionable to call the Prime Minister Mr. Clean. He had identified a problem and he had said that if 1 rupee comes out from Delhi, then only 15 paise reaches the village. Now at that time, from the Panchayat to the Parliament, there was rule of one party, from the Panchayat to the Parliament, there was rule of one party and at that time he had publicly said that 1 rupee comes out and 15 paise reaches. It was an amazing kind of sleight of hand. Even a common man of the country can easily understand to whom the 15 paise used to go.

    Respected Chairman,

    The country gave us an opportunity, we tried to find solutions. Our model is savings as well as development, public money for the public. We created the Gem Trinity of Jan Dhan, Aadhar and Mobile and started giving direct benefit, direct benefit transfer through DBT.

    Respected Chairman,

    During our tenure, we deposited Rs 40 lakh crore directly into the accounts of the people.

    Respected Chairman,

    Look at the misfortune of this country, how the governments were run and for whom they were run.

    Respected Chairman,

    When the fever rises, people say anything, but when along with it, frustration and despair spreads, even then they say a lot.

    Respected Chairman,

    10 crore such fake people who were not born, who had not appeared on this land of India, were taking benefit of various schemes from the government treasury.

    Respected Chairman,

    So that the right does not face injustice, without worrying about political gain or loss, we removed these 10 crore fake names and launched a campaign to find the real beneficiaries and provide help to them.

    Respected Chairman,

    When these 10 crore fake people are removed and the accounts of various schemes are calculated, then almost 3 lakh crore rupees were saved from going into wrong hands. I am not saying whose hands were involved, it was from the wrong hands.

    Respected Chairman,

    We have also made full use of technology in government procurement, brought transparency and today even state governments are using the Gem portal. The purchases made through the Gem portal cost less than what is usually made and the government has saved Rs 1,15,000 crore.

    Respected Chairman,

    Our Swachh Bharat Abhiyan was ridiculed a lot, as if we had committed a sin, a mistake. I don’t know what all was said, but today I can say with satisfaction that due to this cleanliness drive, the government has earned 2300 crore rupees in recent years from the junk sold from government offices alone. Mahatma Gandhi used to talk about the principle of trusteeship. He used to say that we are trustees, this property belongs to the people and therefore we try to save every penny on the basis of this principle of trusteeship and use it at the right place and only then 2300 crore rupees are coming into the government treasury by selling junk from the Swachh Bharat Abhiyan.

    Respected Chairman,

    We made an important decision of ethanol blending. We know that we are not energy independent and we have to import it from outside. When ethanol blending was done and our income from petrol and diesel decreased, that one decision made a difference of Rs 100000 crore and this money of almost Rs 100000 crore has gone into the pockets of farmers.

    Respected Chairman,

    I am talking about saving, but earlier the headlines of newspapers used to be, scams worth so many lakhs. Scams worth so many lakhs, scams worth so many lakhs, it has been 10 years since these scams were not committed. By not having scams, lakhs and crores of rupees of the country have been saved, which are being used in the service of the people.

    Respected Chairman,

    The various steps we have taken have saved lakhs of crores of rupees, but we have not used that money to build a palace for mirrors. We have used it to build the country. The infrastructure budget was Rs 180000 crore 10 years ago, before we came. Respected Chairman, today the infrastructure budget is Rs 11 lakh crore and that is why the President has described how the foundation of India is getting stronger. Be it roads, highways, railways or village roads, a strong foundation of development has been laid for all these works.

    Respected Chairman,

    Savings in the government treasury is one thing and that should be done as I said about trusteeship, but we have also kept in mind that the general public should also get the benefit of these savings. The schemes should be such that the public also saves and you must have seen the expenses incurred by the common man due to illness under the Ayushman Bharat Yojana. On the basis of the people who have taken its benefit till now, I would say that due to taking benefit of Ayushman Yojana, the expenses that the countrymen would have to bear from their own pockets, like this, Rs 120000 crore has been saved for the public. It is necessary that now like Jan Aushadhi Kendra, today in the middle class families, all the gentlemen are of 60-70 years of age, so it is natural that some disease or the other comes, there is also the cost of medicines, medicines are also expensive, since we have opened Jan Aushadhi Kendras, there is 80% discount and because of that, the families who have taken medicines from these Jan Aushadhi Kendras have saved nearly Rs 30000 crore on the cost of medicines.

    Respected Mr Chairman,

    UNICEF also estimates that they have done a big survey of the families whose homes have sanitation and toilets, that family has saved about Rs. 70,000 in a year. Be it the Swachhata Abhiyan, the work of building toilets, the work of providing pure water, our common families are getting  huge benefits.

    Respected Mr Chairman,

    I mentioned tap water in the beginning. There is a report from WHO, WHO says that because of getting pure tap water, the average family has saved Rs. 40000 on expenses incurred on other diseases. I am not counting much, but there are many such schemes which have saved the expenses of the common man.

    Respected Chairman,

    Free food grains are given to crores of countrymen, and the family saves thousands of rupees. PM Surya Ghar Free Electricity Scheme: Wherever this scheme has been implemented, those families are saving on an average 25 to 30 thousand rupees on electricity every year, there is saving in expenses and if there is more electricity, then they are earning money by selling it. That is, there is also saving for the common man. We had run a campaign for LED bulbs. You know that before we came, LED bulbs were sold for Rs. 400 each. We ran such a campaign that its price came down to ₹40 and because of LED bulbs there was saving of electricity and more light was also available and about 20,000 crore rupees of the countrymen were saved in this.

    Respected Chairman,

    Farmers who have used Soil Health Cards scientifically have benefited greatly and such farmers have saved Rs 30,000 per acre.

    Respected Mr Chairman,

    In the last 10 years, by reducing the income tax, we have also worked to increase the savings of the middle class.

    Respected Mr Chairman,

    Before 2014, such bombs were hurled, such bullets were fired that the lives of the countrymen were shattered. We gradually moved ahead by filling up those wounds. 200000 rupees, in 2013-14, ₹200000, only ₹200000, there was income tax exemption on that and today 12 lakh rupees are completely exempted from income tax and in the intervening period also in 2014, in 2017, in 2019, in 2023, we have been doing this continuously, healing the wounds and today the bandage that was left has also been done. If we add 75000 standard deduction to it, then after 1st April, the salaried class of the country will not have to pay any income tax up to 12.75 lakh rupees.

    Respected Chairman,

    When you were working in Yuva Morcha, you must have heard and read about a Prime Minister who used to say 21st century, 21st century almost every day. In a way, it had become a memorized phrase, it had become a catchphrase. He used to say 21st century, 21st century. When it was said so often, R K Laxman had made a great cartoon in Times of India. That cartoon was very interesting. In that cartoon, there is an airplane and a pilot. I don’t know why he liked the pilot. Some passengers were sitting and the airplane was placed on a cart and workers were pushing the cart and 21st century was written on it. That cartoon seemed like a joke at that time, but later on it proved to be true.

    Respected Mr Chairman,

    This was a sarcasm; it was a cartoon that demonstrated how disconnected from ground reality the then Prime Minister was that he was engaged in baseless talk.

    Respected Mr Chairman,

    Those who then talked about the 21st century were not even able to fulfill the needs of the 20th century.

    Respected Mr Chairman,

    Today when I see that I have got the opportunity to look closely at all the things that happened in the last 10 years, I feel very sad. We are 40-50 years late, the work which should have been done 40-50 years ago, and hence this year when the people of the country gave us the opportunity to serve from 2014, we focused more and more on the youth. We emphasized on the aspirations of the youth, we created more opportunities for the youth, we opened many sectors and due to which we are seeing that the youth of the country are waving the flag of their capabilities. We opened the space sector in the country, opened the defense sector, brought the semiconductor mission, we gave shape to many new schemes to promote innovation, completely developed the Startup India ecosystem and in this budget also, respected Chairman ji, a very important decision has been taken. Income tax exemption on income of Rs 12 lakh, this news became so big that many important things have still not been noticed by some people. That important decision has been taken; we have opened up the nuclear energy sector and the country is going to see its far-reaching positive impacts and results.

    Respected Mr Chairman,

    We are also among those who are making efforts to discuss AI, 3D printing, robotics, virtual reality and what is the significance of gaming. I have told the youth of the country that why should India not become the gaming capital of the world and the creativity capital of the world and I see that our people are working very fast. Some people use this word when it is in fashion, but for me there is no single AI, there is double AI, India has double strength, one AI is Artificial Intelligence and the other is AI Aspirational India. We started 10000 tinkering labs in schools and today the children coming out of those tinkering labs are surprising people by making robotics and in this budget, provision has been made for 50000 new tinkering labs. India is a country about whose India AI mission the whole world is very optimistic and India’s presence has gained an important place in the world’s AI platform.

    Respected Mr Chairman,

    In this year’s budget, we have talked about investment in the domain of deep tech and I believe that in order to move ahead at a fast pace in deep tech and the 21st century being a completely technology driven century, it is necessary for us that India moves ahead very fast in the field of deep tech.

    Respected Mr Chairman,

    We are constantly working keeping the youth’s future in mind, but there are some parties that are constantly cheating the youth. These parties will give this allowance or that allowance during elections, they make promises but do not fulfill them.

    Respected Mr Chairman,

    These parties have become a disaster for the future of the youth. 

    Respected Chairman,

    The country has just seen in Haryana how we work. We had promised jobs without any expenditure and without any slips. As soon as the government was formed, the youth got jobs. This is the result of what we say.

    Respected Mr Chairman,

    Grand victory for the third time in Haryana and victory for the third time in the history of Haryana, this is a historic event in itself.

    Respected Mr Chairman,

    Historical result in Maharashtra too, blessings of the people, for the first time in the history of Maharashtra the ruling party has so many seats, we have achieved this with the blessings of the people.

    Respected Mr Chairman,

    In his address, the Honourable President has also discussed in detail the completion of 75 years of our Constitution.

    Respected Mr Chairman,

    Apart from the clauses in the constitution, there is also a spirit of the constitution and to strengthen the constitution, the spirit of the constitution has to be lived and today I want to explain this with examples. We are the people who live the constitution.

    Respected Mr Chairman,

    It is true that in our country, when the President addresses the House, he gives details of the government’s tenure for that year. Similarly, in the state, when the Governor addresses the House, he gives details of the activities of that state. What is the spirit of the Constitution and democracy? When Gujarat completed 50 years, we were celebrating its Golden Jubilee Year and luckily I was serving as the Chief Minister at that time, we took an important decision. We decided that in this Golden Jubilee Year, all the speeches of the Governors in the House in the last 50 years, that is, the governments of that time are praised in it. We said that all the speeches of the Governors in those 50 years should be prepared in the form of a book, a treatise should be made and today that treatise is available in all the libraries. I was from BJP, in Gujarat, there were mostly Congress governments. There were speeches of the governors of those governments, but the job of making them famous was being done by the BJP, this Chief Minister from the BJP, why? We know how to live the Constitution. We are dedicated to the Constitution. We understand the spirit of the Constitution.

    Respected Mr Chairman,

    You know that when we came in 2014, there was no honourable opposition. There was no Recognised Opposition Party. No one had come with even that many marks. There were many laws in India that had complete freedom to work according to those laws, there were many committees in which it was written that the Leader of the Opposition would be in them. But there was no opposition, there was no Recognised Opposition. This was our nature of living the Constitution, this was the spirit of our Constitution, this was our intention to follow the limits of democracy, we decided that even though there would not be an honourable opposition, there would not be a Recognised Opposition, but the leader of the largest party would be called in the meetings. This is the spirit of democracy, it happens then. Committees of the Election Commission, respected Mr Chairman,earlier the Prime Minister used to file it and issue it, it is we who have included the Leader of Opposition in it and we have also made a law for it and today when the Election Commission will be formally formed, the Opposition Leader will also be a part of its decision making process, we do this work. And I have already done this, we do it because we live the Constitution.

    Respected Mr Chairman,

    You will find many places in Delhi where some families have built their own museums. The work is being done with the money of the people, what is the spirit of democracy, what is it called living the Constitution, we built the PM Museum and the life and work of all the Prime Ministers of the country from the first to my predecessors have been made in that PM Museum and I would like that the families of the great men who are in this PM Museum should take out time to see that museum and if they feel like adding something to it, then they should draw the attention of the government so that the museum is enriched and inspires the new children of the country, this is the spirit of the Constitution! Everyone does everything for themselves, the group of people who live for themselves is not very small, people who live for the Constitution are sitting here.

    Respected Mr Chairman,

    When power becomes service, nation building happens. When power is made a legacy, democracy ends.

    Respected Mr Chairman,

    We follow the spirit of the Constitution. We don’t do politics of poison. We give utmost importance to the unity of the country and that is why we build the world’s tallest statue of Sardar Vallabhbhai Patel and we remember the great man who worked to unite the country with the Statue of Unity and he was not from the BJP, he was not from the Jan Sangh. We live the Constitution, that is why we move forward with this thinking.

    Respected Mr Chairman,

    It is the misfortune of the country that these days some people are openly speaking the language of urban Naxals and the things that urban Naxals say, like taking on the Indian State, these people who speak the language of urban Naxals and declare war against the Indian State can neither understand the Constitution nor the unity of the country.

    Respected Mr Chairman,

    For seven decades, Jammu & Kashmir and Ladakh were deprived of the rights of the Constitution. This was injustice to the Constitution and also injustice to the people of Jammu & Kashmir and Ladakh. We broke the wall of Article 370, now the citizens of those states of Jammu & Kashmir and Ladakh are getting the rights that the countrymen have and we know the importance of the Constitution, we live by the spirit of the Constitution, that is why we take such strong decisions.

    Respected Mr Chairman,

    Our Constitution does not give us the right to discriminate. Those who live with the Constitution in their pockets do not know what kind of problems you forced Muslim women to live in. We have worked to give rights to Muslim daughters in accordance with the spirit of the Constitution by abolishing triple talaq, and have given them the right to equality. Whenever there has been an NDA government in the country, we have worked with a long vision. I don’t know what kind of language is being used to divide the country, I don’t know how far frustration and disappointment will take them, but what is our thinking, in which direction do the NDA partners think, for us, we pay more attention to what is behind, what is last and what Mahatma Gandhi had said and the result of that is that even if we create ministries, then which ministry do we create, we create a separate ministry for the North-East. We have been in the country for so many years, till Atal ji came, no one understood, he kept giving speeches, NDA created a separate ministry for the tribals.

    Respected Mr Chairman,

    Our southern states are connected to the sea coast. Many states in our east are connected to the sea coast. Fisheries work and fishermen are a very large part of the society there. They should also be taken care of and in the areas where there is a small amount of water inside the land, there are fishermen from the last section of the society too. It is our government which has created a separate ministry for fisheries.

    Respected Mr Chairman,

    The downtrodden and deprived people of the society have a potential within them, if emphasis is laid on skill development, new opportunities can be created for them. Their hopes and aspirations can create a new life and hence we created a separate Skill Ministry.

    Respected Mr Chairman,

    The first duty of democracy in the country is that we should give power to the common man and keeping this in mind, there is an opportunity to connect crores of people of the country to make the cooperative sector of India more prosperous and healthy. The cooperative movement can be increased in many areas and keeping this in mind, we have created a separate cooperative ministry. What is the vision is known here.

    Respected Mr Chairman,

    Talking about caste has become a fashion for some people. For the last 30 years, the MPs from the OBC community who have been coming to the House for the last 30 years, have been demanding for the last 30-35 years that the OBC Commission be given constitutional status by rising above party differences. Those who see profit in casteism today, did not remember the OBC community at that time, it is us who gave constitutional status to the OBC community. The Backward Classes Commission is included in the constitutional system today.

    Respected Mr Chairman,

    We have worked very strongly in the direction of providing maximum opportunities to SC, ST and OBC in every sector. Today, through this House, I want to put forth an important question before the countrymen and Mr. Speaker, the countrymen will surely ponder over this question of mine and will also discuss it at crossroads. Someone please tell me, has there ever been three SC MPs from the same family in the Parliament at the same time? Have there ever been three SC MPs from the same family? I want to ask another question, can someone please tell me whether there have ever been three ST MPs from the same family in the Parliament at the same time and in the same period?

    Respected Mr Chairman,

    I got the answer to one of my questions about the difference between the speech and behavior of some people. The difference is like the difference between the earth and the sky, the difference is like the difference between night and day.

    Respected Mr Chairman,

    How are we empowering SC ST society? Respected Chairman, I will give you an example of how the welfare of the deprived society is done while maintaining the spirit of unity without creating tension in the society. Before 2014, the number of medical colleges in our country was 387. Today there are 780 medical colleges. Now that the number of medical colleges has increased, the seats have also increased. This is a very important angle, Respected Chairman, and hence the colleges have increased and the seats have also increased. Before 2014, the MBBS seats for SC students in our country were 7700. Before we came, there was a possibility of 7700 youth from Dalit society becoming doctors. We worked for 10 years, today the number has increased and arrangements have been made for 17000 MBBS doctors of SC society. Where is 7700 and where is 17000, if there is any welfare of Dalit society and if there is no tension in the society while increasing the respect of each other.

    Respected Mr Chairman,

    Before 2014, there were 3800 MBBS seats for ST students. Today this number has increased to around 9000. Before 2014, there were less than 14000 MBBS seats for OBC students. Today their number has increased to around 32000. 32000 MBBS doctors will be made from OBC community.

    Respected Mr Chairman,

    In the last 10 years a new university has been established every week, a new ITI has been built every day, a new college has opened every 2 days, just imagine how much growth has taken place for our SC, ST, OBC young men and women.

    Respected Mr Chairman,

    We are behind every scheme- 100% saturation, implement it 100%, the beneficiaries should not be left out, we are working in that direction. First of all, we want that the one who is entitled to it should get it, if there is a scheme, then it should reach him, the game of 1 rupee 15 paise cannot work. But what some people did is that they made a model that gave to only a few people and torment others and did the politics of appeasement. To make the country a developed India, we will have to get rid of appeasement. We have chosen the path of satisfaction, not appeasement, and we are walking on that path. Every society, every class of people should get what is their right without any discrimination, this is satisfaction and according to me when I talk about 100% saturation, it means that it is actually social justice. This is actually secularism and in fact it is respect for the constitution.

    Respected Mr Chairman,

    The spirit of the Constitution is that everyone should get better health and today is also Cancer Day. Today, a lot of discussions are going on about health in the country and the world. But there are some people who are creating obstacles in providing health services to the poor and the elderly and that too due to their political interests. Today, 30,000 hospitals in the country and good specialized private hospitals are associated with Ayushman. Where Ayushman card holders get free treatment. But some political parties, due to their narrow mindset, due to bad policies, have kept the doors of these hospitals closed for the poor and cancer patients have suffered the loss. Recently, a study by the public health journal Lancet has come out, which says that cancer treatment is starting on time with the Ayushman scheme. The government is very serious about cancer detection. Because the sooner the detection is done, the sooner the treatment starts, we can save the cancer patient and Lancet has given credit to the Ayushman scheme and said that a lot of work has been done in this direction in India.

    Respected Mr Chairman,

    In this budget too, we have taken a very important step towards making cancer medicines cheaper. Not only this, an important decision has been taken in the coming days and since today is Cancer Day, I would definitely like to say that all the honourable MPs can take advantage of this for such patients in their area, and that is the patients, you know that due to lack of enough hospitals, patients coming from outside face a lot of problems, a decision has been taken in this budget to build 200 day care centers. These day care centers will provide great relief to the patient as well as his family.

    Respected Mr President,

    While discussing the speech of the President, foreign policy was also discussed and some people feel that unless they talk about foreign policy, they do not look mature, so they feel that foreign policy should be talked about even if it causes loss to the country. I want to tell such people, if they are really interested in foreign policy subject and want to understand foreign policy and want to do something in future, I am not saying this for Shashi ji, so I would tell such people to definitely read a book, maybe they will understand what to say where, the name of that book is JFK’s forgotten crisis. It is about JF Kennedy. It is a book named JFK’s forgotten crisis. This book has been written by a famous foreign policy scholar and important events are mentioned in it. This book also mentions the first Prime Minister of India and he also led the foreign policy. This book also describes in detail the discussions and decisions taken between Pandit Nehru and the then President of America, John F. Kane. When the country was facing a lot of challenges, what game was going on in the name of foreign policy then, is now coming to light through that book and so now I would say that please read this book.

    Respected Mr Chairman,

    After the President’s speech, it is your wish if a woman President, daughter of a poor family, could not be respected, but she is being insulted by all sorts of things being said. I can understand political frustration and disappointment, but what is the reason against a President, what is the reason.

    Respected Mr Chairman,

    Today India is moving ahead by leaving this kind of distorted mentality and thinking behind and following the mantra of women led development. If half of the population gets full opportunity, then India can progress at twice the speed and this is my belief, after working in this field for 25 years my belief has become stronger.

    Respected Mr Chairman,

    In the last 10 years, 10 crore new women have joined Self Help Groups (SHGs), and these women are from underprivileged families, from rural backgrounds. The strength of these women sitting at the bottom of the society has increased, their social status has also improved and the government has increased their assistance to Rs 20 lakh, so that they can take this work forward. We are making efforts in this direction to increase their work capacity, increase its scale and today it is having a very positive impact on the rural economy.

    Respected Mr Chairman,

    The President has discussed the Lakhpati Didi Abhiyan in his speech. According to the information registered so far after the formation of our new government for the third time, we have received information about more than 50 lakh Lakhpati Didis and since I have taken this scheme forward, till now about 1.25 crore women have become Lakhpati Didis and our target is to make three crore women Lakhpati Didis and for this, emphasis will be laid on economic programs.

    Respected Mr Chairman,

    Today, Drone Didi is being discussed in many villages of the country, a psychological change has come in the village, seeing a woman flying a drone in her hand, the villagers’ view of women is changing and today Namo Drone Didi has started earning lakhs of rupees by working in the fields. Mudra Yojana is also playing a very important role in the empowerment of women. Crores of women have stepped into the industry for the first time with the help of Mudra Yojana and have come into the role of industrialists.

    Respected Mr Chairman,

    Out of the houses given to 4 crore families, approximately 75 percent of the houses are owned by women.

    Respected Mr Chairman,

    This change is laying the foundation of a strong India of the 21st century. Respected Speaker, the goal of developed India is the rural economy, without strengthening it we cannot build a developed India and therefore we have tried to touch every sector of the rural economy and we know that agriculture is very important in the rural economy. Our farmers are a strong pillar among the four pillars of developed India. In the last decade, the budget for agriculture has been increased 10 times. Let me tell you about the period after 2014 and this is a very big jump.

    Respected Mr Chairman,

    Those who talk about farmers here today, before 2014, they used to be beaten up for asking for urea. They had to stand in queues all night and that was the time when fertilizers were issued in the name of farmers, but did not reach the fields, somewhere else in black millet and the game of sleight of hand of 1 rupee and 15 paise was going on. Today farmers are getting enough fertilizers. The great crisis of Covid came, the entire supply chain got disturbed, the prices in the world increased unreasonably and the result was that because we are dependent on urea, we have to import it from outside, today for the Indian government  a bag of urea costs ₹ 3000, the government has borne the burden and has given it to the farmer at a price less than 300, less than 300 rupees. We are continuously working to ensure that the farmer gets maximum benefit.

    Respected Mr Chairman,

    In the last 10 years, 12 lakh crore rupees have been spent to ensure that farmers get cheap fertilizers. Around 3.5 lakh crore rupees have been transferred directly to farmers’ accounts through PM Kisan Samman Nidhi. We have also increased the MSP on a record basis and have procured three times more in the last decade than before. Farmers should get loans, easy loans, cheap loans, and that too has increased three times. Earlier, farmers were left to fend for themselves during natural calamities. During our tenure, farmers have received 2 lakh crore rupees under PM Fasal Bima.

    Respected Mr Chairman,

    Unprecedented steps have been taken for irrigation in the last decade and it is unfortunate that those who talk about the Constitution do not have much knowledge. Very few people would know that in our country, Dr. Babasaheb Ambedkar’s vision regarding water schemes was so clear, so comprehensive and so inclusive that it inspires us even today. We launched a campaign to complete more than 100 irrigation projects that were pending for decades, so that water reaches the farmers’ fields. Babasaheb’s vision was to link rivers, Babasaheb Ambedkar advocated linking of rivers. But for years, decades passed, nothing happened. Today we have started work on the Ken-Betwa Link Project and the Parvati-Kalisindh-Chambal Link Project and I have also had a successful experience of working to revive extinct rivers by linking many rivers in Gujarat in this way.

    Respected Mr Chairman,

    This should be the dream of every citizen of the country. It should be the dream of all of us that there should be Made in India food packets on every dining table in the world. Today I feel happy when along with Indian tea, our coffee is also spreading its fragrance in the world. It is making a splash in the markets. Even our turmeric has seen the highest demand after Covid.

    Respected Mr Chairman,

    You will definitely see that in the coming times, our processed seafood and the Makhana of Bihar, which some people are worried about and don’t know when and why, is going to reach the world. Our coarse grain i.e. Shri Anna, will also increase the prestige of India in the world markets.

    Respected Mr Chairman,

    Future Ready cities are also very important for a developed India. Our country is rapidly moving towards urbanisation and this should not be considered a challenge or a crisis. It should be considered an opportunity and we should work in that direction. Expansion of infrastructure leads to expansion of opportunities. Where connectivity increases, possibilities also increase. The first Namo Rail connecting Delhi-UP was inaugurated and I also got the opportunity to travel in it. Such connectivity, such infrastructure should reach all the major cities of India, this is our need in the coming days and our direction.

    Respected Mr Chairman,

    Delhi’s network has doubled and today the metro network is reaching tier-2 and tier-3 cities as well. Today we can all be proud that India’s metro network has crossed 1000 km and not only this, work is currently underway on another 1000 km. That means we are progressing so fast.

    Respected Mr Chairman,

    The Government of India has taken many initiatives to reduce pollution. We have started running 12 thousand electric buses in the country and have also done a great service to Delhi. We have given this to Delhi as well.

    Respected Mr Chairman,

    A new economy has always been expanding from time to time in our country. Today, the Gig Economy is developing as an important area in big cities. Lakhs of youth are joining it. We have said in this budget that labour! Such Gig workers should register themselves on the e-Shram portal and after verification, how can we help them in this new age service economy and they should get an ID card after coming on the e-Shram portal and we have said that these Gig workers will also be given the benefit of Ayushman Yojana so that Gig workers will  move in the right direction and it is estimated that today there are about one crore Gig workers in the country and we are also working in that direction.

    Respected Mr Chairman,

    The MSME sector brings a huge number of job opportunities and this is a sector that has immense employment potential. These small industries are a symbol of self-reliant India. Our MSME sector is making a huge contribution to the country’s economy. Our policy is clear, simplicity, convenience and support to MSMEs is a sector that has employment potential and this time we have emphasized on Mission Manufacturing and in a Mission Mode, we are moving forward by giving emphasis to the entire ecosystem of manufacturing sector i.e. giving strength to MSMEs and giving employment to many youth through MSMEs and preparing youth for employment through skill development. We have started working on many aspects to improve the MSMEs sector. The criteria for MSMEs was made in 2006, it was not updated. In the last 10 years, we have tried to upgrade this criteria twice and this time we have taken a very big jump. For the first time in 2020, for the second time in this budget, we have tried to promote MSMEs. They are being given financial assistance everywhere.

    The challenge before MSMEs has been the lack of formal financial resources. During the Covid crisis, MSMEs were given a special emphasis. We have given special emphasis to the toy industry. We gave special emphasis to the textile industry, did not let them face cash-flow shortage and gave loans without any guarantee. Possibilities of lakhs of jobs were created in thousands of industries and jobs were also secured. 

    For small industries, we took steps in the direction of Customised Credit Card, Credit Guarantee Coverage, due to which their Ease of Doing Business also got a boost and by reducing unnecessary rules, their administrative burden, they had to pay one or two people for work, that too was stopped. You will be happy to know that we have made new policies to promote MSMEs, there was a time before 2014, we used to import things like toys, today I can proudly say that the small toy-making industries of my country are exporting toys to the world today and there has been a huge decline in imports. There has been an increase of about 239 percent in exports. There are many sectors run by MSMEs that are making their mark across the world. Made in India clothes, electronics, electrical scouts’ goods are today becoming a part of the lives of other countries.

    Respected Mr Chairman,

    The country is moving ahead to fulfill the dream of a developed India and is moving ahead with great confidence. The dream of a developed India is not a government dream. It is the dream of 140 crore countrymen and now everyone has to give as much energy as they can to this dream and there are examples in the world, in a period of 20-25 years many countries of the world have shown that they have become developed, so India has immense potential. We have demography, democracy, demand, why can’t we do it? We have to move ahead with this confidence and we are also moving ahead with the dream that by 2047, when the country will become independent, it will be 100 years of independence and by then we will become a developed India.

    And Honorable Chairman,

    I say with confidence that we have to achieve bigger goals and we will achieve them and Honorable Speaker, this is only our third term. As per the requirement of the country, we are going to remain dedicated for many years to come to build a modern India, a capable India and to realize the resolution of a developed India.

    Respected Mr Chairman,

    I appeal to all the parties, I appeal to all the leaders, I appeal to the countrymen, everyone has their own political ideologies, their own political programs, but nothing can be bigger than the country. The country is paramount for all of us and together we will fulfill the dream of a developed India, the dream of 140 crore countrymen is also our dream where every sitting MP is working to fulfill the dream of a developed India.

    Respected Mr Chairman,

    While expressing my gratitude for the President’s speech, I also express my gratitude to you and the House. Thank you!

     

    DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: “Nuclear Mission” announced in the Union Budget 2025-26 will mark a transformative shift in India’s energy landscape and will enable Nuclear Power to emerge as a major source of energy in India.: Union Minister Dr. Jitendra Singh

    Source: Government of India (2)

    “Nuclear Mission” announced in the Union Budget 2025-26 will mark a transformative shift in India’s energy landscape and will enable Nuclear Power to emerge as a major source of energy in India.: Union Minister Dr. Jitendra Singh

    ₹20,000 crore for R&D in Small Modular Reactors, targeting at least five indigenously designed operational SMRs by 2033: Dr. Singh

    Posted On: 05 FEB 2025 7:21PM by PIB Delhi

    Union Minister Dr. Jitendra Singh, in an exclusive media interview, said here today that the “Nuclear Mission” announced in the Union Budget 2025-26 will mark a transformative shift in India’s energy landscape and will enable Nuclear Power to emerge as a major source of energy in India.

    Union Minister of State (Independent Charge) for Science and Technology, Minister of State (Independent Charge) for Earth Sciences, Minister of State in the Prime Minister’s Office, Department of Atomic Energy, Department of Space, and Personnel, Public Grievances, and Pensions, Dr. Jitendra Singh, underscored the crucial role of nuclear power in ensuring India’s energy security. He emphasized the government’s futuristic roadmap for the nuclear energy sector, which will significantly contribute to achieving self-sufficiency in energy production.

    Dr. Jitendra Singh hailed the revolutionary decision to provide tax relief on income up to ₹12 lakh, noting that this initiative will bring satisfaction to a large section of the population and have a multiplier effect on the economy.

    In a landmark move, Dr Jitendra Singh hailed the announcement that India’s nuclear energy sector has been opened for private sector participation. Calling this step “revolutionary,” he noted that for 60-70 years, the sector operated under secrecy. Now, with greater openness and collaboration, India can accelerate growth and innovation in nuclear energy, aligning with the vision of Aatmanirbhar Bharat.

    Dr. Jitendra Singh recalled how Prime Minister Narendra Modi’s decision to open the Space sector for private players transformed the industry. He expressed confidence that the nuclear sector will experience similar growth and innovation, leading to a major shift in energy security.

    Highlighting India’s reliance on petroleum imports, Dr. Jitendra Singh reaffirmed the government’s commitment to clean and sustainable energy solutions. And categorically mentioned that nuclear energy will be a major source of India’s energy security.

    Recognizing nuclear power as a cornerstone for energy security, the government has introduced the Nuclear Energy Mission for Viksit Bharat, aiming to enhance domestic nuclear capabilities, promote private sector participation, and deploy advanced nuclear technologies.

    The Union Budget 2025-26 has allocated ₹20,000 crore for R&D in Small Modular Reactors, targeting at least five indigenously designed operational SMRs by 2033. This aligns with India’s target of 100 GW nuclear power capacity by 2047, a major step toward reducing carbon emissions and ensuring energy sustainability.

    Dr. Jitendra Singh informed that India’s nuclear power capacity, currently at 8,180 MW, is set to expand to 22,480 MW by 2031-32, with ten reactors under construction across Gujarat, Rajasthan, Tamil Nadu, Haryana, Karnataka, and Madhya Pradesh. Additionally, plans for ten more reactors are in progress, with a major 6 x 1208 MW nuclear power plant in collaboration with the USA at Kovvada, Andhra Pradesh.

    He shared that a significant milestone was achieved on September 19, 2024, when the Rajasthan Atomic Power Project’s Unit-7 (RAPP-7) reached criticality, marking the beginning of a controlled fission chain reaction—an achievement highlighting India’s growing nuclear prowess.

    Dr. Singh reaffirmed India’s commitment to achieving 500 GW of non-fossil fuel-based energy generation by 2030, in line with its COP26 pledge, and PM Modi’s vision for net-zero emissions by 2070 he remarked that it was Prime Minister Modi who initiated the Mission LiFE. He emphasized that India’s approach to nuclear and biotech advancements follows a whole-of-government and whole-of-science model, ensuring integrated progress.

    Dr. Singh also introduced the recently announced BIOe3 Policy, India’s first-of-its-kind initiative to foster a biotechnology-driven industrial revolution. He emphasized the creation of BIRAC, a platform to support biotech startups and facilitate collaborations with the Department of Biotechnology. India has already seen success in biotechnology, with achievements such as the development of its first antibiotic Nafithromycin and the Human Papilloma Virus (HPV) vaccine.

    The BIOe3 Policy will drive advancements in bio-manufacturing, bio-foundries, and circular economy models, promoting recyclable and reusable products under the “Wealth from Waste” concept. This initiative is expected to spur economic growth, generate employment, and foster environmental sustainability.

    Towards the conclusion Dr. Jitendra Singh reiterated that provisions for nuclear power in Union Budget 2025-26 mark a transformative shift in India’s energy landscape. By expanding nuclear energy as a sustainable, scalable, and secure power source, the government aims to bolster energy security and meet the nation’s long-term economic and environmental goals. Dr. Singh reaffirmed that the Nuclear Energy Mission for Viksit Bharat is poised to accelerate nuclear power development, positioning India as a global leader in advanced nuclear technology by 2047.

    *****

    NKR/PSM

    (Release ID: 2100108) Visitor Counter : 7

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: CFTC Announces Prediction Markets Roundtable

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — The Commodity Futures Trading Commission will hold a public roundtable in approximately 45 days at the conclusion of its requests for information on certain sports-related event contracts. The goal of the roundtable is to develop a robust administrative record with studies, data, expert reports, and public input from a wide variety of stakeholder groups to inform the Commission’s approach to regulation and oversight of prediction markets, including sports-related event contracts. 
    The roundtable will be held in the Conference Center at the CFTC’s headquarters at Three Lafayette Centre, 1155 21st Street N.W., Washington, D.C. Further information on the roundtable will be released once details are finalized.
    “Unfortunately, the undue delay and anti-innovation policies of the past several years have severely restricted the CFTC’s ability to pivot to common-sense regulation of prediction markets,” said Acting Chairman Caroline D. Pham. “Despite my repeated dissents and other objections since 2022, the current Commission interpretations regarding event contracts are a sinkhole of legal uncertainty and an inappropriate constraint on the new Administration. Prediction markets are an important new frontier in harnessing the power of markets to assess sentiment to determine probabilities that can bring truth to the Information Age. The CFTC must break with its past hostility to innovation and take a forward-looking approach to the possibilities of the future. 
    “As the preeminent federal regulator mandated to oversee the $400 trillion notional derivatives markets that drive the real economy and safeguard the public interest, the CFTC is required to follow the rule of law and the Administrative Procedure Act to change course. This roundtable is a necessary first step in order to establish a holistic regulatory framework that will both foster thriving prediction markets and protect retail customers from binary options fraud such as deceptive and abusive marketing and sales practices. The CFTC appreciates the proactive engagement from market participants and looks forward to working together to support innovation while ensuring robust customer protection in our markets.”
    The CFTC has identified several key obstacles to balanced regulation of prediction markets: existing Commission orders issued to designated contract markets (DCMs) pursuant to regulation 40.11 and related Commission interpretations; Commission rulemakings on event contracts; federal circuit court of appeals and district court orders and opinions, including that “gaming involves games”; the CFTC’s legal arguments and litigating positions in several ongoing federal court cases; CFTC-registered entities’ legal arguments in court that event contracts based on games or sports contests or sporting events constitute “gaming” and are therefore prohibited under the Commodity Exchange Act; staff interpretations, other guidance, and current practices on event contracts; existing law and regulation applicable to DCMs and futures commission merchants (FCMs); CFTC examinations, enforcement actions, and investigations; and other issues including but not limited to Constitutional questions such as the Commerce Clause, States’ rights and State regulatory schemes, Federalism, Federal preemption doctrines, and First Nations’ sovereignty as well as other federal laws applicable to sports betting. 
    The roundtable will include the above topics, in addition to retail binary options fraud and customer protection, potential revisions to Part 38 and Part 40 of CFTC regulations to address prediction markets, and other improvements to the regulation of event contracts to facilitate innovation. Participants will include a wide variety of experts and stakeholders representing numerous and diverse interests in these issues. 
    Members of the public may provide feedback, suggestions, and requests to participate as panelists on the roundtable by February 21, 2025 via email to [email protected] with “Prediction Markets Roundtable” in the subject field.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Josh Stein Holds Workforce Development Roundtable Focusing on North Carolina Veterans

    Source: US State of North Carolina

    Headline: Governor Josh Stein Holds Workforce Development Roundtable Focusing on North Carolina Veterans

    Governor Josh Stein Holds Workforce Development Roundtable Focusing on North Carolina Veterans
    bwood

    Raleigh, NC

    Today, Governor Josh Stein joined leaders from the North Carolina Department of Commerce and Department of Military and Veterans Affairs to discuss strategies to support North Carolina workers, particularly veterans in the workplace. Governor Stein also toured Wilmington’s NCWorks site and discussed career resources available to jobseekers.  

    North Carolina’s economy has been ranked at the top for business in recent years, and as we keep growing, we must ensure that every corner of our state benefits from that growth,” said Governor Josh Stein. “I am impressed how NCWorks is connecting people to career opportunities, and I have directed the Departments of Commerce and Military and Veteran Affairs to continue their collaboration to ensure veterans can succeed. We have to do everything we can to support our veterans.”

    “The New Hanover NCWorks Career Center brings together our workforce assets to connect jobseekers and great employers,” said N.C. Department of Commerce Secretary Lee Lilley. “Transitioning veterans are great employees, and they can visit any NCWorks Career Center for help developing a new career and connecting with employers that recognize their skills and experience.”

    “North Carolina is home to more than 600,000 veterans, and all of them deserve meaningful employment opportunities as they enter the civilian workforce,” said NC Department of Military and Veterans Affairs Secretary Jocelyn Mitnaul Mallette. “At DMVA, we are committed to partnering with Governor Stein to explore meaningful ways to overcome the barriers our veterans face.”  

    North Carolina veterans facing barriers to employment can find tailored resources here.  

    Feb 5, 2025

    MIL OSI USA News –

  • MIL-OSI USA: Bowman, Bank Regulation in 2025 and Beyond

    Source: US State of New York Federal Reserve

    Thank you for the invitation to speak to you today.1 It is a pleasure to be with you. I always enjoy the opportunity to meet bankers from across the country to learn about the issues that are important to you. Recently, I have observed a shift in tone when I talk to bankers about the bank regulatory environment. Bankers are cautiously optimistic that we will see meaningful reform that right-sizes regulation and supervisory approach, reforms that—if executed appropriately—should help the banking system promote economic growth in a safe and sound manner. Today, I will share my views on a number of issues related to banking regulation and supervision, including the importance of tailoring, having a problem-focused approach to bank regulation and supervision, and the imperative of innovation in the banking system.
    One of the unique characteristics of the U.S. banking system is the broad scope of institutions it includes and the wide range of customers and communities it serves. Given this wide variety of institutions, regulators must strive to foster a financial system that enables each and every bank, no matter its size, to thrive, supporting a vibrant economy and financial system. We must also be sensitive to emerging issues and trends that require attention, whether that be unintended consequences from capital requirements, the incentives created by our approach to regulatory applications, and to ensure legal compliance.
    TailoringThe approach to regulation and supervision should promote a healthy and vibrant banking system. One key element of a regulatory approach that does so, and one that I often highlight, is the use of “tailoring” in the regulatory framework. For those familiar with my philosophy on bank regulation and supervision, my interest and focus on tailoring will come as no surprise.2 In its most basic form, it is difficult to disagree with the virtue of regulatory and supervisory tailoring—calibrating the requirements and expectations imposed on a firm based on its size, business model, risk profile, and complexity—as a reasonable, appropriate, and responsible approach for bank regulation and supervision. In fact, tailoring is embedded in the statutory fabric of the Federal Reserve’s bank regulatory responsibilities.3
    The bank regulatory framework inherently includes significant costs—both the cost of operating the banking agencies and the cost to the banking industry of complying with regulations, the examination process, and supplying information to regulators both through formal information collections and through one-off requests. In the aggregate, these costs can ultimately affect the price and availability of credit, geographic access to banking services, and the broader economy. The cost of this framework—both to regulators and to the industry—reflects layers of policy decisions over many years. But this framework could be more effective in balancing the mandate to promote safety and soundness with the need to have a banking system that promotes economic growth.
    Let’s consider costs. As regulatory and supervisory demands grow, there is often parallel growth in the staff and budgets of the banking agencies. We should not only be cognizant of these costs, but we should act in a way that requires efficiency while ensuring safety and soundness. Some degree of elasticity in regulator capacity is necessary to respond to evolving economic and banking conditions, as well as emerging risks, but there must be reasonable constraints on banking agency growth. Expansion of the regulatory framework is not a cost-free endeavor. These costs are shouldered by taxpayers, banks, and, ultimately, bank customers.
    The bank regulatory framework has great potential to provide significant benefits, including supporting an innovative banking system that enhances trust and confidence in our institutions and promotes safety and soundness. When we consider the benefits and the costs, we can institute greater efficiencies in both banking regulation and in the banking industry itself. The framework is complex, and the various elements of this framework are intended to work in a complementary way. As banks evolve—by growing larger or by engaging in new activities—tailoring can help us to quickly recalibrate requirements in light of the new risks posed by the firm.
    But the regulatory framework, especially how supervisors prioritize its application to the banking industry, can pose a serious threat to a bank’s viability. For example, imposing the same regulatory requirements on banks with assets of $2 billion to $2 trillion under the new rules implementing the Community Reinvestment Act demonstrated a missed opportunity to promote greater effectiveness and efficiency.4 I question the wisdom of applying the same evaluation standards to banks within such a broad range.
    Likewise, supervisory guidance can provide fertile ground to differentiate supervisory expectations under a more tailored approach. While supervisory guidance is not binding on banks as a legal matter, it can signal how regulators think about particular risks and activities, and often drives community banks to reallocate resources in a way that may not be necessary or appropriate. The Fed’s guidance on third-party risk management is an example of this. Originally, this guidance was published in a way that applied to all banks, including community banks. Yet it was acknowledged even at the time of publication that it had known shortcomings, particularly in terms of its administration and lack of clarity for community banks.5
    Tailoring is important for all banks, but it is particularly important for community banks. There are real costs not only to banks, but to communities, when the framework is insufficiently tailored, as community banks faced with excessive regulatory burdens may be forced to raise prices or seek to merge or be acquired. These banks often reach unbanked or underbanked corners of the U.S. economy, not only in terms of the customers they serve but also in terms of their geographic footprint. We are all familiar with banking deserts and the challenges many legitimate and law-abiding businesses and consumers have in accessing basic banking services and credit. It is difficult to imagine that a system with far fewer banks would as effectively serve U.S. banking and credit needs and sufficiently support economic growth.
    It is imperative that we keep the benefits of tailoring in focus as the bank regulatory framework evolves. A tailored regulatory and supervisory approach can help inform our policies on a wide range of industry issues that are likely to emerge in the coming years.
    Problem-Based SolutionsOne of the most difficult challenges on the regulatory front is prioritization, both for banks managing their businesses and for regulators deciding how to fulfill their responsibilities. At a basic level, the role of regulators is dictated by statute. Congress granted the Federal Reserve and other banking agencies broad statutory powers but has constrained how those powers may be directed through the use of statutory mandates, including to promote a safe and sound banking system, and broader U.S. financial stability. In the execution of these responsibilities, the Federal Reserve must also balance the need to act in a way that enables the banking system to serve the U.S. economy and promote economic growth. While these objectives are not incompatible, they do require us to consider tradeoffs when establishing policy.
    How can regulators best meet these responsibilities? As many of you may already know, I strongly believe in a pragmatic approach to policymaking.6 This requires us to identify the problem we are trying to solve, determine whether we are the appropriate regulator to address the problem based on our statutory mandates and authorities, and explore options for addressing the identified issue.
    This approach of pragmatic problem-solving also applies to supervision, where process improvements could improve functioning. The Federal Reserve exercises its supervisory responsibilities by supervisory portfolio, with each portfolio relying on a combination of Board and Reserve Bank staff.7 It is important that responsibility for supervisory decisions be paired with accountability for such decisions, which can be complicated depending on the different roles played by Board and Reserve Bank staffs, and as institutions change supervisory portfolios. The misalignment of responsibility and accountability detracts from effective supervision.
    Our supervisory program should require strong examiner training, rely on examiner expertise in the conduct of examinations, and work in partnership with state bank supervisors. Doing so will allow us to leverage the practical experience and judgment of examination staff—characteristics that are necessary for effective supervision—while preserving the role of the Board to delegate and provide Reserve Bank oversight. Examinations cannot be just a box-checking exercise. We must rely on well-trained and experienced examiners empowered to exercise independent judgment and ask questions, which leads to stronger and more effective supervision.
    As we look at the banking system, including the regulatory framework, we must focus on those issues that are most important to advancing statutory priorities. There is always the risk of misidentification and mis-prioritization, and that we fail to take appropriately robust action on key issues or focus on issues that are less material to a bank’s safety and soundness. Our goal should be to develop a better filter to promote appropriate and effective prioritization.
    Treasury market functioningWhere regulation may create or exacerbate financial stability risks, we need to take a close look at whether those risks are justified by the safety and soundness benefits of the regulation. The erosion of liquidity in U.S. Treasury markets provides a good example of unintended consequences and the need to evaluate tradeoffs in regulation. This issue is a byproduct of several important dynamics: (1) the role of large banks in the intermediation of U.S. Treasury markets, (2) the growth of “safe” assets in the banking system, and (3) the increase in leverage-based capital requirements becoming the binding capital constraint on some large banks. While regulators may not have tools to address all of these dynamics, clearly the adverse impact of leverage-based capital requirements falls within the banking regulators’ scope of responsibility.
    Issues with Treasury market functioning have been known for quite some time. We have seen a persistent trend of low liquidity in U.S. Treasury markets for several years, which has been noted in the Board’s semiannual Financial Stability Report.8 Low liquidity can create more volatility in prices, exacerbate the effects of market shocks, and can threaten market functioning. Treasury market functioning and liquidity will likely be affected by the Securities and Exchange Commission’s central clearing requirement for U.S. Treasuries, which may improve market functioning. In addition, the Federal Reserve’s Standing Repo Facility may also help to promote smooth functioning in the Treasury market. But there is uncertainty regarding how the volume of Treasury securities issued and outstanding, and changes to the Fed’s balance sheet over time, may affect this.
    We have seen Treasury markets experience stress events as recently as the September 2019 repo market stress, and the so-called “dash for cash” in March of 2020. Both of these events raised concerns about the resiliency of U.S. Treasury markets. Therefore, we should continue to actively monitor indicators of market function, particularly whether Treasury market functioning improves over time, thereby enabling it to withstand future shocks.
    The banking regulators are uniquely positioned to not only analyze but also remediate components of the bank regulatory framework that may exacerbate Treasury market illiquidity. Large bank-affiliated primary dealers play an important role in the intermediation of U.S. Treasury markets. These dealers are not immune or insulated from the effect of banking regulation. While many factors can affect market liquidity, including interest rate volatility and Treasury market saturation, we must consider whether some of the pressure is a byproduct of bank regulation.
    The Federal Reserve has previously intervened to address market stress and support Treasury market functioning, for example, by temporarily excluding Fed reserves and Treasuries from the denominator of the supplemental leverage ratio (SLR).9 Treasury markets play a critical role in the U.S. and global financial systems, and we should take action to address the unintended consequences of bank regulation, while ensuring the framework continues to promote safety, soundness, and financial stability.10
    Leverage ratios do not differentiate between the risk of certain asset classes or exposures, and therefore appropriately operate as a backstop to risk-based capital requirements. However, in periods of banks’ balance sheet expansion—as during COVID-19 when we saw significant deposit inflows—leverage ratios can become the binding constraint on banks and their affiliates, increasing the amount of required capital based on increased balance sheet size regardless of risk. When constrained in this way, bank-affiliated primary dealers may pull back on market intermediation activities.
    Where we can take proactive regulatory measures to ensure that primary dealers have adequate balance sheet capacity to intermediate Treasury markets, we should do so. This could include amending the leverage ratio and G-SIB surcharge regulations for the largest U.S. banks. Adopting regulatory changes to mitigate these concerns may not be sufficient to ensure market liquidity, but it would be an important step toward building resiliency in advance of future stress events. In my view, it would be better to fix the roof now, while the sun is shining, by addressing over-calibrated leverage ratio requirements, and considering the unintended consequences of any future capital reforms.
    Stress testingI will now turn to another area that the Board has already identified as a priority for review—stress testing. Stress testing can be an important supervisory tool, but its implementation, outcomes and process have raised significant questions and concerns about whether it is useful in identifying systemic weaknesses. In its current structure, it is an opaque test hidden from public scrutiny that is used to establish variable binding capital requirements on large banks. Our review should consider whether it is transparent and fair, and whether there are technical improvements that could enhance the reliability and credibility of the test and its results.11
    In its current form, stress testing is likely deficient on each of these fronts. Transparency promotes fairness, as regulated entities and the public can better understand why and how our actions further our goals. When we identify areas that suffer from a lack of transparency, we should act promptly to address those concerns. On December 23 of last year, the Fed announced that it would soon seek public comment on “significant changes” to the stress testing process designed to improve transparency of the tests and reduce volatility of the resulting stress capital buffers that apply to large financial institutions.12 Given my longstanding support for revisiting the stress testing framework to promote transparency and reduce volatility, I am pleased with this development.13
    FraudFinally, I would like to address the problem of fraud, particularly check fraud, which has grown in frequency and impact over the past several years. Fraud continues to harm banks, damaging the perceived safety of the banking system, and importantly hurting consumers who are the victims of fraudulent activity. Sometimes fraudsters target vulnerable populations, like the elderly, who are particularly susceptible to certain forms of fraud.
    As I have noted in the past, efforts by regulators have been frustratingly slow to advance, and seem to have done little to address the underlying root causes of this increase in fraud. Why has this important issue failed to garner greater attention from all of the appropriate regulatory and law enforcement bodies? Different governmental agencies may share an important role in addressing this problem, but the need for a joint and coordinated solution does not excuse collective inaction.
    Fraud is perhaps the most consistent issue raised when I speak with bankers. Often the concerns note frustrations with the tools available to fight fraud and frictions dealing with counterparties in investigating and addressing fraud. The costs of prevention, detection, and remediation can also be substantial, but so can the costs of navigating these issues dealing with affected bank customers. We are overdue for more assertive action to protect bank customers and the financial system.
    The Innovation ImperativeInnovation has always been a priority for banks of all sizes and business models. Banks in the U.S. have a long history of developing and implementing new technologies, and innovation has the potential to make the banking and payment systems faster and more efficient, to bring new products and services to customers, and even to enhance safety and soundness.
    Regulators must be open to innovation in the banking system. Our goal should be to build and support a clear and sensible regulatory framework that anticipates ongoing and evolving innovation—one that allows the private sector to innovate while also maintaining appropriate safeguards. We must promote innovation through transparency and open communication, including demonstrating a willingness to engage during the development process. Financial institutions should know what activities are permitted, and the supervisory and regulatory expectations that will accompany their activities. By providing clarity and consistency, we can encourage long-term business investment, while also continuing to support today’s products and services. A clear regulatory framework would also empower supervisors to focus on safety and soundness, ensuring a safe and efficient banking and payment system.
    Absent clearer rules of the road, we run the risk of reducing the availability of banking services. Bank regulatory policy should address the needs of the unbanked and expand the availability of banking services. It should not be used to limit or exclude access to banking services for legitimate customers and businesses in a way that is meant to further unrelated policy goals, sometimes referred to as “de-banking” or bank “de-risking.” Credit decisions should not be dictated by banking regulations or supervisory messages. Ultimately, bankers are and should be responsible for their own credit allocation decisions.
    Regulators must change approaches that have resulted in credit allocation decisions, research how banks are making decisions related to which customers they serve, and promote an environment that allows legitimate bank customers to obtain banking services.
    New technologies and services often require novel regulatory and supervisory approaches, and we recognize that past approaches will likely not be effective. Often regulators take a “more is better” approach to regulation and guidance. Over the past several years, the banking industry has faced an onslaught of proposed and final regulations and guidance, materials that require a significant time commitment to review, to comment on, and to implement. Many times, these require changes to policies and procedures or risk-management practices.
    Fundamentally though, this “more is better” approach fails to address the core criticisms, including both an overall lack of transparency, and the perception (and perhaps reality?) that regulators have been overly hostile to innovation, including banks’ involvement in any capacity with digital assets, the use of artificial intelligence, and the availability of new technologies and providers to access the payment system.
    As a banker, state bank commissioner, and as a Board member, I have made the case for a more open-minded approach to innovation, including by co-hosting an informational event for bankers together with three other bank commissioners on distributed ledger technology and banking innovation just prior to joining the Board.14 We must prioritize understanding the risks and benefits of new technologies before developing a supervisory posture, especially when applying rules and using the “soft” power of supervision to discourage its use. Instead, we must create a supervisory and regulatory environment that facilitates reasonable and supportive approaches. The natural posture of a regulator may be to emphasize safety and soundness above all other objectives, but doing so will ultimately stifle innovation and threaten the long-term health and utility of the banking system.
    Closing ThoughtsThank you for the opportunity to speak with you today. The financial system is constantly evolving, and our regulatory approach must anticipate this evolution. We must return to a regulatory approach that emphasizes appropriate tailoring of regulatory requirements and supervisory expectations and take a pragmatic approach in identifying and remediating the most pressing issues. And we must encourage ongoing innovation in the banking and financial systems.

    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, e.g., Michelle W. Bowman, “Tailoring, Fidelity to the Rule of Law, and Unintended Consequences (PDF)” (speech at the Harvard Law School Faculty Club, Cambridge, MA, March 5, 2024). Return to text
    3. See, Economic Growth, Regulatory Relief, and Consumer Protection Act, Pub. L. No. 115-174, § 401(a)(1) (amending 12 U.S.C. § 5365), 132 Stat. 1296 (2018). Return to text
    4. See dissenting statement, “Statement on the Community Reinvestment Act Final Rule by Governor Michelle W. Bowman,” news release, October 24, 2023. Return to text
    5. See “Statement on Third Party Risk Management Guidance by Governor Michelle W. Bowman,” news release, June 6, 2023. Return to text
    6. Michelle W. Bowman, “Approaching Policymaking Pragmatically (PDF)” (remarks to the Forum Club of the Palm Beaches, West Palm Beach, FL, November 20, 2024). Return to text
    7. Board of Governors of the Federal Reserve System, “Understanding Federal Reserve Supervision” (“What is the difference between what examiners do at Reserve Banks and staff do at the Board? Supervision is a function of the Board, with Reserve Banks conducting supervision under the Board’s delegated authority. The Board and Reserve Bank staff both play a critical role in carrying out the function of supervision, but the role varies by the supervisory group in which a bank is designated. LISCC supervision is run by the Board, with examiners employed by the Board and the Reserve Banks. For all other programs, examinations are conducted by Reserve Bank staff, with involvement of Board staff on horizontal exercises and key decisions. For banks in supervisory groups other than LISCC, Board staff set expectations for how Reserve Bank staff conduct examinations and, in turn, conduct oversight of Reserve Bank supervision to determine how well supervision is executed.”). Return to text
    8. See Board of Governors of the Federal Reserve System, Financial Stability Report (PDF) (Washington, DC, November 2024), 10-11. Return to text
    9. See, e.g., Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio (PDF), 85 Fed. Reg. 20,578, 20,579 (April 14, 2020). Return to text
    10. See Financial Stability Report, 10–11. Board of Governors of the Federal Reserve System, “Federal Reserve Board Announces that the Temporary Change to Its Supplementary Leverage Ratio (SLR) for Bank Holding Companies Will Expire as Scheduled on March 31,” news release, March 19, 2021, (noting that the Board would seek comment on changes to the SLR). Return to text
    11. Michelle W. Bowman, “The Future of Stress Testing and the Stress Capital Buffer Framework (PDF)” (speech at the Executive Council of the Banking Law Section of the Federal Bar Association, Washington, DC, September 10, 2024). Return to text
    12. Board of Governors of the Federal Reserve System, “Due to Evolving Legal Landscape & Changes in the Framework of Administrative Law, Federal Reserve Board Will Soon Seek Public Comment on Significant Changes to Improve Transparency of Bank Stress Tests & Reduce Volatility of Resulting Capital Requirements,” news release, December 23, 2024. Return to text
    13. Bowman, “The Future of Stress Testing.” Return to text
    14. See, e.g., Michelle W. Bowman, “Innovation and the Evolving Financial Landscape (PDF)” (remarks at the Digital Chamber DC Blockchain Summit 2024, Washington, DC, May 15, 2024). Return to text

    MIL OSI USA News –

  • MIL-OSI USA: Wyden, Merkley Demand Answers and Actions from Feds as Many Head Start Programs in Oregon and Nationwide Still Face Funding Disruptions

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    February 05, 2025
    Washington, D.C. — U.S. Senators Ron Wyden and Jeff Merkley said today they are joining colleagues to demand answers and action from the Trump administration about the acute financial impacts and lingering uncertainty faced by Head Start programs in Oregon and nationwide following the Office of Management and Budget’s memo that froze funding government-wide, and as many Head Start programs continue to be locked out of their funding.
    The letter signed by Wyden, ranking member of the Senate Finance Committee, and Merkley, ranking member of the Senate Budget Committee, went to Acting Secretary of Health and Human Services Dorothy A. Fink, M.D. and Acting Director of the Office of Head Start Captain Tala Hooban.
    “Head Start programs cannot pay their teachers and staff and continue normal operations without the assurances of payment processing and notices of grant renewals and awards,” wrote the senators. “This will impact children, families, and communities across the country, particularly the rural communities where these programs represent a large share of the child care options.”
    While the White House later clarified that Head Start would not be targeted by the funding freeze and the OMB later rescinded its memo, Head Start programs temporarily could not access the Payment Management System to use their allocated federal funds, with many still facing disruptions. As a result, Head Start programs nationwide have not had funding disbursed in a timely manner – imperiling their ability to pay staff and keep educational and child care programs up and running.
    “Even if this issue extends beyond the Office of Head Start, we urge you to do everything in your power to ensure these programs receive transparent and frequent communication on the progress of their funds being released. Head Start programs operate on razor-thin margins and cannot survive without timely intervention. Children, families, employees, and educators all depend on these critical federal funds,” the senators continued.
    In addition to Wyden and Merkley, Senator Tim Kaine, D-Va., led lawmakers in the letter, which was signed by U.S. Senators Lisa Blunt Rochester, D-Del., Tina Smith, D-Minn., Mark R. Warner, D-Va., Jack Reed, D-R.I., Charles E. Schumer, D-N.Y., Bernard Sanders, I-Vt., Elizabeth Warren, D-Mass., Edward J. Markey, D-Mass., Ben Ray Luján, D-N.M., Dick Durbin, D-Ill., Alex Padilla, D-Calif., Amy Klobuchar, D-Minn., Catherine Cortez Masto D-Nev., Richard Blumenthal, D-Conn., Peter Welch, D-V.t., Mark Kelly, D-Ariz., Jeanne Shaheen, D-N.H., Jacky Rosen, D-Nev., Ruben Gallego, D-Ariz., Chris Van Hollen, D-Md., Raphael Warnock, D-Ga., Elissa Slotkin, D-Mich., Cory Booker, D-N.J., Mazie Hirono, D-Hawai’i., Angela Alsobrooks, D-M.d., and Andy Kim, D-N.J.
    The letter text is here.

    MIL OSI USA News –

  • MIL-OSI USA: King Introduces Bipartisan Bill to Improve Financial Security for Military Families

    US Senate News:

    Source: United States Senator for Maine Angus King
    WASHINGTON, D.C. — U.S. Senator Angus King, a member of the Senate Veterans Affairs and Armed Services Committees, is introducing bipartisan, bicameral legislation to improve financial security for servicemembers, veterans, and their families. The Fairness for Servicemembers and their Families Act would ensure life insurance packages for servicemembers and veterans adjust for increases in cost of living and inflation.
    From 2006 to 2023, the maximum insurance value available for service members and veterans remained fixed, sliding behind inflation rates. King’s legislation would improve the financial safety net for veterans, service members and their families by helping to ensure coverage rates keep up with the rising cost of living. It would also improve reporting requirements to prevent the U.S. Department of Veterans’ Affairs, the Senate Committee on Veterans’ Affairs and the House Committee on Veterans’ Affairs from going years without assessing inflation rates.
    “Our servicemembers, veterans and their families make countless sacrifices every day to protect our nation, and we are indebted to their selfless service,” said Senator King. “With the bipartisan Fairness for Servicemembers and their Families Act, we can ensure life insurance packages for military members adjust with the rising cost of living — giving more peace of mind to military families when they face difficult times. I’m grateful to my colleagues on both sides of the aisle for coming together to honor our commitment to the brave men and women who have given so much to our country.”
    This legislation is cosponsored by U.S. Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Ted Cruz (R-TX), and U.S. Representatives Marilyn Strickland (D-WA) and Keith Self (R-TX).
    Representing one of the states with the highest rates of military families and veterans per capita, Senator King has been a staunch advocate for America’s servicemembers and veterans. Last year, he led the bipartisan Military Spouse Employment Act — pieces of which passed into law in the FY2024 NDAA — which allows military spouses to have a remote work career with any federal agency and helps them to maintain consistent employment should they move with their spouse. He also introduced the Improving Access to Prenatal Care for Military Families Act to expand military family care to cover critical health care during pregnancies.

    MIL OSI USA News –

  • MIL-OSI USA: Ahead of Hearing, Warren Pushes Trump Trade Representative on Tariff Policy

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 05, 2025

    Warren Questions Greer on Trade Agenda, Tariff Exemptions for Trump’s Allies and Special Interests

    “Tariffs are an important strategic economic tool, but Donald Trump’s desire to start and stop random trade wars will not protect jobs, keep Americans safe, or bring down costs for families.”

    Text of Letter (PDF)

    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs (BHUA) and member of the Senate Finance Committee, wrote to Jamieson Greer, nominee to be U.S. Trade Representative (USTR), ahead of his February 6, 2025 confirmation hearing, probing his views on trade. Senator Warren asked Mr. Greer to address her concerns with the administration’s tariff strategy, corporate influence over trade agreements, corporations offshoring of jobs, and other trade-related concerns. 

    The USTR is responsible for developing and promoting the U.S. trade agenda and leading trade negotiations on behalf of the U.S., playing a critical role in the economy. This week, the Trump administration announced new tariffs on Canada, Mexico, and China. During the last Trump administration, corporations and their lobbyists abused tariff exclusion loopholes to receive secretive exemptions from President Trump and his trade team. The Commerce Department’s Inspector General found that the process for receiving an exemption was “neither transparent nor objective.”

    “(T)he President does not appear to have a strategic plan in place to ensure that his proposed tariffs are implemented in a way that secures wins for hardworking Americans and precludes carveouts for special interests,” wrote Senator Warren. “Instead, he has threatened, and withdrawn tariff threats in a chaotic and haphazard manner that has only resulted in uncertainty for American consumers, workers, and manufacturers, as well as our allies.”

    Large multinational companies have also gained outsized influence in trade negotiations and trade disputes. For decades, membership of the trade advisory committee has leaned heavily in favor of billionaire corporations and their industry associations, and Investor-State Dispute Settlement (ISDS) provisions have allowed corporations to sue governments—including the United States—for pursuing public policies they may disagree with. Senator Warren encouraged Mr. Greer to pursue the removal of ISDS provisions from trade agreements with U.S. allies. 

    Senator Warren also wrote that she believes large corporations have too many incentives to move jobs and manufacturing abroad. “In order to reverse the negative effects offshoring has had on the American economy, the Administration must invest in domestic industry and eliminate incentives for corporations to hide their profits abroad,” the senator wrote. 

    Senator Warren also expressed support for the Trade Adjustment Assistance (TAA) program to help American workers whose jobs are displaced by trade. “Renewing TAA is a no-brainer, and I hope you will support it to make sure that workers at home get a fair deal,” said Senator Warren.

    In order to better understand Mr. Greer’s approach to trade, Senator Warren asked him to prepare to answer questions on his vision for the Trump administration’s trade agenda on February 6, 2025, the date of his confirmation hearing. 

    MIL OSI USA News –

  • MIL-Evening Report: The butterfly effect: this obscure mathematical concept has become an everyday idea, but do we have it all wrong?

    Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor & Principal Fellow in Urban Risk & Resilience, The University of Melbourne

    Edward Lorenz’s mathematical weather model showed solutions with a butterfly-like shape. Wikimol

    In 1972, the US meteorologist Edward Lorenz asked a now-famous question:

    Does the flap of a butterfly’s wings in Brazil set off a tornado in Texas?

    Over the next 50 years, the so-called “butterfly effect” captivated the public imagination. It has appeared in movies, books, motivational and inspirational speeches, and even casual conversation.

    The image of the tiny flapping butterfly has come to stand for the outsized impact of small actions, or even the inherent unpredictability of life itself. But what was Lorenz – who is now remembered as the founder of the branch of mathematics called chaos theory – really getting at?

    A simulation goes wrong

    Our story begins in the 1960s, when Lorenz was trying to use early computers to predict the weather. He had built a basic weather simulation that used a simplified model, designed to calculate future weather patterns.

    One day, while re-running a simulation, Lorenz decided to save time by restarting the calculations from partway through. He manually inputted the numbers from halfway through a previous printout.

    But instead of inputting, let’s say, 0.506127, he entered 0.506 as the starting point of the calculations. He thought the small difference would be insignificant.

    He was wrong. As he later told the story:

    I started the computer again and went out for a cup of coffee. When I returned about an hour later, after the computer had generated about two months of data, I found that the new solution did not agree with the original one. […] I realized that if the real atmosphere behaved in the same manner as the model, long-range weather prediction would be impossible, since most real weather elements were certainly not measured accurately to three decimal places.

    There was no randomness in Lorenz’s equations. The different outcome was caused by the tiny change in the input numbers.

    Lorenz realised his weather model – and by extension, the real atmosphere – was extremely sensitive to initial conditions. Even the smallest difference at the start – even something as small as the flap of a butterfly’s wings – could amplify over time and make accurate long-term predictions impossible.

    The ‘Lorenz Attractor’ found in models of a chaotic weather system has a characteristic butterfly shape.
    Milad Haghani, CC BY

    Lorenz initially used “the flap of a seagull’s wings” to describe his findings, but switched to “butterfly” after noticing a remarkable feature of the solutions to his equations.

    In his weather model, when he plotted the solutions, they formed a swirling, three-dimensional shape that never repeated itself. This shape — called the Lorenz attractor — looked strikingly like a butterfly with two looping wings.

    Welcome to chaos

    Lorenz’s efforts to understand weather led him to develop chaos theory, which deals with systems that follow fixed rules but behave in ways that seem unpredictable.

    These systems are deterministic, which means the outcome is entirely governed by initial conditions. If you know the starting point and the rules of the system, you should be able to predict the future outcome.

    There is no randomness involved. For example, a pendulum swinging back and forth is deterministic — it operates based on the laws of physics.

    Systems governed by the laws of nature, where human actions don’t play a central role, are often deterministic. In contrast, systems involving humans, such as financial markets, are not typically considered deterministic due to the unpredictable nature of human behaviour.

    A chaotic system is a system that is deterministic but nevertheless behaves unpredictably. The unpredictability happens because chaotic systems are extremely sensitive to initial conditions. Even the tiniest differences at the start can grow over time and lead to wildly different outcomes.

    Chaos is not the same as randomness. In a random system, outcomes have no definitive underlying order. In a chaotic system, however, there is order, but it’s so complex it appears disordered.

    A misunderstood meme

    Like many scientific ideas in popular culture, the butterfly effect has often been misunderstood and oversimplified.

    One common misconception is that the butterfly effect implies every small action leads to massive consequences. In reality, not all systems are chaotic, and for systems that aren’t, small changes usually result in small effects.

    Another is that the butterfly effect carries a sense of inevitability, as though every butterfly in the Amazon is triggering tornadoes in Texas with each flap of its wings.

    This is not at all correct. It’s simply a metaphor pointing out that small changes in chaotic systems can amplify over time, making long-term outcomes impossible to predict with precision.

    Taming butterflies

    Systems that are very sensitive to initial conditions are very hard to predict. Weather systems are still tricky, for example.

    Forecasts have improved a lot since Lorenz’s early efforts, but they are still only reliable for a week or so. After that, small errors or imprecisions in the starting data grow larger and larger, eventually making the forecast inaccurate.

    To deal with the butterfly effect, meteorologists use a method called ensemble forecasting. They run many simulations, each starting with slightly different initial conditions.

    By comparing the results, they can estimate the range of possible outcomes and their likelihoods. For example, if most simulations predict rain but a few predict sunshine, forecasters can report a high probability of rain.

    However, even this approach works only up to a point. As time goes on, the predictions from the models diverge rapidly. Eventually, the differences between the simulations become so large that even their average no longer provides useful information about what will happen on a given day at a given location.

    A butterfly effect for the butterfly effect?

    The journey of the butterfly effect from a rigorous scientific concept to a widely popular metaphor highlights how ideas can evolve as they move beyond their academic roots.

    While this has helped bring attention to a complex scientific concept, it has also led to oversimplifications and misconceptions about what it really means.

    Attaching a metaphor to a scientific phenomenon and releasing it into popular culture can lead to its gradual distortion.

    Any tiny inaccuracies or imprecision in the initial description can be amplified over time, until the final outcome is a long way from reality. Sound familiar?

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

    – ref. The butterfly effect: this obscure mathematical concept has become an everyday idea, but do we have it all wrong? – https://theconversation.com/the-butterfly-effect-this-obscure-mathematical-concept-has-become-an-everyday-idea-but-do-we-have-it-all-wrong-246577

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Trump’s reversal of climate policies risks undermining U.S. manufacturing — and could cost people jobs

    Source: The Conversation – Canada – By Thomas Stuart, Lecturer in Communications, Gustavson School of Business, University of Victoria

    United States President Donald Trump’s early executive actions have set American manufacturing on a collision course with his administration’s fossil-fuel-driven agenda. It’s clear that climate change policies run counter to his vision of American primacy.

    Trump wasted no time reversing the green initiatives of his predecessor, former president Joe Biden. He withdrew the U.S. from the Paris Climate Agreement for a second time, rolled back environmental regulations and froze green energy funding.



    Read more:
    The impact of Donald Trump’s anti-climate measures on our heating planet

    However, these reversals have exposed complications in Trump’s economic platform. For all his promises to revive American industry and reduce reliance on foreign production, Trump’s opposition to clean energy threatens green technology investments and other incentives that drive U.S. manufacturing development.

    Trump’s Strategic National Manufacturing Initiative promised to “stop outsourcing” and turn the U.S. into a “manufacturing superpower.” Yet his plans to cancel the electric vehicle mandate and reduce regulations promoting clean energy undermine the manufacturing sector’s shift toward green technology.

    In the long run, Trump’s own actions may undermine his vision of an American manufacturing renaissance by cutting crucial investments, putting the U.S. at odds with a global economy increasingly focused on clean technologies.

    The green manufacturing boom

    Republican congressman John James recently applauded Trump’s reversal of green policies during a congressional hearing. Yet, in the same breath, James called for the administration to continue “onshoring the future of automotive jobs and manufacturing,” a policy he linked to Biden’s Inflation Reduction Act (IRA).

    Other Republican representatives from Michigan, Georgia and North Carolina increasingly find themselves walking along the same rhetorical tight-rope.

    While Biden’s IRA has been widely criticized by the Trump administration, the act has brought Republican districts significant green investments and manufacturing jobs.

    As James acknowledged:

    “While the bulk of the IRA is damaging policy, we must not neglect the sector-wide energy tax provisions that manufacturers and job creators rely on in my district and around the country.”

    The green manufacturing boom is not an abstract concept, but a tangible economic engine, particularly in districts with established fossil fuel industries like Chatham County, N.C. Here, manufacturer Wolfspeed’s new US$5 billion dollar semiconductor plant sits in the heart of traditional coal country.

    Since 2022, the private sector has invested US$133 billion in clean energy and electric vehicle (EV) technology. Manufacturing investments alone have jumped by three times over the previous two years, totalling US$89 billion.

    The impact of the IRA on ‘red states’

    Biden-era policy has largely driven the America’s green energy economic development. The IRA provided a staggering US$312 billion in planned investments in EV and battery manufacturing.

    Eighty-five per cent of this funding flows into Republican-voting districts — areas that have historically voted against climate-focused legislation like the IRA. Yet the rewards of these green tech policies have been a boon for local economies.

    Georgia, for instance, has become a model for the American green energy transformation. In the first two years of the IRA, about US$15 billion dollars flowed into the state. Since then, Georgia has added a projected 43,000 new green jobs.

    Meanwhile, North Carolina’s Randolph County has seen the largest investment in green technology in U.S. history. Under the previous administration, it received about US$14 billion in funding, allowing Toyota to build a manufacturing megasite.

    By 2030, the site is expected to create 5,000 jobs in the area, with wages averaging 80 per cent more than the county median salary. Once fully operational, the site will manufacture enough batteries annually to power and maintain up to 500,000 EVs.

    What comes next?

    As Trump continues to roll back environmental protections and withdraw from climate agreements, whether he can still deliver the manufacturing revival he promised remains to be seen.

    In one respect, his policies may lead to a consolidation in the green technology sector. Despite his administration’s retreat from broader green energy policies, Trump says he will continue securing the U.S. supply of critical minerals for EV batteries.

    This could reflect the influence of Tesla CEO Elon Musk, who is serving under Trump as a “special government employee.” Tesla, which relies on these critical minerals for its EV production, would benefit from a stable supply.

    Musk resents regulatory interventions, particularly those that encourage competition. On a call with investors, Musk said Tesla might feel a slight impact from lost subsidies. However, he suggested the real damage would be to competitors who are scrambling to catch up in an industry where raw materials are king. Musk predicted that “long term, it probably actually helps Tesla.”

    In another respect, Trump’s policy reversal could also weaken Republican unity. Republican politicians like Georgia’s Buddy Carter, Tennessee’s Chuck Fleischmann and Georgia Gov. Brian Kemp have highlighted the short-sighted nature of Trump’s economic plan.

    Trump’s decision to turn his back on climate change policy is more than a blow to environmentalists; it’s a direct challenge to his own economic agenda. He risks not just the environment, but also the green investments essential to American industry’s competitive revival.

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

    – ref. Trump’s reversal of climate policies risks undermining U.S. manufacturing — and could cost people jobs – https://theconversation.com/trumps-reversal-of-climate-policies-risks-undermining-u-s-manufacturing-and-could-cost-people-jobs-248399

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Financial news: Capital adequacy ratio for professional participants: new calculation rules

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    Bank of Russia updated the calculation procedure capital adequacy ratio (CAD) for professional participants in the securities market in order to minimize risks to their financial stability.

    The new version specifies the procedure for calculating the broker’s credit risk in relation to clients for whom the risk coverage standard has been violated when making margin transactions. It is prohibited to accept securities issued by the debtor itself and assets of companies affiliated with it as collateral. It is also permitted to use the broker’s ratings to reduce the credit risk rates in relation to the debt of companies associated with the broker, but on the condition that the debtor’s assessment of its own (independent) creditworthiness indicates its financial stability.

    In addition, the document provides for the calculation of the risk on digital rights acquired and issued by a professional participant. An alternative calculation of the amount of market risk on option agreements has appeared (similar to the regulation of credit institutions). Measures are being introduced to discourage large open currency positions among professional participants. The rules for determining the values of credit risk rates in relation to counterparties and clients are also simplified.

    The regulation comes into force on October 1, 2025.

    Preview photo: Jsnow my wolrd / Shutterstock / Fotodom

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is account to What the Source Is Stating and Does Not Reflect the Position of Mil-Sosi or Its Clients.

    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23346

    MIL OSI Russia News –

  • MIL-OSI: Citizens Business Bank Recognized on Forbes List of Best Banks in America

    Source: GlobeNewswire (MIL-OSI)

    ONTARIO, Calif., Feb. 05, 2025 (GLOBE NEWSWIRE) — CVB Financial Corp. (NASDAQ: CVBF), the holding company for Citizens Business Bank (the “Bank”), has been recognized by Forbes in their 16thannual America’s Best Banks list. This recognition marks the ninth time in the past decade that the Bank has earned a place on Forbes’ prestigious list of the best banks in the nation.

    “We are honored to receive recognition once again for our strong financial performance,” said David Brager, President and Chief Executive Officer of CVB Financial Corp. and Citizens Business Bank. “This achievement is a testament to the dedication and talent of our associates, as well as the enduring relationships we have developed with our customers.”

    As one of the top performing financial services companies in the nation, CVBF and the Bank regularly receive industry accolades for their financial strength and community outreach efforts. In 2024, CVBF was ranked by S&P Global Market Intelligence as one of the Top 50 Public Banks, and also named as one of America’s Greatest Workplaces for Women by Newsweek. The Bank maintained its Five-Star Superior rating from BauerFinancial, its designation as a “Super Premier” Performing Bank by The Findley Reports and CVBF’s BBB+ rating from Fitch Ratings. The Bank previously received top honors from Forbes as the overall number one “Best Bank in America” for four of the past ten years, namely, in 2023, 2021, 2020 and 2016.

    In establishing its rankings, Forbes looked at ten metrics related to credit quality, growth, and profitability for all 100 of the largest publicly traded banks and thrifts in asset size in the nation.

    Corporate Overview

    CVB Financial Corp. (“CVBF”) is the holding company for Citizens Business Bank. CVBF is one of the 10 largest bank holding companies headquartered in California with greater than $15 billion in total assets. Citizens Business Bank is consistently recognized as one of the top performing banks in the nation and offers a wide array of banking, lending and investing services with more than 60 banking centers and three trust office locations serving California.

    Shares of CVB Financial Corp. common stock are listed on the NASDAQ under the ticker symbol “CVBF”. For investor information on CVB Financial Corp., visit our Citizens Business Bank website at www.cbbank.com and click on the “Investors” tab.

    Contact: 
    David A. Brager
    President and Chief
    Executive Officer
    (909) 980-4030

    The MIL Network –

  • MIL-OSI USA: Attorney General Bonta Reminds Hospitals and Clinics of Anti-Discrimination Laws Amid Executive Order on Gender Affirming Care

    Source: US State of California

    Warns Children’s Hospital Los Angeles of potential violations of state anti-discrimination laws 

    OAKLAND – California Attorney General Rob Bonta today reminded California hospitals and federally-funded healthcare providers of their ongoing obligation under California anti-discrimination law to provide gender affirming care amid confusion resulting from President Trump’s Office of Management and Budget (OMB) directive on freezing or pausing federal funding and his executive order on gender affirming care. Attorney General Bonta also issued a letter putting Children’s Hospital Los Angeles on notice of its obligations under state anti-discrimination law, following reports that the hospital is pausing the initiation of hormonal therapies for all gender affirming care patients under the age of 19 and gender-affirming surgeries on minors. 

    “California supports the rights of transgender youth to live their lives as their authentic selves,” said Attorney General Bonta. “We will not let the President turn back the clock or deter us from upholding California values. I understand that the President’s executive order on gender affirming care has created some confusion. Let me be clear: California law has not changed, and hospitals and clinics have a legal obligation to provide equal access to healthcare services.”

    The California Department of Justice is aware of concerns about gender-affirming care being impacted by recent federal government actions attempting to restrict federal funds to recipients of federal grants, including the availability of federal financial assistance regarding the provision of gender affirming care to minors.

    On January 28, 2025, Attorney General Bonta, along with 22 other state attorneys general, filed suit in federal district court to halt the federal government’s illegal efforts to freeze such federal funding. The court issued a temporary restraining order (TRO) on January 31, 2025, prohibiting federal agencies from taking any action that would “pause, freeze, block, cancel or terminate” such funding. As a result of the TRO won by Attorney General Bonta and 22 other state attorneys general, federal agencies must continue to comply with existing grants, awards, and obligations, except as authorized by law.

    In a notice sent to federal agencies and filed with the court on Monday, the U.S. Department of Justice (U.S. DOJ) indicated its intent to comply with the court order and affirmed that the TRO blocking the illegal funding freeze applied to all federal funding awards or obligations, including those made to recipients such as hospitals, and federally funded healthcare providers. The U.S. DOJ stated that federal agencies “cannot pause, freeze, impede, block, cancel, or terminate any awards or obligations on the basis of the OMB memo, or on the basis of the President’s recently issued Executive Orders.” As such, the recent executive order pertaining to gender-affirming care for minors does not provide federal agencies with any basis to threaten or revoke federal funding from hospitals and federally funded healthcare providers. 

    Furthermore, California law, including the Unruh Civil Rights Act, Civil Code section 51 and Government Code section 11135, prohibit discrimination on the basis of sexual orientation or gender identity. Electing to refuse services to a class of individuals based on their protected status, such as withholding services from transgender individuals based on their gender identity or their diagnosis of gender dysphoria, while offering such services to cisgender individuals, is discrimination. California families seeking gender-affirming care, and the doctors and staff who provide it, are protected under state laws.  

    RESOURCES 

    California has a number of resources for transgender youth and the broader LGBTQ+ community: 

    If you believe your rights are being violated as part of the enforcement of the President’s executive order, you can file a complaint with the California Attorney General’s Office here or with the California Civil Rights Department here. 

    A copy of the letter to Children’s Hospital Los Angeles is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Durbin, Duckworth Meet With Illinois University Leaders

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    February 05, 2025

    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senator Tammy Duckworth (D-IL) yesterday met with the leadership and members of the Federation of Independent Illinois Colleges and Universities (FIICU), which represents 53 private non-profit colleges across Illinois.  During their meeting, Durbin and Duckworth spoke about what the federal funding freeze would mean for universities who rely on federal grants to conduct critical research, as well as how the Trump Administration’s agenda could impact student aid programs, including Pell Grants and the Public Service Loan Forgiveness program.

    “One of the greatest gifts we can give the next generation is an education.  But for many Americans, financial constraints are a barrier to earning a college degree or a professional certification,” said Durbin.  “Senator Duckworth and I had meaningful conversations with higher education leaders about ensuring that education remains accessible during a turbulent Trump Administration that is threatening federal programs students rely on.”

    “From Carbondale to Chicago, Illinois has some of the best schools in the country,” said Duckworth. “I enjoyed meeting with the presidents of so many Illinois colleges and universities.  Senator Durbin and I will keep working to support our postsecondary schools at the federal level so that every Illinoisan—regardless of their income, race or zip-code—has access to higher education.”

      

    A photo of the meeting with ICCTA is available here.

    Universities represented at the meeting included:

    • Aurora University
    • Blackburn University
    • DePaul University
    • Dominican University
    • East-West University
    • Illinois College
    • Loyola University Chicago
    • Lewis University
    • Northwestern University
    • Rosalind Franklin University

    -30-

    MIL OSI USA News –

  • MIL-OSI: Truxton Continues to Add Talent and Depth to the Team

    Source: GlobeNewswire (MIL-OSI)

    NASHVILLE, Tenn., Feb. 05, 2025 (GLOBE NEWSWIRE) — Truxton is pleased to announce the addition of several new colleagues over the last two months. Truxton continues to attract some of the nation’s top talent in the finance industry.

    “Truxton is always looking for talented professionals who can enhance the way we serve our clients,” said Tom Stumb, CEO and Chairman. “Over the past twenty years, we have been fortunate to build a team of dedicated individuals who are committed to doing the right thing for our clients. We truly believe we have the finest team in the industry.”

    Steve Pelmore Jr., CPA joins the Wealth team as Vice President, Tax Strategist and Wealth Advisor. Mr. Pelmore has nearly 20 years of experience in public accounting. Prior to Truxton, he served as a Senior Tax Manager for Blankenship CPA Group and has held various roles with the Internal Revenue Service. Steve is a graduate of the University of Illinois Urbana with a MS in Taxation, a graduate of Tennessee State University with a BBA in Economics and Finance and is a Certified Public Accountant (CPA) and an Enrolled Agent (EA). Prior to his career as a CPA, Steve served as a Captain in the US Army & US Army Reserve, participated in various overseas tours of duty and earned numerous service awards.

    “Steve is an accomplished tax professional that brings considerable capabilities to Truxton which will meaningfully benefit our clients,” said Drew Mallory, Senior Managing Director and Chief Fiduciary Officer. “His strong command of income and transfer taxation immediately strengthens our team’s ability to provide strategic tax advice to Ultra High Net Worth families and business owners.”

    “We are thrilled that Steve has joined our team.  His decades of experience and knowledge and commitment to excellence will serve our clients, colleagues and shareholders well,” remarks Peter Deming, CPA, Senior Wealth and Tax Strategist.

    The Truxton Banking team adds Carson Walter as a Credit Analyst. Mr. Walter is a graduate of The Citadel with Master’s of Business Administration and a graduate of Birmingham-Southern College, earning his BS in Business Administration.

    Nathan Johnson joins the Finance team as an Accountant after five years working as a finance associate for the Middle Tennessee School of Anesthesia. He earned his Master’s of Business Administration from Regis University and his BBA in Accounting from Southern Adventist University.

    Also, Truxton adds Keegan Fornoff as an Office Coordinator. Prior to Truxton, Ms. Fornoff worked in communications and served as an assistant volleyball coach. She is a graduate of Southeast Missouri State University, earning her BS in Psychology, and was a 4-year member of the Division I Women’s Volleyball Team, and later earning her Master’s of Science in Exercise and Sport Psychology at Southern Illinois University Edwardsville.

    “We are excited to welcome this exceptional group of professionals,” said Derrick Jones, President of Truxton. “They bring a wealth of talent, experience, and energy, as well as an unwavering dedication to serving sophisticated clients at the highest level. We look forward to the impact they will have on improving client outcomes and driving our business forward.”

    About Truxton
    Truxton is a premier provider of wealth, banking, and family office services for wealthy individuals, their families, and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.

    The MIL Network –

  • MIL-OSI USA: 02.05.2025 Cruz, Fetterman, Slotkin Introduce Bipartisan Bill to Prohibit Strategic Petroleum Reserve Sales to Foreign Adversaries

    US Senate News:

    Source: United States Senator for Texas Ted Cruz

    WASHINGTON, D.C. – U.S. Sens. Ted Cruz (R-Texas), John Fetterman (D-Penn.) and Elissa Slotkin (D-Mich.) introduced theBanning SPR Oil Exports to Foreign Adversaries Act. The bipartisan bill prohibits the sale or export of oil from the U.S. Strategic Petroleum Reserve (SPR) to China, Russia, Iran, North Korea, or any entity owned or controlled by those nations.
    Upon introduction, Sen. Cruz said, “The Strategic Petroleum Reserve is meant to protect the U.S. during crises, not supply our adversaries. Under President Biden, part of this reserve was sold, benefiting China’s strategic interests. There is strong bipartisan consensus around preventing such a sale from being repeated. I’m proud to work with Senator Fetterman and Senator Slotkin on this legislation, which will prevent U.S. oil reserves from being sold to adversarial nations.”
    Sen. Fetterman said, “The Strategic Petroleum Reserve protects America’s energy, economic, and national security. We must prioritize the safety of America and our allies – we cannot allow our adversaries to purchase oil from our critical energy reserves. This is a commonsense bill with strong bipartisan support. I’m proud to introduce it with Senator Cruz, Senator Slotkin, and my colleagues in the House. I look forward to getting it signed into law this congress.”
    Sen. Slotkin said, “Our Strategic Petroleum Reserve is meant to bolster our national security, and it should never be sold to hostile nations like Russia, Iran or China. This bipartisan bill prevents hostile nations from buying oil from our Strategic Petroleum Reserve. Energy security shouldn’t ever be a partisan issue, and I look forward to working with my colleagues to pass this bill and fortify our energy security as a nation.” 
    The companion legislation was introduced in the House by U.S. Rep. Chrissy Houlahan (D-Penn.-6).
    Rep. Houlahan said, “When I heard there was a loophole enabling our foreign adversaries to purchase oil from our strategic reserves, I was shocked and outraged. When gas prices rise, releases from the strategic reserve are meant to ease the financial burden for working families—not potentially end up in the hands of those who wish our service members, country, and NATO Allies harm. Closing this loophole requires a Congressional fix, and I’m proud to partner with Reps. Don Bacon and Jay Obernolte to do just that. We’ve seen support for it in the past; it’s time to get this bill across the finish line and signed into law.”
    Read the bill text here.
    BACKGROUND
    Sen. Cruz previously led a bipartisan effort to have an amendment similar to the bill included in the FY24 National Defense Authorization Act (NDAA). The amendment was agreed to by the Senate with overwhelming bipartisan support. The House companion bill, introduced by Representatives Houlahan (D-PA) and Don Bacon (R-NE), also passed the House unanimously as a part of the FY24 NDAA.
    The SPR, which was established by Congress in 1975 in response to OPEC’s oil embargo against the United States, exists to minimize the impacts of oil supply shocks on the United States. Today, as the world’s largest supply of emergency crude oil, it continues to protect and strengthen U.S. national, economic, and energy security. The U.S. Department of Energy manages the SPR and regularly conducts public sales of excess crude oil to the highest bidders through competitive public auction. During both the Biden and Trump Administrations, foreign companies with direct ties to our adversaries have won these auctions, giving anti-democratic regimes access to critical energy reserves.

    MIL OSI USA News –

  • MIL-OSI Security: Former NYC Fraud Investigator Sentenced to Prison for Stealing Homeless Victims’ Identities to Apply for Unemployment Benefits

    Source: Office of United States Attorneys

    NYC Fraud Investigator Stole Victim Information from Department of Homeless Services Database and Conspired to Fraudulently Apply for Unemployment Insurance Benefits in Victims’ Names

    Earlier today, in federal court in Brooklyn, defendant Olabanji Otufale, a former New York City Department of Homeless Services fraud investigator, was sentenced by United States District Judge Kiyo A. Matsumoto to 27 months in prison for conspiracy to commit wire fraud and aggravated identity theft.  Otufale and co-conspirator Marc Lazarre pleaded guilty in July 2024. 

    John J. Durham, United States Attorney for the Eastern District of New York, James E. Dennehy, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI), and Jocelyn Strauber, Commissioner, New York City Department of Investigation (DOI) announced the sentence.

    “The defendant abused his position of trust as a fraud investigator to access and steal vulnerable homeless victims’ personal identifying information for his personal benefit,” stated United States Attorney John J. Durham.  “Otufale betrayed the public trust and conspired to use his access for illicit financial gain.  Today’s sentence should serve as a lesson to this defendant and all public employees that exploiting positions of power for personal financial gain will be punished.”

    “Olabanji Otufale exploited his position within the Department of Homeless Services to steal the identities of homeless individuals and furtively reaped their allocated social services benefits. These abhorrent actions violate the trust and expected privacy placed in local agencies responsible for storing sensitive information. The FBI will never tolerate public service employees who prey upon our city’s vulnerable populations for fiscal profits,” stated FBI Assistant Director in Charge Dennehy.

    DOI Commissioner Jocelyn E. Strauber said, “The defendant, a City fraud investigator with the Department of Homeless Services, had a duty to protect DHS and the vulnerable New Yorkers it serves from fraud.  Instead, he used his access and position to steal personal information of applicants for social services, in a scheme to illegally obtain unemployment benefits. The sentence imposed today makes clear that we and our law enforcement partners will hold accountable those who misuse their City positions for personal profit.  I thank the United States Attorney’s Office for the Eastern District of New York and the FBI for their continued partnership in the effort to protect critical public funds.”

    In the fall of 2020, Otufale conspired with others to steal the personal identifying information of more than ten homeless individuals and use that stolen information to fraudulently apply for unemployment insurance benefits in the names of those homeless individuals without their knowledge or consent.

    At the time of the scheme, Otufale was a fraud investigator with the New York City Department of Homeless Services (the Department).  In that role, Otufale was responsible for ensuring individuals who applied for homeless services—such as housing in homeless shelters—were qualified to receive services from the Department.

    Otufale, however, used his access to a database maintained by the Department to commit fraud himself, stealing the personal identifying information—names, social security numbers, dates of birth—of vulnerable victims who had given that personal information to the Department when they applied for services.  Otufale then texted this victim information to a co-conspirator, Marc Lazarre, who applied online for unemployment benefits in the names of the homeless victims. Otufale and Lazarre conspired to split the fraudulent benefits they received.  Lazarre is scheduled to be sentenced on March 4, 2025.

    The government’s case is being handled by the Office’s Public Integrity Section.  Assistant United States Attorneys Sara K. Winik, Laura Zuckerwise and Katherine P. Onyshko are in charge of the prosecution, with assistance from Paralegal Specialist Nadya Osman.

    The Defendants:

    Olabanji Otufale
    Age: 41
    Brooklyn, NY

    Marc Lazarre
    Age: 39
    Secaucus, NJ

    E.D.N.Y. Docket No. 24-CR-170 (KAM)

    MIL Security OSI –

  • MIL-OSI Security: Counterfeiting cash group disrupted: 12 arrests

    Source: Eurojust

    During an action day on 2 February, actions took place simultaneously in North Macedonia and Serbia. Authorities searched multiple locations and found machines used to make moulds and stamps for counterfeit money, hot rollers, presses, a counterfeit banknote detector and holograms. Over 180 000 counterfeit euro banknotes were seized during searches in Serbia, and over 500 000 in North Macedonia.

    Authorities also seized cash in different currencies, phones and laptops. Evidence collected during the searches will be further analysed to serve the ongoing investigations. Twelve members of the forgers group were arrested in North Macedonia and Serbia.

    The JIT between North Macedonian and Serbian authorities is supported by Eurojust through the Western Balkans Criminal Justice Project. This project strengthens cooperation within the Western Balkans and between the region and the European Union, using modern tools and methods to combat organised crime and terrorism. The JIT allowed the authorities to work together efficiently and effective, exchanging information in real time. The Western Balkans Criminal Justice Project purchased equipment for the North Macedonian and Serbian authorities, which was instrumental in executing the operation.

    Europol played a key role in the operation, supporting law enforcement with expertise on counterfeit banknotes, analytical and financial assistance, and coordination of operational activities. Europol’s analysis identified the country where the counterfeit banknotes were distributed. On the action day, Europol deployed staff to North Macedonia and Serbia to provide technical support and cross-check operational data against Europol’s databases and the European Central Bank’s systems.

    The following authorities carried out the operations:

    North Macedonia: Basic Public Prosecution Office for Prosecuting Organized Crime and Corruption; Investigative Centre from the Prosecution Office and Ministry of Interior

    Serbia: Public Prosecutor’s Office for organized crime, Service for combating organized Crime, Department for combating counterfeiting of money

    MIL Security OSI –

  • MIL-OSI: Neofin Secures $7M Seed Round to Revolutionize Accounts Receivable in Brazil with AI-Powered Solutions

    Source: GlobeNewswire (MIL-OSI)

    SAO PAULO, Feb. 05, 2025 (GLOBE NEWSWIRE) — Cash is king and no business can survive without it. Quoting Warren Buffet: “Cash, though, is to a business as oxygen is to an individual: never thought about when it is present, the only thing in mind when it is absent”. With this principle in mind, Neofin’s mission is to transform the embarrassing process of Accounts Receivable (getting paid) into an efficient flow through technology and Artificial Intelligence.

    The company announced a US$7MM seed round, led by Quona and Upload Ventures. Founded in 2023 by Laura Camargo, Arthur Cunha, and Leandro Sarmento, the funding marks one of the largest seed investments directed toward a female-led startup in Brazil. Other Neofin backers include 17-Sigma (led by Bianca Sassoon), 1616, Far Out Ventures, BFF, Norte, and Canaan, alongside the notable angel investors Cesar Carvalho (Wellhub/Gympass) and Patrick Sigrist (iFood and Nomad).

    Neofin is currently in the first chapter of its existence (and forecasts at least 2 more going forward), which is focused on the Accounts Receivable and Collection cycles. The main feature today is a cutting-edge, customizable, and automated Accounts Receivable Workflow, integrated to the clients’ ERP and bank, that enables tailored segmentation of debtors, ensuring each receives the most appropriate communication and action based on their profile. For example, a faithful client does not need to be bothered with several messages, while an unfaithful client with no intent to pay should be subject to more drastic measures such as credit bureau reporting or legal actions, besides a different voice tone.

    “Technology has the power to transform a very awkward process into an efficient workflow, that understands the uniqueness of each debtor and negotiates accordingly” Laura said, adding that the workflow actually starts before an AR is late. “Our workflow actually begins before bills are overdue by including preventive measures to ensure proper communication before accounts are due.”

    That is strongly related to Laura’s background, she added. “After working for more than 14 years in the finance universe, I witnessed many finance teams having to perform miracles to get paid, and wasting a huge amount of time doing useless tasks. This round is an important milestone for Neofin, allowing us to accelerate growth and invest in the foundational AI to take our product to the next level.”

    For some more context, Laura has a strong private equity and finance background: she worked for more than 8 years in PE firms such as Pátria (Blackstone partner) and General Atlantic, was Global VP of Finance for Wellhub (Gympass) in NY and was a cofounder and CFO at Inventa, a B2B marketplace that raised more than $80 million since 2021. Neofin cofounders Arthur Cunha and Leandro Sarmento share extensive and complementary backgrounds in Finance and Technology.

    The resources will be used in the development of new features of the platform, especially the renegotiation portal 100% touchless, the advanced CRM for Accounts Receivable and the integration of an AI-based LLM with whatsapp for communication with debtors (both companies and people). On top of that, the funds will also be directed to expand the data, machine learning and AI departments to take the customization of each communication to the next level, as well as the segmentation of client profile.

    “More than 40% of invoices issued in the U.S. are paid late, and this trend is mirrored in Brazil and globally,” said Jonathan Whittle, Co-Founder and Partner at Quona Capital “We are pleased to back the team at Neofin. We were compelled by the strength of the team and by their vision to build a next-gen platform to address a massive pain point for SMEs in Brazil, who spend an inordinate time managing their payments and cash flows. We believe the potential in this space is enormous, and we’re excited about the market validation Neofin has achieved in a short time frame.”

    Neofin is a pioneering AI-powered SaaS platform for accounts receivable workflows, transforming the AR process into a data-driven, efficient workflow. With integrations across major ERPs and banks in Brazil, Neofin delivers a flawless experience for clients, enabling finance teams to save time and recover cash effectively.

    Neofin has also partnered with Serasa, offering seamless access to critical credit analysis data and bureau reporting within the platform.

    Contact:

    Laura Camargo
    +5511993295555
    laura@neofin.com.br

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4effd8ec-5a54-4bcd-9062-58ec59438721

    The MIL Network –

  • MIL-OSI Global: Why there’s an ethnic pension gap in the UK – and how the government could close it

    Source: The Conversation – UK – By Athina Vlachantoni, Professor of Gerontology and Social Policy, University of Southampton

    Opting out of workplace pension schemes is more common among some minority communities than the white British population. Pranithan Chorruangsak/Shutterstock

    There’s an ethnic pension gap in the UK that leaves people from particular minority ethnic communities worse off in retirement than their white British counterparts. The gap can be measured in several ways – for example, by comparing the pension amount between ethnic communities or measuring the proportion of working-age people from different ethnic groups who are signed up to a workplace pension scheme.

    But whichever indicator you use, the evidence shows that people from minority ethnic communities, whether they were born in the UK or not, fare worse than white British people.

    Unfortunately, that’s not all. Within the minority ethnic population, it is the Bangladeshi and Pakistani communities who are faring worse than people from other minority ethnic communities. And women are struggling more than men.

    The government’s most recent analysis based on the Family Resources Survey shows that Asian pensioner families (that is, either a single pensioner or a couple that includes at least one pensioner) had the lowest gross income at £500 a week). This compared with £731 a week among pensioner families from the “white other” ethnic group.

    Unpicking the causes

    But why is there an ethnic pension gap? To understand why it persists, it’s helpful to take a few steps back and examine the accumulation of disadvantage. Our research in the Centre for Research on Ageing and the ESRC Centre for Population Change has done just that – unravelling the factors that lead to the gap.

    We found that working-age people from Bangladeshi and Pakistani communities were less likely than their white British counterparts to be in paid work. And once in paid work, they were less likely to work as employees and more likely to be self-employed.

    This is important because, over the last 15 years, the UK government has introduced auto-enrolment in workplace pensions, which means that all workers aged 22 or above and earning at least £10,000 per year are automatically enrolled in their workplace scheme.

    Even among employees, we found that workers from Bangladeshi and Pakistani communities were less likely to be members of their workplace pension scheme. That is, they were more likely to opt out. Among pensioners, we found that those from Bangladeshi and Pakistani communities were less likely to be receiving a state or workplace pension, and more likely to be receiving pension credit (a means-tested benefit for those on low incomes).

    Differences between minority ethnic communities in their employment trends then lead to ethnic gaps in pension protection. There are a number of factors at play, including cultural reasons that might affect employment choices and opportunities (particularly among women) and structural reasons affecting the types of jobs and earnings where people from Bangladeshi and Pakistani communities find work.



    Read more:
    How the gender pay gap evolves into a gender pension gap

    Religious reasons can also affect people’s choices about the kinds of investments they make. Under Islamic finance guidelines, investing in profit-making ventures – commonly part of workplace pensions – is not permitted.

    Recent research by the Institute for Fiscal Studies showed that 16% of Pakistani and 24% of eligible Bangladeshi employees opt out of a workplace pension, compared to 10% of eligible white employees.

    All these reasons are important factors in understanding the ethnic pension gap and are vital issues for the government to address.

    The ethnic pension gap leaves some communities more than £200 worse off per week on average than their white British peers.
    Rawpixel.com/Shutterstock

    So where does this leave government policies to close the gap? Encouraging younger people from Pakistani and Bangladeshi communities to enter (and crucially, to stay) in the labour market can be the first step.

    According to the most recent government data, on average 75% of people aged 16-64 are employed. But this breaks down to 76% for white people, and 57% for Pakistani and 63% for Bangladeshi people.

    Meanwhile, another useful step the government could take would be reducing the £10,000 eligibility threshold for auto-enrolment. This would allow more low earners to start saving for retirement.

    But if more people from minority ethnic communities are going to stick with their workplace pension (or rather if fewer people are going to opt out), the government needs to consider the design and promotion of more sharia-compliant investments. These make workplace pension plans acceptable to Muslim communities. This could be a crucial step in closing the pension gap for future cohorts, and a feasible way forward. These products already exist, after all.

    Closing the ethnic pension gap (and the gender gap within it) is vital because the UK’s population is both ageing and becoming more ethnically diverse. About 18% of the population of England and Wales are from a non-white background (in Scotland it’s 4% and in Northern Ireland 3.4%).

    Addressing the ethnic pension gap is vital. It could take the UK a step closer to a society where people from all ethnic communities have the opportunity to reach later life with greater financial security and dignity.

    Athina Vlachantoni receives funding from the UKRI.

    Jane Falkingham receives funding from UKRI (Economic & Social Research Council)

    Maria Evandrou receives funding from UKRI.

    – ref. Why there’s an ethnic pension gap in the UK – and how the government could close it – https://theconversation.com/why-theres-an-ethnic-pension-gap-in-the-uk-and-how-the-government-could-close-it-248822

    MIL OSI – Global Reports –

  • MIL-OSI Global: 360-degree videos are making social issues and educational content more engaging for Canadians

    Source: The Conversation – Canada – By Victoria (Vicky) McArthur, Associate Professor, School of Journalism and Communication, Carleton University

    Immersive film using virtual reality (VR) or 360-degree video is being used increasingly as a tool for eliciting empathy and emotional identification in fact-based stories. Unlike traditional flat film, immersive films allow viewers to look in any direction while watching the video.

    This immersive quality is what makes these films such an intriguing medium. Nearly a decade ago, American filmmaker Chris Milk described VR as the “ultimate empathy machine” because it can fully immerse viewers in another person’s environment and perspective.

    This sentiment has been echoed by VR journalism pioneer Nonny de la Peña, whose early work explored the unique storytelling characteristics of the medium. Her first VR film, Hunger in Los Angeles, was the first VR documentary to be showcased at the Sundance Film Festival in 2012.

    The film depicts a diabetic man collapsing outside a food bank due to low blood sugar. Viewers reported feeling a great deal of empathy for the man, with some reaching out to try and help him.

    In March 2015, YouTube launched support for publishing and viewing 360-degree videos. Today, anyone can film and share 360-degree video content using commercially available cameras, expanding the possibilities for storytelling and audience engagement.

    Rise of 360-degree video content

    Countless content creators, filmmakers and journalists have produced immersive content using these cameras. In 2016, for instance, CBC produced Highway of Tears, a short 360-degree video about 16-year-old Ramona Wilson, a young Indigenous woman from the Gitxsan Nation who disappeared along Highway 16 near Prince George, B.C., in 1994.

    CBC has produced other 360-degree videos to highlight real-world challenges and experiences, including Ice Rescue from the Victim’s Perspective and Accessibility Advocate Shows What It’s Like to Use a Wheelchair in Winter.

    ‘Highway of Tears: 360 Video’ from CBC.

    Canadian researchers have also been using immersive technologies like virtual reality and 360-degree video as tools for education and empathy-building.

    A group of Canadian researchers conducted an experiment with VR to see if they could foster empathy for the impact of climate change on oceans. Using a VR simulation, they showed participants optimistic and pessimistic future impacts of climate change on oceans. After experiencing the simulation, participants expressed increased empathy and concern for the issue.

    Similarly, at Toronto Metropolitan University, researchers used 360-degree videos to deepen empathy and understanding for people taking care of individuals with dementia. Participants watched 360-degree videos filmed from the perspective of two fictional characters living with dementia. They reported strong emotional responses to the videos and a deeper understanding of living with dementia.

    As immersive technology becomes more accessible, its potential to foster empathy and understanding across a range of social issues continues to grow.

    Is VR truly the ‘ultimate empathy machine’?

    Is immersive technology truly the “ultimate empathy machine?” Presently, there’s no agreement among experts. Some question the scientific rigour used to support such claims. Past research has suffered from small sample sizes, a lack of diversity among research participants and a lack of longitudinal studies investigating the effects of empathy.

    Other researchers suggest that, while empathetic gains have been demonstrated, these effects tend to fade after a short time. One study found that while VR increased emotional empathy for refugees, those feelings were mostly gone after just 10 days. More importantly, these empathic responses didn’t translate into actions like charitable donations.

    Some researchers have taken a more nuanced approach by distinguishing between emotional and cognitive empathy. Cognitive empathy involves knowing how other people think and feel, while emotional empathy involves feeling another person’s emotions. The findings from one research study indicate that VR can improve emotional empathy, but not cognitive empathy.

    This distinction is crucial in assessing VR’s potential as an empathy-building tool. While immersive experiences may create strong emotional responses, their long-term influence and ability to drive meaningful action remain uncertain.

    Knowledge mobilization

    Other research suggests VR and 360-degree video have the potential to be knowledge-transfer tools. Canadian researchers are encouraged to engage the Canadian public through knowledge mobilization — the process of sharing research findings with organizations, people and government.

    Several Canadian research institutions have started using 360-degree video as a knowledge-mobilization tool. For example, researchers at the National Research Council Canada’s (NRC) Hydrogen Laboratory in British Columbia produced a 360-degree video allowing audiences to see the lab and learn more about the research conducted there.

    360-degree video of the Hydrogen Laboratory in Vancouver.

    The NRC has produced other 360-degree video explainers, including one about the Aerial Robotics Laboratory in Montréal and another about the Climatic Testing Facility located in Ottawa.

    At a time when Canadians are inundated with information, immersive video explainers offer a unique way to learn about science and society. While it remains unclear whether VR is truly the “ultimate empathy machine,” its ability to place audiences at the centre of stories and events has been shown to have positive effects on learning, information retention and the transfer of knowledge.

    Immersive film may not be a guaranteed empathy-builder, but it’s far from being an apathy machine. Ultimately, it offers unique perspectives to Canadians wishing to learn more about the world we live in.

    Victoria (Vicky) McArthur receives funding from the Natural Sciences and Engineering Research Council of Canada and the Social Sciences and Humanities Research Council of Canada.

    – ref. 360-degree videos are making social issues and educational content more engaging for Canadians – https://theconversation.com/360-degree-videos-are-making-social-issues-and-educational-content-more-engaging-for-canadians-248398

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Mayor announces £20m investment for Wolverhampton Canalside South regeneration scheme

    Source: City of Wolverhampton

    The West Midlands Combined Authority (WMCA) has provided the loan facility to Wavensmere Homes to bring about the £150m redevelopment and provide hundreds of new homes, including 109 affordable plots.

    Canalside South is one of the biggest regeneration projects of its kind in the region with more than 530 new energy-efficient homes to be delivered across the former British Steel and Crane Foundry site and land off Qualcast Road, which has lain derelict for 15 years.

    The 17.5-acre former industrial site established by City of Wolverhampton Council and Canal & River Trust is located within the city centre – moments from the transport interchange – and benefits from frontage onto the Wyrley & Essington Canal and the Wolverhampton Branch of the Birmingham Main Line Canal.

    The Mayor said: “It’s exciting to think that this huge derelict site – the size of ten football pitches – will soon become a place where people can live, raise families and thrive.

    “And schemes like Canalside South are not just about building homes, they rebuild communities – giving people places they can feel connected to and proud of. 

    “The investment announced today is significant because this scheme has a vital role to play in the on-going regeneration of Wolverhampton, providing hundreds of badly needed new homes, more than 100 of them affordable, within a stone’s throw of the city centre.”

    Wavensmere Homes received planning approval from City of Wolverhampton Council for the landmark Canalside South project at the end of September 2024. Ground preparation works will commence on site imminently, followed by the four-year construction programme. 

    The overall vision for the Wolverhampton Canalside masterplan is the delivery of around 1,000 homes to meet both the city and wider region’s housing needs, with sustainability and place-making at its heart.

    Designed by Glancy Nicholls Architects, the low-rise development will emulate the surrounding conservation area and maximise the canalside setting.

    The scheme will include seven acres of vibrant green space and a range of commercial amenities. It will also open up a new pedestrian route to the city core – reducing the previous walk time by 20 minutes – and ignite new investment into a commercial corridor. 

    Wavensmere Homes will be constructing 378 two-and three-bedroom townhouses, designed to target an EPC-A rated specification, together with 145 one-and two-bedroom apartments.

    A building of 10 co-living units – each containing six bedrooms – will deliver affordable living typologies to young professionals. 54 houses, together with 80 apartment and co-living bedrooms will benefit from waterside views.

    The multi-award-winning urban regeneration specialist will also be reanimating the disused railway arches on the site into 1,338sqm (14,400 sq ft) of lettable commercial space.

    Access to the WMCA funding was provided by the Property Team at Frontier Development Capital Ltd (FDC) which works closely with property developers to arrange investments from the WMCA’s regeneration funds.

    James Dickens, Managing Director of Wavensmere Homes, said: “The agreement of this loan facility FDC will enable us to start on site at Canalside South only nine months after we first unveiled the plans at UKREiiF. As a Birmingham-based developer, it’s great to be working with a leading local finance house that knows us so well.

    “Our in-house team has a strong history of regenerating vacant land in the Black Country and we can’t wait to begin transforming this site into a landmark development the whole region can be immensely proud of.”

    Wavensmere Homes will future-proof the new homes by installing electric only heating systems. A range of technologies will be utilised across the development, consisting of air source heat pumps, solar panels and mechanical ventilation with heat recovery (MVHR). There will also be EV charging to each house or parking space, alongside an array of EV chargers for visitors.

    Cllr Stephen Simkins, City of Wolverhampton Council Leader, said: “This project is fundamental to our brownfield first strategy, driving investment into the Green Innovation Corridor, and it will also fulfil a key objective of our Canalside Delivery Partnership with the Canal & River Trust. We are looking forward to work starting on site. Bringing life back to the redundant sites along our canal network is critical to boosting footfall into our city centre.

    “As one of the largest new housing developments in the Midlands, Wavensmere’s £150m investment plans, supported by the council, Canal & River Trust and WMCA, will enable Wolverhampton residents to benefit from superb connectivity, amenities, and health and wellbeing opportunities at this wonderful heritage location.”

    The funding agreement marks the second time Frontier Development Capital – part of Mercia Asset Management PLC – and Wavensmere Homes have teamed up to deliver brownfield regeneration within the West Midlands.

    The Birmingham-based lender provided a £4m loan in 2019 to facilitate the redevelopment of The Forge on Bradford Street in Digbeth. 142 apartments were built by Wavensmere at the former factory site.

    Kieren Turner-Owen, Associate Director of Property Finance for Frontier Development Capital, said: “Our focus is proudly on investing in the West Midlands, so we are thrilled to be selected as the debt funding partner for one of the region’s most high-profile regeneration schemes. With well over 500 mixed-tenure homes and complementary amenities, Wolverhampton Canalside South is an integral development for the revitalisation of this West Midlands city.

    “Since agreeing our first deal with Wavensmere Homes five years ago, the company has accrued a reputation as one of the UK’s most prominent and impressive SME housebuilders. This new loan facility sits sweetly within our funding parameters and we could not be more excited to be involved with bringing about the transformation of such a key waterside development. Our focuses are aligned in regenerating complex brownfield sites, with Canalside South allowing our excellent relationship with the Wavensmere team to continue.”

    Birmingham-headquartered Wavensmere Homes has 3,500 homes on site, or currently in planning. The firm is in the final phase of the £175m Nightingale Quarter, which is the redevelopment of the former Derbyshire Royal Infirmary into 925 energy-efficient houses, apartments, and community amenities. The company is constructing five other major brownfield regeneration schemes, located in central Birmingham, Derby, Cheltenham, and Ipswich, and has further projects in the immediate pipeline.

    To view the plans, visit canalsideWV1.co.uk

    MIL OSI United Kingdom –

  • MIL-OSI USA: Hassan, Cornyn, Colleagues Introduce Bill to Help Adjust Military Life Insurance for Inflation

    US Senate News:

    Source: United States Senator for New Hampshire Maggie Hassan

    WASHINGTON – U.S. Senators Maggie Hassan (D-NH), John Cornyn (R-TX), Ted Cruz (R-TX), and Angus King (I-ME) and Representatives Marilyn Strickland (WA-10) and Keith Self (TX-03) today introduced the Fairness for Servicemembers and their Families Act, which would help ensure life insurance packages for service members and veterans account for increases in cost of living and inflation:  

    “While we can never fully repay the debt that we owe to those who serve our country, we should work each and every day to get them the benefits that they deserve,” said Sen. Hassan. “This bipartisan legislation will help ensure that the life insurance offered for our veterans and servicemembers is keeping pace with real-world costs to help protect the financial security of the families of those who serve.”

    “As the nation continues to feel the effects of inflation, we need to make sure service members, veterans, and their families have the financial support they need and deserve,” said Sen. Cornyn. “Our bill would help ensure the Veterans Affairs Department can offer competitive life insurance packages that keep pace with the current cost of living.” 

    “Our nation’s service members and veterans put their lives on the line to protect America and defend our freedom,” said Sen. Cruz. “I am proud to partner with my colleagues to honor and provide for those who bravely sacrificed to serve the United States of America. Adjusting the value of the life insurance policies of servicemembers and veterans in line with inflation will ensure that America rightly honors their memory and cares for their loved ones after they are gone.”

    “Our servicemembers, veterans and their families make countless sacrifices every day to protect our nation, and we are indebted to their selfless service,” said Sen. King. “With the bipartisan Fairness for Servicemembers and their Families Act, we can ensure life insurance packages for military members adjust with the rising cost of living — giving more peace of mind to military families when they face difficult times. I’m grateful to my colleagues on both sides of the aisle for coming together to honor our commitment to the brave men and women who have given so much to our country.”

    “When we ask servicemembers to put their lives on the line for our country, we promise to have their backs. We must take care of their families and loved ones in the event of tragedy,” said Rep. Strickland. “This bill makes it clear that Congress stands by our military families.”

    “We must ensure our veterans receive the benefits they’ve rightfully earned,” said Rep. Self. “This bill requires the Department of Veterans Affairs to review and adjust the maximum coverage for servicemembers’ and Veterans’ Group Life Insurance programs to keep pace with inflation, ensuring these benefits keep pace with rising costs.”

    Background:

    The Fairness for Servicemembers and their Families Act would help ensure the maximum group insurance available to service members and veterans account for increases in cost of living. From 2006 to 2023, the maximum insurance value available for service members and veterans remained static, lagging far behind inflation rates. This bill would strengthen the financial safety net for veterans, service members, and their families by requiring a report to the U.S. Veterans Affairs Department, the Senate Committee on Veterans’ Affairs, and the House Committee on Veterans’ Affairs regarding cost of living increases and inflation rates every five years to ensure they don’t go years without assessing inflation rates.

    MIL OSI USA News –

  • MIL-OSI USA: Cramer Reintroduces Fair Access to Banking Act to Protect Legal Industries from Debanking

    US Senate News:

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

    ***Click here for audio.***

    WASHINGTON, D.C. – In recent years, prominent American banks have engaged in a discriminatory practice, referred to as debanking. Banks and financial institutions use their economic standing to categorically exclude law-abiding, legal industries by refusing to lend or provide services to them. This includes industries such as firearms, ammunition, crypto, federal prison contractors, as well as energy producers. 

    U.S. Senator Kevin Cramer (R-ND), a member of the Senate Banking, Housing, and Urban Affairs 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 that lending and services decisions must be based on impartial, risk-based analysis, not political or reputational favoritism. U.S. Representative Andy Barr (R-KY-6) introduced similar legislation in the House of Representatives. 

    “When progressives failed at banning these entire industries, what they did instead is they turned to weaponizing banks as sort of a backdoor to carry out their activist goals,” said Cramer. “Financial institutions are backed by taxpayers, for crying out loud! They should be obligated to provide services in an unbiased, risk-based manner. The Fair Access to Banking Act ensures that banks provide fair access to services and enacts strict penalties for categorically discriminating against legal industries and individuals.”

    Specifically, this legislation penalizes banks and credit unions with over $10 billion in total consolidated assets, or their subsidiaries, if they refuse to do business with any legally compliant, credit-worthy person. It also prevents payment card networks from discriminating against any qualified person because of political or reputational considerations. The bill requires qualified banks to provide written justification for why they are denying a person financial services. Further, the Fair Access to Banking Act would penalize providers who fail to comply with the law by disqualifying institutions from using discount window lending programs, terminating status as an insured depository institution or credit union, or imposing a civil penalty of up to $10,000 per violation. 

    The bill is based on President Trump’s Fair Access Rule, which was introduced during his first administration and required financial institutions to make individual risk assessments rather than broad decisions regarding entire industries or categories of customers. Cramer helped craft the rule, and his legislation codifies these protections. The Biden administration paused the rule’s implementation in early 2021.

    Cramer’s legislation is a response to United States banks and financial institutions increasingly using their economic standing to categorically discriminate against legal industries and conservatives. For example, Citigroup instituted a policy in 2018 to withhold project-related financing for coal plants, and in 2020, five of the country’s largest banks announced they would not provide loans or credit to support oil and gas drilling in the Arctic National Wildlife Refuge, despite explicit congressional authorization. Such exclusionary practices also extend to industries protected by the Second Amendment, with Capital One, among other banks, previously including “ammunitions, firearms, or firearm parts” in the prohibited payments section of its corporate policy manual, and payment services like Apple Pay and PayPal denying their services for transactions involving firearms or ammunition. First Lady Melania Trump and technology companies alike allege banks have debanked them or refused to do business. During his address to the World Economic Forum in January, President Trump highlighted big banks and their discriminatory practices of targeting conservatives.  

    In the years since Cramer first introduced the Fair Access to Banking Act, support has grown every Congress. At the state level, Florida and Tennessee passed Fair Access laws and similar legislation was introduced in Arizona, Georgia, Idaho, Indiana, Iowa, Kentucky, Louisiana, and South Dakota. Banks have dropped membership in discriminatory groups which were aimed at starving specific industries.

    The Fair Access to Banking Act is endorsed by several organizations, including the National Shooting Sports Foundation, National Rifle Association, North Dakota Petroleum Council, National Cattlemen’s Beef Association, The Digital Chamber, Blockchain Association, Independent Petroleum Association of America, Online Lenders Alliance, Day 1 Alliance, GEO Group, Lignite Energy Council, National Association of Wholesaler-Distributors, and National Mining Association.

    The bill is cosponsored by U.S. Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Bill Cassidy (R-LA), John Cornyn (R-TX), Tom Cotton (R-AR), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Bill Hagerty (R-TN), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Dan Sullivan (R-AK), Thom Tillis (R-NC), Tommy Tuberville (R-AL), and Roger Wicker (R-MS).

    Click here for bill text. 

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell Takes to Senate Floor to Oppose Trump’s Trade Philosophy: No to Tariffs, Yes to Innovation, Collaboration & Growth

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.05.25

    Cantwell Takes to Senate Floor to Oppose Trump’s Trade Philosophy: No to Tariffs, Yes to Innovation, Collaboration & Growth

    In speech on Senate floor, Cantwell advocates for new U.S. trade agreements with Southeast Asia, the Middle East, & the Americas to strengthen ties with allies & grow the economy at home; Cantwell slams proposed Trump tariffs: “The payers in this dispute are never the government leaders … it’s the workers who lose their job.”

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), the ranking member of the Senate Committee on Commerce, Science, and Transportation, delivered a speech on the Senate floor calling for the United States to establish new trade agreements with Southeast Asia, the Middle East, and Latin America – and to repudiate the trade philosophy of President Donald Trump, whose proposed tariffs on goods from Canada, Mexico, and China would spark a trade war, drive up costs for American consumers, harm domestic businesses across hundreds of industries, and compromise the United States’ global leadership in the free trade ecosystem.

    “It’s better to have a job than be attracted to join a terrorist organization. It’s better to create economic stability than fueling poverty and migration […] Last week, I spoke about additional investments the United States needs to make in Panama, Latin America, and others, to link and modernize bilateral agreements that help us counter China,” Sen. Cantwell said. “Free trade agreements are a way for us — not tariffs — to gain the leverage we want. South Asia could play an important role in this coalition building, particularly in the Indo-Pacific region. But I want us to go further. I want us to understand that U.S.-led negotiations in a Middle East free trade agreement to build on the momentum of a ceasefire in Gaza could further stabilize that region.”

    In her speech, Sen. Cantwell railed against President Donald Trump’s tariff’s proposal, likening his isolationist trade policies to an attempt to make time stand still – a futile goal at any point, but especially during the modern information age, when countries are more interconnected than ever and the United States is locked in an innovation race in artificial intelligence and quantum technology. She also called on the United States to invest in its workforce, research & development, science, and capital investment to modernize its manufacturing and stay competitive.

    “To outcompete our adversaries, we need coalitions, not go-it-alone strategies. Why do we fear this if we think our principles are correct? But somehow the current administration thinks that we’ve been hurt more than we’ve been helped in this global equation, and they want us to believe that somehow there is a win-win situation on tariffs that they can deliver on,” Sen. Cantwell said.

    “Tariffs are a distortion of markets. Tariffs mean we disagree. It very rarely means the disagreement will be resolved quickly. It usually means people will retaliate, and the escalation of that retaliation will hurt consumers so much so that eventually someone will blink,” she continued. “The payers in this dispute, though, are never the government leaders. No, it’s the workers who lose their job. It’s the family that pays higher cost. It’s the community that loses their economic activity and tax revenue.”

    In Washington state: Two out of every five jobs are tied to trade and related industries. In 2023, the state imported $19.9 billion of goods from Canada – primarily oil, gas, lumber, and electrical power — making our northern neighbors Washington state’s largest trade partner. Also in 2023, the state imported $1.7 billion in goods from Mexico, including motor vehicles, vehicle parts, and household appliances. More information about how President Trump’s proposed tariffs will impact businesses and consumers in the State of Washington is HERE.

    Sen. Cantwell has remained a steadfast supporter of free trade to grow the economy in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which devastated Washington state’s apple exports.  India had once been the second-largest export market for American apples, but after then-President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted.  The impact on Washington apple growers was severe:  apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023.  In September 2023, India ended its retaliatory tariffs on apples and pulse crops following several years of Sen. Cantwell’s advocacy, which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.

    In May 2023, Sen. Cantwell sent a letter urging the Biden Administration to help U.S. potato growers finally get approval to sell fresh potatoes in Japan. In June 2023, Sen. Cantwell hosted U.S. Sen. Debbie Stabenow (D-MI), then-chair of the Committee on Agriculture, Nutrition, and Forestry, in Washington state for a forum with 30 local agricultural leaders in Wenatchee to discuss the Farm Bill.

    In 2022, Sen. Cantwell spearheaded passage of the Ocean Shipping Reform Act, a law to crack down on skyrocketing international ocean shipping costs and ease supply chain backlogs that raise prices for consumers and make it harder for U.S. farmers and exporters to get their goods to the global market.

    In August 2020, during the height of the COVID-19 pandemic, Sen. Cantwell sent a letter to then-Secretary of Agriculture Sonny Perdue requesting aid funds be distributed to wheat growers. In December 2018, Sen. Cantwell celebrated the passage of the Farm Bill, which included $500 million of assistance for farmers, including those who grow wheat.

    In 2019, Sen. Cantwell helped secure a provision in the $16 billion USDA relief package, ensuring sweet cherry growers could access emergency funding to offset the impacts of tariffs and other market disruptions.

    Video of today’s speech is available HERE; and a transcript of Sen. Cantwell’s remarks is available HERE.

    MIL OSI USA News –

  • MIL-OSI USA: RELEASE: Mullin, Cramer, Colleagues Reintroduce Fair Access to Banking Act to Protect Legal Industries from Debanking

    US Senate News:

    Source: United States Senator MarkWayne Mullin (R-Oklahoma)

    RELEASE: Mullin, Cramer, Colleagues Reintroduce Fair Access to Banking Act to Protect Legal Industries from Debanking

    Washington, D.C. – In recent years, prominent American banks have engaged in a discriminatory practice, referred to as debanking. Banks and financial institutions use their economic standing to categorically exclude law-abiding, legal industries by refusing to lend or provide services to them. This includes industries such as firearms, ammunition, crypto, federal prison contractors, as well as energy producers. 

    U.S. Senators Markwayne Mullin (R-OK), Kevin Cramer (R-ND), a member of the Senate Banking, Housing, and Urban Affairs Committee, and 39 of their Senate GOP colleagues reintroduced the 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 that lending and services decisions must be based on impartial, risk-based analysis, not political or reputational favoritism. U.S. Representative Andy Barr (R-KY-6) introduced similar legislation in the House of Representatives. 

    Specifically, this legislation penalizes banks and credit unions with over $10 billion in total consolidated assets, or their subsidiaries, if they refuse to do business with any legally compliant, credit-worthy person. It also prevents payment card networks from discriminating against any qualified person because of political or reputational considerations. The bill requires qualified banks to provide written justification for why they are denying a person financial services. Further, the Fair Access to Banking Act would penalize providers who fail to comply with the law by disqualifying institutions from using discount window lending programs, terminating status as an insured depository institution or credit union, or imposing a civil penalty of up to $10,000 per violation. 

    The bill is based on President Trump’s Fair Access Rule, which was introduced during his first administration and required financial institutions to make individual risk assessments rather than broad decisions regarding entire industries or categories of customers. The Biden administration paused the rule’s implementation in early 2021.

    The senators’ legislation is a response to United States banks and financial institutions increasingly using their economic standing to categorically discriminate against legal industries and conservatives. For example, Citigroup instituted a policy in 2018 to withhold project-related financing for coal plants, and in 2020, five of the country’s largest banks announced they would not provide loans or credit to support oil and gas drilling in the Arctic National Wildlife Refuge, despite explicit congressional authorization. Such exclusionary practices also extend to industries protected by the Second Amendment, with Capital One, among other banks, previously including “ammunitions, firearms, or firearm parts” in the prohibited payments section of its corporate policy manual, and payment services like Apple Pay and PayPal denying their services for transactions involving firearms or ammunition. First Lady Melania Trump and technology companies alike allege banks have debanked them or refused to do business. During his address to the World Economic Forum in January, President Trump highlighted big banks and their discriminatory practices of targeting conservatives.  

    In the years since the first introduction of the Fair Access to Banking Act, support has grown every Congress. At the state level, Florida and Tennessee passed Fair Access laws and similar legislation was introduced in Arizona, Georgia, Idaho, Indiana, Iowa, Kentucky, Louisiana, and South Dakota. Banks have dropped membership in discriminatory groups which were aimed at starving specific industries.

    The Fair Access to Banking Act is endorsed by several organizations, including the National Shooting Sports Foundation, National Rifle Association, North Dakota Petroleum Council, National Cattlemen’s Beef Association, The Digital Chamber, Blockchain Association, Independent Petroleum Association of America, Online Lenders Alliance, Day 1 Alliance, GEO Group, the Lignite Energy Council, and National Association of Wholesaler-Distributors.

    Joining Sens. Mullin and Cramer on this legislation are Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), Bill Cassidy (R-LA), John Cornyn (R-TX), Tom Cotton (R-AR), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Bill Hagerty (R-TN), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Pete Ricketts (R-NE), Jim Risch (R-ID), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Dan Sullivan (R-AK), Thom Tillis (R-NC), Tommy Tuberville (R-AL), and Roger Wicker (R-MS).

    Read exclusively about the Fair Access to Banking Act in the Daily Wire.

    Click here for bill text. 

    MIL OSI USA News –

  • MIL-OSI USA: Fischer, King Reintroduce Legislation to Help America’s Working Families

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer

    Today, U.S. Senators Deb Fischer (R-Neb.) and Angus King (I-Maine) reintroduced the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. This bipartisan, bicameral legislation will make the Paid Family and Medical Leave (PFML) Employer Tax Credit permanent, helping companies of all sizes offer PFML plans to their employees. 

    Senators Fischer and King established the country’s first-ever nationwide PFML policy, which wasincluded in the 2017 Tax Cuts and Jobs Act and implemented in 2018. The Senators’ legislationbuilds on the 2017 law to better serve working families and hourly workers. It also provides additional ways for businesses to qualify for the paid leave tax credit, such as paying for PFML insurance products, and requires greater outreach efforts to raise awareness about the credit. 

    U.S. Representatives Randy Feenstra (IA-04), Stephanie Bice (OK-05), and Marie Gluesenkamp Perez (WA-03) will introduce identical companion legislation in the House.

    “America’s working families drive our economy forward and strengthen our communities. They shouldn’t have to choose between earning a paycheck and caring for their loved ones. That’s why Senator King and I passed the first-ever nationwide paid family leave law. Now, we need to make our legislation permanent and expand access to ensure that even more businesses can provide paid family leave to the workers who keep them running. I’m determined to get this key legislation included in whatever tax package Congress considers this year,” said Senator Fischer.

    “I have often said that Maine is one big town with long roads and when a member of our community is hurting, we drop everything to take care of our own. However, no one should have to choose between caring for our families or receiving the next paycheck to put food on the table,” said Senator King. “That’s why I’ve been working with my Republican colleague, Deb Fischer of Nebraska, to introduce the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act which makes the PFML tax credit permanent. When families have access to care, they are able to succeed both at home and in their professional careers. Child care is more than a household priority; child care means business!”

    “Paid family and medical leave (PFML) is a lifeline for workers when facing a medical condition or welcoming a newborn into the world. The Tax Cuts and Jobs Act recognized the importance of PFML by helping American small businesses offer these benefits to their employees through the creation of a targeted tax credit specifically for small businesses. However, along with many other policies, this provision expires at the end of the year without action from Congress,” said Congressman Feenstra. “That’s why I introduced legislation to extend and improve this tax credit for our small businesses so that they can provide their workers with up to 12 weeks of PFML without missing a paycheck. As a member of the House Ways and Means Committee, I believe that, by making this policy permanent, we can deliver certainty for our small businesses, keep our workers healthy and employed, and grow our economy and rural communities.”

    “The 45S tax credit, first implemented under the Trump administration, has been instrumental in helping many employers expand paid family leave benefits for their workers. However, awareness and uptake of this credit have been lower than we’d like. This legislation, which I’m pleased to introduce alongside my colleagues, will improve the credit, make it more flexible, increase employer awareness, and make the tax credit permanent,” said Congresswoman Bice.  

    “Taking care of your health, newborn, or family when they’re most in need shouldn’t come at the cost of paying the bills. Strong families mean strong communities and local economies,” said Congresswoman Gluesenkamp Perez. “With the paid family and medical leave tax credit due to expire, our bipartisan legislation will make this successful credit permanent and expand access for Washington-based businesses and newer employees, so more families can feel the benefits.”

    Nebraska Stakeholder Support: 

    “The Nebraska Chamber is committed to making Nebraska the best place to own, operate and grow a business, and this bill brings us one step closer to achieving that. The Paid Family and Medical Leave Tax Credit represents Nebraska business owners’ desire to strengthen the state’s overall workforce. The NE Chamber and businesses across the state appreciate Senator Fischer’s continued leadership on this issue,” said President of the Nebraska Chamber of Commerce Bryan Sloane. 

    “The Lincoln Chamber of Commerce appreciates Senator Fischer’s leadership in her efforts to empower small businesses to provide paid family and medical leave. Senator Fischer’s continued efforts by way of introducing her Paid Family and Medical Leave Tax Credit Extension and Enhancement Act is a continuation of her commitment to employers, employees, families, and communities. We view this crucial policy initiative as something that should be included in any larger pro-growth tax policy package that might be considered,” said Lincoln Chamber of Commerce President Jason Ball.

    “The Greater Omaha Chamber is grateful to Senators Fischer and King for introducing this important legislation. While a broad representation of our membership offers various types of paid leave, incentives will matter to companies and businesses who have greater barriers to offering paid leave, especially our smallest members. This proposed legislation allows us greater opportunities to care holistically for employees the way we strive to, and aligns with the Chamber’s mission,” said Greater Omaha Chamber President and CEO Heath Mello. 

    “The Nebraska Grocers and all our affiliates thank Senator Fischer for her commitment to businesses, families, and communities. By embracing incentives, rather than imposing burdensome and impractical mandates, this Act recognizes that business owners want to provide flexibility to their most valuable resource – their dedicated employees. The Paid Family and Medical Leave Tax Credit Extension and Enhancement Act is genuinely helpful, responsible policymaking which empowers both employers and employees,” said Nebraska Grocery Industry Association Executive Director Ansley Fellers. 

    Full List of Nebraska Endorsements:

    Nebraska Chamber of Commerce, Lincoln Chamber of Commerce, Greater Omaha Chamber of Commerce, Mutual of Omaha, Nebraska Grocery Industry Association, Nebraska Hospitality Association, and Nebraska Retail Federation.

    National Stakeholder Support:

    “AARP, which advocates for the more than 100 million Americans age 50 and older, is pleased to endorse the bipartisan Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. This legislation will provide consistency and certainty to businesses by making tax credit 45S permanent. In addition, the proposed enhancements to the credit will encourage more employers to provide this important benefit to support working family caregivers with low to moderate incomes,” said AARP Senior Vice President of Government Affairs Bill Sweeney.

    “Too many people today face the difficult choice between earning a paycheck and caring for themselves or family member. Senators Fischer and King are offering a bipartisan solution that will go a long way toward helping working families facing this dilemma. The enhanced tax credit will enable more employers—especially small employers— to offer their workers a paid family and medical leave benefit. It also will help more people access this benefit by making it easier for employers to qualify for the credit. Most important, the legislation gives people peace of mind knowing they’ll be protected from economic loss when taking time off from work to care for themselves or a loved one. We applaud Senators Fischer and King for advancing this legislation that offers working Americans the help they want and need,” said American Council of Life Insurers President & CEO David Chavern.

    “Over the last year, the AICPA has worked closely with staff from both Senator Fischer and Senator King‘s offices on important legislation that would help families and middle income households by allowing more employers to offer the benefit of paid family and medical leave to their employees by making the tax credit permanent. We applaud Senators Fischer and King for their thoughtful and consistent leadership on this bill and offer our strong support,” said American Institute of Certified Public Accountants Vice President of Tax Policy & Advocacy Melanie Lauridsen.

    “Benefits like paid family leave help restaurant operators recruit skilled hospitality professionals. Making the Paid Family, Medical Leave tax credit program pilot permanent would support the growth of the small business operators who are considering or offering PFML. In the current economy, we appreciate Sens. Fisher and King’s efforts to support small business restaurant owners and their employees by continuing this program,” said National Restaurant Association Executive Vice President of Public Affairs Sean Kennedy. 

    “NFIB thanks Senator Fischer and Senator King for introducing the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. Incentivizing small business owners to offer paid family and medical leave rather than penalizing them for failing to provide a benefit that they cannot afford is a wise policy for the small business owners,” said National Federation of Independent Businesses Vice President Federal Government Relations Jeff Brabant.

    “BPC Action is proud to endorse the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act to make permanent and expand the employer tax credit for paid family and medical leave, known as 45S, and applauds Sens. Deb Fischer (R-NE) and Angus King (I-ME) for their bipartisan leadership on this bill. As BPC has found, ‘In an ever-changing economy and tight labor market, paid family and medical leave can importantly encourage workers to stay in the labor force, support household finances, and help businesses compete for workers.’ This bill is critical to helping businesses provide paid leave benefits to more hardworking American families. We urge Congress to take up this proposal, originally enacted as part of the 2017 Tax Cuts and Jobs Act,” said Bipartisan Policy Center President Michele Stockwell. 

    “We the People send Americans into the halls of government with the opportunity to do the Will of the People, to do good. As such, it is perpetually our hope that our elected officials will execute such Will and enact laws that will serve the People, especially in cases where it is feasible in order to ease the burdens that life sometimes thrusts upon us where loved ones, families and businesses are most affected. The PFML Tax Credit Bill provides a judicious antidote for a malaise that has existed for far too long for so many Americans and businesses. More specifically, the PFML Bill effectively eliminates the decision of having to choose between family and a paycheck. In short, it gives individuals, families and employers the relief and peace of mind that they desperately need. On behalf of the American Caregiver Association, I encourage all those who are willing, to support U.S. Senators Deb Fischer and Senator Angus King and their continuing efforts to make the PFML Tax Credit Bill permanent,” said American Caregiver Association President Vincent S. Pettis. 

    “At SHRM, we are committed to advancing smart, practical policies that strengthen workplaces, empower HR professionals, and maximize human potential. As employers innovate to provide leave options that support well-being and family care, public policy must keep pace—offering incentives that encourage organizations to expand access to leave while maintaining the flexibility needed to design and sustain these programs. A balanced approach ensures that more workers can benefit from this critical support. At SHRM, we prioritize policy over politics and view this effort as a strong example of bipartisan collaboration and constructive policymaking in Congress,” said Society for Human Resource Management Chief of Staff and Head of Government Affairs Emily M. Dickens, J.D.

    “On behalf of our nation’s 2.95 million Asian American Pacific Islander (AAPI) business owners and entrepreneurs, National ACE applauds Senators Fischer and King for their leadership in reintroducing the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. Access to paid family and medical leave is vital for small business owners and their employees, particularly within the AAPI community, where caregiving responsibilities often extend across generations. This bipartisan effort provides much-needed support for entrepreneurs striving to balance business success with the well-being of their workforce. We are proud to support this legislation and look forward to working together to ensure small businesses have the resources they need to thrive,” said National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship President and CEO Chiling Tong.

    “The Paid Family and Medical Leave Tax Credit Extension and Enhancement Act is essential to help ensure that more small business owners can offer paid family medical leave to their employees. Policies that include support for business owners and working families through programs like paid family leave help address the economic needs of our small businesses and workforce while at the same time making sure small business owners can compete against their larger counterparts. We thank Senators Fischer and King for their bipartisan leadership in introducing this important legislation and applaud the efforts to both expand access to this credit and ensure that the tax credit is permanent,” said National Association of Women Business Owners Board Chair Dr. Janis Shinkawa.

    “We are pleased to see the reintroduction of this legislation by Senators Fischer and King and thank them for their leadership on this critical issue. This legislation will encourage employers around the country to offer paid leave to their employees, increasing the number of Americans with paid leave coverage. Paid leave strengthens families and the economy by enabling workers to keep their jobs when they need to care for themselves or a loved one, while helping businesses retain valued employees,” said Sun Life U.S. President Dan Fishbein, M.D. 

    Full List of National Endorsements:

    AARP, Alzheimer’s Impact Movement (AIM), American Council of Life Insurers, American Institute of Certified Public Accountants (AICPA), National Restaurant Association, National Federation of Independent Businesses (NFIB), Bipartisan Policy Center (BPC), American Caregiver Association, Society for Human Resource Management (SHRM), National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship, National Association of Women Business Owners, and Sun Life U.S.

    Background: 

    The Tax Cuts and Jobs Act (TCJA) created a two-year general business tax credit for employers that voluntarily offer up to 12 weeks of PFML to employees. Congress has extended the credit through 2025. The credit also includes an income cap for eligible employees to ensure that it remains targeted to those who need it the most. 

    Under current law, an employer must meet the following criteria to claim the credit: offer all qualifying employees at least two weeks of PFML, have a written PFML policy in effect, and pay at least 50 percent of an employee’s normal wages while the employee is on PFML. According to the Bureau of Labor Statistics (BLS), only 19 percent of those working for employers with less than 50 employees have access to PFML.

    Senators Fischer and King’s legislation builds on the existing credit by making the following changes:

    Making the Credit Permanent:

    • Provides certainty to businesses taking the leap to offer paid family and medical leave.

    Updating the Treatment of Paid Leave Required by State or Local Mandates:

    • Allows eligible employers to receive the credit for leave provided in states without PFML mandates or for leave offered in excess of any state or local mandate. 
      • Currently, employers providing PFML under state or local government mandates are ineligible for the credit, meaning that some employers with operations in both non-mandate and mandate states are ineligible for the credit.

    Supporting Coverage of PFL Insurance Premiums:

    • Allows employers to claim the credit for premiums paid for PFML insurance products that cover qualifying employees. The structure mirrors the current credit, enabling employers to receive up to a 25 percent credit towards yearly premiums, depending on the percentage of wages the insurance plan replaces.

    Reducing the Minimum Employment Period Requirement:

    • Provides employers the option to offer PFML to employees at six months and better target the credit towards younger workers.

    Requiring Greater Outreach and Awareness:

    • Requires the Small Business Administration and Internal Revenue Service to conduct targeted outreach, education, and technical assistance to assist in increasing awareness of the credit.

    Click here to read a summary of the bill.
     

    Click here to read the text of the bill.

    MIL OSI USA News –