While the macroprudential framework for the banking sector has been in place for several years, its equivalent for non-bank financial institutions is still emerging. This panel discussion on macroprudential policy beyond banking will be particularly relevant in light of the review of the macroprudential framework for non-banks that the European Commission is conducting in 2024.
Chair: Luis de Guindos, Vice-President, European Central Bank
Panellists:
Petra Hielkema, Chair, EIOPA
Steffen Kern, Chief Economist, ESMA
Javier Suarez, Professor, Centre for Monetary and Financial Studies, Member of the ESRB Advisory Scientific Committee
Dimitrios Tsomocos, Professor and Fellow by Special Election, University of Oxford
This panel discussed systemic liquidity risk, highlighting how market and funding strains can affect the financial system, often necessitating intervention from central banks and authorities. The panel explored methods for detecting and addressing vulnerabilities proactively, and strategies for mitigating the impact if such risks materialise.
Chair: Stephen Cecchetti, Professor, Brandeis International Business School, Vice-Chair of the ESRB Advisory Scientific Committee
Panellists:
Linda Goldberg, Financial Research Adviser, Federal Reserve Bank of New York
Rafael Repullo, Professor, Centre for Monetary and Financial Studies
Hyun Song Shin, Economic Adviser, Bank for International Settlements
This panel discussion aims to explore how AI is reshaping the landscape of financial stability and systemic risk, from the perspective of industry practitioners and academics. The panel addressED both opportunities and challenges that lie ahead in integrating advanced AI technologies within Europe’s financial system.
Chair: Andréa Maechler, Deputy General Manager, Bank for International Settlements
Panellists:
Zanna Iscenko, Principal Economist, Google
Sudeep Kesh, Chief Innovation Officer, S&P Global Ratings
Robin Lumsdaine, Professor, American University, Member of the ESRB Advisory Scientific Committee
Dirk Zetzsche, Professor, University of Luxembourg
There are few more pressing questions facing European governments than how to drive economic growth and make the region more competitive. And it’s clear that one of the most important ways to boost the EU’s competitiveness is by harnessing AI for growth.
A new report by Implement Consulting Group, commissioned by Google, estimates that generative AI could add €1.2-1.4 trillion to the EU’s GDP in ten years – the equivalent to an annual growth rate of 8%. The report also outlines how AI can significantly boost productivity across various sectors.
This ability of generative AI to boost economic growth and competitiveness is particularly significant for Europe. According to Mario Draghi’s new report, Europe’s competitiveness has nosedived over the past decades: the EU’s share of global GDP has shrunk from over a quarter in 1980 to just 17% today. US productivity has surpassed the EU’s by 20% in 2022.
But this report is about more than economic metrics — it’s about how AI can help people be more productive, fuel growth and support long term sustainable jobs of the future. 74% of workers in European countries see productivity-enhancing effects of generative AI, and 43% of workers in European countries expect AI to positively impact their job. Our new report estimates that the majority (61%) of jobs will be augmented by generative AI while around 7% face a long-term transition to automation. As with previous transitions, like the birth of commercial aviation or the worldwide web, new industries and careers will be made entirely possible by AI powered breakthroughs. This impact has the potential to be felt across society — from enhancing the quality and efficiency of public services to unlocking scientific breakthroughs and alleviating labor shortages by freeing up resources and boosting productivity.
Europe’s productivity gap is largely down to slower technological development, innovation and adoption. As Mario Draghi says, “with the world on the cusp of an AI revolution, Europe cannot afford to remain stuck in the ‘middle technologies and industries’ of the previous century”. To catch up, the EU must unlock its innovative potential.
A new agenda for AI backed growth
This is why today, in addition to our Economic report, we’re also releasing our AI Opportunity Agenda: a series of recommendations for governments to seize the full economic and societal potential of AI. The Agenda outlines the need to revisit Europe’s workforce strategy, as well as investment in AI infrastructure and research, adoption and accessibility.
1. Investing in research and development
For the EU to truly compete in AI, it needs to make research and development a shared priority, as well as making funding more accessible. Without the right incentives to develop and commercialise AI innovation, Europe is stifling its talent and its chances of launching more home-grown tech unicorns.
2. Building infrastructure to support innovation
AI breakthroughs are only possible with the right high-performance computing technologies and data centres — and the renewable energy to support them. To enable AI innovation at scale, the EU will need to allocate more funding to financing such infrastructure — as well as incentivising and enabling the private sector to do the same.
3. Improving skills and training programmes
Technological growth will not be effective if people are left behind. Given its diversity, the EU must make sure technology benefits every business, economy and person. To do this, it needs to accelerate digital skills transformation, putting AI skills and education at the centre of a revitalised European Skills Agenda — and adding it to school curriculums.
4. Promoting widespread adoption
We ultimately need to ensure that AI is applied and deployed in a universally accessible and useful way. For the private sector, EU policymakers and AI developers must work together to develop outreach strategies to traditional industries and small businesses who have much to gain from AI adoption. For the public sector, member states must double down on existing initiatives to increase the public procurement of AI and developing bolder AI adoption targets.
Taking action
Developing good policy and responsible AI will need close coordination between governments, the private sector, academia and civil society. Through our AI Opportunity Initiative and other partnerships we’re committed to working with others to get this right. But, as Mario Draghi highlighted, change is also needed in the regulatory environment. Since 2019, the EU has introduced over 100 pieces of legislation that impact the digital economy and society. It’s not just the sheer number of regulations that’s the challenge – it’s the complexity. Moving from the regulatory-first approach can help to unlock the opportunity of AI.
In many ways, Europe is well-positioned to seize this moment. AI has the potential to help us build a better, fairer, healthier society — and to support competitiveness and inclusive growth.
Welcome address by Luis de Guindos, Vice-President of the ECB, at the 5th joint ECB, Bank of Canada and Federal Reserve Bank of New York Conference on expectations surveys, central banks and the economy
Frankfurt am Main, 1 October 2024
It is my pleasure to welcome you to this fifth joint conference on expectations surveys organised by the European Central Bank, the Bank of Canada and the Federal Reserve Bank of New York.
In my remarks today, I will delve into the fascinating world of expectations surveys and their relevance to central banks. I will review how useful expectations surveys have proven to be for central banks over the period since 2019, the year we held our first conference in this series. In addition, I will touch on the challenges facing central banks in using surveys. The fact that central banks generally operate under great uncertainty has come to the fore over the past five years. Today, too, we are facing huge uncertainty – not least in view of the many prevailing economic, financial and geopolitical risks. Yet, it is precisely in this unpredictable and highly complex landscape that surveys have come into their own.
The return of survey expectations
Over the past decade, central banks and other policymaking institutions have invested significantly in expectations surveys and have drawn increasingly on survey data for their policy analysis and research. These surveys cover consumers, firms, financial market participants and other experts, including professional forecasters. At the ECB, we can fortunately look to a wide array of such surveys covering diverse topics such as consumer expectations, household finance and consumption, access to finance of enterprises, the payment attitudes of consumers and bank lending. Since 2013, the ECB has also conducted a survey of wholesale market participants on credit terms and conditions, and it recently developed a new survey of monetary analysts to collect expert expectations about key monetary policy parameters and concepts. Finally, the ECB’s Survey of Professional Forecasters was launched back in 1999 at the start of Economic and Monetary Union. Its structured collection of data has supported a rich research programme investigating economic forecasts and expert expectations.[1]
All ECB surveys can provide insights into how different economic agents form and update their expectations. They can reveal the potential biases in these expectations and the extent to which expectations feed into economic decisions. Surveys were indeed quite central to the economic debate in the 1950s and the 1960s but their role became more marginal when rational expectations were incorporated into economic modelling in the 1970s. Over the past ten years, however, economists have seen survey expectations clearly returning to the mainstream.[2] One could describe the recent growth in survey-based research as a “counter-revolution” following the earlier “revolution” centred on rational expectations. Today, while models based on rational expectations still form a useful reference point in our analysis and research, they are no longer thought to provide a solid basis for understanding business cycles, for gauging the risks of financial crises or for designing effective economic policies. The central insight gained from this new line of survey-based research is that many economic agents may systematically form expectations by using partial sets of information or by following subjective narratives about how the economy functions – for example by applying simple rules of thumb.[3] It is important to understand such subjective expectations, because these beliefs often underlie the economic choices and financial decisions that drive the economy.[4]
Surveys have repeatedly proven their usefulness over the past five years. During the COVID-19 pandemic, they were especially useful in helping to track financial conditions for firms and households, as well as in estimating the labour market response to the pandemic shock. Online surveys were of great benefit during the pandemic as in-person survey interviews were hampered by lockdown restrictions. For example, the ECB’s Consumer Expectations Survey – an online survey which was fortuitously launched in early 2020 – helped us understand the severity of the pandemic-induced collapse in consumption and gauge the overall effectiveness of the major policy interventions by governments and other authorities at the time.[5]
Insights from surveys during the recent period of high inflation
More recently, the data collected in surveys strongly supported the analysis of the recent inflationary episode in the euro area.[6] During the early phase of the inflation surge in 2022, survey data helped to inform the central discussion on the likely persistence of the shock. For example, the observed increase in consumers’ medium-term expectations may have interacted with an increase in firms’ pricing power to make the original supply shocks more persistent than they would otherwise have been.[7]
Forces that would gradually help bring inflation back down to our target were also visible in more recent survey data. For example, we could see how the rise in inflation and inflation expectations was acting as a major constraint on demand and consumer spending owing to its impact on real incomes. In August 2023 respondents to the ECB’s Consumer Expectations Survey were asked what actions they were planning to take in light of their expectations about future inflation. The results clearly showed that a much higher share of consumers planned to reduce their spending in response to the expectations of higher prices.[8] In addition, consumers indicated that they would start to shop around more and buy cheaper varieties of goods and services than they normally would. In a context where the ECB was taking decisive monetary policy action aimed at restoring price stability, these behavioural responses to higher inflation expectations also contributed to the gradual unwinding of the inflationary pressures across the euro area economy.
Insights for financial stability analysis
In addition to monetary policy, expectations surveys are now increasingly being used for other central bank tasks as well. This includes financial stability analysis. Here, surveys can help identify potential sources of financial risk not only in financial markets and the banking system, but also in the household and non-financial corporate sectors.[9] Even when there is no discernible financial stress at the aggregate level, the disaggregated or individual-level data typically provided by surveys can help us to identify emerging risks across particular sectors or socio-demographic groups.
In financial stability analysis, the topic of financial literacy is receiving increased attention. In the first keynote lecture of the conference, Professor Annamaria Lusardi from Stanford University will talk about why financial literacy is relevant for central banks. One consideration for financial stability analysis is that less financially literate households may be less prepared to cope with adverse economic and financial shocks. Yet, these households tend to be the most exposed to such shocks and more heavily affected when they occur. Policies seeking to boost financial literacy may help borrowers to source loans that are cheaper to service, thus promoting more efficient and more sustainable debt management. These issues may be particularly relevant for real estate markets and housing, which will be the focus of the second keynote lecture of the conference, given by Professor Tarun Ramadorai from Imperial College London. Professor Ramadorai will discuss the importance of non-rational beliefs in the housing market and how household surveys can help inform policies that can address these frictions.
Sustaining the quality and representativeness of surveys
Our experiences with survey data also highlight the challenges that policymakers face when using these data. Survey data can be volatile and there is evidence of overreaction in both household and firm surveys of expectations. For this reason, surveys may provide a noisy signal for policymaking in practice, which complicates how these data should feed into the policy reaction function. In this respect, I hope the research presented at today’s conference can also help policymakers distinguish the signal from the noise that is always embedded in expectations data. These considerations underline the importance of the quality of the survey design, including the sampling and data collection methods. It is crucial that questions are designed to avoid the framing of responses and that the complexity of the questionnaires is managed appropriately to avoid survey fatigue, which may negatively affect data quality. As central banks are making increasing use of survey data, they need to continuously and carefully monitor these data to ensure responses remain representative of the underlying population’s beliefs and behaviour.
Conclusion
Let me conclude. Today, expectations surveys are an important part of the toolkit available to central banks for their policy analysis. These surveys reveal insights about the economy that would otherwise remain hidden from view. As a result, they can contribute to more robust policy decisions and better policy assessments.
I would like to finish by thanking the presenters and participants in advance for their contributions and the conference organisers for putting together such an impressive programme. I wish you all a productive and successful two days of lively debate and discussion. I am confident that the insights that will emerge from sharing our experiences of different surveys across many countries and institutions will ultimately enhance the way in which we use expectations surveys to help guide policy decisions.
Anchorage Digital converted entire ~$38 million loan balance to common shares at a price of $16.395 per share
Strengthens Company’s financial position as it advances pipeline of AI and mining infrastructure opportunities
MIAMI, Oct. 01, 2024 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today announced the conversion of the entire ~$38 million outstanding balance of its subsidiary’s outstanding loan with Anchorage Lending CA, LLC, a subsidiary of Anchor Labs, Inc. d/b/a Anchorage Digital (“Anchorage Digital”), into common stock of the Company (the “Conversion”).
“Hut 8 stands out for its conviction to innovation — it’s a key reason that we originally backed them with a loan, and it’s the same reason we’ve now converted that debt to equity,” said Nathan McCauley, Co-Founder and CEO of Anchorage Digital. “In an evolving market, Hut 8 has proven that they can adapt to meet the moment and come out stronger — for the benefit of the company and the digital asset ecosystem at large. We value that kind of resilience on our balance sheet, and our new ownership stake makes that clear.”
“Our relationship with Anchorage Digital has been instrumental to our growth,” said Asher Genoot, CEO of Hut 8. “We are grateful for their continued support as we scale and diversify our business while maintaining an unwavering focus on disciplined and creative capital deployment.
“With a strengthened balance sheet and decreased leverage, we believe we are even better positioned to advance discussions with prospective counterparties and execute on the development of next-generation mining and AI data centers.”
Key Transaction Terms
Anchorage Digital has converted the ~$38 million outstanding balance of the loan at a price of $16.395 per share of common stock of Hut 8 pursuant to a Debt Repayment Agreement (the “Debt Repayment Agreement”). The share price represents a 51% premium to the 20-Day VWAP through September 26, 2024, the day prior to the signing of the Debt Repayment Agreement.
Upon completion of the Conversion, the outstanding loan and all other related obligations of the Company and its subsidiaries have been satisfied.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
Additional information, including the Debt Repayment Agreement, is available in the Form 8-K that the Company will file with the Securities and Exchange Commission.
Upcoming Conferences & Events
October 7–9, 2024: Yotta 2024
October 15, 2024: USC Marshall Energy Business Summit 2024
November 13–14, 2024: Cantor Fitzgerald Crypto, Digital Assets & AI Infrastructure Conference 2024
November 19, 2024: Craig-Hallum 15th Annual Alpha Select Conference
November 19, 2024: Benzinga Future of Digital Assets Conference 2024
About Hut 8
Hut 8 Corp. is an energy infrastructure operator and Bitcoin miner with self-mining, hosting, managed services, and traditional data center operations across North America. Headquartered in Miami, Florida, Hut 8 Corp. has a portfolio comprising twenty sites: ten Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one newly announced site in the Texas Panhandle. For more information, visit http://www.hut8.com and follow us on X (formerly known as Twitter) at @Hut8Corp.
Cautionary Note Regarding Forward–Looking Information
This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events or developments that Hut 8 expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the business, operations, plans and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely” or similar expressions. Specifically, such forward-looking information included in this press release includes statements relating to the Company’s advancement of its AI and mining infrastructure pipeline and the Company’s ability to continue scaling and diversifying its business while maintaining an unwavering focus on disciplined and creative capital deployment.
Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, security and cybersecurity threats and hacks; malicious actors or botnet obtaining control of processing power on the Bitcoin network; further development and acceptance of the Bitcoin network; changes to Bitcoin mining difficulty; loss or destruction of private keys; increases in fees for recording transactions in the Blockchain; erroneous transactions; reliance on a limited number of key employees; reliance on third party mining pool service providers; regulatory changes; classification and tax changes; momentum pricing risk; fraud and failure related to digital asset exchanges; difficulty in obtaining banking services and financing; difficulty in obtaining insurance, permits and licenses; internet and power disruptions; geopolitical events; uncertainty in the development of cryptographic and algorithmic protocols; uncertainty about the acceptance or widespread use of digital assets; failure to anticipate technology innovations; the COVID19 pandemic, climate change; currency risk; lending risk and recovery of potential losses; litigation risk; business integration risk; changes in market demand; changes in network and infrastructure; system interruption; changes in leasing arrangements; failure to achieve intended benefits of power purchase agreements; potential for interrupted delivery, or suspension of the delivery, of energy to mining sites and other risks related to the digital asset mining and data center business. For a complete list of the factors that could affect Hut 8, please see the “Risk Factors” section of Hut 8’s Transition Report on Form 10-K, available under the Company’s EDGAR profile at http://www.sec.gov, and Hut 8’s other continuous disclosure documents which are available under the Company’s SEDAR+ profile at http://www.sedarplus.ca and EDGAR profile at http://www.sec.gov.
Hut 8 Corp. Investor Relations Sue Ennis ir@hut8.com
Good morning and welcome to the Conference on Markets and Intermediaries, an event jointly organised by the Bundesbank and the Humboldt-Universität zu Berlin.
In my opening speech, I will take you on a helicopter tour of the programme and share some thoughts on the topics that will be covered over the next two days. The programme certainly does cover a wide range of topics. It addresses current challenges facing financial markets, financial intermediaries, and central banks.
Since the Great Financial Crisis, central banks worldwide have expanded their balance sheets, injected additional liquidity into the financial system, and broadened their collateral frameworks. In addition, financial regulation has been adapted to make the financial system more stable.
While these measures served useful purposes, they also had side effects, not least in money and capital markets. Policymakers and regulators are therefore well-advised to evaluate the effects of their measures.
2 Non-bank financial institutions
The first session is dedicated to non-bank financial institutions, or NBFIs.
This sector includes, amongst others, insurers, investment funds, and money market and hedge funds. It is strongly interconnected, both with other sectors and across countries. Its share of the global financial system, as measured by total financial assets, is almost one-half.
Clearly, it could be a source of systemic risks. But the risks presented by NBFIs often lie out of view. This makes them more difficult to monitor and assess. All the more important, then, to close data gaps and strengthen the resilience of the sector.
One particular source of vulnerability are fire sales of open-ended funds. These are the subject of a paper that Rüdiger Weber is presenting this morning.[1]
Open-ended funds are especially prone to fire sales because, during episodes of market stress, they often face significant pressure from investors who want to liquidate their holdings quickly. Fund managers may then be forced to offload fund assets at short notice. And if those assets are less liquid, they may have to sell them at lower prices. This may amplify price declines and liquidity shortages.
Effective liquidity management and regulation are very important here. A recently published Bundesbank paper shows that price-based liquidity management tools help keep the financial fragility of open-ended mutual funds in check.[2]
In times of stress, investors also try to protect their capital by shifting it into safer assets. However, this flight to safety can intensify the downward pressure on the prices of riskier assets as demand for the latter declines.
The Financial Stability Board is doing important work in this field. But it is currently focused on microprudential regulation. I think the FSB’s work on this front needs to be complemented by the development of macroprudential regulation for the NBFI sector.
In any case, we should not jeopardise what we have achieved in the banking regulation space by allowing stability risks to build up elsewhere in the financial system.
3 Central bank digital currencies
The second session is on central bank digital currencies (CBDC).
CBDC is an issue that is keeping almost all central banks very busy at the moment. The Eurosystem is hard at work preparing for the potential introduction of a digital euro.
As the world turns increasingly digital, the digital euro would provide a secure and efficient digital payment option that complements cash. It aims to strengthen Europe’s strategic autonomy by building on European infrastructures, and to promote innovation in the private sector.
However, introducing a CBDC could also have unintended side effects. If bank customers were allowed to hold it in large amounts, periods of banking distress could trigger large, sudden shifts out of deposits into CBDC. This could lead to financial instability.
And if CBDC were too attractive a substitute for deposits, commercial banks’ access to retail deposits could erode over time. Which could lead to structural disintermediation and call into question our proven two-tier banking system. It is therefore of the essence to design CBDC in a way that prevents these risks from materialising.
The challenge is to optimise the usability of CBDC as a means of payment while at the same time limiting its effects on the market for bank deposits. Two decisive factors in this regard are remuneration and holding limits. Let me say a few words on each of these.
Remuneration means the rate of interest on people’s holdings of CBDC. If that rate of interest were positive, holding CBDC would be more attractive. But at the same time, that would lead to outflows out of bank deposits.
Based on a welfare-maximising model setting, Pascal Paul will argue later this afternoon that central banks should allow for a positive interest rate.[3] This stands in contrast to the intention of the Governing Council not to remunerate digital euro holdings.[4]
Why are we not in favour of remuneration?
Because our aim is to make the digital euro a digital complement to cash, and there is no remuneration for holding cash. We neither want to compete with commercial banks for deposits, nor do we want to employ the digital euro as a monetary policy instrument.
The second, perhaps even more important, factor is holding limits. We intend to limit digital euro holdings to a certain amount, because we want to ensure the digital euro does not lead to large sudden shifts or disintermediation.
The limits currently under discussion range from €500 to €3,000.[5] A recent Bundesbank paper finds that an optimal holding limit would be in a range between €1,500 and €2,500.[6] On the Governing Council, we have not yet taken a decision on the exact amount. What is more, EU legislators might be involved here.
But as regards the practical usability of the digital euro, the exact limit does not play a major role anyway. This is because a reverse waterfall system, as it is called, would allow users to link their digital euro wallet to their bank account. They can then convert their bank deposits into digital euro automatically and instantly if their holdings are insufficient to make a payment.
4 Banking and deposit flows
Allowing users to convert an unlimited amount of deposits into CBDC would expose commercial banks to substantial run risk. In any case, zero or lower interest rates will not discourage them from doing that in times of crisis. However, digital bank runs can happen even without CBDC.
The failure of Silicon Valley Bank and other regional banks in March 2023 showed how quickly customers can withdraw their deposits these days. At Silicon Valley Bank alone, customers pulled out USD 42 billion within the space of a single day, which equated to around one-quarter of total deposits. And another USD 100 billion would have been withdrawn a day later.[7] The depositors on the run were apparently account holders with uninsured deposits.
Banking and deposit flows are the subject of Session 3. Dominic Cucic will present a paper showing that bank customers do indeed redistribute their deposits when deposit insurance limits change.[8] Credible and reliable deposit insurance helps to prevent bank runs and preserve financial stability.
In the euro area, we currently have deposit insurance at the national level. Adding a European layer in the form of a hybrid model would help prevent situations where large shocks overwhelm national deposit insurance systems and lead to cross-border contagion.
As a European layer should be risk-based, large exposures of banks to individual sovereigns are an issue. Currently, many banks hold a disproportionately large number of bonds issued by their domestic governments. If this were to continue, a common deposit insurance arrangement could lead to a redistribution of sovereign solvency risks.
In my view, the new EU legislative session provides a good opportunity to move forward on both issues: with a reduction in banks’ exposures to individual sovereigns, and a common European deposit insurance system.
5 Central bank interventions and market behaviour
Session 4 of this conference focuses on the impact of central bank interventions on market behaviour. Both papers in this session underline that such central bank measures need to be carefully designed.[9]
Central banks have taken a wide range of non-standard monetary policy measures to ensure sufficient monetary stimulus at the effective lower bound. But in the medium to long term, such policies may lead to inefficiencies. These could arise in financial markets themselves or in the allocation of resources affected by the boost to lending.
This makes it all the more important to evaluate the instruments used and the lessons learned. It is therefore very fitting that we are currently carrying out a strategy review in the Eurosystem. Amongst other things, this will provide an opportunity to critically review the quantitative easing policies we have seen in the past.
The extensive bond purchases contributed to price stability in an era of low inflation, but they were also associated with numerous side effects in financial markets. Without prejudging the outcome of the review, I think their use should be limited to exceptional circumstances.
6 Conclusion
Ladies and gentlemen,
The conference concludes with a panel discussion on the ECB’s new operational framework. As I have already expressed my views on this on a different occasion,[10] I will end my speech by expressing my gratitude.
Thanks to the organisers from the Bundesbank and Humboldt University for setting up this conference. Thanks to the presenters, discussants and panellists for sharing their insights. Thanks to all participants for their contributions. And special thanks to Annette Vissing-Jørgensen from the Federal Reserve Board, who will give a keynote on “Balance sheet policy above the effective lower bound”.[11]
Now I wish you all an exciting conference with valuable insights.
Thank you very much.
Footnotes:
Rzeźnik, A. and R. Weber (2022), Money in the Right Hands, mimeo.
Cucic, D. et al. (2024), Distortive Effects of Deposit Insurance: Administrative Evidence from Deposit and Loan Accounts, mimeo.
Eufinger, C. and Z. Ye (2024), Breaking Bagehot’s Rules: Loan Contracting with Advantageous Central Bank Funding, mimeo; Meisenzahl, R. R. and K. M. Pence, De-Limiting Arbitrage: Evidence from the Term Asset-Backed Securities Loan Facility, mimeo.
Today, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, announced that Canada has been named the Country of The Year for Viva Technology 2025, the largest technology event in Europe, which is scheduled for June 11 to 14, 2025 in Paris, France. This honour reinforces Canada’s reputation as a worldwide leader in artificial intelligence. Scale AI, Canada’s Global Innovation Cluster focused on Artificial Intelligence (AI), will lead Canada’s business delegation.
September 26, 2024 – Ottawa, Ontario – Global Affairs Canada
Today, the Honourable Mary Ng, Minister of Export Promotion, International Trade and Economic Development, announced that Canada has been named the Country of The Year for Viva Technology 2025, the largest technology event in Europe, which is scheduled for June 11 to 14, 2025 in Paris, France. This honour reinforces Canada’s reputation as a worldwide leader in artificial intelligence. Scale AI, Canada’s Global Innovation Cluster focused on Artificial Intelligence (AI), will lead Canada’s business delegation.
Viva Technology is a major annual technology conference where business leaders, startups, and investors come together to share ideas and showcase innovative technologies. As the Country of The Year, Canada will showcase its expertise to the global community and connect with thousands of visionary startups, investors, organizations, researchers, and media during the ninth edition of one of the world’s biggest tech events. Leveraging advancements in AI can enhance Canada’s economy, increase productivity, and create exciting new opportunities for all Canadians.
Companies interested in being part of Canada’s delegation to Viva Technology 2025 can express their interest through Scale AI, Canada’s AI Global Innovation Cluster focused on leveraging AI to improve value chains.
Canada’s participation in Viva Technology 2025 was addressed by Prime Minister Trudeau and French President Macron in their Joint Declaration as President Macron concluded his visit to Canada yesterday. This reflects the strong collaboration between Canada and France in artificial intelligence through initiatives like the Global Partnerships on AI and the Centres of Excellence in Montreal and Paris. Viva Technology 2025 will provide an excellent opportunity to build on our ongoing work with France to strengthen cooperation among governments, organizations, and businesses to deliver technology solutions that are responsible, secure, and grounded in human rights and democratic values.
Quotes
“As the Country of The Year at Viva Technology 2025, Canada will stand at the forefront of innovation, showcasing the immense trade benefits that arise from connecting startups, technology leaders, large companies, and investors. Together, Canada and France are not only enhancing global collaboration but also driving a new era of growth and creativity that benefits both of our nations.”
– Mary Ng, Minister of Export Promotion, International Trade and Economic Development
“Canada is building an ecosystem where innovation can thrive while ensuring we are developing safe technologies. Canada has been working hard with France to make concrete progress in the development of a robust and responsible AI ecosystem and I look forward to furthering our collaboration as we showcase our progress at this global technology event.”
– François-Philippe Champagne, Minister of Innovation, Science and Industry
Quick facts
The commercial relationship between Canada and France is underpinned by the Canada-EU Comprehensive Economic and Trade Agreement (CETA), which has been provisionally applied since 2017.
CETA creates opportunities for French and Canadian businesses by eliminating tariffs and increasing the mobility of business people, among other things.
Canada and France have worked collaboratively on several initiatives for the responsible use of AI including launching the Global Partnership on Artificial Intelligence (GPAI) in June 2020.
The Government of Canada announced a Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems in September 2023 and an AI Safety Institute.
The Viva Technology 2024 Canadian delegation of 60 organizations was the largest Canadian AI presence ever showcased at an international event.
Associated links
Contacts
Huzaif Qaisar Press Secretary Office of the Minister of Export Promotion, International Trade and Economic Development 343-575-8816 Huzaif.Qaisar@international.gc.ca
by Fabio BerettaDhaka (Agenzia Fides) – “The situation in Bangladesh”, where Christians represent only 0.30% of the population, “is very delicate. In general, Christians live in a peaceful context, but there have also been cases of harassment by their neighbors,” said Archbishop Kevin Randall, Apostolic Nuncio in Bangladesh since 2023, interviewed by Fides after his recent meeting with the Chief Advisor to the interim government. He spoke to Fides about the country’s society and the commitment and support of the local Church and of Pope Francis for Rohingya refugees.What is the situation in Bangladesh after the recent protests and social unrest?The situation in Bangladesh is very delicate. With a transitional government, some wonder when there will be elections. Others want to rewrite the constitution. Still others say that a transitional government does not have the power to rewrite the Constitution. In the meantime, citizen violence dominates the country and the rule of law is limited.How are Christian communities experiencing this historic moment?In general, Christians live in a relatively peaceful context, but there have also been cases of harassment by their neighbors. The police are powerless. After Sheik Hasina left the country, many officials became afraid and went into hiding. They took off their uniforms to wear civilian clothes and stopped going to work.Do Christian communities have special expectations compared to the rest of the population?Yes, the Christian community hopes that the transitional government will protect minorities during this transitional period. Christians’ villages are under threat because there are people who want to take over their land, even if they belong to their own ethnic group. Many citizens, whether Christian, Buddhist or Hindu, are treated as undesirables, “as if they were foreigners,” although they are not. The Constitution declares Bangladesh a secular state with one official religion: Islam. However, there are some who confuse the phrase “official State religion” with the idea that “minorities do not belong here” and that the country is “an Islamic State.”During the meeting with Muhammad Yunus, Chief Advisor to the interim government, the need to “protect” minorities was raised. Where does this concern come from?According to the 2022 census, Christians in Bangladesh make up 0.30% (about 500,000 believers) of the population. There have been cases of threats against villages, houses and especially schools. In many Catholic schools, there have been attempts at intimidation, with several teachers threatened with expulsion. Some Muslims reported to the school administration that their children would dress in a certain way in the future, especially if they were girls. However, wearing the burqa violates our uniform regulations. With Muhammad Yunus, I raised issues that concern Christians, but also Buddhists and Hindus. One must not forget that the Hindu minority is about 8%. Many of their temples have been destroyed and their shops burned down. And the Chief of the interim government agreed that all minorities must be protected and promised that he would try to create a law that can bring order.Recently, the establishment of a body for interreligious dialogue between the Holy See and the scholars of Islam in Bangladesh was proposed. How was this idea received?The idea of having an interreligious dialogue is not mine. The Dicastery for Interreligious Dialogue asked for it in a letter years ago, when Cardinal Jean-Louis Tauran was the head of the then Pontifical Council for Interreligious Dialogue. Tauran himself spoke about it with former Prime Minister Sheik Hasina during one of his visits here in Bangladesh. I have already raised this idea with Sheik Hasina, and recently I have also asked Muhammed Yunus and his team to think about this possibility in concrete terms. The concept has been well received, but I think they have other concerns at the moment.Are there already concrete steps towards this project?No, but we can propose them. But we cannot force them. Unlike in the United Arab Emirates, where Pope Francis signed the document on fraternity, or in Indonesia, where the Pope recently signed a new document on tolerance and praised the “tunnel of friendship” that connects the cathedral with the mosque in Jakarta, interreligious dialogue does not find much support in Bangladesh, even if it takes place at the level of academic discussions.Regarding humanitarian aid for the Rohingya refugees, Mohammed Yden has reportedly asked the Vatican for support. How can this request be met?The Chief Advisor of the interim government did not directly ask for the Holy See’s help, as has been reported in various media. He asked for the Holy See’s support in the reforms he and his government want to implement, but not for financial help, including for the Rohingya.It was the one who asked on behalf of the Pope to continue to help and protect the Rohingya. I explained that the Catholic Church’s Caritas organization has been continuously helping the displaced since 2017, but that funds are decreasing. Before I traveled to Bangladesh, Pope Francis asked me not to forget the Rohingya. These refugees have experienced violence in their own country and came to Bangladesh to ask for help. But unfortunately, the Rohingya are considered by the local population as an ethnic and religious group that belongs to “this country”, Bangladesh.Cardinal Patrick D’Rozario and I paid them an official visit. The living conditions are very difficult. Children and young people do not receive an education. In addition, by law, 25 percent of our aid must go to the Bengali community. However, I am happy to announce that the Pope is sending further financial aid. This gesture of his will help many. (Agenzia Fides, 26/9/2024)
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Source: United States House of Representatives – Congressman Kweisi Mfume (MD-07)
WASHINGTON, D.C. – U.S. Congressman Kweisi Mfume, Senators Ben Cardin and Chris Van Hollen, and Congressmen Steny Hoyer, Dutch Ruppersberger, John Sarbanes, Jamie Raskin, and Glenn Iveymet Wednesday at the U.S. Capitol with senior representatives from the U.S. Environmental Protection Agency (EPA), U.S. Department of the Interior and Maryland Department of Natural Resources to discuss planning for the next stage of the Chesapeake Bay program and restoration efforts. This is a critical time for the Bay and the Chesapeake Bay Watershed Agreement, which was signed in 2014. Many of the goals and outcomes for the Bay had a target of 2025. As this date approaches, the Chesapeake Bay Program is determining how best to meet these goals and outcomes, incorporate new science and strategies, and strengthen the multi-state partnership.
At Wednesday’s meeting, members of the Maryland delegation heard from key federal agency and state leaders working towards the next stage of the agreement. Leading the discussion was Adam Ortiz, who serves as the Administrator for EPA Region 3, which governs the Mid-Atlantic Region. In this role Administrator Ortiz is deeply involved in EPA’s role in the Chesapeake Bay Program. The delegation also heard from Department of Interior Deputy Assistant Secretary for Fish, Wildlife, and Parks, Matt Strickler, who serves at the Chesapeake Bay Program’s Principal’s Staff CommitteeChair. In 2022, the Chesapeake Executive Council tasked its Principal’s Staff Committee with making recommendations for the future of the EPA Chesapeake Bay Program’s work. Representing senior state leadership was Maryland Department of Natural Resources Secretary Josh Kurtz, who directs Maryland’s role in the multi-state partnership and has deep expertise in the stakeholder community.
The planning effort marked a milestone this summer when the Chesapeake Bay Program Beyond 2025 Steering Committee released its Beyond 2025 Draft Report and invited public feedback.
“Marylanders across our state depend on a healthy Chesapeake Bay — the largest estuary in the United States — for food, recreation, and to make a living,” said Congressman Kweisi Mfume. “Continued collaboration at the federal, state, and local levels is vital to ensure this national treasure flourishes and effective restoration and conservation projects are enacted throughout the Bay and its ecosystem,” he concluded.
“Team Maryland will always fight for the Bay. The Chesapeake Bay is a national treasure, and its restoration is a model for regional, multi-jurisdictional landscape stewardship. It is a model for other regions and other environmental protection efforts at many scales – and it is not simple,”said Senator Cardin. “As the Chesapeake Bay program is recalibrated for the next phase of action, we are committed to securing additional federal resources. We have high expectations for future results.”
“We have a responsibility to protect the Chesapeake Bay – our people, our economy, and our environment depend on it. That’s why we’ve fought to deliver major federal investments to improve the Bay’s health – and while we know they’re making a real difference, the watershed states have more work to do to reach our restoration goals. As we near the Bay Agreement’s 2025 benchmark, we must take stock of the challenges faced in meeting its goals and work together to drive further progress toward a healthier Chesapeake Bay,” said Senator Van Hollen.
“I’ve been proud to work with our delegation to support the health of the Chesapeake Bay and its tributaries throughout my career – especially in the past decade since we secured the 2014 Chesapeake Bay Watershed Agreement,” Congressman Hoyer said. “I was pleased our delegation could meet with our partners in federal and state government to discuss the progress we’ve made toward fulfilling the various goals we laid out in that agreement and to assess the important work that remains. The Chesapeake Bay is the beating heart of Maryland and a true national treasure, and we will continue working to preserve it for generations to come.”
“Ten years ago, we set aggressive but necessary goals to restore and protect our treasured Chesapeake Bay, which has taken an all-hands-on-deck approach from every level of government,” Congressman Ruppersberger said. “As we approach our deadline, we must ensure we are leveraging new technologies and sciences and collaborating with our other watershed states as effectively as possible. I appreciated this opportunity to come together and discuss our long and short-term strategies, especially as my own time in office draws to a close.”
“Today’s discussions provided an opportunity to reaffirm our collective vision for the future of the Chesapeake Bay. It is imperative that the next phase of watershed restoration is centered around achieving goals and outcomes that reflect the current, best available science to ensure the health of our communities, the vitality of our region and a sustainable future for Bay ecosystems and natural resources. We look forward to sustained collaboration with federal, state and local government partners as we continue to support Beyond 2025 planning,” said Congressman Sarbanes.
“Team Maryland is united in our efforts to restore and protect the Chesapeake Bay, a treasured natural resource and cornerstone of our local ecosystem,” said Congressman Raskin. “I’m grateful to our EPA and Maryland state government partners for their continued collaboration with the Maryland Congressional delegation to preserve the Bay for generations to come.”
“Protecting the Chesapeake Bay is everyone’s responsibility. We are grateful for our longtime Maryland advocates now on the federal and state level, Adam Ortiz, and Josh Kurtz, respectively. Local, state, and federal partnerships can help keep our national treasure, the Chesapeake Bay, available for all to appreciate and partake in. Crabbing, fishing, sailing and otherwise being active in and around its shores are activities we want to cherish well into the future and our actions today will make sure that our kids and grandkids can benefit from the Bay in their tomorrow’s,” said Congressman Ivey.
“It is not an accident that the Bay recently received its highest grade in 22 years. Through historic investments and coordination, we’re seeing progress and momentum in states and sectors that were previously lagging,” said EPA Regional Administrator Ortiz. “The Biden-Harris Administration is making good on its promise to accelerate the Bay effort.”
“The Moore-Miller administration thanks the Maryland congressional delegation for their continued strong leadership on the restoration of the Chesapeake Bay. Their efforts have resulted in improvements in water quality and the health of the ecosystem,” said Maryland Department of Natural Resources Secretary Josh Kurtz. “It was an honor today to discuss our plans to focus our work post-2025 on rebuilding habitat, creating resiliency in the face of climate change, and charting a new future for the Chesapeake Bay.”
The Chesapeake Executive Councilconsists of the governors of the six watershed states, the mayor of the District of Columbia, the chair of the Chesapeake Bay Commission and the administrator of the U.S. Environmental Protection Agency. It establishes the policy direction for the restoration and protection of the Chesapeake Bay.
The Principals Staff Committee (PSC) acts as the policy advisors to the Executive Council, accepting items for Council consideration and approval, and setting agendas for Council meetings. Individual members of the PSC arrange and provide briefings to their principals, the Agreement signatories. The PSC also provides policy and program direction to the Management Board.
Source: United States House of Representatives – Representative Lauren Boebert (Colorado, 3)
Washington, D.C. — U.S. Congresswoman Lauren Boebert (CO-03) released the following statement after introduction of H.R. 9756, legislation that ensures private sector competition in microtransit services:
The “Private Sector Competition in Microtransit Act” would require any state or local government that receives federal funds to operate microtransit services enter into a contract with a private entity for the operation of such services.
“Microtransit is a critical service, especially for our elderly and disabled citizens who often face barriers to accessing traditional public transportation. These small-scale, on-demand services provide a vital lifeline to individuals who need to get to medical appointments, grocery stores, or simply visit loved ones. Unfortunately, government-run microtransit services are putting private-sector businesses at a disadvantage, often driving them out of the market. This results in higher costs for taxpayers—2 to 3 times more than what the private sector can offer—and less innovation and efficiency. My legislation will level the playing field by encouraging private-sector participation and reducing government interference. This will not only lead to better services for those who depend on microtransit, but it will also ensure that our taxpayers’ dollars are used more effectively,” said Congresswoman Boebert.
“We are grateful for Rep. Lauren Boebert’s introduction of H.R. 9756, which creates opportunities for private sector small businesses through microtransit initiatives. Promoting microtransit will empower local small businesses to thrive, improve transportation access, and strengthen our economy. This legislation makes sense for local communities in Douglas County and across Colorado, and we look forward to working on its passage with Congresswoman Boebert.” –Joint Statement by Douglas County Commissioners Abe Laydon, George Teal, and Lora Thomas
“I have been deeply encouraged by Representative Boebert’s willingness to take meaningful action on issues of importance to Douglas County,” said Douglas County Commissioner Abe Laydon.
“Rep. Boebert’s understanding of our industry’s challenges is evident in this important legislation. Small businesses, especially in the transportation sector, were devastated by the COVID-19 lockdowns, where they lost 90% of their business. Many were forced to dip into their retirement savings just to stay afloat. The biggest competitors to small businesses should not be the federal government. This bill ensures that the private sector continues to thrive and provide these essential services,” said Bill Yuhnke, President of The Transportation Alliance, in a press release.
Full text of Rep. Boebert’s Private Sector Competition in Microtransit Act of 2024 can be found HERE.
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For updates, subscribe to Congresswoman Boebert’s newsletter here.
VACAVILLE, Calif., Sept. 26, 2024 (GLOBE NEWSWIRE) — Travis Credit Union (TCU) unveiled Generation Wealth, its newly refreshed and rebranded award-winning, interactive youth financial education initiative, today at Benicia High School. Formerly known as Mad City Money, more than 13,000 students have attended the TCU program since its inception in 2009.
Generation Wealth is aimed at empowering students with essential skills for successful money management throughout their lives. Through immersive scenarios, participants are tasked with navigating real-life situations that include jobs, salaries, bills, families, and credit scores, giving them a practical understanding of budgeting, saving, and financial decision-making.
“Wealth means something different to Gen Z than it does to previous generations,” said Steward Pimienta, youth engagement officer at Travis Credit Union. “Each person has their own definition of wealth. We want to make sure all students feel empowered by their definition and comfortable building the foundation to reach their unique financial goals.”
With expert guidance and discussions, Generation Wealth is designed to provide students with practical experience in managing real-life household budgets using the four pillars of financial wellness:
Plan: Employing a financial plan to make manageable decisions, stay on track and be prepared for the unexpected
Save: How to meet savings goals and be in control
Spend: Using financial tools to manage everyday spending
Borrow: Learning how to get the lowest interest rates to stay on budget
“Generation Wealth is a reimagination of our successful and long-running ‘Mad City Money’ program,” said Jennifer Victor, vice president of branch sales and service at Travis Credit Union. “The new name reflects the ideals of this generation and the concept of generating prosperity. It emphasizes that anyone can achieve their life goals with financial literacy and healthy spending habits.”
In conjunction with this impactful program, Mayor Steve Young will officially proclaim September 26 as Generation Wealth Day in Benicia, recognizing the importance of youth financial literacy.
“We’re thankful for our ongoing partnership with Travis Credit Union and the work they do to emphasize the importance of financial literacy for our high school students. Thank you to Joan Westerman for bringing this partnership to Benicia Unified School District to equip and empower our students with the skills they will need to make informed decision and achieve their goals,” remarked Trudy Barrington, chief business officer at Benicia Unified School District.
About Travis Credit Union Travis Credit Union, based in Vacaville, Calif., has been recognized at the federal, state and local levels for its longstanding financial education and financial advocacy efforts. In 2022, TCU was once again selected as a Best-In-State Credit Union by Forbes. It has also earned the U.S. Air Force Distinguished Credit Union of the Year award in recent years. Founded in 1951 on Travis Air Force Base, TCU today serves 12 Northern California counties. It is the twelfth largest credit union in California, with 250,000 members and $5 billion in assets. Learn more about our mission at traviscu.org.
SINGAPORE, Sept. 26, 2024 (GLOBE NEWSWIRE) — Following its successful appearances at Japan’s WebX and Korea Blockchain Week (KBW), GGI, a Web3 group co-founded by MixMarvel and Yeeha! Games, continued to make waves at Token2049 Singapore, one of the largest blockchain conferences of the year. With exciting new partnerships and a strong presence across major side events, GGI demonstrated its ongoing commitment to leading innovation in the Web3 gaming sector.
Expanding the Ecosystem with New Partners
At Token2049, GGI unveiled new ecosystem partners, including ArkForge and SOMSOC, further solidifying its position as a key player in the blockchain gaming space. GGI also held a series of game-related side events in collaboration with some of the most influential ecosystems today, including LINE NEXT and TON, where the future of Web3 gaming was explored in depth. These collaborations highlight GGI’s growing influence and its role in bringing together key players in the industry.
A New Wave of Games on the Horizon
Since its inception, GGI has consistently pushed the boundaries of what’s possible in Web3 gaming, achieving significant commercial and business expansion. At Token2049, GGI introduced its latest gaming lineup to partners and players, with titles like SimDunk, which recently launched its Pioneer Test, and upcoming games such as Yokai Odyssey and ATMAN. These titles form part of GGI’s broader publishing strategy, which includes 7 Telegram mini-games, 5 large-scale midcore games, and collaborations with 10 indie studios. Each of these games represents GGI’s commitment to offering diverse, high-quality content that bridges the gap between Web2 and Web3 gaming communities.
Leading at Token2049’s Premier Events
As a sponsor, GGI took center stage at the InnoBlock Summit, one of the largest side events of Token2049, hosted by the Asia Blockchain Gaming Alliance (ABGA). Alongside over 100 industry leaders, GGI explored application-layer opportunities in the Web3 space, sharing the stage with pioneers like Catizen, Mythical Games, and Seraph to discuss what it takes to succeed in today’s competitive Web3 gaming landscape. Notably, Nancy, CEO of Yeeha! Games and co-founder of GGI, delivered a keynote at the summit, showcasing Yeeha!’s platform and its mission to become the “Epic Games of Web3.” Attendees were particularly excited about Yeeha!’s upcoming AI-driven gaming solutions, including a natively trained GPT that promises to revolutionize Web3 gaming experiences.
Co-Hosting for Industry Insights and Collaboration
GGI also co-hosted a major event for Web3 Gaming Builders and VCs alongside LINE NEXT, Kaia, and ABGA, focusing on how to empower the growing APAC gaming community. During the event, GGI highlighted its comprehensive ecosystem, which spans game incubation, publishing, and infrastructure development. By showcasing premium content and impressive growth metrics, GGI reinforced its vision to create high-quality, engaging gaming experiences that bring Web2 players into the Web3 space.
Spotlight at the Open Art Conference
Another key highlight for GGI at Token2049 was its participation in the Open Art Conference, hosted by TON Society, TONX, and Blum at the National Gallery Singapore. With over 8,000 registered participants, this event celebrated TON’s growing ecosystem, where GGI has been an early and active supporter. GGI shared insights on how TON, often seen as a dark horse in the GameFi sector, is poised to have a profound impact on the industry. Additionally, GGI introduced the exciting SOMSOC x Yeeha! collaboration, which includes the HOUSEBOY art collection and the cyber-themed basketball game SimDunk, which officially launched its Pioneer Test on the day of the event, receiving an enthusiastic reception from the gaming community.
GGI’s Commitment to the Future of Web3 Gaming
Token2049 Singapore solidified GGI’s reputation as a trailblazer in Web3 gaming, as the company continues to build sustainable partnerships and deliver premium gaming experiences. Amid the challenges and opportunities in this fast-evolving industry, GGI remains dedicated to injecting vitality into the blockchain gaming sector by offering innovative and engaging content for both Web2 and Web3 players.
With its continued growth and collaboration with top industry partners, GGI is set to shape the future of Web3 gaming for years to come. As it looks ahead to new game launches, partnerships, and innovations, GGI is well-positioned to lead the next wave of GameFi success.
About GGI
GGI, the leading Web3 group co-founded by MixMarvel and Yeeha! Games, serving as the definitive gateway to gaming for builders and mass players with cutting-edge infrastructure, platform and top-tier investment, incubation, and publishing services.
Disclaimer: This content is provided by Yeeha! Games. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
Photos accompanying this announcement are available at:
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)
DETROIT – United States Attorney Dawn N. Ison announced today a series of three civil settlements, totaling over $8 million, related to, among other allegations, kickbacks that medical device company Ra Medical Systems, Inc. (Ra Medical), paid to various physicians across the country related to Ra Medical’s DABRA laser.
Ison was joined in the announcement by Special Agent in Charge Mario M. Pinto of the U.S. Department of Health & Human Services, Office of Inspector General (HHS-OIG), Chicago Regional Office, Cheyvoryea Gibson, Special Agent-in-Charge of the Detroit Field Office of the Federal Bureau of Investigation, and Special Agent in Charge Patrick J. Hegarty, Department of Defense Office of Inspector General, Defense Criminal Investigative Service (DCIS), Northeast Field Office.
Ra Medical was a medical device company that was formerly headquartered in Carlsbad, California. From 2017-2019, Ra Medical manufactured and sold a device known as the DABRA Laser. The settlement with Ra Medical resolves the following alleged violations of the False Claims Act:
Ra Medical marketed the DABRA Laser for use in atherectomies, a procedure whereby plaque is mechanically removed from occluded blood vessels in patients suffering from peripheral artery disease. The U.S. Food and Drug Administration, however, had not approved the DABRA Laser for use in atherectomy procedures.
Additionally, Ra Medical knowingly marketed the DABRA Laser despite product performance issues causing frequent calibration and overheating problems, which posed a risk to physicians and patients, and prompted a recall in August 2019.
Ra Medical also knowingly offered and paid illegal remuneration to certain physicians to induce them to use the DABRA Laser in violation of the Federal Anti-Kickback Statute. The United States contends that the illegal remuneration consisted of cash payments and fees paid in connection with purported training events and consulting services. The United States further contends that RMS tracked utilization of its high-volume physician customers using an internal document titled “Who Deserve[] Love,” which was used to identify physicians that RMS should target with offers of improper remuneration. Two of the recipients of the alleged kickback payments were Elias Kassab, M.D. (Kassab), of Dearborn, Michigan, and David Allie, M.D. (Allie), of Lafayette, Louisiana.
The Federal Anti-Kickback Statute prohibits offering or paying anything of value to induce referrals of items or services covered by Medicare and other federally funded programs. The statute is intended to ensure that a medical provider’s judgment is not compromised by improper financial incentives.
Under the terms of the agreement with Ra Medical, which was entered into pursuant to DOJ’s inability to pay settlement guidelines and was executed in December 2020, Ra Medical paid $2.5 million up front and would pay up to $28 million more if future financial contingencies were met. In January 2023, Ra Medical paid an additional $5 million, after its reverse merger with Catheter Precision, Inc., triggered one of the contingencies.
The settlement with Ra Medical remained under seal while the United States continued its investigation into Kassab and Allie, among others, who were alleged to have received improper kickbacks. In a separate settlement, Kassab and two of his companies agreed to pay $450,000 to resolve the allegations against them. In the third settlement, Allie and his consulting company agreed to pay $250,000 to resolve the allegations against them.
“The United States will not allow doctors to hold out their hands expecting to be paid to use and promote a device,” said U.S. Attorney Ison. “The millions of people who depend on our federal healthcare programs deserve and expect medical decisions untainted by kickbacks, and this settlement reflects our commitment to pursuing not just the companies that pay illegal kickbacks, but also the physicians who willingly extract and accept them.”
“The payment of kickbacks to induce referrals can undermine the trust in our nation’s providers and result in costly reductions to our federal health care programs,” said Special Agent in Charge Mario M. Pinto of the U.S. Department of Health and Human Services Office of Inspector General. “We will continue to work diligently with our law enforcement partners to ensure the appropriate use of taxpayer dollars.”
“Healthcare services are being unlawfully influenced by medical providers engaging in criminal kickback schemes, significantly impacting programs such as Medicare and Medicaid,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “Our office is fully committed to investigating and holding accountable those individuals and organizations involved in illegal profit-driven practices that harm our medical system.”
“Protecting TRICARE, the healthcare system for military members and their dependents, is a top priority for the Defense Criminal Investigative Service (DCIS), the law enforcement arm of the Department of Defense Office of Inspector General,” stated Special Agent-in-Charge Patrick J. Hegarty, DCIS Northeast Field Office. “The settlement agreement announced today demonstrates our ongoing commitment to work with our law enforcement partners and the Department of Justice to investigate allegations of healthcare fraud.”
The civil settlements resolve the claims brought by Robert Gruber, under the qui tam or whistleblower provisions of the False Claims Act. Under these provisions, a private party may file an action on behalf of the United States and receive a portion of any recovery. The qui tam case is captioned United States ex rel. Gruber v. Ra Medical Systems, Inc., et al., No. 19-12044 (E.D. Mich.). The whistleblower will receive a combined $1,722,000 from the three settlements. The claims resolved by the settlements are allegations only; there has been no determination or admission of liability.
The matter was investigated by Assistant U.S. Attorney Jonny Zajac of the U.S. Attorney’s Office for the Eastern District of Michigan, with assistance from HHS-OIG, the FBI, and the Defense Criminal Investigative Service.
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)
DETROIT – United States Attorney Dawn N. Ison announced today a series of three civil settlements, totaling over $8 million, related to, among other allegations, kickbacks that medical device company Ra Medical Systems, Inc. (Ra Medical), paid to various physicians across the country related to Ra Medical’s DABRA laser.
Ison was joined in the announcement by Special Agent in Charge Mario M. Pinto of the U.S. Department of Health & Human Services, Office of Inspector General (HHS-OIG), Chicago Regional Office, Cheyvoryea Gibson, Special Agent-in-Charge of the Detroit Field Office of the Federal Bureau of Investigation, and Special Agent in Charge Patrick J. Hegarty, Department of Defense Office of Inspector General, Defense Criminal Investigative Service (DCIS), Northeast Field Office.
Ra Medical was a medical device company that was formerly headquartered in Carlsbad, California. From 2017-2019, Ra Medical manufactured and sold a device known as the DABRA Laser. The settlement with Ra Medical resolves the following alleged violations of the False Claims Act:
Ra Medical marketed the DABRA Laser for use in atherectomies, a procedure whereby plaque is mechanically removed from occluded blood vessels in patients suffering from peripheral artery disease. The U.S. Food and Drug Administration, however, had not approved the DABRA Laser for use in atherectomy procedures.
Additionally, Ra Medical knowingly marketed the DABRA Laser despite product performance issues causing frequent calibration and overheating problems, which posed a risk to physicians and patients, and prompted a recall in August 2019.
Ra Medical also knowingly offered and paid illegal remuneration to certain physicians to induce them to use the DABRA Laser in violation of the Federal Anti-Kickback Statute. The United States contends that the illegal remuneration consisted of cash payments and fees paid in connection with purported training events and consulting services. The United States further contends that RMS tracked utilization of its high-volume physician customers using an internal document titled “Who Deserve[] Love,” which was used to identify physicians that RMS should target with offers of improper remuneration. Two of the recipients of the alleged kickback payments were Elias Kassab, M.D. (Kassab), of Dearborn, Michigan, and David Allie, M.D. (Allie), of Lafayette, Louisiana.
The Federal Anti-Kickback Statute prohibits offering or paying anything of value to induce referrals of items or services covered by Medicare and other federally funded programs. The statute is intended to ensure that a medical provider’s judgment is not compromised by improper financial incentives.
Under the terms of the agreement with Ra Medical, which was entered into pursuant to DOJ’s inability to pay settlement guidelines and was executed in December 2020, Ra Medical paid $2.5 million up front and would pay up to $28 million more if future financial contingencies were met. In January 2023, Ra Medical paid an additional $5 million, after its reverse merger with Catheter Precision, Inc., triggered one of the contingencies.
The settlement with Ra Medical remained under seal while the United States continued its investigation into Kassab and Allie, among others, who were alleged to have received improper kickbacks. In a separate settlement, Kassab and two of his companies agreed to pay $450,000 to resolve the allegations against them. In the third settlement, Allie and his consulting company agreed to pay $250,000 to resolve the allegations against them.
“The United States will not allow doctors to hold out their hands expecting to be paid to use and promote a device,” said U.S. Attorney Ison. “The millions of people who depend on our federal healthcare programs deserve and expect medical decisions untainted by kickbacks, and this settlement reflects our commitment to pursuing not just the companies that pay illegal kickbacks, but also the physicians who willingly extract and accept them.”
“The payment of kickbacks to induce referrals can undermine the trust in our nation’s providers and result in costly reductions to our federal health care programs,” said Special Agent in Charge Mario M. Pinto of the U.S. Department of Health and Human Services Office of Inspector General. “We will continue to work diligently with our law enforcement partners to ensure the appropriate use of taxpayer dollars.”
“Healthcare services are being unlawfully influenced by medical providers engaging in criminal kickback schemes, significantly impacting programs such as Medicare and Medicaid,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI in Michigan. “Our office is fully committed to investigating and holding accountable those individuals and organizations involved in illegal profit-driven practices that harm our medical system.”
“Protecting TRICARE, the healthcare system for military members and their dependents, is a top priority for the Defense Criminal Investigative Service (DCIS), the law enforcement arm of the Department of Defense Office of Inspector General,” stated Special Agent-in-Charge Patrick J. Hegarty, DCIS Northeast Field Office. “The settlement agreement announced today demonstrates our ongoing commitment to work with our law enforcement partners and the Department of Justice to investigate allegations of healthcare fraud.”
The civil settlements resolve the claims brought by Robert Gruber, under the qui tam or whistleblower provisions of the False Claims Act. Under these provisions, a private party may file an action on behalf of the United States and receive a portion of any recovery. The qui tam case is captioned United States ex rel. Gruber v. Ra Medical Systems, Inc., et al., No. 19-12044 (E.D. Mich.). The whistleblower will receive a combined $1,722,000 from the three settlements. The claims resolved by the settlements are allegations only; there has been no determination or admission of liability.
The matter was investigated by Assistant U.S. Attorney Jonny Zajac of the U.S. Attorney’s Office for the Eastern District of Michigan, with assistance from HHS-OIG, the FBI, and the Defense Criminal Investigative Service.
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)
MACON, Ga. – Two members of the same family who illegally wrote millions in checks to themselves from their employer’s operating account were sentenced to prison and ordered to pay restitution for their crimes.
Billy Lee Wells, Jr., 47, of Macon, was sentenced to serve 57 months in prison to be followed by five years of supervised release. He was ordered to pay the following jointly and severally with co-defendant Eva Wells: $2,583,003.80 restitution to Phil J. Sheridan Company d/b/a Mid-Georgia Sales and $150,000 restitution due to Donegal Mutual Insurance Company. In addition, he was ordered individually to pay $586,112 to the IRS in restitution and $3,404,772.22 in forfeiture. Eva Rebecca Wells, 75, was sentenced to serve 46 months in prison to be followed by five years of supervised release. She was ordered to pay the above-mentioned restitution amounts with co-defendant Billy Wells and was also ordered individually to pay $586,112 to the IRS and a total of $3,990,884.22 in forfeiture. Both defendants previously pleaded guilty to conspiracy to defraud a financial institution before U.S. District Judge C. Ashley Royal on Jan. 23. Billy Lee Wells also pleaded guilty to making and subscribing a false return. There is no parole in the federal system.
“The defendants used their position as trusted employees to steal from a small business for more than a decade, a crime that can carry long-term repercussions for all those affected,” said U.S. Attorney Peter D. Leary. “Working with our law enforcement partners, our office will continue to do all we can to both hold fraudsters accountable and protect hard-working and honest citizens.”
“This case serves as a warning to individuals who commit fraud upon others and the U.S. government that their criminal acts will come with consequences,” said Demetrius Hardeman, Acting Special Agent in Charge, IRS Criminal Investigation, Atlanta Field Office. “IRS Criminal Investigation special agents and our law enforcement partners will continue investigating and bringing to justice those who participate in illicit schemes to enrich themselves.”
“These fraud scams, although not violent, are not victimless and can be devastating to local business and ruin livelihoods,” said Robert Gibbs, Supervisory Senior Resident Agent of FBI Atlanta’s Macon office. “The FBI is dedicated to working with our partners to hold anyone accountable who would steal from hard working and honest individuals, rather than put in the work themselves.”
According to court documents in the Wells case, Eva Wells was the Office Manager for Mid-Georgia Sales and was responsible for its finances, including issuing weekly payroll and making other payments on behalf of the business. Her son, Billy Lee Wells, Jr., was also employed at Mid-Georgia Sales, working in IT and sales. In Dec. 2008, Eva Wells began writing unauthorized checks to herself and her son from the company’s general operating fund, as opposed to the account used for payroll. When the theft was discovered, a full accounting was conducted. Between Dec. 31, 2008, and May 10, 2019, Eva Wells wrote a total of $3,404,772.22 in unauthorized checks to Billy Lee Wells, Jr. which were either cashed or deposited in his bank account. In addition to the checks made to Billy Lee Wells, Jr., Eva Wells also wrote unauthorized checks to herself which she cashed or deposited into her bank account.
The Wells case was investigated by the FBI, the IRS and the Bibb County Sheriff’s Office.
Assistant U.S. Attorney Elizabeth Howard prosecuted both cases for the Government.
Seven undergraduate students got an authentic perspective on Greece this summer as part of a new study abroad course designed by professor of anthropology Dimitris Xygalatas.
“This is a field school that relates both to my own culture and my background as an anthropologist. [I am Greek and] I did my doctoral fieldwork in Greece,” Xygalatas says.
Xygalatas created the 16-day Greek History and Culture field study course to highlight the connection between ancient Greece and modern Greece using an anthropological lens.
“I wanted the students to get a sense of the impact of our past on our heritage and our contemporary culture, but I also wanted them to get a sense of some of the problems that Greek society is facing,” Xygalatas says.
Participants began in Athens before moving on to Olympia, Sparta, Monemvasia, and Kythira, a small island of 3,000 people.
Students participated in guided tours, discussions, and workshops. They were also able to interact with locals.
The program featured archeological and sociocultural activities, including trips to popular historical sites, and allowed the participants to experience everyday Greek life firsthand.
Xygalatas touched on a wide range of topics, from looking at the archeological sites of major Greek cities to discussing Greece’s financial crisis, sports,violence, and the desertification of small towns.
Seven students participated in the Greek History and Culture study abroad summer program. (Contributed by James Gaston)
Connecting Ancient Greece to modern culture
Xygalatas used his experience to highlight the sociocultural elements of the tours and sites students visited. Avery Hemingway ’27 (CAHNR) says that this made the experience more enriching for her.
“He was a native,” Hemingway, an allied health major and anthropology minor, says. “He would tell us stories [and] explain his family’s various traditions. [He connected] ancient Greek life to his family.”
James Gaston ’25 (CLAS), an anthropology major, says he enjoyed getting a local take on Greece. In Kythira, for example, the students had a Greek cooking lesson in the home of a former mayor. Gaston says it’s unlikely the group would have had an opportunity like that in a large city.
“It [showed us] Greek hospitality, a big part of their culture. [It allowed us] to see more of what their home life is like,” Gaston says.
Since this was the first time Xygalatas offered this course, he was skeptical of how students would feel about the itinerary. However, he says he was eventually really happy to see how much they enjoyed the destinations and experiences.
The program was modeled after Xygalatas’ summer course in Mauritius, where he also does fieldwork. He hopes to refine the Greece course and collaborate with the Aristotle University of Thessaloniki so students can develop a better cultural exchange.
Xygalatas allowed students to focus on their interests throughout the trip and for the final assignment.
“It’s one of the most fun parts of the program for me to see what grabs their attention,” he says.
Hemingway created a vlog of her time in Greece for her final assignment. She says she spotted some striking differences between Greek life and life in the United States, including how connected Greeks appear to be with their culture.
“Everyone was just very welcoming,” she says. “I think the biggest thing I took away would be that they’re very enriched in the history of their land. Everyone knows everything about ancient Greece, which always fascinated me.”
Gaston was fascinated by the culture around food and eating. He liked that the Greeks ate much later at night and that people spent hours in restaurants without servers interrupting them. He chose to write a paper on Greece’s culinary culture.
“I like trying a lot of new foods, and there was a lot of that to try in Greece,” he says.
Greece. (Contributed by James Gaston)
A lasting impression
Xygalatas says this course gets students to interact with people and ideas outside their bubble.
“I always tell my students they should take two things out of their university education. The first is a proper understanding of the scientific process, and the second thing [which this program highlighted] is engaging with other people’s perspectives and putting yourself into other people’s shoes,” he says, adding that learning about other people’s experiences is especially important in a global and polarized society.
Hemingway, who loves to travel, says she’s looking forward to seeing more remote places during future adventures.
“As a regular tourist, you’re just listening and looking around and not fully taking it in,” she says. “But, when you slow down and reflect on what you just experienced, it brings it to a different level.”
Gaston says he never thought he would study abroad or travel on his own.
“Before this, I’d never really traveled by myself,” he says. “I always traveled with my family. But after the trip, I realized it’s not too complicated and opens more opportunities in my eyes.”
Source: United States House of Representatives – Representative Ilhan Omar (DFL-MN)
WASHINGTON– Today, U.S. Senator Tina Smith (D-MN) and U.S. Representative Ilhan Omar (D-MN) announced the reintroduction of the No Shame at School Act, a bill aimed at ending lunch shaming practices in schools nationwide.
The No Shame at School Act would prohibit school districts from publicly identifying or shaming students who are unable to pay for school meals. It also bans schools from hiring debt collectors to recover unpaid school meal debt.The legislation requires schools to attempt to directly certify children with unpaid meal debt for free or reduced-price meals and allows schools to be retroactively reimbursed for meals served to these children.
“No child should have to go through the experience of being shamed at school for an unpaid lunch bill,” said Senator Smith. “I’m so proud of the work Minnesota has done to address this issue through universal school lunches, but there are too many places around the country where we still see this happening. We need to set our children up for success in school, and making sure kids get the school lunches they need without being made to feel ashamed or embarrassed is an important part of that success.”
“In Minnesota, we have already implemented universal school meals and are leading the charge to remove school lunch shaming,” said Rep. Omar, a member of the Committee on Education and Workforce. “It’s time for the rest of the nation to follow suit. Every child deserves to learn and grow without the pangs of hunger or the fear of being singled out for their family’s financial circumstances.”
“I’m proud to support Congresswoman Omar’s and Senator Smith’s No Shame at School Act,” said Valerie Castile. “My son Philando was a school supervisor at Robbinsdale Cooper High School in New Hope. He knew all of the children he served by name and routinely paid for students’ lunches from his own pocket if they did not have enough money. No child should be deprived of a healthy meal because their family can’t afford it. Congresswoman Omar’s leadership in the fight against child hunger, including her work on the Education and Labor Committee, ensures our community has a voice on these critical issues.”
The bill comes at a time when many families are already struggling with rising costs of living expenses and many schools across the country have singled out students for not being able to pay for their school lunch. By addressing the issue of school meal debt, the No Shame at School Act aims to alleviate financial pressure on families while ensuring that all students have equal access to nutritious meals during the school day.
Current co-sponsors in the House include Nanette Barragan, Sanford Bishop, Jamaal Bowman, Julia Brownley, Andre Carson, Troy Carter, Sheila Cherfilus-McCormick, Yvette D. Clarke, Lou Correa, Danny K. Davis, Adriano Espaillat, Jahana Hayes, Jonathan Jackson, Sara Jacobs, Pramila Jayapal, Henry C. “Hank” Johnson, Robin Kelly, Ro Khanna, Barbara Lee, Jenn McClellan, James McGovern, Gwen Moore, Grace Napolitano, Eleanor Holmes Norton, Scott Peters, Chellie Pingree, Mark Pocan, Ayanna Pressley, Linda Sanchez, Jan Schakowsky, Melanie Stansbury, Mark Takano, Rashida Tlaib, Nydia Velazquez, Susan Wild, and Nikema Williams.
Source: United States House of Representatives – Congressman Chris Pappas (D-NH)
Yesterday the House passed Congressman Chris Pappas’s (NH-01)Veteran Improvement Commercial Driver License Act of 2023 with bipartisan, unanimous support. This bipartisan legislation will eliminate red tape that excludes veterans from accessing commercial driver-education programs using their GI Bill benefits. It has passed the Senate and is headed to the President’s desk for his signature.
The legislation would exempt new branches of established commercial driver-training facilities from the statutory two-year waiting period to accept GI Bill benefits if the primary training facility has already been approved by the Department of Veterans Affairs (VA) and state approving agencies to receive those benefits.
“Removing an arbitrary two year wait for veterans to use their GI benefits to obtain a commercial driving license is common sense and will help address the current truck driver shortage,” said Congressman Pappas, member of House Veterans’ Affairs Committee. “This bipartisan legislation will cut red tape for veterans to acquire a commercial driving license, increasing opportunities for veterans and supporting our supply chains and economy. I urge the President to sign it into law quickly.”
Background:
The statutory “two-year rule” requires new branches of an already-approved training facility to wait two years before accepting GI Bill benefits.
Veterans who want to obtain their commercial driver licenses (CDLs) can face barriers to attending a commercial driver-education program, particularly if they live in a rural area, as they may have to travel long distances or wait two years to attend the closest training facility so that they are able to use their GI Bill benefits.
The Veteran Improvement Commercial Driver License Act of 2023 requires the new branch of a training facility to teach the same curriculum as the already-approved facility and to meet annual reporting requirements during the two-year exemption period. The VA secretary is also authorized to revoke the exemption from the facility at any time.
This bipartisan legislation is endorsed by the following Veteran Service Organizations (VSO): the American Legion, Moving Veterans Forward, Student Veterans of America, the Veterans of Foreign Wars, Great Plains Chapter of Paralyzed Veterans of America, and Nebraska Military Officers Association of America. It is also endorsed by the International Brotherhood of Teamsters, Werner Trucking, the American Trucking Association, the Commercial Vehicle Training Association, the Nebraska Trucking Association, and the Truckload Carriers Association.
Source: United States House of Representatives – Congressman Bob Latta (R-Bowling Green Ohio)
Congressman Bob Latta (R-OH5) today joined his House colleagues in sending a letter to House Leadership urging for full reauthorization of the Farm Bill before the end of the 118th Congress. Latta’s district, Ohio’s Fifth Congressional District, is the largest agriculture income producing district in the state of Ohio.
In the letter, the lawmakers write,”Farmers and ranchers do not have the luxury of waiting until next Congress for the enactment of an effective farm bill. Inflation has driven production costs to the highest on record, meanwhile commodity prices across the board have fallen precipitously, creating a severe margin squeeze on farm and ranch families. A $34 billion projected loss in crop cash receipts is expected to result in the sharpest two-year decline in net cash income in our nation’s history: 31% ($69.2 billion). Farm debt, $540 billion, is the highest ever, both nominally and when adjusted for inflation. These factors show no signs of abating for all major commodities. Yet, despite the overwhelming increase in production costs, declining commodity cash receipts, and the record-breaking decline in net cash income, without intervention, federal support provided to agriculture in 2024 is projected to reach its lowest level since 1982, a year that presaged the farm financial crisis of the mid-1980s.”
As you are all aware, agriculture is among the most vital industries to the United States of America, and the farm bill—omnibus legislation that establishes policies affecting all sectors of the agriculture industry for a five-year period—expires this year.
Since the enactment of the 2018 Farm Bill, which was extended last December to cover 2024, the agriculture sector has faced numerous headwinds. A combination of catastrophic factors including illegal retaliatory tariffs on agricultural products, supply chain disruptions from the COVID-19 pandemic, extreme weather events, crippling inflation, and high interest rates continue to fuel an impending financial crisis in farm country.
Farmers and ranchers do not have the luxury of waiting until next Congress for the enactment of an effective farm bill. Inflation has driven production costs to the highest on record, meanwhile commodity prices across the board have fallen precipitously, creating a severe margin squeeze on farm and ranch families. A $34 billion projected loss in crop cash receipts is expected to result in the sharpest two-year decline in net cash income in our nation’s history: 31% ($69.2 billion). Farm debt, $540 billion, is the highest ever, both nominally and when adjusted for inflation. These factors show no signs of abating for all major commodities. Yet, despite the overwhelming increase in production costs, declining commodity cash receipts, and the record-breaking decline in net cash income, without intervention, federal support provided to agriculture in 2024 is projected to reach its lowest level since 1982, a year that presaged the farm financial crisis of the mid-1980s.
The 118th Congress has an opportunity to do right by producers, other agriculture stakeholders, rural communities, and taxpayers by putting more “farm” back in the farm bill and by making responsible reforms and investments across all 12 titles, and the bipartisan H.R. 8467—The Farm, Food, and National Security Act of 2024, which was advanced by the House Committee on Agriculture on May 24th of this year, does just that. This legislation is the product of input received at seven House Committee on Agriculture hosted listening sessions, and numerous round tables and town halls across the country, is reflective of the over 2,600 priorities submitted to the Committee on Agriculture by 172 members of the Republican Conference, is supported by hundreds of stakeholder organizations, and is worthy of our time, attention, and effort as the 118th Congress comes to a close.
The negative impacts of failing to act will not just stop at the farm gate, but will also hit Main Street businesses, rural communities, and the national economy. Among some commodities and regions, calamitous impacts in farm country, such as those felt during the crisis of the 1980s, are a genuine possibility. Therefore, we respectfully urge that the enactment of H.R. 8467, or similar legislation that makes meaningful investments in farmers, ranchers, and rural communities, is among the top priorities of the Republican Conference and that this be considered a “must-pass” item in the lame duck session of the 118th Congress.
The Biden-Harris Administration and Democratic Congressional Leadership have failed to appreciate the dire situation in farm country and have stood in the way of progress on a highly effective farm bill, however we remain hopeful that after election year politics have run their course, they will join in a bipartisan fashion to do what’s right for the country. All Americans, particularly our rural constituents, deserve nothing less and we stand ready to assist in this endeavor as the end of the year approaches.
Thank you for your strong support of agriculture and rural America.
On June 10, 2022, President Biden launched the Los Angeles Declaration on Migration and Protection with leaders from across the Western Hemisphere to tackle together the challenge of migration and forced displacement. Under this framework, the United States has worked with partner countries to collaboratively reduce irregular migration and advance a safe, humane, and orderly approach to migration across the hemisphere. Over the last two years, the 22 endorsing countries have achieved substantial progress across the Los Angeles Declaration’s three core pillars:
addressing root causes and supporting the integration of migrants to foster long-term stabilization;
expanding lawful pathways for migration and protection; and
strengthening humane enforcement.
On September 25, 2024, Secretary of State Antony Blinken hosted the fourth Los Angeles Declaration Ministerial with White House Homeland Security Advisor Dr. Liz Sherwood-Randall, White House Coordinator for the Los Angeles Declaration Marcela Escobari, and foreign ministers and senior representatives from the other 21 endorsing countries.
On behalf of the United States, Secretary Blinken announced more than $686 million in new humanitarian, development, economic, and security assistance to support partner countries to respond to urgent humanitarian needs, strengthen humane enforcement efforts, expand lawful pathways, and facilitate the regularization and integration of migrants within the region. With this announcement, the United States has now committed over $1.2 billion under the Los Angeles Declaration framework in 2024 alone, reflecting the Biden-Harris Administration’s unwavering commitment to collaboratively addressing this hemispheric challenge.
The United States also announced expanded enforcement partnerships to deter irregular migration, including a removal pilot program with the Government of Panama and new visa restrictions against travel agencies and tour operators that prey on vulnerable migrants. These actions aim to hold accountable those who exploit migrants for profit and to dissuade migrants from attempting dangerous irregular journeys.
Endorsing countries agreed to further institutionalize the Los Angeles Declaration through the establishment of a Secretariat, which will be managed by the Pan American Development Foundation and the Organization of American States and will ensure that coordinated progress on migration management is sustained into the future under this framework. The Government of Colombia formally announced that it will assume the role of rotating Country Chair over the next year and will host the fifth Los Angeles Declaration Ministerial in 2025.
The endorsing countries presented progress toward their commitments under the Los Angeles Declaration and announced the following new initiatives:
Strengthening Humane Enforcement
On June 4, 2024, President Biden announced executive actions to bar migrants who cross the U.S. Southern border unlawfully from receiving asylum during times when high levels of encounters exceed our ability to deliver timely consequences. Since June 4, encounters between ports of entry have dropped by more than 50% and remain at their lowest level in years. Encounters in July and August 2024 dropped to the lowest levels since September 2020.
Panama is implementing a U.S.-funded removal program that has resulted in the removal of hundreds of foreign nationals who did not have a lawful basis to remain in Panama, after they were screened for protection needs.
The United States continues to take steps to impose visa restrictions on executives of travel agencies and charter air and maritime transportation companies around the globe that are facilitating irregular migration to the United States. On September 24, 2024, the State Department imposed additional visa restrictions against multiple executives of travel agencies operating in Europe, Africa, and the Middle East that are knowingly facilitating illegal migration.
Partner countries reaffirmed their commitment to stem extracontinental irregular migration through the strategic use of entry and transit visas and passenger vetting. In total, Los Angeles Declaration endorsing countries have taken over 300 new visa policy actions to restrict travel intended solely for irregular migration.
The United States has mobilized resources to increase investigations, arrests, and prosecutions of human smuggling and trafficking networks, including in partnerships with other Los Angeles Declaration countries. In August, for example, Guatemalan law enforcement—in an investigation supported by the Departments of Justice and Homeland Security— dismantled a human smuggling network based in Guatemala that was responsible for the deaths of 53 migrants in a tractor-trailer in San Antonio, Texas in June 2022.
Under the Biden-Harris Administration, the United States has sanctioned eight human smuggling networks, including over 30 individuals and entities, to hold accountable those responsible for the exploitation of migrants. On September 24, 2024, for example, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned five Colombian nationals and two Mexican-based businesses, including two individuals affiliated with the Clan del Golfo transnational criminal organization, who are responsible for the control of migrant flows through the Darien Gap. Colombian authorities are offering a reward of 50 million Colombian pesos for the capture of both wanted criminals.
The United States has enhanced biometric sharing capabilities throughout the region, enabling law enforcement actions against criminal actors before they enter any of our countries. Guatemala, with support from the United States, announced a new biometric program at La Aurora International Airport to cross-reference travelers with U.S. security databases in near-real time in order to identify high-risk arriving passengers.
Expanding Lawful Pathways for Migration and Protection
The Biden-Harris Administration has rebuilt the United States’ refugee resettlement program and led a historic expansion of lawful pathways to the United States and partner countries. The United States is now on track to welcome 100,000 refugees from around the world this fiscal year, the largest number in three decades.
Under the U.S. Government’s Safe Mobility Initiative, over 23,000 refugees from within the Western Hemisphere have been resettled safely and legally in the United States in Fiscal Year 2024, a four-fold increase over FY 2023.
The United States is incorporating Labor Neighbors as part of the Safe Mobility Initiative to refer migrants to more lawful pathways and help match labor demand to labor supply across the hemisphere.
Belize announced it is establishing a seasonal migrant worker program focused on agriculture and construction.
Canada seeks to support labor mobility through its Economic Mobility Pathways Pilot.
Ecuador is launching a new labor mobility unit with U.S. support.
As part of the Safe Mobility Initiative, the United States continues to provide migrants and displaced persons with information and resources though the Safe Mobility Offices in Guatemala, Costa Rica, Colombia, and Ecuador.
Costa Rica and the United States announced that the Safe Mobility Offices in Costa Rica will be extended until December 2025. Costa Rica will also expand eligibility criteria to include nationals from eligible countries who were present in Costa Rica on or before September 15, 2024.
Canada began receiving referrals from the Safe Mobility Offices in the hemisphere and expects arrivals to Canada starting in 2025.
The Cuba, Haiti, Nicaragua, and Venezuela (CHNV) parole processes have helped reduce irregular flows from these four countries, enabling migrants to apply from where they are for lawful entry to the United States.
Addressing Root Causes and Supporting the Integration of Migrants to Foster Long-term Stabilization
A significant portion of the United States’ $686 million in new funding announced on September 25, 2024 will support regional efforts to respond to urgent humanitarian needs, like basic food, shelter, and health care for migrants and displaced persons, including nearly 8 million Venezuelans. U.S. funding also supports regional partners’ efforts to absorb and integrate migrants, promoting migrants’ financial inclusion and labor market insertion, and supporting host communities.
More than half of LosAngeles Declaration endorsing countries have implemented policies that provide regular status and help migrants integrate and rebuild their lives in Latin America and the Caribbean, stemming further displacement and reducing migrant vulnerability. Their combined efforts have enabled 4.4 million Venezuelans to attain legal status to date. The following countries took new actions since May to provide regular status and help integrate more migrants:
Argentina announced a special admission and regularization program that allows Venezuelans with expired identity documents (within the last 10 years) to seek residency in Argentina, and to verify identity or criminal record through a sworn statement in the absence of documents.
Canada announced a new Francophone minority community student program that will give program participants access to settlement services while they are studying to help them integrate successfully into their communities.
Colombia announced the signing of a regularization plan that could benefit an estimated 600,000 undocumented parents and legal guardians of children with valid Colombian Temporary Protective Status.
Ecuador extended its regularization process until April 2025, allowing approximately 100,000 Venezuelan migrants to gain legal status. Separately, Ecuador committed to renew nearly 95,000 two-year visas previously issued to regularized Venezuelans. As part of the U.S. funding announcement, the U.S. is helping Ecuador unlock additional World Bank lending to support Ecuador’s Social Safety Net project that contributes to stabilizing and integrating the 450,000 Venezuelan migrants currently in the country.
Mexico committed to opening a Multi-Purpose Processing Center in Chiapas to streamline the processing of migrants seeking refuge and to provide them integration support through access to financial, health, and education services.
Panama announced the intent to begin a process that would allow migrants currently living in Panama irregularly to apply for legal status and obtain work authorizations.
Peru, working closely with United Nations implementing agencies, announced plans to prioritize documenting migrant children and adolescents in the public education system. Through these efforts, Peru will provide protection and basic services to minors and their families.
Uruguay approved two decrees to grant legal status to approximately 25,500 non-citizens living in Uruguay with pending asylum claims who likely would not qualify for asylum.
Source: United States House of Representatives – Congressman French Hill (AR-02)
WASHINGTON, D.C. – Rep. French Hill (R-AR) and Rep. Josh Gottheimer (D-NJ) introduced the Fair Credit for American Hostages Act to safeguard the credit score of American hostages or wrongful detainees. Senator Thom Tillis (R-NC) and Senator Chris Coons (D-DE) recently introduced similar legislation in the Senate.
Rep. Hill said, “Americans held hostage or wrongfully detained abroad already have so much to worry about when they arrive home after this unimaginable situation. I thank my colleague Rep. Gottheimer for joining me in leading our legislation that makes it easier for these Americans to get their lives back on track and some sense of normalcy.”
Rep. Gottheimer said, “After being held for days, weeks, and months by terrorists and our adversaries, facing unimaginable horrors, and making it home, the last thing Americans should have to worry about is a hit to their credit score. That’s why I’m proud to lead the Fair Credit for American Hostages Act with my colleague Congressman French Hill.”
Sen. Tillis said, “It’s crazy to think an American held hostage in a foreign nation could return to a ruined credit score and financial turmoil because of their inability to make timely payments. This commonsense legislation ensures that Americans wrongfully detained abroad can move forward without worrying about how a poor credit score impacts their financial future.”
Sen. Coons said, “Americans who have been wrongfully detained or held hostage abroad shouldn’t have to worry about their credit score when they come home, and the Fair Credit for American Hostages Act will ensure they don’t have to. I applaud Representatives Hill and Gottheimer for introducing this critical, bipartisan legislation in the House, and I’ll continue to support American hostages and their families when they come home.”
Further Background:
H.R. 9830 – Fair Credit for American Hostages Act: This legislation stipulates that if a former detainee or hostage provides authenticated documentation of their detention, then the credit bureaus must strike adverse information from the time of their detention.
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Headline: America250 and America 250 NC Open Submissions for America’s Field Trip Contest
America250 and America 250 NC Open Submissions for America’s Field Trip Contest jejohnson6
America250, the official nonpartisan entity charged by Congress with planning the 250th anniversary of the signing of the Declaration of Independence, the Semiquincentennial, in collaboration with BNY and America 250 NC, kicked off the second installment of “America’s Field Trip” — a nationwide scholastic contest where students have the opportunity to earn a special behind-the-scenes experience at an iconic American historical and cultural site. Starting today through Wednesday, April 16, 2025, America’s Field Trip invites students in grades 3-12 to submit artwork or a piece of writing to reflect on what America means to them.
Earlier this year, thousands of students from nearly every U.S. state and territory submitted inspiring entries for the inaugural America’s Field Trip contest. During July and August 2024, first-place awardees — including three students from North Carolina — participated in special field trip experiences at the Statue of Liberty, Yellowstone National Park, the National Archives, and more. Three second-place recipients from North Carolina received cash awards.
The 2024 awardees from North Carolina include:
First Place • Taliesin Robert Allen R., Greensboro, 5th Grade • Elizabeth B., Winston-Salem, 8th Grade • Mya F., Raleigh, 11th Grade
Second Place • Charleston D., Rougemont, Elementary School (Grades 3–5) • Ethan K., Kernersville, High School (Grades 9–12) • Abigail P., Winston Salem, High School (Grades 9–12)
The full list of 2024 awardees and their submissions can be found online at america250.org/fieldtrip/awardees.
Watch this video to learn more about the America’s Field Trip contest, and see some of the incredible places awardees visited this summer.
Next summer, 75 first-place awardees and their designated chaperone will be provided airfare, lodging, and access to an unforgettable field trip experience at one of our nation’s select historical and cultural sites across the country. Second-place awardees will receive a $500 cash award. Summer 2025 field trip experiences and partners include:
• Behind-the-scenes tour of the National Air and Space Museum’s Steven F. Udvar-Hazy Center and sleepover at the Smithsonian Natural History Museum in Washington, D.C. • Exclusive visits to two Washington, DC institutions: a trip into the National Archives Vault on the National Mall and private tour of the Smithsonian’s National Zoo • Exclusive tour of Monticello in Charlottesville, Virginia and visit to the Library of Congress in Washington, D.C. • Storytelling, history, and commemoration under the stars at Mount Rushmore National Memorial • Private tours of Patriots Point Naval & Maritime Museum, the International African American Museum, and the South Carolina Aquarium in Charleston, S.C. • Exclusive tours of the Alamo in San Antonio and the LBJ Presidential Library in Austin, Texas. • Backstage tour of the Rock & Roll Hall of Fame in Cleveland, Ohio • Beyond the ropes tour of Independence National Historical Park in Philadelphia, Pa. • Guided visit to Angel Island Immigration Station and candlelight tour of Fort Point at the foot of the Golden Gate Bridge in San Francisco, Calif. • Private guided tour of Yellowstone National Park in Montana and Wyoming • Ranger-led hikes and tours of the cliff dwellings of Mesa Verde National Park in Colorado • Private tour of the Kennedy Space Center in Florida
The full list and descriptions of 2025 Field Trips are availableHERE.
“America’s 250th anniversary is an opportunity for everyone to share their stories, their thoughts on the past, and their hopes and dreams for the future — especially our young people,” said America250 Chair, Rosie Rios. “America’s Field Trip is more than just a contest; it’s an investment in our country’s future. When we provide students with special opportunities to explore our nation’s iconic landmarks, we’re not just creating incredible memories; we’re fostering a deeper understanding of our shared history and values. These experiences will inspire the next generation of leaders to build a stronger, more united America.”
“Students represent the voices of future leaders and innovators, and we want to hear their voices,” said North Carolina Department of Natural and Cultural Resources Secretary Reid Wilson. “On behalf of our agency team leading the America 250 NC commemoration planning, we encourage all North Carolina students to engage in the America’s Field Trip contest.”
“BNY is excited to continue our partnership with America250 and support this exceptional opportunity for young people to explore the accomplishments and potential of our nation,” said Jayee Koffey, Global Head of Enterprise Execution and Chief Corporate Affairs Officer for BNY. “Students are the architects of tomorrow and we believe America’s Field Trip will inspire the next generation to continue our nation’s long history of innovation.”
America250 has also partnered with edtech leader Discovery Education to develop customized educational resources including lesson plans and student activities that empower educators to bring America’s 250th anniversary into their classrooms. New for the 2024-2025 school year, an educator-facing instructional video from Discovery Education is designed to help teachers align the contest prompt, “What does America mean to you,” with standards frameworks.
“America’s Field Trip is a once-in-a-lifetime opportunity for students to step out of the classroom and into the heart of our nation’s history and culture,” said Amy Nakamoto, General Manager of Corporate Partnerships at Discovery Education Experience. “As we approach this important milestone, we are excited to work with America250 and BNY to spark curiosity and bring this national contest to life for students nationwide.”
How to Participate in America’s Field Trip
Students must develop their submissions individually and must have a teacher, parent, or legal guardian submit on their behalf. Students at each grade level will respond to the question, “What does America mean to you?” Students, families, and teachers can find more information, including resources, contest rules, release forms, and toolkit materials to integrate the contest into classroom activities at america250.org/FieldTrip.
The contest has different submission requirements for each grade band and is available to any student in elementary school (third to fifth grade), middle school (sixth to eighth grade), and high school (ninth to twelfth grade). The contest will remain open until 5 p.m., April 16, 2025. First- and second-place award recipients will be announced in May 2025, and field trips will occur in July and August 2025.
Educators can help spread the word about America’s Field Trip for the chance to win a cash award! The educator associated with the top-scoring entry in each grade band will each receive a $1,000 cash award.
NO PURCHASE NECESSARY. Contest begins 12 a.m. ET on Sept. 16 and ends 5 p.m. ET on April 16, 2025. Open to U.S. students (3rd – 12th grade); student’s parent/legal guardian or teacher with parental permission must submit entry on student’s behalf (unless student is the age of majority). Submission includes grant of license rights to entry’s content. First Prize awardees must travel with parent/legal guardian on designated dates. See Official Rules for full details including how to enter, eligibility requirements, prize description/restrictions and judging procedure. Void where prohibited.
About America250 America250 is a nonpartisan initiative working to engage every American in celebrating and commemorating the Semiquincentennial, the 250th anniversary of the signing of the Declaration of Independence. It is spearheaded by the congressionally appointed U.S. Semiquincentennial Commission and its sole-supporting nonprofit organization, America250.org, Inc., together known as America250. This multi-year effort kicked off with America’s Invitation on July 4, 2023: a national public engagement campaign inviting all Americans to share their stories and their hopes and dreams for the future of this country. Leading up to July 4, 2026, America250 is working to provide opportunities for all Americans to pause and reflect on our nation’s past, honor the contributions of all Americans, and look to the future we want to create for the next generation and beyond. To learn more, visit America250.org, and follow us on X, Instagram, Facebook, and LinkedIn.
About BNY BNY is a global financial services company that helps make money work for the world – managing it, moving it and keeping it safe. For 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of June 30, 2024, BNY oversees $49.5 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.
BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY employs over 50,000 people globally and has been named among Fortune’s World’s Most Admired Companies and Fast Company’s Best Workplaces for Innovators. Additional information is available on http://www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news.
1Funding provided by The Bank of New York Mellon Foundation.
About Discovery Education Discovery Education is the worldwide edtech leader whose state-of-the-art digital platform supports learning wherever it takes place. Through its award-winning multimedia content, instructional supports, innovative classroom tools, and corporate partnerships, Discovery Education helps educators deliver equitable learning experiences engaging all students and supporting higher academic achievement on a global scale. Discovery Education serves approximately 4.5 million educators and 45 million students worldwide, and its resources are accessed in over 100 countries and territories. Inspired by the global media company Warner Bros. Discovery, Inc. Discovery Education partners with districts, states, and trusted organizations to empower teachers with leading edtech solutions that support the success of all learners. Explore the future of education at http://www.discoveryeducation.com.
About the North Carolina Department of Natural and Cultural Resources The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.
The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
Source: United States House of Representatives – Congressman Jared Golden (ME-02)
WASHINGTON — Congressman Jared Golden (ME-02) today introduced the BUILT USA Act, to incentivize American manufacturing and job creation and address the nation’s ballooning trade deficit by levying a 10 percent tariff on all imports.
“America must once again become a nation of producers, not just consumers,” Golden said. “Decades of globalization have transformed our country from an industrial superpower to one that relies on other countries for basic goods. To secure our future in an increasingly competitive world, we must move toward self-sufficiency, industrial strength and the homegrown innovation that goes hand-in-hand with a strong, productive economy. These tariffs put us on a path to that future.”
Upon enactment, the BUILT USA Act (formally the Balance Unequal International Labor and Trade for the United States of America Act) would assess a ten percent tariff to all goods and services imported into the United States. Each subsequent calendar year, this duty would increase or decrease by 5 percent depending on whether America maintains a trade deficit or surplus, respectively.
Tariffs have been embraced by presidents of both parties, with former President Donald Trump setting new tariffs on Chinese imports, which were kept on the books and in some cases expandedunder President Joe Biden.
“Recent history is bipartisan recognition that the era of free-wheeling free-trade that cost Maine so much must come to an end, as a matter of both national security and economic interest,” Golden said. “We must act to reposition ourselves in the world economy, to a place of strength and self-sufficiency.”
The trade balance — the difference between U.S. exports and U.S. imports — has been in deficit since the mid-70s. In recent years, the figure has approached nearly $1 trillion.
“America’s ever-expanding trade deficit is a clear sign that the current global trade regime is stacked against U.S. workers, industries, and communities,” Oren Cass, founder and chief economist of American Compass, said. “Rep. Golden’s BUILT USA Act will address this global trade imbalance head on, reassert U.S. economic interests, and help reestablish the industrial base that made America the most innovative, prosperous, and resilient nation in the world.”
Background:
Seventy years ago, employment in manufacturing made up over 40 percent of nonfarm jobs in Maine, according to the Maine Department of Labor. Today, it’s less than 10 percent. The losses accelerated in the 1990s with the signing of NAFTA, after which Maine lost one in three manufacturing jobs — with 25,000 lost to outsourcing alone. Forty percent of those who lost jobs had to take new ones with lower pay.
Golden has been a leading voice for reconfiguring U.S. trade policy in favor of American industry and workers. In May, he introduced legislation that would raise tariffs on Chinese imports of automobiles and energy components to ensure America’s industrial base, and thus its future, is strong. He published an essay the same month on the importance of a robust production economy for national security and middle-class prosperity.
In 2019, he was one of only 41 House members to vote against the United States-Mexico -Canada Agreement, which he called “a missed opportunity to deliver real and lasting change” to the North American Free Trade Agreement (NAFTA).
Earlier today, Governor Kathy Hochul attended a roundtable discussion between the U.S. Department of Commerce, American Federation of Teachers, and Micron Technology to celebrate and highlight the partnership created in Syracuse.
VIDEO: The event is available to stream on YouTube here and TV quality video is available here (h.264, mp4).
AUDIO: The Governor’s remarks are available in audio form here.
PHOTOS: The Governor’s Flickr page will post photos of the event here.
A rush transcript of the Governor’s remarks is available below:
Thank you. Thank you, Secretary Raimondo. I want to thank you for having your door wide open to us here in the State of New York. I was a brand new Governor. We had our first conversation about how do we land Micron? How do we make sure they come to New York? And we were able to work with Majority Leader Chuck Schumer and the local team here, led by the Mayor, Ben Walsh. I want to thank him for his engagement intensely. Our County Executive McMahon was very involved, as John Mannion, our Senator was very involved, but I had the best economic development team in the country led by Hope Knight. I want to give her a round of applause.
I’ll be brief. I want to hear the question. We are so proud of this. I brag about it everywhere I go. Everybody now knows that this is going to be the home of Micron. And more important than having a company come to a physical place here in upstate New York, it telegraphs a confidence in our economy that is contagious.
I can’t tell you the supply chain companies that are now coming even 50, 100 miles down the road as a result of this. So we’ve created a whole ecosystem with the decision to put forth a $10 billion from the State of New York for our own Green CHIPS and Science Act as well. So, this is how government working with local communities can make a difference, but it’s all about the workforce.
And when I had my first meeting with the Micron leaders, supposed to be a quick meeting during a snowstorm in Syracuse a couple of winters ago, it ended up, April, right? It went on for hours, because I wouldn’t let him leave until Sanjay said yes.
But he made me promise I would get him the workforce he needed. And of course he said, “No problem, we’re going to do it, this is New York.”
And today is about that. This is about planting the seed in young people, and getting them excited about these careers that will lift their families out of their circumstances.
And I thank Micron for going to the heart of the City of Syracuse where people do not have that chance. They do not have a family member who’s going to be able to show them the path forward. We will do that. And Micron’s local investments are making that difference. So every child has a shot at the American Dream when they get the education we’re going to be talking about here today and also replicating that all over the State of New York.
So, this is why I’m most excited about this project of anything and the Biden-Harris administration made it happen. I’m forever grateful to them as well. Thank you, Madam Secretary.
Municipalities play an important role in shaping Alberta’s vibrant communities and contributing to a stronger province. The province will now lend money to local authorities, which include municipalities, airports, counties and irrigation districts, at a lower rate.
These entities will now pay the same interest rate as the province on money borrowed for infrastructure and other capital projects. The change is expected to save municipalities about $7 million in 2025-26 and about $12 million in 2026-27.
In a time of high interest rates, Alberta’s government is reducing the budgetary pressures faced by local governments and frees up funds for purposes other than servicing debt.
With Alberta’s balancing of the budget, the province has been able to reduce outstanding debt by more than $19 billion. With continued strong results, Alberta’s borrowing costs are expected to remain low.
The Loans to Local Authorities program allows even the smallest municipalities in Alberta to benefit from the province’s fiscal strength and well-established access to global capital markets. The province lends money to local authorities to help finance their capital projects, such as roads and upgrades to local water, sewer, gas and electric services.
“Alberta has lowered our cost of borrowing, and now we are passing that savings on to municipalities. They are our partners in providing services to Albertans, and by working together we can ensure that investments can be made with a minimum cost to service debt.”
“Our government provides billions of dollars in support to municipalities, ranging from grants to capital funding. Lowering the cost of borrowing for municipalities is just one more way we are ensuring that municipalities, counties, airports and irrigation districts can invest in their citizens.”
Background
The Loans to Local Authorities program was set up to ensure that all municipalities and qualifying local authorities in Alberta have access to funds at the lowest possible cost.
Interest rates charged on new loans to local authorities were revised to better reflect the cost of credit for municipal borrowers that raise debt financing in the capital markets.
The current loan pricing model under the Loans to Local Authorities program came into effect in December 2021.
Prior to the change, lending rates were equal to the province’s estimated cost of borrowing for debt with the same terms.
Source: United States House of Representatives – Congressman David Schweikert (AZ-06)
WASHINGTON, D.C. — U.S. Representative David Schweikert (AZ-01) took to the House floor yesterday to deliver his last speech before the 2024 election. He started by mentioning that the world has now surpassed the cumulative record of governmental debt, totaling an astonishing $312 trillion. Rep. Schweikert references previous floor speeches where he points out that every tax proposal for the wealthy only brings in 1.5 percent of GDP. He presents an additional hypothetical if Congress were to cut discretionary spending (which accounts for $860 billion) by $300 billion. With the combination of every Democrat tax proposal and every Republican cut, that still only gets 2.5 percent of GDP. All of this borrowing, mind you, comes in a good economic year, where tax receipts are up. We are still going to borrow almost 7% GDP.
Excerpts from Rep. Schweikert’s floor speech can be found below:
On other countries bond rates’ being cheaper than the Unites State’s rates:
[Beginning at 02:12] “Congress has made the decision that those who are really running this government, those who run this country, will be called the ‘bond market’. Because, if you need to refinance, like we did this fiscal year, we’ve refinanced about $8 trillion and [brought] to market an additional $2 [trillion]. You’re basically sitting on $10 trillion, and that’s not even counting the short term where it was a thirty-day, [and then] six months… those things that had to be rolled. You are subject to the fragility of the bond market, and what interest rate, and how much liquidity… and how many idiots like me come behind these microphones and try to explain the world debt markets to you? Take it seriously, it is not a game. United States is now #14 on the credit stack. That means there [are] 13 other countries today that can sell a ten-year bond cheaper than us. Greece, today, can sell 10-year bonds cheaper than the United States. Think about that.”
On the morality of more cures coming to market:
[Beginning at 09:04] “Remember: in 15 years, the United States has more deaths than births. We are about to have the fifth year where prime-age males are dying younger. In the last six years, 390,000 Americans have died from fentanyl. Well, it turns out, next year, we might have a fentanyl vaccine. And you might not like it… 390,000 have died in six years! You’re not willing to deal with the moral imperative of saving our brothers and sisters?! We need to think differently. And the fact of the matter is, you are living in a time of miracles. We can cure Hepatitis-C, we can cure hemophilia. There are things that are coming out. There [are] the Vertex experiments that look to cure Type 1 diabetes. If diabetes is 33% of all U.S. health care spending, what is the morality, but what’s also the amazing economics if we would fixate– in the Farm Bill, in nutrition support– in the way we deliver health care to get our brothers and sisters healthier? Turns out, it is the single biggest thing you can do to stabilize U.S. debt. How many people have you heard come behind these microphones within the last year, and be willing to say that? Because you upset the lobbyists, walking up and down the hallways, that need people that are sick!”
On the reiteration that interest is the second biggest expenditure of U.S. government spending:
[Beginning at 17:30] “If you actually care about the debt, stop living in this fantasy; “We’ll just tax rich people, and that takes care of everything!” If you look at some of the proposals, they’ve already spent the money three or four times. I keep trying to present over and over; when you start to realize the amount of our spending– and by the end of the decade, think of this, 10 years from now– if you add in the debt we will owe to the trust funds, what’s left of them, we’re at $56 trillion.$56 trillion!What happens if interest rates move against us? Remember, interest today is the second biggest expenditure in this government. [Number one is] Social security. Behind that is interest. Then Medicare, then defense. Defense is now the fourth [largest] expenditure in this government. And you try over and over and over. You see right here– 2024-2025– the little, tiny movement we get in 2026 and a couple years after that, and then, boom! Now, this here is because the tax hikes that are coming– they’re already in statute, they’re coming. It’s not a vote, we’re not taking a vote to say we’re going to raise these taxes. It’s called tax expiration. It’s already coming. It’s math– But boom. After three or four years, you’re back, and the curve is back in. We don’t want to tell the truth: it’s demographics“
### Congressman David Schweikert serves on the House Ways and Means Committee and is the current Chairman of the Oversight Subcommittee. He is also the Vice Chairman on the bicameral Joint Economic Committee, chairs the Congressional Valley Fever Task Force, and is the Republican Co-Chair of the Blockchain Caucus, Telehealth Caucus, Singapore Caucus, and the Caucus on Access to Capital and Credit.
Source: United Kingdom – Executive Government & Departments
Three Chileans will travel to the United Kingdom to study master’s degrees in London, Cambridge and Edinburgh thanks to the British Foreign Office Scholarship.
Ambassador Louise de Sousa with recipients of the Chevening Scholarship. The call for those interested in applying for the Chevening Scholarship 2025-26 will remain open until 4 November at 20.00 hrs.
The British Ambassador to Chile, Louise de Sousa, met with the recipients of the Chevening Scholarship to study a Master’s degree in the United Kingdom.
The Chevening Scholarship is awarded to people from diverse backgrounds who can demonstrate the commitment and skills necessary to become future leaders or changemakers in their country of origin.
This year, three Chilean women and one Chilean man will travel to begin their studies at British universities in September. They are Bárbara Ferrer, who will study a Master of Science in Data and Artificial Intelligence Ethics en la University of Edinburgh; Mariana Bernasconi, who will study a Master of Philosophy en Multi-disciplinary Gender Studies at the University of Cambridge; Melissa Jeldes, who will study a Master of Science in Social Innovation and Entrepreneurship at the London School of Economics; and Sebastián Mozó, who will study a Master of Science in Regulation at the same university.
Louise de Sousa, British Ambassador to Chile, says: “There is no such thing as a ‘typical’ Chevening scholar. We value energy, a broad perspective, curiosity, compassion, a clear vision of the future and the ability to achieve your goals. If you identify with these characteristics, then you are very likely to fit into our community of more than 57,000 alumni worldwide.
Agustín Riesco, Chevening 2023 scholar, who returned to Chile after studying a master’s degree in Public Policy at the London School of Economics and Political Science, also shared this vision: “The Chevening scholarship allowed me to experience a unique opportunity, not only academically, but also to be able to live with my family for a year in London, one of the most fascinating cities in the world. Chevening is much more than a scholarship, it is a network that supports you and makes you live a unique experience for a year”, he said.
Applicants must present a realistic and achievable idea to bring about positive change in their country, and be able to demonstrate how a Master’s degree in the UK will help them achieve their goal. The Scholarship offers full financial support for scholars to study any eligible Masters degree at over 150 UK universities, plus access to a wide range of exclusive academic, professional and cultural experiences.
Applicants must present a realistic and achievable idea for positive change in their country, and be able to demonstrate how a Master’s degree in the UK will help them achieve their goal. The Scholarship offers full financial support for scholars to study any eligible Master’s degree at over 150 British universities, plus access to a wide range of exclusive academic, professional and cultural experiences.
Since the programme was launched in 1983, more than 57,000 professionals have advanced their careers through Chevening. By the 2025/2026 academic year, there are approximately 1,500 scholarships available worldwide, demonstrating the UK’s commitment to developing tomorrow’s leaders.
Applications open
Chevening is open for applications until 4 November 2024 at 8pm in Chile. For information on eligibility criteria and scholarship details, please visit http://www.chevening.org.
Notes to editors
Chevening Scholarships are the UK government’s global scholarship programme, funded by the Foreign, Commonwealth and Development Office (FCDO) and partner organisations. The scholarships fund one-year Masters degrees at British universities for people with potential to become future leaders, decision-makers and opinion-formers.
Chevening began in 1983 and has grown into a prestigious international scholarship programme. Chevening scholars come from more than 160 countries and territories around the world. In the last five years, Chevening has awarded more than 8,000 scholarships. There are more than 57,000 Chevening Alumni worldwide who form an influential and prestigious global network.
Further information
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New York City Mayor Eric Adams has been charged with bribery and fraud following a spiraling federal investigation into his administration.
Among other accusations, federal prosecutors alleged in their September 2024 indictment that Adams received campaign donations from the Turkish government for his 2021 mayoral race and sought to conceal these illegal foreign contributions.
And as we document in our new podcast, “Scandalized,” discovering campaign finance violations is often just the first chapter in a much wilder story.
Why campaign finance law matters
The U.S. has federal rules that govern how political campaigns can raise and spend money in U.S. elections. For example, they limit how much money individuals and groups can contribute to candidates’ campaigns. Federal rules also restrict how campaign funds may be used and require the disclosure of all campaign expenditures, ensuring candidates can’t spend campaign money on whatever they want.
Legally, candidates may use campaign donations on expenses directly related to their race for office. Allowable expenditures include advertising, travel and costs related to fundraising, such as renting an event space or buying food for guests. Candidates may use excess campaign funds after the election is over to pay down outstanding loans, or they can transfer it to other campaigns or party organizations.
Campaign funds may not, however, be spent at any time on purely personal expenses. Candidates cannot pay their mortgage or rent out of their election war chest, or purchase clothing or household supplies.
The disgraced former U.S. Rep. George Santos, a Republican from New York, was a particularly egregious violator of the rules related to personal expenses.
Santos pleaded guilty in August 2024 to nearly two dozen counts of campaign finance violations – a smorgasbord of crimes. According to The New York Times, he rerouted “tens of thousands of dollars of campaign money toward personal expenses, including luxury goods, Atlantic City casinos, rent payments and a website primarily known for explicit sexual content.”
Santos, who served for just under a year until he was expelled from Congress in December 2023, is a prime example of how the complicated U.S. campaign finance system can unearth other, even more scandalous actions by politicians.
Former U.S. Rep. George Santos outside court after pleading guilty to 23 felony counts on Aug. 19, 2024, in West Islip, N.Y. Michael M. Santiago/Getty Images
A window into bigger scandals
A key element of campaign finance law is disclosure. Candidates must publicly report donations over US$200, for example, and document everything they spend those donations on during and after their campaigns.
For former U.S. Rep. Duncan Hunter Jr., a California Republican, failure to comply with disclosure laws during his 2016 election campaign resulted in a federal investigation. The Justice Department found that Hunter used campaign donations to fund family vacations, video game purchases and hotel rooms for multiple extramarital affairs. In 2020, he was sentenced to 11 months in prison.
Former President Donald Trump’s longtime lawyer and fixer, Michael Cohen, also failed to disclose a contribution to his boss’s 2016 presidential campaign. But the real scandal was what that money actually went for: paying adult film actress Stormy Daniels for her silence about an alleged affair with Trump in 2006. Cohen pleaded guilty in 2018 to making an unlawful contribution.
Many, if not most, campaign finance violations are minor. Small mistakes such as filing a late donor disclosure report or miscategorizing an expense usually incur little more than a small fine.
When technical campaign finance violations shed light on a big scandal, however, they attract attention. Voters and the media latch onto the fact that not only are donors’ funds not going where they intended, but in many cases the money has been spent to subsidize candidates’ personal misbehavior and corrupt activity.
High-profile political scandals erode the public trust
Just about every recent survey shows Americans’ levels of faith and trust in government at historic lows. In the 1960s, three-quarters of voters said they trusted the government to do the right thing most or all of the time. Today, only one-fifth do.
Unseemly behavior by politicians, including by candidates who misspend their supporters’ donations, may contribute to this declining trust. Americans have real fears about money in politics. For example, 84% of Americans worry that wealthy lobbyists and interest groups have undue influence on elections, and 80% say campaign donations have corrupting effects on politicians.
Even when candidates aren’t technically breaking the law, they often use campaign funds in ways donors may not realize – or appreciate.
Sometimes, investigations into seemingly technical campaign violations uncover a wilder story. Filo via Getty
The bottom line: Donations made to help a candidate win their race are not always going where donors actually intended or believed they would.
Still, the U.S. political climate is so polarized that these scandals may not dramatically affect voters’ decision-making. Political scientists sometimes refer to today’s voters as “calcified” in their partisan identities, meaning they are so loyal to their own party that campaign-finance violations and other scandals cannot change their views much.
Research shows voters are also increasingly motivated not so much by their support or affection for their own party but rather by their fear and loathing of the other party. As a result, partisan voters are willing to accept or forgive scandalous behavior from their own side in the interest of beating the opposition. Hardcore partisans are also adept at finding ways to justify or rationalize these transgressions.
With record amounts of money flowing in and out of political campaigns in 2024, the coming months are bound to bring more campaign finance scandals. But our research indicates they are unlikely to have major effects at the polling station.
The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
