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Category: Economy

  • MIL-OSI USA News: FACT SHEET: President  Biden Commemorates Historic Climate Legacy during Climate Week  NYC

    Source: The White House

    President Biden will deliver remarks tomorrow highlighting his climate, conservation, clean energy, and environmental justice agenda, which is lowering costs, creating good-paying and union jobs, and reducing harmful emissions

    Meanwhile, House Republicans continue reckless attempts to roll back climate, conservation, and clean energy investments

    When President Biden took office, he pledged to restore America’s climate leadership at home and abroad. Every day since, the Biden-Harris Administration has led and delivered on the most ambitious climate, conservation, clean energy, and environmental justice agenda in history, including securing the largest ever climate investment and unleashing a clean energy manufacturing boom that has attracted hundreds of billions of dollars in private sector investment; created hundreds of thousands of new clean energy jobs; and lowered energy costs for families while delivering cleaner air and water for communities across the country.

    As business leaders, government officials, young people, and other advocates from around the world gather in New York City to participate in Climate Week, tomorrow President Biden will deliver remarks in New York City highlighting his Administration’s unprecedented progress in tackling the climate crisis, cutting energy costs for everyday Americans, and creating good-paying union jobs.

    Meanwhile, as President Biden and Vice President Harris continue to implement their Investing in America agenda, many Congressional Republicans continue to deny the impacts of climate change and are actively working to roll back this Administration’s historic and urgent climate investments – in fact, House Republicans have voted more than 50 times to repeal parts of President Biden’s climate investments. The contrast couldn’t be clearer.

    From replacing toxic lead pipes and modernizing our electric grid to reducing air pollution and conserving our nation’s lands and waters, President Biden and Vice President Harris have positioned America to lead the global effort against climate change and protect the health, safety, and economic vitality of our communities and our environment for generations to come. 

    Biden-Harris Administration’s Top Climate Accomplishments

    Deploying Clean, Affordable Electricity and Strengthening America’s Power Grid
    Through the Inflation Reduction Act and Bipartisan Infrastructure Law, President Biden has secured unprecedented investments in a clean power sector, unleashing a boom in American solar, wind, battery storage, nuclear, and other clean energy technologies that are creating good-paying jobs and saving families money on utility bills. President Biden’s Investing in America agenda is supporting the U.S. offshore wind industry, transmission buildout and other power grid upgrades, residential solar for low-income households, investments in clean electricity across rural America, efficient permitting to get new projects built, and American manufacturing of clean energy technologies. Since the start of the Biden-Harris Administration, the US has added more than 100 gigawatts of new clean energy – enough to power more than 25 million homes. Thanks to the Inflation Reduction Act, clean energy project developers get access to expanded tax incentives if they pay workers prevailing wages and employ registered apprentices,  build their projects with domestic content, or locate projects in historic energy communities—provisions that are helping make more clean energy jobs good-paying and union jobs, supporting American manufacturing, and driving clean energy investment to the places that can benefit the most.

     
    Bolstering Climate Resilience and Adaptation

    The Biden-Harris Administration is taking a whole-of-government approach to addressing climate impacts, including through Federal climate adaptation planning and integrating consideration of climate impacts into Federal policies, programs, and funding. The Administration released a National Climate Resilience Framework and President Biden secured more than $50 billion for climate resilience and adaptation investments that are upgrading aging roads and bridges, including critical evacuation routes; restoring critical waterways, forests, and urban greenspaces; building forest health and reducing wildfire risk; bolstering water infrastructure and drought resilience across the American West; reducing the risk to federal assets from future floods; and modernizing our electric grid. Through portals like Climate Mapping for Resilience and Adaptation (CMRA) and Heat.gov, the Administration is equipping communities with the information and resources they need to assess climate risks and implement adaptation actions in their communities. With historic investments from the President’s Investing in America agenda, the Administration stabilized the short-term security of the Colorado River and is making investments to ensure the long-term stability of the Colorado River Basin.
     
    Accelerating a Clean Transportation Future

    Last year, the Biden-Harris Administration released the National Blueprint for Transportation Decarbonization, a landmark strategy for eliminating nearly all greenhouse gas emissions from the U.S. transportation sector by 2050. The Administration’s Bipartisan Infrastructure Law and Inflation Reduction Act invest tens of billions to decarbonize maritime,  trucking, transit, rail, and aviation, all while making communities more walkable, bikeable, and connected. The Bipartisan Infrastructure Law is also investing $7.5 billion to build a nationwide network of convenient, reliable electric vehicle (EV) charging infrastructure along corridors and within communities, and $5 billion to put clean school buses on our roads. In addition, the President rallied automakers and autoworkers around a historic goal of having electric vehicles account for at least 50% of new passenger vehicles sold by 2030. To support this goal while driving down consumer costs, the Administration secured tax credits that reduce the cost of new or used clean vehicles by thousands of dollars directly at the dealership as well as tax credits to deploy EV charging and alternative fueling infrastructure to support clean vehicle deployment needs for individuals and businesses within rural and low income communities. The Administration is also leading by example to electrify the federal vehicle fleet, including 66,000 U.S. Postal Service delivery vehicles over five years.

     
    Cutting Energy Costs and Pollution at Homes, Schools, and in Communities

    Last year, 3.4 million American families saved $8.4 billion from IRA home energy tax credits for heat pumps, insulation, solar, and other clean energy technologies, and today states across the US are rolling out IRA rebates of up to $14,000 per household to help low- and middle-income families afford cost-saving electric appliances and energy efficiency improvements. The President established a $20 billion national clean energy financing network that will support tens of thousands of clean energy projects and cost-saving retrofits, reducing or avoiding up to 40 million metric tons of carbon pollution annually over the next seven years. The Biden-Harris Administration has also strengthened energy efficiency standards to save households and businesses money, with standards updated by DOE for dozens of appliances expected to provide nearly $1 trillion in consumer savings over 30 years, saving the average household more than $100 a year while also reducing greenhouse gas emissions by more than 2 billion metric tons. Schools across the country are using IRA clean energy tax credits and elective pay to install solar, energy storage, and ground source heat pumps.

    Revitalizing American Manufacturing for the Clean Economy

    President Biden’s Investing in America agenda has helped catalyze historic manufacturing growth, with factories opening across the nation. The private sector has committed over $910 billion in investments in American manufacturing and clean energy, including sectors central to our industrial strength. The President’s agenda is helping to make U.S. manufacturing the cleanest and most competitive in the world. The Inflation Reduction Act is investing more than $6 billion to slash climate pollution and support workers and community health at U.S. factories producing the steel, aluminum, cement, and other materials that form the backbone of our economy, nearly $2 billion to support shuttered or at-risk auto facilities retain or re-hire workers to support manufacturing in the electric vehicle supply chain, over $3 billion to bolster battery manufacturing, and over $4 billion through the Federal Buy Clean Initiative to bolster markets to buy cleaner materials. The Biden-Harris Administration’s historic steps to reduce super-polluting methane and hydrofluorocarbons are also harnessing American innovation and creating good-paying union jobs. 
     
    Advancing Environmental Justice

    Since Day One, the Biden-Harris Administration has prioritized a whole-of-government approach to environmental justice. The President signed a historic Executive Order that mobilizes the federal government to bring clean energy and healthy environments to all and mitigate harm to those who have suffered from pollution and environmental burdens like climate change. Through the Justice40 Initiative, over 500 programs across 19 federal agencies are being reimagined and transformed to maximize the benefits of President Biden’s unprecedented investments – from clean energy projects to floodwater protections to wastewater infrastructure – to communities that need them most. At the same time, the Administration is taking unprecedented action to protect communities from PFAS pollution, accelerate Superfund and brownfield cleanups, tighten standards for hazardous air pollutants, and enhance air quality enforcement. To ensure the voices, perspectives, and lived experiences of communities with environmental justice concerns are heard in the White House and reflected in federal priorities, policies, investments, and decision-making, President Biden also created the White House Environmental Justice Advisory Council.
     
    Delivering Clean Water and Replacing Lead Pipes

    President Biden and Vice President Harris are fighting to ensure a future where every American has access to clean, safe water. The President’s Bipartisan Infrastructure Law invests over $50 billion in upgrading the nation’s water infrastructure – the largest investment in clean water in American history. The Administration has already launched over 1,700 projects to expand access to clean drinking water, replace lead pipes, improve wastewater and sanitation infrastructure, and remove PFAS pollution in water. The Biden-Harris Administration invested over $1 billion from the President’s Investing in America agenda to specifically accelerate the delivery of drinking water and community sanitation infrastructure projects in Indian Country, where almost 50% of communities are lacking this basic human right. President Biden has also made a commitment to replace every toxic lead pipe in the country within a decade, protecting families from lead poisoning that can irreversibly harm brain development in children.


    Empowering Every Community to Advance Climate Solutions

    The historic set of federal actions that the Biden-Harris Administration has taken are supporting communities across the country in seizing opportunities in the clean energy economy. The Administration has mobilized billions of dollars in investment in the energy communities and workers that have powered our nation for generations. To help young people access skills-based training for good-paying careers in the clean energy and climate resilience economy, the Administration launched the American Climate Corps, which will mobilize a new, diverse generation of more than 20,000 Americans. And with direct support from the Administration’s Investing in America Agenda, more than 45 states and more than 200 Tribes, territories, and metro areas have now developed their own Climate Action Plans. All of these foundational efforts will support climate solutions in the near-term and for years to come, helping the nation achieve the goal of reducing climate pollution by 50-52% below 2005 levels in 2030 and reaching a net-zero economy by no later than 2050.

    Conserving our Lands and Waters

    President Biden’s America the Beautiful initiative is supporting and accelerating voluntary, locally led conservation and restoration efforts across the country, and with 42 million acres already protected under President Biden, the U.S. is on track to meet the first-ever national goal to conserve at least 30 percent of our lands and waters by 2030. The Biden-Harris Administration has established or expanded eight national monuments and restored protections for three more; created five new national wildlife refuges and significantly expanded five more; established two new national marine sanctuaries and begun the process to designate or expand protections for five more; created one new national estuarine research reserve; protected the Boundary Waters of Minnesota, the nation’s most visited wilderness area; safeguarded Bristol Bay in southwest Alaska from the impacts of mining; protected the Arctic Ocean from oil and gas development; and withdrawn Chaco Canyon in New Mexico and Thompson Divide in Colorado from further oil and gas leasing which will protect pristine lands and thousands of sacred sites. The Administration also directed the conservation of old-growth and mature forests, put conservation on equal footing with development in managing our public lands, launched the America the Beautiful Freshwater Challenge to protect, restore, and reconnect 8 million acres of wetlands and 100,000 miles of our nation’s river and streams, protected vast areas of caribou habitat in the Western Arctic for future generations, and is advancing the Chumash Heritage National Marine Sanctuary off the coast of California.
     
    Rallying Leaders of the World’s Largest Economies to Raise Global Climate Ambition

    President Biden has restored America’s climate leadership at home and abroad. Under his leadership, the Administration is securing commitments from more than 155 countries to reduce methane emissions by at least 30 percent by 2030; successfully galvanizing other countries at COP28 to commit, for the first time, to transition away from unabated fossil fuels, stop building new unabated coal capacity globally, and triple renewable energy globally by 2030 and nuclear energy by 2050; launching a new Clean Energy Supply Chain Collaborative to work with international partners to diversify supply chains that are critical to a clean and secure energy transition; mobilizing other governments to follow the U.S. lead and commit to achieve net-zero government emissions by 2050 through a new Net-Zero Government Initiative; and becoming a world leader in innovative debt-for-nature swaps that have helped countries restructure over $2 billion in debt and unlock hundreds of millions of new financing for nature and climate.

    Accelerating Federal Permitting to Deliver Clean Energy and Infrastructure More Quickly

    The Biden-Harris Administration has taken action to accelerate clean energy infrastructure and deliver other critical projects by securing and directing long overdue resources to improve and accelerate permitting and environmental reviews. The Administration also finalized the Bipartisan Permitting Reform Implementation Rule to address climate change, protect public health, encourage better environmental outcomes, and promote meaningful public input on Federal decisions and projects.

    House Republicans Continue Attempting to Roll Back Climate Protections

    As President Biden and Vice President Harris implement the most ambitious and impactful climate and conservation agenda in history, House Republicans are taking action right now that would roll back investments in climate, clean energy, and public health. House Republicans’ efforts to gut climate protections through a variety of avenues – including appropriations bills, Congressional Review Act resolutions, and other legislative actions – would raise consumer energy costs, undermine public health protections, worsen the impacts of extreme weather events, and destroy environmental safeguards for our lands and waters.

    Ongoing attempts by Congressional Republicans to roll back climate and environmental protections would:

    Raise Consumer Energy Costs, including by:

    Gut Public Health Protections, including by:

    • Trying to overturn Biden-Harris Administration rules that protect communities from coal plants’ water pollution, air pollution, and waste disposal.
    • Trying to overturn a Biden-Harris Administration rule that will reduce by 96% the number of people with elevated cancer risk near certain chemical plants, by reducing emissions of toxic chloroprene and ethylene oxide from those facilities.
    • Rolling back the Clean School Bus program that will reduce climate pollution and provide cleaner air for our nation’s children.
    • Undermining clean air progress by trying to overturn rules that reduce pollution from power plants, cars and trucks , and industrial sources.
    • Taking steps to block new Biden-Harris Administration rules to protect coal and other miners from toxic silica dust.

    Destroy Protections for Our Lands and Waters, including by:

    • Trying to eliminate Presidential authority to establish national monuments altogether.
    • Working to dismantle President Biden’s America the Beautiful Initiative.
    • Threatening to expose cherished landscapes to new drilling, including 13 million acres of special areas in the Western Arctic.
    • Planning to reduce accountability for oil and gas companies.

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    MIL OSI USA News –

  • MIL-OSI: Force for Good: UN’s Sustainable Development Goals at risk of being missed – 9 urgent actions needed to unlock progress as cost of SDG gap rises by 10% to US$112-136 trillion

    Source: GlobeNewswire (MIL-OSI)

    • A new report from Force for Good – “Capital as a Force for Good: Shifting the Global Order Through the Mass Mobilization of Solutions” – finds urgent action is needed now to unlock progress and achieve the SDGs
    • It identifies ‘Nine Big Ideas’ that, if scaled globally, have the potential to unlock SDG progress from less than 66% today, to nearly 90% by the end of the decade, helping correct the annual SDG funding gap of US$14-17 trillion
    • Ideas include climate transition frameworks, AI-enabled connectivity, and universal digital financial services, through coordinated action across governments, the private sector and multi-lateral institutions, proposing a high-impact roll-out across the world

    LONDON, Sept. 23, 2024 (GLOBE NEWSWIRE) — Force For Good: The world is failing to meet the Sustainable Development Goals (SDGs) and urgent action is needed to unlock progress and overcome the growing annual SDG funding gap, which now stands at US$14-17 trillion, a new report from Force for Good finds, US$112-136 trillion in total, up 10%, due to the costs of global climate transition and development needs in the Global South.

    Today, only 16% of the goal’s 169 underlying targets are on track to be met by 2030, with 50% falling behind, and 30% regressing below their 2015 levels when the SDGs were kicked off, the report finds.

    Nine ‘Big Ideas’, including climate transition frameworks, AI-enabled connectivity, and universal digital financial services, if scaled globally, have the cumulative potential to progress SDG achievement to nearly 90%, from less than 66% today, reigniting exponential progress.

    “This report shows how the global order and the systems itself can be transformed by delivering solutions en masse across the planet, engaging everyone in this endeavour … By leveraging the strengths of governments, private companies, NGOS and mobilising the individual as an agent of change, we can create a sustainable, secure, and prosperous future,” said Ketan Patel, Chair of the Advisory Council.

    The world’s failure to meet the goals is being driven by a series of interrelated economic, political, geopolitical and environmental shocks – including the COVID-19 pandemic, the war in Ukraine and Gaza, the energy, cost-of-living and climate crises – interacting with one another to create a ‘polycrisis’ that is diverting attention and resources away from sustainable development.

    A mass and fast roll out of the ‘Nine Big Ideas’, sponsored by appropriate champions across government, private sector or multi-lateral institutions, working with the United Nations, can make a transformative impact on developing countries, while benefitting the global economy.

    While the mass mobilisation of solutions will take a global effort, the largest developing countries, particularly India, China, and Brazil, account for two-thirds of the world’s sustainable development potential. These countries represent the first wave of opportunity in a multi-wave project to realize the future faster.

    Meeting the SDGs is a crucial step for the world in the transition to the next era of human civilization, building a platform on which further breakthroughs and technologies can create a sustainable, secure and superior future.

    About Force for Good

    Force for Good’s mission is to mobilize capital, resources, and ideas as a force for good in the world at a time of profound change. The organization’s Capital as a Force for Good Initiative engages the world’s leading financial institutions and other stakeholders, to promote sustainable development through the deployment of capital and solutions to address global issues and enable the transition to a better future.

    The annual Capital as a Force for Good report, now in its fourth edition, is the result of collaboration with the United Nations and major global financial institutions, assessing the role of capital in addressing the world’s most pressing issues.

    Institutions actively engaged include Bank of America, BlackRock, Bridgewater Associates, Citi, Credit Suisse, Fidelity Investments, First Abu Dhabi Bank, GIC Singapore, Goldman Sachs, Great-West Lifeco, HDFC Bank, HSBC, Investec Group, Japan Post Holdings, JPMorgan Chase, Liberty Mutual Insurance Group, Lloyds Banking Group, Morgan Stanley, Nomura, Nordea, Northern Trust, OMERS, Putnam Investments, Schroders, State Street, UBS, Wellington, and others.

    For further details, please visit www.forcegood.org

    CONTACTS

    Force For Good Contact:
    Lesley Whittle
    Lesley.whittle@forcegood.org

    *ESG News is a proud supporter of Force for Good

    The MIL Network –

  • MIL-OSI USA: Scanlon, Casey, Fetterman, Boyle, Evans Secure More than $217 Million for PhilaPort

    Source: United States House of Representatives – Congresswoman Mary Gay Scanlon(PA-5)

    Funding will expand port to increase shipping capacity and efficiency

    Washington, D.C. – Congresswoman Scanlon (PA-05) today joined Senators Bob Casey (D-PA) and John Fetterman (D-PA), and Congressmen Dwight Evans (PA-03) and Brendan Boyle (PA-02) in announcing the Philadelphia Regional Port Authority (PhilaPort) is receiving a total of $217,000,000 in funding to expand the operational capacity of the SouthPort terminal. The operational expansion will create a new space for ships and expand onloading and offloading capacity and efficiency. This award is from the National Infrastructure Project Assistance (MEGA) Program, which was created and funded by the Infrastructure Investment and Jobs Act (IIJA). 

    “The Port of Philadelphia is a critical driver of good-paying jobs for our regional economy. I’m so pleased to see this critical funding coming to our region to bring more cargo to the Port,” said Rep. Scanlon.

    “The infrastructure law is helping the port transport more goods, which will create good jobs in Southeastern Pennsylvania. This game-changing investment in PhilaPort will ensure that the port remains a critical force in the Nation’s supply chain and the Commonwealth’s economy.” said Senator Casey. “I will always fight to improve our shipping hubs to ensure that the Commonwealth’s waterways boost economic growth and create and sustain good jobs.”

    “I’m proud to see this $217 million funding coming to the SouthPort terminal. By expanding the terminal and increasing capacity, the Department of Transportation is investing in Pennsylvania as a leader in trade and infrastructure and supporting the communities that rely on these jobs every day. I thank the Biden-Harris Administration for their continued investment in Pennsylvania’s future,” said Senator Fetterman.  

    “This funding will improve Philadelphia port infrastructure and will allow greater efficiency in handling and transporting goods. Most of all, this funding will create jobs by increasing trade, and enhancing global competitiveness. Philadelphia ports must always be kept updated and modernized to remain competitive in both the regional and global supply chain economy,” said Rep. Boyle. 

    “I was proud to vote for the Biden-Harris administration’s infrastructure and jobs law, and it’s again delivering for Philadelphia and the region with $217 million in federal funding – that is a major investment in our future!” said Rep. Evans. 

    The $217,200,000 investment from the U.S. Department of Transportation (DOT) is made possible by the Infrastructure Investment and Jobs Act (IIJA). This funding will expand the port’s operational capacity by creating more space to for vessels to dock at the port and increasing on and offloading efficiencies. Specifically, this funding will support the construction of a second berth which will improve the port’s ability to on and offload goods from ships. Additionally, the funding will support infill construction, which will expand the port by approximately ten acres. This port expansion will ensure that the port can remain a competitive and efficient shipping hub. 

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    MIL OSI USA News –

  • MIL-OSI: UPDATE – Thnks Announces Winners of the 2024 Thnks Gratitude in Business Awards

    Source: GlobeNewswire (MIL-OSI)

    NASHVILLE, Tenn., Sept. 23, 2024 (GLOBE NEWSWIRE) — Thnks, the first on-demand gratitude expression platform for enterprises, SMBs, and individual contributors, today announced Troy Stevenson, Account Manager at Pegasus Logistics Group as the individual winner and Pegasus Logistics Group as the company winner for the 2024 Thnks Gratitude in Business Awards sponsored by First Horizon.

    As the gratitude in business pioneer, Thnks has transformed small gestures of appreciation into enduring business connections, fostering loyalty, and driving revenue growth. Through the Thnks Gratitude in Business Awards, Thnks celebrates individuals and organizations who are growing their businesses with gratitude.

    “Troy and the entire team at Pegasus Logistics Group inspire a ripple effect of gratitude that transforms how we do business and strengthens our communities,” said Brendan Kamm, Thnks Co-Founder and CEO. “The response to this year’s Thnks Gratitude in Business Award has been truly remarkable. We’ve seen an inspiring array of stories demonstrating how gratitude is being leveraged as a powerful tool for business growth and relationship building.”

    Pegasus Logistics Group, the first company honored by the Gratitude in Business Awards, is being recognized for their exceptional dedication to fostering a culture of appreciation and recognition to drive growth. The company’s innovative initiatives, including their Culture Team’s CREW program and “People on Point” rewards system, demonstrate a strong commitment to fostering a culture of gratitude and empowerment. As the individual winner, Stevenson’s commitment to building trust-based relationships and consistently showing appreciation embodies the transformative power of gratitude in the workplace.

    “We are truly honored to receive this recognition from Thnks and First Horizon,” said Ken Beam, Founder and CEO of Pegasus Logistics Group. “Gratitude is at the heart of our culture, and this win is a testament to the dedication and commitment of individuals like Troy Stevenson and all our team members. We believe that gratitude is the foundation for building strong relationships with our team members, clients, partners, and the community. It’s wonderful to see both Troy’s efforts and the collective spirit of Pegasus Logistics recognized. We’re excited to continue fostering an environment where appreciation drives success and strengthens our connections.”

    Stevenson will be awarded $10,000 in Thnks credits to enhance further the gratitude program at Pegasus Logistics, a $500 credit from a selection of Thnks retailers, and a $2,500 donation will be made in his name to The Grace Foundation, which assists individuals and families in crisis and guidance toward self-sufficiency. The team at Pegasus Logistics will receive $10,000 in Thnks credits for their gratitude program.

    “At First Horizon we’re proud to support the Thnks Gratitude in Business Awards,” said Lucas Doppler, SVP at First Horizon. “We share Thnks’ vision of celebrating those who elevate their workplace, enhance customer experiences, and enrich their communities – by leading with gratitude. “

    To learn more about the Thnks Gratitude in Business Awards sponsored by First Horizon, visit thnks.com.

    ABOUT THNKS
    Established in 2016, Thnks believes making people feel appreciated – not just part of a transaction – is a business-building strategy. Utilized by over 10,000 teams and 120 Fortune 500 companies, Thnks is an on-demand gratitude expression platform for enterprises, SMBs, and individual contributors that converts small acts of gratitude into lasting business relationships that drive loyalty and revenue. The Thnks platform incorporates technology, program analytics and compliance/budget adherence to empower customers with a more economical, intentional, and authentic way to make people feel appreciated. To date, millions of Thnks have been sent – proving small acts of gratitude generate outsized business impact.

    ABOUT FIRST HORIZON
    First Horizon Corp. (NYSE: FHN), with $82.2 billion in assets as of June 30, 2024, is a leading regional financial services company, dedicated to helping our clients, communities, and associates unlock their full potential with capital and counsel. Headquartered in Memphis, TN, the banking subsidiary First Horizon Bank operates in 12 states across the southern U.S. The Company and its subsidiaries offer commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. First Horizon has been recognized as one of the nation’s best employers by Fortune and Forbes magazines and a Top 10 Most Reputable U.S. Bank. More information is available at www.FirstHorizon.com.

    ABOUT PEGASUS LOGISTICS GROUP
    Pegasus Logistics Group is a global leader in transportation and logistics, specializing in both international and domestic shipments of consequence. With a client-centric approach and a flexible global network of partners, we deliver a highly managed transportation model that adapts to the unique challenges of each business. Our stakeholder-focused approach ensures that our solutions benefit not just our clients but also our team members, partners, and communities. At Pegasus Logistics Group, we believe that true partnership is defined by flexibility, collaboration, and a commitment to improving business processes as we grow together.

    FOR MORE INFORMATION, PRESS ONLY:
    Kaileigh Higgins
    thnks@inkhouse.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2d0bcf29-0a44-40ba-92d5-2b6dadd89c15

    The MIL Network –

  • MIL-OSI USA: CFTC Orders Piper Sandler to Pay $2 Million for Recordkeeping and Supervision Failures for Firm-Wide Use of Unapproved Communication Methods

    Source: US Commodity Futures Trading Commission

    Washington, D.C. — The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against Piper Sandler Hedging Services LLC, an introducing broker, for failing to maintain and preserve records that were required to be kept under CFTC recordkeeping requirements, and failing to diligently supervise matters related to its business as a CFTC registrant.

    The order requires Piper Sander to pay a $2 million civil monetary penalty; to cease and desist from further violations of recordkeeping and supervision requirements; and to engage in specified remedial undertakings. Piper Sandler admits the facts detailed in the order.

    Cases Background

    The order finds that from at least 2019 to the present, Piper Sandler employees, including those at senior levels, communicated using unapproved communication methods, including messages sent via personal text. The firm was required to keep certain of these written communications because they related to the firm’s business as a CFTC registrant. These written communications generally were not maintained and preserved by Piper Sandler, and the firm generally would not have been able to provide them promptly to the CFTC if and when requested. 

    The order further finds the use of unapproved communication methods violated Piper Sandler’s internal policies and procedures, which broadly prohibited business-related communication taking place via unapproved methods. Further, some of the same supervisory personnel responsible for ensuring compliance with the firm’s policies and procedures themselves used non-approved methods of communication to engage in business-related communications, in violation of firm policy.

    Since December 2021, the CFTC has imposed $1.207 billion in civil monetary penalties on 26 financial institutions for their use of unapproved methods of communication, in violation of CFTC recordkeeping and supervision requirements. [See CFTC Press Release Nos. 8470-21; 8599-22; 8699-23; 8701-23; 8762-23; 8763-23; 8794-23; 8880-24; 8943-24; 8945-24]

    Related Civil Actions

    The Securities and Exchange Commission recently announced entry of an order filing and settling charges against a Piper Sandler affiliate and imposing a civil monetary penalty for recordkeeping and supervision violations related to the use of unapproved methods of communication.

    ******

    The Division of Enforcement staff responsible for these actions are Devin Cain; Alejandra de Urioste; R. Stephen Painter, Jr.; Lenel Hickson, Jr.; and Manal M. Sultan.

    MIL OSI USA News –

  • MIL-OSI Canada: Additional Support to Estevan and Coronach Regions for Coal Transition

    Source: Government of Canada regional news

    Released on September 23, 2024

    The Government of Saskatchewan is investing $10 million to build new economic opportunities and support coal transition efforts in the Estevan and Coronach regions. 

    “This investment by the Government of Saskatchewan will develop a strong business environment in the communities that are most impacted by the federal government’s decision to force the closure of coal power facilities by 2030,” Crown Investments Corporation Minister Dustin Duncan said. “The funding will directly contribute to economic development and investment attraction, bringing new projects and ideas to grow local economies and keep these communities strong and vibrant.”

    As Saskatchewan continues its own plan to build out grid capacity to support a growing province, retaining and developing our skilled workforce and technical expertise through business opportunities in Estevan, Coronach and area is critical to facilitate the unprecedented energy transition.

    The newly announced funding is in addition to the $10 million invested by the provincial government in 2020 to support coal transition in the area. The new investment will be equally distributed to the two community regions: 5 million to the Coronach region and $5 million to the Estevan region.

    “Today’s investment shows our government’s commitment to coal reliant communities by building their capacity to rise to the significant economic challenges imposed by the federal government’s decision to close coal power plants by 2030,” Agriculture Minister and MLA for Wood River David Marit said. “I am pleased to see the economic growth that has been created in the Coronach region through the 2020 investment provided by the Government of Saskatchewan, and this additional investment will further boost the positive economic trajectory of Southern Saskatchewan.”

    “With the challenges imposed by the federal government’s decision to force the shutdown of Saskatchewan’s coal fired power plants, retaining and reskilling the workforce in this sector through business opportunities in this region is crucial,” Highways Minister and MLA for Estevan Lori Carr said. “Power generation has always been an important part of Estevan’s economy, and with the recent SaskPower announcement that identified two high-potential Small Modular Reactor sites in the Estevan area, our community has many new opportunities to look forward to.”

    Government will provide $5 million to South Saskatchewan Ready, an economic partnership of nine rural communities and RMs in the Coronach region, and $5 million to the Municipal Coal Transition Committee, comprised of representatives from the City of Estevan, RM of Estevan, RM of Coalfields, and the Town of Bienfait. Both organizations will administer the new funding in partnership with local municipalities. 

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    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI USA: Governor issues executive order expanding and investing in climate-ready and infrastructure workforce for New Mexico

    Source: US State of New Mexico

    SANTA FE – Today, Gov. Michelle Lujan Grisham announced an Executive Order to expedite New Mexico’s transition to a clean energy economy and address the critical need for infrastructure development across the state.

    The Executive Order reflects pressing needs of New Mexico communities such as Ruidoso and the Mescalero Apache Nation, which suffered extensive fire and flooding damage which the governor discussed with residents during town halls last week.

    Gov. Lujan Grisham’s Executive Order will enable the state to leverage billions of federal and state dollars to ensure that New Mexico’s workforce is prepared for the work of modernizing transportation, telecommunications, water, and energy systems. The Executive Order also dovetails with Lujan Grisham’s role as co-chair of the U.S. Climate Alliance and her leadership of the organization’s upcoming Climate-Ready Workforce Initiative.

    “Communities that have been devastated by natural disasters are wisely demanding that we sustainably manage the forests, build bridges that withstand flooding, and harden our telecommunications infrastructure against the threat of fire,” said Gov. Lujan Grisham. “In short, they are demanding climate-ready infrastructure.”

    Lujan Grisham said record investments in public infrastructure and the clean energy transition have spiked demand for labor, necessitating a coordinated approach to training workers from all backgrounds to fill these high-quality jobs.

    “New Mexico is ready to get to work on implementation of the U.S. Climate Alliance Climate-Ready Workforce Initiative, and this Executive Order provides the blueprint for doing so,” the governor said.

    So far, New Mexico is investing nearly $2.5 billion through the American Rescue Plan, $5.3 billion from the Bipartisan Infrastructure Law, and over $217 million from the Inflation Reduction Act. These historic investments, combined with $2.5 billion allocated by the state in the 2024 legislative session, will help the state strengthen infrastructure and climate resilience.

    Federal initiatives, including the Bipartisan Infrastructure Law, Inflation Reduction Act, and CHIPS and Science Act, are expected to create nearly 3 million jobs nationwide, with approximately 70% of these jobs accessible to workers without a college degree. In addition, the state’s new Office of Housing is tackling the statewide housing shortage of 40,000 units, while working across sectors to ensure we meet the range of public infrastructure needs associated with new housing. 

    The increasing risks of heat, fire, floods, and other severe weather also demand investments in infrastructure that is designed, built and maintained to withstand climate impacts and meet the needs of communities for decades to come. For example, the Ruidoso wastewater treatment plant is investing in solar power to provide more resilient services when disaster occurs.

    As New Mexico embarks on large-scale infrastructure projects such as roads, bridges, dams, water systems, broadband, and affordable housing, the collaborative work outlined in the Executive Order will help mitigate rising construction costs and address workforce shortages in many high-demand sectors.

    “Achieving the ambitious goals that Gov. Lujan Grisham has set out in this Executive Order will require participating agencies to establish innovative new partnerships with industry, trade unions, apprenticeship programs, educational institutions and other partners,” said Department of Workforce Solutions Cabinet Secretary Sarita Nair. “Recent natural disasters in New Mexico demonstrate the need to build an energy sector that can help prevent and mitigate the impacts of climate change. Together, we can overcome gaps in New Mexico’s workforce and fulfill the promise of federal and state climate-ready infrastructure investments.

    The Executive Order sets the framework for a strategic and unified approach to enhance infrastructure and clean energy workforce training, including: 

    • Collaborative Effort Across 11 State Agencies and Offices: Key state agencies—including the Departments of Workforce Solutions, Transportation, Environment, Energy, Minerals and Natural Resources, Public Education, and Higher Education—will coordinate efforts to plan, develop, and track infrastructure and climate-ready workforce training.  
    • Equity and Inclusion:  Workforce policies and programs will prioritize equity and expand opportunities for workers from rural, underrepresented, and underserved communities.  
    • Infrastructure and Climate-Ready Workforce Goals: New Mexico will train 2,000 workers in climate-ready professions by 2026. 
    • Support for Workers and Communities: Innovative strategies, including wraparound services such as childcare and transportation, will help ensure that workers can successfully enter and advance in clean energy careers. The order also calls for strong collaboration with Tribes, pueblos, nations, and other local communities. 

    In coordination with federal, state, and private entities, the state has already embarked on the following climate-ready and infrastructure workforce development initiatives: 

    • Industry Credential Pipeline Program: Led by the New Mexico Department of Transportation in coordination with the Department of Workforce Solutions, this program addresses worker shortages in the transportation sector through targeted credentialing. 
    • Workforce Training & Apprenticeship Fund: A $30 million state investment to support registered apprenticeship programs in key sectors, ensuring pathways to high-paying jobs. 
    • Higher Education Programs: The New Mexico Higher Education Department has secured $20 million per year for the next three years to fund students pursuing non-credit certifications and industry-recognized credentials, with additional funding for expanding Integrated Education & Training programs. 
    • Residential and Commercial Electrification and Energy Efficiency: The Energy, Minerals and Natural Resources Department is managing over $2 million across three grant programs to train workers on the newest building codes, train and certify contractors for residential energy projects, and train workers to conduct energy audits of commercial and residential buildings. 
    • Technical Assistance: The Department of Workforce Solutions recently received a $1.5 million technical assistance grant from the Families and Workers Fund to develop plans and convene key partners to expand the state’s qualified infrastructure and clean energy workforce capacity.  

    The Executive Order connects to several Lujan Grisham administration initiatives that direct climate readiness into all aspects of infrastructure development. For example, the 2024-2027 Statewide Workforce Innovation and Opportunity Act Plan identified infrastructure, climate resilience, and clean energy as priority sectors for the state.

    The order also directs state agencies to appoint a liaison to work with the Department of Workforce Solutions to track progress and ensure alignment with the state’s broader workforce, infrastructure, and climate goals. Additionally, the order encourages collaboration across sectors to foster climate-ready skills and credentials that support economic mobility.

    The Department of Workforce Solutions will publish an annual Infrastructure and Climate-Ready Workforce Report starting in 2025, providing comprehensive data on workforce outcomes, investments, and areas for improvement.

    The Governor’s Executive Order is available here. 

    MIL OSI USA News –

  • MIL-OSI Europe: Briefing – Partial payments under the Recovery and Resilience Facility: An overview – 23-09-2024

    Source: European Parliament

    Implementation of the Recovery and Resilience Facility (RRF), which began in 2021, will go on until the end of 2026. In 2024, the fourth year, this implementation is well under way, although with some differences having emerged across EU Member States. In August 2024, disbursements had reached €170.8 billion in grants and €94.6 billion in loans, or 41 % of the total RRF funding available. With the exception of pre-financing, the condition for disbursing RRF funds to Member States is the successful achievement of pre-defined milestones and targets, or qualitative and quantitative steps. They are laid out in the annexes to the Council implementing decisions endorsing the individual national recovery and resilience plans, and linked to each payment request. The RRF Regulation envisages the possibility of suspending all or part of the financial contribution available to Member States if milestones and targets have not been satisfactorily achieved. At an early stage of RRF implementation, both the European Court of Auditors and the European Parliament urged the European Commission to develop a methodology that would allow the impact of not meeting a milestone or target to be quantified. In February 2023, the Commission delivered on that request and published a methodology for partial suspension of payments. As a result, the Commission has been able to proceed with partial payments to Member States corresponding to what they have achieved, despite the non-fulfilment (or partial fulfilment) of one or more milestones or targets linked to a given request. This has helped keep RRF implementation on track. The suspension payment methodology has already been applied in several instances. The first country to be subject to it was Lithuania, followed by Romania, Portugal, Italy, Spain and Belgium. In 2023, a total of €841 million was withheld (0.13 % of all RRF funds). While Member States have generally welcomed the methodology, it is still perceived as lacking in clarity and raises questions, not least as to the discretion it affords the Commission in defining the amounts to be suspended.

    MIL OSI Europe News –

  • MIL-OSI Europe: Briefing – CRR/CRD: The delegated act on the date of application of the own funds requirements for market – 20-09-2024

    Source: European Parliament

    The CRR 3/CRD 6 package constitutes the final phase in the implementation of the internationally agreed finalised Basel 3 prudential requirements for banks into the EU financial services acquis. In particular, the CRR 3 introduces the revised market risk requirements as binding own fund requirements. These requirements were introduced in the CRR 2 only as reporting requirements. However, at the time of the adoption of the CRR 3 it was not clear how and whether other major jurisdictions will apply the finalised market risk framework. Therefore, co-legislators mandated the Commission to monitor possible differences in the international implementation of the market risk framework and, in case of ‘significant differences’, empowered the Commission to postpone the application of the capital requirements for market risk for up to two years or to introduce temporary amendments to CRR 3 market risk requirements in the form of capital multipliers or targeted operational relief measures (Art. 461a CRR). On 24 July 2024, the Commission adopted a delegated act (DA) postponing the date of application of the market risk framework by one year to 1 January 2026.

    MIL OSI Europe News –

  • MIL-OSI Europe: Leading African fund managers receive awards for supporting promising entrepreneurs and start-ups across the continent

    Source: European Investment Bank

    • First Circle Capital, SpeedInvest and Knife Capital achievements awarded for their work in African venture capital.
    • The Africa Venture Finance Programme at Oxford’s Saïd Business School hosted 41 prominent African and Africa-focused venture capital fund managers, with more than half of them being women.
    • The programme is funded by the EU, through Boost Africa, and by the AfricaGrow Technical Assistance Facility financed by the Federal Ministry for Economic Cooperation and Development through KfW

    African venture capital (VC) fund managers First Circle Capital, SpeedInvest and Knife Capital have all received awards recognising their success in supporting promising entrepreneurs and start-ups across African countries. The awards were presented during the Africa Venture Finance Programme, a week-long, in-person course, organised for the third time at Oxford university’s Saïd Business School from 9 to 13 September 2024. The programme aims to support VC fund managers investing in early and growth-stage technology companies in Africa, with Boost Africa and AfricaGrow hosting 41 leading fund managers from 31 African VC funds.

    The ‘Most Promising Fund Manager’ award was given to the all-female team from First Circle Capital, who invest in and support early-stage fintech founders.

    The ‘Best Deal’ award went to SpeedInvest for their investment in Moove, a rapidly growing company providing vehicle financing and supply solutions.

    Lastly, the ‘Lifetime Achievement Award’ was presented to Keet van Zyl, founding partner of South Africa-based Knife Capital, in recognition of his contributions to the venture ecosystem and leadership.

    “We are proud of Boost Africa’s role in supporting a vibrant and resilient VC ecosystem in Africa and helping African entrepreneurs transform their ideas into successful businesses,” said EIB Vice-President Ambroise Fayolle. “The EIB is committed to financing new technology and ideas that will address the global challenges we all face.”

    The shortlisted candidates were peer-selected by fellow fund managers, and a panel of judges composed of limited partners determined the winners from the shortlisted candidates. Investors from funds including Partech, AfricInvest, TLcom, Norssken, Speedinvest came together to discuss innovative solutions for Africa’s unique challenges. The five-day event allowed participants to share expertise and facilitate discussions to drive rapid growth in Africa’s technology venture capital sector. Attendees from all over the continent took part, with more than half of them being women, reflecting increased gender inclusiveness within venture capital leadership.

    Several Oxford academics joined the group discussions covering a wide range of topics such as the growing need for innovative funding instruments and the influence of artificial intelligence (AI) on the continent’s future. Additionally, several prominent African investors attended the forum to share best practices and discuss the way forward. Participants engaged with representatives from different development finance institutions and international organisations. This included Andrea Clerici, Director for Corporate Finance & Global Activities at the European Investment Bank, and delegates from the European Commission and the Organisation of African, Caribbean and Pacific States.

    “The opportunity to exchange confidential insights, discuss inherent challenges, and ultimately build deeper human bonds is essential for strengthening our collective ability to build our VC ecosystem together. No other conference or event has provided anywhere near as much value as this one.” – Nivesh Pather, Principal at Norrsken22.

    “It is important for me to always be learning. The trends in our part of the world are equal parts cyclical and rapidly evolving. We heard so many fresh perspectives and voices coupled with experience. I left Oxford with a renewed commitment to focus on the how.” –  Ory Okolloh, Partner at Verod-Kepple Africa Ventures.

    “This year’s Africa Venture Finance Programme proved once again the enormous potential of venture capital in Africa. A whole new generation of investors are taking the long view on building an entire new ecosystem. At Oxford Saïd Business School we are proud to be part of supporting this journey which will transform African economies, one startup at a time!” – Thomas Hellmann, Professor of Entrepreneurship and Innovation, Saïd School of Business, Oxford University

    The Africa Venture Finance Programme is supported by the EU via the Boost Africa programme and by the AfricaGrow Technical Assistance Facility.

    Background information

    About Boost Africa

    Boost Africa is a joint initiative between the European Investment Bank and the African Development Bank (AfDB) to enable and enhance entrepreneurship and innovation across Africa in a commercially viable way. It addresses a current gap in the African market by providing early-stage venture capital paired with skills development.

    Boost Africa focuses on financial intermediaries investing in innovative business models and start-ups developing digital solutions across various sectors including, inter alia, information and communication technologies (ICT), healthcare, climate mitigation and adaptation, education, financial services, and manufacturing sectors. There is a particular emphasis on financial intermediaries focusing on youth and women and on sectors where innovation can improve the quality of people’s lives, in particular for lower-income households.

    Boost Africa Technical Assistance Facility, part of the broader Boost Africa programme, provides bespoke support to strengthen the core professional and operational skills of partner fund managers and their investees to realise growth potential among innovative tech start-ups and high growth SMEs in Africa. The Facility is funded by the European Commission and the Organisation of African, Caribbean and Pacific States, through the 11th European Development Fund. The funding is managed by the European Investment Bank (EIB) and implemented by Adam Smith Europe, part of the Adam Smith International Group.

    About AfricaGrow

    The AfricaGrow Fund of Funds is a blended finance vehicle managed by Allianz Global Investors and serves as a catalyst for private capital into Africa by providing a de-risked capital structure for institutional investors, fostering indirect investments into African Small and Medium Enterprises (SMEs) and start-ups via local Private Equity and Venture Capital fund investments. Its LPs are DEG, KfW – on behalf of the Federal Ministry for Economic Cooperation and Development (BMZ) and Allianz insurance companies.

    As a legally independent entity, AfricaGrow is a central instrument of the Compact with Africa (CwA) initiative, which was launched in 2017 under the 50 German G20 presidency. The Technical Assistance Facility is funded by the German Ministry for Economic Cooperation and Development (BMZ) through KfW, while the fund is managed by Allianz Global Investors and advised by DEG Impact GmbH.

    About the EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.

    MIL OSI Europe News –

  • MIL-OSI USA: In NYC, Gillibrand Touts Lower Costs For 10 Prescription Drugs And Announces Additional Legislation To Cap Prescription Drug Costs At $2k Annually

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand

    Today, at a press conference in NYC, U.S. Senator Kirsten Gillibrand announced historic Medicare savings and lower costs for 10 commonly used prescription drugs. These drugs are some of the most expensive and most frequently prescribed in the Medicare program and are used to treat conditions such as heart disease, diabetes, and cancer. The new prices will go into effect for people with Medicare Part D prescription drug coverage beginning January 1, 2026. Gillibrand also announced the Capping Prescription Costs Act, which would extend the cap on annual out-of-pocket prescription drug costs to people with private health insurance, with a cap of $2,000 for individuals and $4,000 for families. 

    “No one should have to risk their health by skipping refills or rationing life-saving medication because they can’t afford the cost of their prescriptions. In 2022, the Biden-Harris administration delivered historic savings by passing the Inflation Reduction Act, which allowed Medicare to negotiate drug prices and capped the price of insulin at $35 a month for seniors. The $6 billion in predicted savings for the Medicare program following these drug price negotiations is proof that the Inflation Reduction Act is working for the American people,” said Senator Gillibrand. “Now, I’m fighting to get prices down on all drugs for all Americans. The Capping Prescription Costs Act imposes caps on out-of-pocket prescription drug costs for people with private insurance: a maximum of $2,000 a year for an individual and $4,000 a year for a family. Democrats are fighting to expand Medicare benefits and reduce prescription drug prices because access to high-quality, affordable health care is a human right, not a privilege.”

    “Every New Yorker deserves access to affordable life-saving medications without the fear of financial ruin. Senator Gillibrand’s legislation would be a critical step to ensure no one has to choose between their health and their financial well-being. By capping out-of-pocket drug costs for individuals and families, we can bring real relief to those struggling with chronic conditions. We must recognize that healthcare is a human right,” said New York State Senator Gustavo Rivera.

    “The Inflation Reduction Act took vital steps to lower beneficiary and Medicare costs, including by establishing a $2,000 cap on annual out-of-pocket prescription drug spending. As a result, for the first time in Medicare’s history, all Part D enrollees will have certainty about their cost obligations and protection against limitless expenses. The Medicare Rights Center is pleased to support Senator Gillibrand’s Capping Prescription Costs Act, which would create similar safeguards for people with other types of coverage, ensuring they too can plan more and worry less. We applaud Senator Gillibrand and her co-sponsors for championing this legislation and look forward to working together to ensure all Americans can get the care they need, when they need it,” said Fred Riccardi, President, Medicare Rights Center.

    “With this policy New York’s elders, who largely live on fixed incomes, will be able to concentrate on their health rather than the anxiety of how they can or cannot afford their prescription drugs. On a larger scale, this policy is timely as New Yorkers 65 years of age and older, as a cohort, are approaching 20 percent of the population. Implementing this policy addresses the infrastructural shift not only in New York State, but in the entire country,” said María Alvarez, Executive Director, New York StateWide Senior Action Council.

    “As Chair of the NYC Council Health Committee, I applaud Senator Gillibrand’s leadership in lowering prescription drug costs and her commitment to making life-saving medications more affordable,” said Council Member Lynn Schulman. “This new legislation is a critical step toward ensuring that no New Yorker has to choose between their health and financial stability.”

    The Capping Prescription Costs Act builds on transformational drug pricing reforms included in the Inflation Reduction Act of 2022, which capped the price of insulin at $35 a month and out-of-pocket drug costs at $2,000 a year for Medicare Part D beneficiaries. The bill is cosponsored by Senators Bob Casey (D-PA), Raphael Warnock (D-GA), Amy Klobuchar (D-MN), John Fetterman (D-PA), Richard Blumenthal (D-CT), Chris Van Hollen (D-MD), Martin Heinrich (D-NM), Tammy Baldwin (D-WI), Peter Welch (D-VT), and Patty Murray (D-WA). Representative Kathy Manning (D-NC) leads companion legislation in the House. 

    For more information on the Biden-Harris administration agreements for new, lower prices for the first 10 drugs selected for Medicare price negotiations, please click here. Gillibrand was joined in NYC by New York State Senator Gustavo Rivera, President of the Medicare Rights Center Frederic Riccardi, and Executive Director of New York StateWide Senior Action Council María Alvarez.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: U.S. Climate Alliance launches Governors’ Climate-Ready Workforce Initiative, aims to train 1 million new registered apprentices by 2035

    Source: Washington State News

    Gov. Jay Inslee, who co-founded the bipartisan U.S. Climate Alliance in 2017, joined his co-chairs and national climate advisor Ali Zaidi at Climate Week NYC to announce a new workforce initiative. This initiative complements programs already underway in Washington state to help more people train for jobs and careers in clean energy, climate resiliency and restoration.

    Full press release below. A livestream of the press event is available at USCA’s Climate Week NYC webpage.

    U.S. Climate Alliance launches Governors’ Climate-Ready Workforce Initiative, aims to train 1 million new registered apprentices by 2035

    NEW YORK, NY — The U.S. Climate Alliance, a bipartisan coalition of 24 governors representing approximately 60 percent of the U.S. economy and 55 percent of the U.S. population, today launched the Governors’ Climate-Ready Workforce Initiative to grow career pathways in climate and clean energy fields, strengthen workforce diversity, and jointly train 1 million new registered apprentices by 2035 across the Alliance’s states and territories.

    Today’s announcement was made at a Climate Week NYC event featuring Alliance co-chairs New York Governor Kathy Hochul and New Mexico Governor Michelle Lujan Grisham, founding member Washington Governor Jay Inslee, and White House National Climate Advisor Ali Zaidi.

    “In New York, we’re showing how climate action and economic growth go hand-in-hand,” said New York Gov. Kathy Hochul. “As a co-chair of the U.S. Climate Alliance, I’m proud to be collaborating with states, industry leaders, labor unions, higher education and community organizations to create the jobs of the future required to build a clean, equitable, and resilient economy. A skilled and well-prepared workforce will drive innovation, create new businesses, and ensure a sustainable, resilient future for our country.”

    “We need a climate-ready workforce — from EV technicians and heat pump installers to solar panel manufacturers — to meet our carbon reduction goals,” said New Mexico Gov. Michelle Lujan Grisham. “The Executive Order I’m issuing today in conjunction with the Alliance’s new Workforce Initiative will help ensure that workers from all backgrounds have access to the skills and training needed for high-quality, climate-ready jobs across New Mexico.”

    “We’re aligning our ambitious climate policies with workforce development to have 1 million more workers poised to take these good-paying, union jobs that serve our communities and strengthen our economies,” said Washington Gov. Jay Gov. Inslee. “These are economy-wide jobs, not just in clean energy but building trades, land management, clean technology and more. Climate Alliance states have a track record of meeting our ambitious goals and that momentum continues today.”

    “Under President Biden and Vice President Harris’s leadership, we are bringing down the barriers to economic opportunity, lowering costs for American families, and catalyzing a renaissance of American-made manufacturing that is creating jobs across America. In fact, just last year, we added over 250,000 new American energy jobs — with clean energy jobs growing twice as fast as the rest of the sector,” said White House National Climate Advisor Ali Zaidi. “Governors across America are at the forefront of our efforts to spur growth in union jobs, expand American energy production, and invest in the economic success of our communities. Today’s announcement will help capitalize on our momentum to create a climate-ready workforce that is rebuilding our nation’s infrastructure, communities, and industrial strength.” 

    The Initiative’s launch comes as historic federal investments, combined with ambitious state climate action, have unleashed a significant expansion of good-paying and union jobs in climate-ready fields — with millions more anticipated in the coming years under the Biden-Harris administration’s Inflation Reduction Act and Infrastructure Investment and Jobs Act. This includes high-quality jobs not only in clean energy and clean technology sectors — such as wind, solar, electric vehicles, energy efficiency, and batteries — but also in fields associated with climate resilience and natural climate solutions.

    Under this Initiative, Alliance states and territories will collaborate to collectively support 1 million new workers in completing Registered Apprenticeship programs across the coalition by 2035. These programs, registered with the U.S. Department of Labor or federally approved State Apprenticeship Agencies, provide an especially valuable and proven career pathway, empowering workers to earn while they learn in key climate-ready occupations and industries.

    Alliance members will also advance a series of collective goals aimed at strengthening and expanding pathways into a wide variety of climate-ready professions critical to building a clean, equitable, and resilient net-zero future. The Initiative’s goals include boosting job quality and ensuring climate-ready employment pathways lead to good-paying, high-quality jobs; expanding opportunities for workers from underrepresented and underserved communities; and promoting the use of stackable and portable credentials in climate-ready fields to build transferable skills, support reskilling and upskilling, and strengthen workers’ economic mobility. A full list of the Initiative’s goals can be found here.

    Finally, to advance sector-specific strategies, Alliance members will work together through new multi-state cohorts focused on in-demand, climate-ready fields. These cohorts will provide a platform for states and territories to increase collaboration, share evidence-based practices, engage experts and stakeholders, and develop sectoral workforce solutions that can be scaled across the country. Cohorts to be launched in the Initiative’s first year will focus on careers in the following areas:

    • Clean Energy, Fuels, and Technologies: Led by Michigan and New Jersey, this cohort will focus on careers in the design, construction, and maintenance of a clean, affordable, and resilient power system; the manufacturing and deployment of zero-emission vehicles and technologies; and the development and distribution of alternative, low-carbon fuels.
    • Clean Buildings and Industry: Led by Maine and Massachusetts, this cohort will focus on careers in the engineering, design, construction, retrofitting, maintenance, and operation of buildings and industrial processes that are clean, energy-efficient, healthy, and resilient.
    • Resilient Communities and Lands: Led by Arizona and Vermont, this cohort will focus on careers in the development and maintenance of safe, livable, and resilient communities; preparedness for and response to climate impacts such as extreme heat, wildfires, severe storms, flooding, and drought; and the deployment of natural climate solutions and climate-smart stewardship of our lands and waters. 

    The Initiative will be led by Alliance states and territories with support from the Alliance’s Secretariat. In implementing the Initiative, Alliance members will customize efforts to meet their individual needs and challenges, while working together to achieve the collective goals. States and territories will also collaborate directly with their workforce development system partners, labor unions, higher education institutions, industry, and other key partners that bring substantial expertise and experience in this work.

    This Initiative builds on a number of federal-state collaborations between the Alliance’s members and the Biden-Harris Administration, including a White House convening with Alliance governors’ offices in May focused on creating good-paying jobs and mobilizing a diverse workforce in climate and clean energy.

    Additional information on the Governors’ Climate-Ready Workforce Initiative can be found here.

    MIL OSI USA News –

  • MIL-OSI Europe: Answer to a written question – Report on press and media freedom in Italy – E-001455/2024(ASW)

    Source: European Parliament

    The Commission is committed to safeguarding pluralistic and independent media, essential for democracy and the rule of law, and to the functioning of the internal market for media.

    As part of its annual Rule of Law Report, the Commission assesses the situation on media freedom and pluralism in the Member States[1].

    The EU support for the action entitled ‘Defending media freedom and pluralism — Rapid response mechanism’ is up to EUR 3 100 000 for the 24-month period between 16 July 2023 and 15 July 2025[2].

    It is financed through the Creative Europe programme[3] and encompasses fact-finding, advocacy, monitoring, awareness raising and providing practical help to journalists under threat in Member States and candidate countries, without specific budget allocation per country.

    The action is carried out in an independent manner, without the Commission intervening in operational aspects, such as earmarking funds for the preparation of a particular report or selection of contributors to a particular report.

    • [1] https://commission.europa.eu/strategy-and-policy/policies/justice-and-fundamental-rights/upholding-rule-law/rule-law/annual-rule-law-cycle_en
    • [2] https://ec.europa.eu/info/funding-tenders/opportunities/portal/screen/how-to-participate/org-details/999999999/project/101112154/program/43251814/details
    • [3] https://culture.ec.europa.eu/creative-europe
    Last updated: 23 September 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Improving digital infrastructure in rural areas – E-001489/2024(ASW)

    Source: European Parliament

    The Commission is committed to ensuring that everyone, everywhere in the EU has access to performing digital infrastructure and fast Internet connections. The Digital Decade Policy Programme (DDPP) sets ambitious targets like gigabit connectivity for all EU households and 5G coverage across all populated areas by 2030[1].

    The White Paper[2] presents the challenges and opportunities Europe faces in the rollout of future connectivity networks and proposed a series of scenarios to make the EU regulatory and investment frameworks fit to facilitate the achievement of EU digital objectives.

    According to the second annual report on the State of the Digital Decade[3], which monitors the implementation of the DDPP, very high-capacity networks (VHCN) coverage in the EU’s rural areas at the end of 2023 reached 56% of households, while 5G coverage made it to 74%. Reaching the targets may require at least a total investment of EUR 148 billion[4], including both private and public funding.

    The Commission supports the deployment of performing digital infrastructure through the Connecting Europe Facility (CEF) Digital with a budget of EUR 1.7 billion. CEF Digital inter alia supports 5G infrastructure for rural communities in sectors like smart farming.

    In addition, the allocation to digital connectivity under the recovery and resilience facility (RRF) reaches almost EUR 14 billion[5]. In Austria, the RRF provides support for the deployment of performing digital infrastructure and fast Internet connections in rural areas through the Austrian federal state aid broadband scheme[6] approved by the Commission in March 2022.

    The Commission also supports the implementation of the Infrastructure for Resilience, Interconnectivity and Security by Satellite ( IRIS2) programme[7] with a budget of EUR 2.4 billion, which will also ensure fast Internet connections in rural areas, as satellite broadband can bring broadband services with up to 250 Mbps download speeds.

    Finally, the EU is also leveraging connectivity investments through cohesion funds, e.g. by the European Regional Development Fund (ERDF) (about EUR 2.3 billion[8]) and through InvestEU[9].

    • [1] The Digital Decade Decision sets out digital targets grouped into four cardinal points, which were first identified in the Digital Compass Communication (COM/2021/118 final) (https://eur-lex.europa.eu/legal-content/en/TXT/?uri=CELEX%3A52021DC0118 ) as key areas for the digital transformation of the EU: digital skills, digital infrastructures, the digitalisation of businesses and the digitalisation of public services.
    • [2] https://digital-strategy.ec.europa.eu/en/library/white-paper-how-master-europes-digital-infrastructure-needs
    • [3] https://digital-strategy.ec.europa.eu/en/news/second-report-state-digital-decade-calls-strengthened-collective-action-propel-eus-digital
    • [4] https://digital-strategy.ec.europa.eu/en/library/investment-and-funding-needs-digital-decade-connectivity-targets
    • [5] https://ec.europa.eu/economy_finance/recovery-and-resilience-scoreboard/assets/thematic_analysis/scoreboard_thematic_analysis_connectivity.pdf
    • [6]  ‘Broadband Austria 2030’ scheme is part of Austria’s strategy to address the needs of citizens and businesses in the context of digitalisation and focuses on rural areas first.
    • [7] https://defence-industry-space.ec.europa.eu/eu-space/iris2-secure-connectivity_en
    • [8] https://ec.europa.eu/regional_policy/funding/available-budget_en
    • [9] https://digital-strategy.ec.europa.eu/en/policies/broadband-public-and-private-funds-financing-broadband-deployments

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Promoting agricultural research and innovation – E-001492/2024(ASW)

    Source: European Parliament

    The Commission promotes agricultural research and innovation (R&I) in the Member States through the EU R&I framework programme (Horizon Europe (HE)) and the Common Agricultural Policy (CAP), working in synergy.

    Under HE, the Commission invests in R&I projects that involve beneficiaries to provide new knowledge and solutions for competitive and sustainable farming. The CAP[1] offers funding to strengthen the Agricultural Knowledge and Innovation Systems (AKIS)[2] in Member States across the EU.

    Under the HE (2021-2027)[3], the Commission earmarked approximately EUR 3.3 billion for transnational R&I projects in agriculture, forestry and rural areas.

    Under the CAP 2023-2027, the Member States have planned around EUR 3.6 billion for EIP[4]-AGRI operational group projects (OGs)[5] and other knowledge sharing and creation activities .

    As regards security of data from EU farmers collected through public authorities, the Commission has strict procedures in place on data access, re-use, publication and anonymisation, which are defined in the regulation that mandates the data collection[6].

    As regards data collected by R&I projects, the HE[7] requires it to be open access but allows for the exceptions when legitimate data security risks apply.

    • [1]  Regulation (EU) 2021/2115, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32021R2115
    • [2] Agricultural Knowledge and Innovation Systems (AKIS) are defined in the regulation — 2021/2115 (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32021R2115) as the combined organisation and knowledge flows between persons, organisations and institutions who use and produce knowledge for agriculture and interrelated fields.
    • [3] Horizon Europe Cluster 6 ‘Food, Bioeconomy, Natural Resources, Agriculture and Environment’.
    • [4] European Innovation Partnerships.
    • [5] EIP-AGRI OGs are bottom-up interactive innovation projects at local/national level.
    • [6] For example Regulation (EU) 2011/2115 https://eur-lex.europa.eu/eli/reg/2021/2115/oj, in particular Recital 128 and Articles 150 and 151.
    • [7] Regulation (EU) 2021/695, Article 39, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32021R0695
    Last updated: 23 September 2024

    MIL OSI Europe News –

  • MIL-OSI Security: Illinois Bank President Sentenced to Jail for Falsifying Records

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    BENTON, Ill. – The former president of a bank in southern Illinois was sentenced Thursday for his role in falsifying bank records to facilitate real estate loans.

    Steven Cook was fined $6,000 and sentenced to 50 hours of community service and two weekends in the Jackson County jail. 

    He will also likely be banned from the banking industry for life.

    Cook fraudulently facilitated three different sales of commercial real estate to Lawler and Maze Properties LLC in 2022. Cook was the president of SouthernTrust Bank at the time, and was also on the bank’s board of trustees and was a member of its loan committee. The bank has branches in Marion, Vienna and Goreville, Illinois.

    Cook approved one loan that funded the sale of seven commercial rental properties in Williamson and Franklin counties from Results Home Buyers 2 to Lawler and Maze. The transaction was a new purchase of real estate, not a refinance, and the buyers were not using any cash to fund the purchase.  But during an April 6, 2022, meeting with the seller and buyer, Cook and the others agreed to fraudulently make it appear as if the loan was a refinancing. Cook also agreed that the bank would supply the cash for the purchase. They agreed to backdate documents to falsely indicate the buyer purchased the properties on Feb. 1, 2022, for a falsely inflated price of $545,152. The documents also falsely indicated that the bank was refinancing 80% of that loan, with the buyers bringing 20% in cash to the sale. The bank’s loan to the buyers was approved by the bank’s loan committee based upon the false information.

    Results Home Buyers 2 is partially owned by former Williamson County State’s Attorney Brandon Zanotti.

    In August of 2022, Cook facilitated a second real estate transaction for the purchase of four properties by Lawler and Maze. Cook, the seller and Lawler and Maze agreed that the real estate contract would falsely list a sales price of $413,000 instead of the actual price of $330,400, and falsely state that the buyer would supply $82,600 in cash.

    In November of 2022, Cook facilitated an additional loan to Lawler and Maze for the purchase of a property in Marion. Bank documents falsely stated that the borrowers would supply $21,500 cash.

    Cook pleaded guilty in U.S. District Court in Benton in June to three felony counts of aiding and abetting the making of a false bank entry. Zanotti pleaded guilty in March to one count of the same crime. He was sentenced in May to two years of probation, a $5,000 fine and 20 hours of community service.  His conduct we reported to the Illinois Attorney Registration and Disciplinary Commission.

    Lawler and Maze, LLC is owned by Justin Maze and David Lawler, who each entered into a pretrial diversion program in which they acknowledged their involvement in the criminal conduct by aiding and abetting Zanotti and Cook. As a condition of pretrial diversion, Maze was required to resign from his position as Williamson County Circuit Clerk and agreed not to seek re-election to any public office. Lawler’s conduct was reported to the Illinois Attorney Registration and Disciplinary Commission.

    “The FBI works daily to disrupt fraudulent activity and we recognize the impact it has on banking institutions,” said FBI Springfield Field Office Special Agent in Charge Christopher Johnson. “FBI Springfield will continue to dedicate investigative resources for targeting fraud in its many forms to protect the integrity of the banking process.”

    “FHFA-OIG will continue to relentlessly investigate and pursue the prosecution of mortgage-related fraud, no matter who commits the crimes. Officers of financial institutions who have a duty to conduct honest business must be held accountable. We are proud to have partnered with our FBI colleagues and with Special Assistant United States Attorney Hal Goldsmith,” said Korey Brinkman, Special-Agent-in-Charge of FHFA OIG’s Midwest Regional Office.

    The FBI Springfield Field Office and the Federal Housing Finance Agency Office of Inspector General investigated the case. The prosecution was handled by Special Attorney Hal Goldsmith from the Eastern District of Missouri. The U.S. Attorney’s Office for the Southern District of Illinois was recused from the case.

    Anyone with information about mortgage-related fraud can report it by contacting the Federal Housing Finance Agency – Office of Inspector General Hotline at 800-793-7724 or via the web at https://www.fhfaoig.gov/ReportFraud#hotlineform

    MIL Security OSI –

  • MIL-OSI Economics: Piero Cipollone: From dependency to autonomy: the role of a digital euro in the European payment landscape

    Source: European Central Bank

    Introductory statement by Piero Cipollone, Member of the Executive Board of the ECB, at the Committee on Economic and Monetary Affairs of the European Parliament

    Brussels, 23 September 2024

    It is a pleasure to be here today to meet the new members of this Committee and to update you on the status of the digital euro project. Let me also congratulate Madame Lalucq on her election as ECON Chair.

    The ECB appreciates the open and valuable exchanges we have had with the ECON Committee on the digital euro since the beginning of the project. I am fully committed to continuing these exchanges and look forward to our future discussions.

    Today I will focus on three key areas. First, Europe’s dependency on foreign players for retail payments. Second, the benefits of a digital euro for everyone, including consumers, merchants and banks. And third, the progress we have made on the digital euro project so far.

    Foreign dominance in the European payment landscape

    Fast-forward to the year 2030. Imagine you are at the football World Cup in Spain. You want to buy a drink, but you can only pay with Alipay. This scenario is not as far-fetched as it may seem: this summer, buying tickets for the European Football Championships in Germany was only possible with Chinese or American means of payment.

    Could you imagine this happening in the United States? Going to the finals of the American football league, for example, and having no American means of payment available? I certainly cannot.

    The Eurosystem will of course continue to ensure that people in Europe can pay with cash.[1] However, cash is becoming less and less popular as digital payments and online shopping grow.[2]

    For example, more and more people are buying their groceries online. But you can’t use cash to pay for these. More often than not, the only option is PayPal or an international card scheme like Visa or Mastercard.

    And more and more people are using digital wallets like PayPal or Apple Pay on their mobile phones. By 2027 these platforms are expected to handle 40% of e-commerce and 27% of in-store payments in Europe.[3]

    At the same time, the share of companies in the euro area not accepting cash has been increasing significantly.[4]

    These developments are contributing to the marginalisation of elderly and less tech-savvy people. They also make us dependent on non-European companies, which is risky.

    Imagine what would happen if you could not pay digitally. For example, two weeks ago significant parts of the European card payments market were shut down for almost an entire day.[5] Just like with electricity, gas or water, we don’t think about payments until they stop working. For energy, we had to learn this the hard way following Russia’s invasion of Ukraine. For payments, we owe it to Europeans to do better.

    We need our own strong digital payments system.[6] We can achieve this by bringing central bank money into the digital era with the introduction of a digital euro: a digital form of cash, issued by the central bank and available to everyone in the euro area.[7]

    A digital euro would strengthen Europe’s financial sovereignty and resilience because it would be built with European technology and infrastructure. It would empower Europe to independently develop and manage digital payment solutions, supporting the further deepening of the Single Market.[8]

    But most importantly, the digital euro would offer tangible benefits to all stakeholders – consumers, merchants and banks.

    Benefits for European citizens

    We strongly support the Single Currency Package[9], which will ensure that cash remains widely accessible and accepted. At the same time, it will pave the way for a digital euro, which would take the advantages of cash into the digital world.

    Consumers could use a digital euro for all payments, everywhere in the euro area, also when shopping online. With a digital euro, making or receiving payments would be free of charge and as easy as using cash today. Consumers would need to use only one device and remember just one password. In addition, having a single means of payment for all circumstances would make it easier for users to have an overview of their expenditure.

    Importantly, a digital euro would seek to promote digital financial inclusion by ensuring that no one is left behind.[10] It would be accessible to everyone across the euro area, via a mobile app or a physical card, so everyone can choose the technology that they are most comfortable with, no matter how old or tech-savvy they are.

    Finally, a digital euro would offer the best possible privacy and data protection afforded by the current technology used in large payment systems.[11] From the outset, ensuring user privacy has been a central focus of the digital euro project.

    A digital euro would be available both online and offline.[12] With the offline functionality, users would enjoy cash-like privacy. The details of your offline payments would only be known to you and the recipient. For online payments, too, we would ensure that your personal data remain your own. The Eurosystem will not be able to identify you, nor directly link you to your payments.[13]

    New opportunities for merchants

    A digital euro would also bring new opportunities for European merchants.

    Right now, merchants in Europe are largely dependent on a handful of dominant online or card payment methods, often relying on non-European providers. International card schemes currently account for 64% of card transactions in the euro area.[14]

    This costs European merchants a lot of money. They collectively pay a significant amount each year to international card schemes like Visa or Mastercard. And the cost is mostly borne by smaller merchants, who incur charges three to four times higher than those of their larger competitors.[15]

    A digital euro would include safeguards for merchants by capping the fees they pay to banks for processing payments.[16] A digital euro would thus narrow the gap between what smaller and larger merchants are charged for digital payments.

    By providing a true alternative to existing payment solutions, a digital euro would also put all merchants, large and small, in a stronger position to negotiate better conditions with other providers. Finally, it could provide a safety net for merchants in case of network or power outages, thanks to its offline functionality.[17]

    Benefits for banks

    Banks would benefit too, particularly in our rapidly evolving payment landscape, in which new players – especially big tech companies from outside Europe – are increasingly entering the market. The banks would be remunerated for the services they offer, while the Eurosystem would cover the costs of the digital euro scheme and infrastructure.

    When you compare a digital euro with services like PayPal or Apple Pay, the benefits for banks become even clearer. For instance, banks do not earn anything if people top up their PayPal wallet via direct debit. And with Apple Pay, banks actually have to pay a fee just to let their cards be used in Apple Wallet.

    A digital euro would also open up a new source of revenue by allowing banks to provide value-added services to their customers.[18]

    We are working closely with the market to ensure that a digital euro leverages the existing standards as much as possible, which would keep costs down and support Europe’s competitive payment landscape.[19]

    Moreover, cards and applications currently available in only one or a handful of Member States could use these standards to reach customers across the euro area without the need to invest in new acceptance infrastructure. Therefore, a digital euro would mean that European payment service providers could offer their customers the convenience of using their product everywhere in the euro area – just like international card companies. It would also strengthen banks’ negotiating positions vis-à-vis these companies.

    Finally, banks and other payment service providers would be responsible for distributing a digital euro, thus serving as the sole point of contact for digital euro users. So a digital euro could help banks retain their customers in the face of growing payments competition.

    Project preparation phase at full speed

    Let me now give you a brief update on where we stand with the project.[20]

    We started the investigation phase back in 2021 and are now at the midpoint of the preparation phase, with roughly one more year to go.

    One of our key focus areas during this phase is to develop a methodology for determining the maximum amount of digital euro a person could hold at any time.[21] The holding limits are important to ensure financial stability and prevent large-scale transfers from bank deposits to digital euro, especially during crises.

    These limits would be high enough to avoid negatively affecting the digital euro user experience.[22]

    Experts from the ECB, the national central banks in the Eurosystem and national competent authorities, building on their unique know-how, have started to identify the factors that could influence the holding limit calibration, on the basis of three key areas defined in the draft Regulation: usability, monetary policy and financial stability.[23]

    While the exact holding limits would be defined closer to the potential launch and on the basis of a well-defined governance process enshrined in the draft Regulation,[the ECB’s Governing Council will decide whether to move to the next phase of the project. But the Governing Council will not take any decision about the issuance of a digital euro before the legislative act has been adopted.

    Conclusion

    To conclude, introducing a digital euro across the euro area would take time, but it is key for Europe’s future. Countries across the world are exploring retail central bank digital currencies. If we want to be standard-setters and keep our position among the frontrunners, we need to move swiftly.

    A digital euro is a common European project, which is why we are talking to all the relevant stakeholders and carefully listening to their views and concerns. I also remain committed to engaging regularly with the European Parliament.

    Introducing a digital euro that all banks and other providers make available to their customers and that all merchants accept, everywhere in the euro area, would take several years. Market participants need certainty to invest in the digital euro and this requires coordination between co-legislators and the central bank.

    I appreciate all the work that the ECON Committee has done on the digital euro so far. The legislative discussions are now in your hands. The ECB is of course ready to engage with the negotiating team and to provide continued technical support when needed.

    It is important that the legislative and technical work advance in parallel, swiftly and in close cooperation. Together, we can ensure that the digital euro strengthens Europe’s financial sovereignty and serves all its citizens.

    MIL OSI Economics –

  • MIL-OSI USA News: U.S.-UAE Joint Leaders’ Statement Dynamic Strategic  Partners

    Source: The White House

    His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, and President Joseph R. Biden Jr. met today at the White House during an official visit of His Highness President Sheikh Mohamed bin Zayed to the United States.  The visit is the first-ever by a President of the United Arab Emirates to Washington and marks the leaders’ fourth bilateral meeting in the Biden-Harris Administration.  The leaders affirmed the enduring U.S.-UAE strategic and defense partnership, bolstered areas of deepening cooperation in advanced technology and investments, and discussed global and regional matters.  The leaders pledged to pursue new opportunities to strengthen their economic and defense partnership; promote peace and stability across the Middle East and wider region; and deliver global leadership on issues of shared importance.  The five decades of U.S.-UAE ties and friendship are rooted in a strong foundation of close collaboration that has underpinned our countries’ prosperity and security. 

    The leaders welcomed the significant progress between the United Arab Emirates and the United States during their tenure through cooperation in building trusted technology ecosystems, the Partnership for Global Infrastructure and Investment (PGI), the U.S.-UAE Partnership for Accelerating Clean Energy (PACE) initiative, and the Economic Policy Dialogue (EPD), all of which serve to uplift economic and trade ties between the two countries. 

    On particular issues of discussion:

    Dynamic Strategic Partnership: Trade and Advanced Technology

    Our countries’ strong foundation of partnership is reflected in our close alignment on key economic objectives and in the excellence of our private sectors that generate more than $40 billion of bilateral trade annually and an access of $26 billion of U.S. exports to the UAE.  The Leaders charted an ambitious course for the United Arab Emirates and the United States to lead global efforts to develop and expand new fields central to the global economy, particularly in advanced technologies and the clean energy required to power Artificial Intelligence.

    They welcomed the partnership between Microsoft and UAE’s Group 42 (G42) through Microsoft’s $1.5 billion investment in April 2024.  This investment is accelerating joint AI development to bring advanced AI and digital infrastructure to countries in the Middle East, Central Asia, and Africa.

    The leaders further welcomed Microsoft and G42’s ongoing digital transformation in Kenya, which will leverage 1GW of geothermal energy to power data-centers to enable the deployment of cloud infrastructure and AI services for the public sector and regulated industries as well as enterprises.  Further, the partnership will support the development of local Large Language Models and the establishment of an East African Innovation Lab.  Additionally, the partnership hopes to encourage international and local connectivity investments, and collaboration with the government of Kenya to enable digital transformation programs across East Africa.

    These initiatives mark the beginning of our partnership and investments in the responsible deployment of advanced technologies, clean energy, and frontier technologies that will be the engine that powers our interconnected world.

    To meet the promise of this transformational moment and harness the potential of leading-edge technologies to improve human welfare globally, President Biden and His Highness President Sheikh Mohamed bin Zayed welcomed the Common Principles for Cooperation on AI, endorsed today by National Security Advisor Jake Sullivan and UAE National Security Advisor Tahnoon bin Zayed, and through which the United States and the United Arab Emirates aim to further strengthen cooperation, develop regulatory frameworks, promote the safe and trusted deployment of critical and emerging technologies, and enable enhanced support for joint private-public sector research and academic exchanges.  

    Building on our collaboration in the field of advanced technology, this partnership incorporates safeguards to protect the national security of both countries, enable trusted investments and entrepreneurship, and facilitate cross-border innovation, while creating jobs and facilitating the protection of advanced U.S. technologies and respect for international principles, best practices, and human rights.  Moving forward, the leaders decided to promote the expansion of relationships among scientific, academic, and research and development communities. 

    Strengthening Critical Infrastructure and Supply Chain Resiliencies

    The leaders reviewed progress on efforts to build a more interconnected, integrated world in committing to secure and resilient supply chains through the Partnership for Global Infrastructure and Investment (PGI). 

    His Highness President Sheikh Mohamed bin Zayed and President Biden discussed progress on the landmark India-Middle East-Europe Economic Corridor (IMEC) launched at the 2023 G20 Leaders’ Summit in New Delhi together with the leaders of India, Saudi Arabia, France, Germany, Italy, and the European Union.  The leaders reaffirmed that the corridor – connecting India to Europe by ship-to-rail connections through the United Arab Emirates, Saudi Arabia, Jordan, Israel, and Europe through Greece – will generate economic growth, incentivize new investments, increase efficiencies and reduce costs, enhance economic unity, generate jobs, lower greenhouse gas emissions, and enable the transformative integration of Asia, Europe, and the Middle East. 

    They underscored that this transformative partnership has the potential to usher in a new era of international connectivity to facilitate global trade, expand reliable access to electricity, facilitate clean energy distribution, and strengthen telecommunication. The two leaders emphasized the importance of joint initiatives to promote a circular economy, reduce waste, facilitate recycling, and advance sustainable practices, underscoring their commitment to innovation for resource efficiency and environmentally responsible growth.

    The leaders also reaffirmed their commitment to continue their efforts with international partners and the private sector to connect the continents to commercial hubs and facilitate the development and export of clean energy; support existing trade and manufacturing synergies; strengthen food security and supply chains; and link energy grids and tele-communication lines through undersea cables to expand access to electricity, enable innovation of advanced clean energy technology, and connect communities to secure and stable internet.

    The leaders additionally discussed the importance of ongoing efforts to cooperate on strategic investments in hard infrastructure and critical minerals-supply chains in Africa and emerging markets globally.  These investments aim to diversify sourcing of critical minerals that are essential components to clean energy and advanced technologies, including batteries, wind turbines, semiconductors, and electric vehicles.  President Biden recognized the United Arab Emirates’ leadership in strategic investments globally to ensure reliable access to critical infrastructure including, ports, mines, and logistics hubs through the Abu Dhabi Investment Authority, the Abu Dhabi Developmental Holding Company, Abu Dhabi Ports, and DP World. 

    Both leaders committed to remain in close touch on future investment opportunities and maintain cooperation on strategic investments.  

    The leaders additionally highlighted that the U.S.–UAE 123 Agreement, which provides a comprehensive framework for peaceful nuclear cooperation based on a mutual commitment to nuclear nonproliferation, is the “gold standard” for securing and propelling the next generation of technologies.

    Partnering to Protect our Planet Through the Clean Energy Transition

    The leaders underscored the importance of U.S.-UAE leadership at COP28, which galvanized world leaders to take action and address the climate crisis.  President Biden thanked His Highness President Sheikh Mohamed bin Zayed for his extraordinary commitment that was central to the groundbreaking outcomes at COP28 in Dubai resulting in the UAE Consensus. 

    The two leaders recognized that this moment represents a unique opportunity to create sustainable and clean energy jobs, revitalize communities, improve quality of life, and power digital infrastructure with renewable energy across both countries and around the globe.  In this context, the two leaders affirmed their shared commitment to protecting our precious planet and securing a sustainable future for humanity through united leadership across various platforms, including the upcoming COP29 and beyond, which will serve to advance climate action and strengthen global partnerships.

    The two leaders expressed their determination to leverage visionary initiatives, including the Partnership for Accelerating Clean Energy (PACE), the Agricultural Innovation Mission for Climate (AIM4C), the First Movers Coalition, the Net Zero Producers Forum, the Global Methane Pledge, Carbon Management Challenge, the Oil and Gas Decarbonization Charter (OGDC), the Industrial Transition Accelerator (ITA), the Global Biofuels Alliance, and Global Flaring and Methane Reduction (GFMR) Trust Fund; and encourage commercial partnerships to decarbonize our energy systems, reduce emissions in pursuit of a net zero economy, and deliver prosperity to future generations. 

    President Biden and His Highness President Sheikh Mohamed bin Zayed reaffirmed their strong commitment to collaborate on sustainability and climate resilience, emphasizing their commitment to addressing global challenges through innovative solutions. The two leaders underscored their joint efforts in advancing agri-tech and vertical farming innovations, key drivers in enhancing food security for future generations. They highlighted ongoing cooperation in humanitarian initiatives aimed at addressing food insecurity in vulnerable regions, particularly through agricultural development and capacity building in climate affected areas. Recognizing the impact of climate change on public health, the leaders emphasized the need to integrate health resilience into comprehensive climate action strategies.

    President Biden also congratulated the United Arab Emirates on its many successes in its two Years of Sustainability (2023-2024), including the recent announcement on co-hosting the next UN Water Conference in 2026 with Senegal, noting the critical importance of accessible and affordable clean water to all; and its significance within various sectors in the clean energy transition, addressing climate change, and the sustainable development agenda.

    Partnership to Accelerate Clean Energy (PACE)

    Under the U.S.-UAE Partnership to Accelerate Clean Energy (PACE) initiative, the United States and the UAE are announcing several initiatives that will continue our efforts to ensure a swift and smooth transition towards clean energy. The United States and United Arab Emirates remain committed to investing together in Africa and working to end energy poverty across sub-Saharan Africa.  Today, the UAE-based Averi Finance and AMEA Power are both private sector partners under the U.S.-led Power Africa Initiative, joining an existing partnership with UAE-based company Phanes. As private sector partners, these firms will be offered tailored assistance from transaction advisors and technical experts and can benefit from services offered by participating U.S. government departments and agencies.

    To support the Power Africa initiative, Averi Finance intends to facilitate $5 billion in investments, build 3GW of power generation projects, construct over 3,000 kilometers of transmission or distribution lines, establish over 500,000 new home and business connections, and aim for a CO2 equivalent reduction or avoidance of 90 million tons.  AMEA Power and Power Africa have recently entered into a partnership to accelerate power projects.  AMEA Power is targeting 5GW of renewable energy capacity in Africa by 2030, and to realize this target, intends to mobilize $5 billion in capital. 

    Additionally, under PACE, ADNOC has announced a 35 percent stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas.  This facility aims to produce up to approximately 900,000 tons of low-carbon ammonia per year, enabling the transition to cleaner fuels in hard-to-abate sectors.  Plynth Energy – a recently established Abu Dhabi government-owned early-stage fund focused on fusion technologies and supply chains – invested in the U.S. company Zap Energy, which plans to build scalable and commercially-viable fusion energy.  This investment will help fund the further development of Zap Energy’s small-format commercial fusion technology. Zap Energy is a participant in the U.S. Department of Energy’s (DOE) Milestone-Based Fusion Development Program, and will receive DOE funding based on reaching development milestones to support the design of a fusion pilot plant.

    Lastly, as two of over 155 participants in the Global Methane Pledge, the U.S. and the UAE will accelerate their respective domestic methane reductions, work together to support countries undertaking methane abatement, and call on others to do the same by advancing methane reduction projects, strengthening methane standards and regulations, addressing methane super emitter events, and identifying appropriate financing for methane reduction.

    Partners in Space Exploration

    As founding nation members of the Artemis Accords, His Highness President Sheikh Mohamed bin Zayed and President Biden reinforced the U.S. and UAE’s groundbreaking cooperation in space, the future of human exploration, and our shared interest in deepening our understanding of the universe. 

    The leaders recalled the role of this partnership in the historic launch of the first Arab probe to Mars, the Hope Probe in 2021, and the resulting and ongoing global scientific collaboration and contribution to the study of Mars’ atmosphere.  This strategic partnership in deep space missions is further exemplified by the UAE Space Agency’s announcement of the Emirates Mission to the Asteroid Belt, the first multi-asteroid tour and landing mission to the main belt, with the partner, Laboratory for Atmospheric and Space Physics at the University of Colorado Boulder.

    The leaders highlighted the January 2024 Mohammed bin Rashid Space Center agreement with NASA for the Center to provide an airlock for Gateway, humanity’s first space station to orbit the Moon supported by NASA’s missions for long-term Moon exploration under the Artemis Program.  The airlock will allow crew and equipment transfers to-and-from the habitable environment of Gateway’s pressurized modules to the vacuum of space.  This agreement will also enable the first Emirati astronaut to fly to the Gateway for joint exploration of the Moon. 

    This cooperation builds on NASA and the UAE’s previous human spaceflight collaboration.  In 2019, Hazaa Al Mansouri became the first Emirati astronaut to fly to space during a visit to the International Space Station (ISS), where he worked with NASA to perform experiments and educational outreach.  A second Emirati astronaut, Sultan Al Neyadi, launched to the ISS in 2023, where he participated in the floating laboratory’s scientific research to advance human knowledge and improve life on Earth.  The leaders welcomed continued training of astronauts, including two Emirati astronaut candidates in training at the Johnson Space Center, as well as ongoing work on Mars research and scientific studies to support mutual exploration goals.

    Sharing the common spirit and ambition of humanity’s journey in space, the leaders reaffirmed the principles of the Artemis Accords to explore and use outer space for peaceful purposes and usher in a new era of exploration, as well as obligations under the Outer Space Treaty, including the requirement that countries not place in orbit around the Earth any objects carrying nuclear weapons or any other kind of weapons of mass destruction.

    Partners in Security and Defense

    His Highness President Sheikh Mohamed and President Biden praised the strong security and defense partnership with the UAE.  President Biden strongly affirmed the United States’ commitment to the United Arab Emirates’ security and territorial defense, and to facilitating its ability to obtain necessary capabilities to defend its people and territory against external threats.  The leaders reaffirmed their commitment to a strong bilateral security and defense relationship and to expanding defense and security cooperation to bolster joint defense capabilities against external threats, including through the Department of Defense’s State Partnership Program.

    The leaders affirmed a shared vision of an interconnected, peaceful, tolerant, and prosperous region as outlined by President Biden during the GCC+3 Summit Meeting in Jeddah, Saudi Arabia, on July 16, 2022.  They reviewed the proud legacy of standing shoulder-to-shoulder, in peace and in conflict, including the UAE’s support for American-led counterterrorism missions since the attacks in New York, Pennsylvania, and Washington on September 11, 2001, to deter threats, de-escalate conflicts, and reduce tensions globally.  Specifically, the leaders recalled the United States and the United Arab Emirates standing alongside each other in the global coalition against Da’esh, and prior conflicts: Somalia, the Balkans, Iraq, Afghanistan, and Libya.

    The leaders reviewed ongoing initiatives and investments in advanced systems that have made the United Arab Emirates one of the most capable U.S. military partners in the region, in addition to a robust schedule of bilateral and multilateral exercises.  They underscored the importance of strengthening efforts to combat regional threats, advance counterterrorism initiatives, reinforce maritime security and counter-piracy efforts, increase security cooperation, and intercept illicit shipments of weaponry and technology. 

    The leaders discussed deepening investment in U.S. defense systems and acknowledged that military-to-military cooperation with the United Arab Emirates’ armed services helps ensure interoperability with the United States through the provision of advanced defense articles and services.  They further decided to explore potential investment in our most advanced defense systems and to maintain regular exchanges to deepen partnership in research and development. 

    The leaders reaffirmed the 2017 Defense Cooperation Agreement, an important step for both countries that underscored their vital and longstanding collaboration in defeating terrorist groups, such as Da’esh and al-Qaida, securing regional stability, and combatting threats against their common interests including terrorist financing.  They underscored the importance of the annual Joint Military Dialogue as the foremost bilateral defense forum for advancing the U.S.-UAE defense partnership, including reviewing shared security interests, as well as discussing strategic objectives for the relationship and challenges in the region, such as maritime security, counter-piracy, counterterrorism cooperation, and domain awareness in the Middle East, the Indian Ocean, and East Africa.  They further noted the recognition by the Security Council in Resolution 2686 that hate speech, racism, racial discrimination, xenophobia, related forms of intolerance, gender discrimination and acts of extremism can contribute to driving the outbreak, escalation and recurrence of conflict.   

    Designation as a Major Defense Partner of the United States

    Acknowledging the U.S. and UAE’s deepening security partnership and cooperation in advanced technology and acquisition, shared interest in preventing conflict and de-escalation, President Biden today recognized the United Arab Emirates as a Major Defense Partner of the United States, joined by only India, to further enhance defense cooperation and security in the Middle East, East Africa, and the Indian Ocean regions.  This unique designation as a Major Defense Partner will allow for unprecedented cooperation through joint training, exercises, and military-to-military collaboration, between the military forces of the United States, the UAE, and India, as well as other common military partners, in furtherance of regional stability.

    Both leaders committed to close and sustained cooperation among our militaries. 

    Partners in a Stable, Integrated, and Prosperous Middle East and Wider Region

    The leaders stressed the importance of reaching a peaceful solution to the dispute over the three islands, Greater Tunb, Lesser Tunb, and Abu Musa, through bilateral negotiations or the International Court of Justice, in accordance with the rules of international law including the UN Charter.

    The leaders discussed persisting and emerging threats to peace and stability in the Middle East and the wider region.  They renewed their commitment to upholding international law, particularly international humanitarian law, work with parties to resolve conflicts and protect civilians, and to provide urgently needed aid to alleviate human suffering.  They reiterated the importance of sustainable and enduring solutions to the security threats in the region, including those posed by non-state terrorist actors.  They discussed the enduring importance of the Abraham Accords and continuing on the path of peace, integration, and prosperity in the region.

    The leaders discussed the war in Gaza. They underscored their commitment to continue working together towards ending the conflict, calling for a lasting and sustainable ceasefire and the release of hostages and detainees in accordance with the United Nations Security Council Resolution (UNSCR) 2735, and affirmed that all sides to the conflict must adhere to their obligations under international humanitarian law. President Biden commended the UAE’s extraordinary humanitarian efforts in Gaza, which have been critical in addressing the humanitarian crisis, including through the launch of a maritime corridor for movement of aid, opening a field hospital in Gaza, and supporting evacuations of wounded civilians and cancer patients.

    The two leaders emphasized the ongoing need for the urgent, unhindered, and sustained delivery of life-saving humanitarian assistance, at a scale commensurate with the growing needs among the civilian population throughout Gaza.  They called on all parties to ensure the safety, security, and sustained access of aid workers to all those in need, and to create the conditions needed to facilitate an effective humanitarian response in Gaza.

    His Highness President Sheikh Mohamed commended the mediation efforts by the United States, along with Egypt and Qatar, to reach a lasting and sustainable ceasefire and hostage release deal to help end the war in Gaza.  His Highness also echoed the principles laid out by President Biden on May 31, 2024, and stressed the importance of building on this proposal in order to create a serious political horizon for negotiation.  To that end, the leaders discussed a path to stabilization and recovery that responds to the humanitarian crisis, establishes law and order, and lays the groundwork for responsible governance.  The leaders expressed their commitment to the two-State solution, wherein a sovereign and contiguous Palestinian state lives side-by-side in peace and security with Israel, as the only way to resolve the Israeli-Palestinian conflict in accordance with the internationally-recognized parameters and the Arab Peace Initiative.  They stressed the need to refrain from all unilateral measures that undermine the two-State solution, and to preserve the historic status quo of Jerusalem’s holy sites, recognizing the special role of the Hashemite Kingdom of Jordan in this regard.

    On the conflict in Sudan, the leaders expressed their deep concern over the tragic impact the violence has had on the Sudanese people and on neighboring countries.  Both leaders expressed alarm at the millions of individuals who have been displaced by the war, the hundreds of thousands experiencing famine, and the atrocities committed by the belligerents against the civilian population.  They stressed that there can be no military solution to the conflict in Sudan and underscored their firm and unwavering position on the imperative for concrete and immediate action to achieve a lasting cessation of hostilities, the return to the political process, and transition to civilian-led governance.

    Both leaders reaffirmed their shared commitment to de-escalate the conflict, alleviate the suffering of the people of Sudan, ensure humanitarian assistance reaches the Sudanese people, and prevent Sudan from attracting transnational terrorist networks once again. Noting their shared concern about the risk of imminent atrocities, particularly as fighting continues in Darfur, they underscored that all parties to the conflict must comply with their obligations under international humanitarian law, and all individuals and groups that commit war crimes must be held accountable.  The leaders emphasized that the priority right now must be the protection of civilians, particularly women, children and the elderly, securing humanitarian pauses in order to scale up and facilitate the movement of humanitarian assistance into the country and across conflict lines, and ensuring the delivery of aid to those in need, especially to the most vulnerable.

    Partners in Cyberspace

    The leaders emphasized that safety and stability in cyberspace is critical for digital economic growth and development, and reaffirmed their commitment to an open, interoperable, secure, and reliable internet, underpinned by the multistakeholder model of internet governance. 

    They committed to deepen cooperation on cybersecurity and to enhance cyber collaboration to protect critical infrastructure, counter malicious cyber activity by state and non-state actors, and noted that the UAE’s significant contributions to the International Counter Ransomware Initiative reflects the strength of our cooperation.  The leaders committed to promote stability in cyberspace based on the applicability of international law including the United Nations Charter, the promotion of voluntary norms of responsible state behavior during peacetime, and the development and implementation of confidence building measures between states. 

    Looking Forward

    The United States and the United Arab Emirates are both entrepreneurial nations, joined together by a relentless focus on the future.  Our aspirations are rooted in a common resolve to pursue innovative partnerships in new fields, including AI, food security, infrastructure investment, and supply chain resilience, even as we continue to strengthen the foundational element of our partnership: our longstanding people-to-people ties.  These connections between our countries drive progress and expand horizons, from clean energy technologies, to AI, defense cooperation, space exploration, and ongoing coordination across priority areas of science, education, and culture.  This first-ever official visit by a President of the United Arab Emirates to the United States sets a new foundation for our countries’ cooperation for decades to come

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Van Hollen, Shaheen, Colleagues Urge FHFA to Implement Stronger Energy Efficiency Standards for New Federally-Backed Homes

    US Senate News:

    Source: United States Senator for Maryland Chris Van Hollen
    September 23, 2024
    Today, U.S. Senators Chris Van Hollen (D-Md.) and Jeanne Shaheen (D-N.H.) were joined by Senators Cory Booker (D-N.J.), Martin Heinrich (D-N.M.), Ed Markey (D-Mass.), Bernie Sanders (I-Vt.), Elizabeth Warren (D-Mass.), and Peter Welch (D-Vt.) in writing to Federal Housing Finance Agency (FHFA) Director Sandra Thompson urging the Agency to set a minimum energy efficiency standard for new homes built using loans backed by government-sponsored enterprises, such as Fannie Mae, Freddie Mac, and Ginnie Mae. In response to a question from Senator Van Hollen during a Senate Banking, Housing, and Urban Affairs Committee hearing earlier this spring, Director Thompson suggested that FHFA would do so this summer – but it has not yet taken such action. In their letter, the Senators ask Director Thompson for an updated timeline for a decision, while calling on FHFA to act swiftly in order to improve home energy efficiency and ultimately save money for American homeowners and renters.
    “We are writing to urge the Federal Housing Finance Agency (FHFA) to phase in a minimum energy efficiency standard for Enterprise-backed mortgages on new homes. Such a standard would save homeowners and renters money and make the housing market more consistent and stable,” the Senators began. “When asked at a hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs last April, you indicated an intention to make a decision about this potential action on or about the end of the second quarter. As we are now rapidly approaching the end of the third quarter, we respectfully request an update on your intended timeline for a decision and for the Enterprises to begin implementation.”
    Outlining the benefits of a minimum energy standard, they wrote, “Aligning new home energy standards with updated model codes will save money for homeowners and renters across the country. HUD and USDA found that the increased initial costs of construction are more than made up for by lower monthly energy costs. […] Beyond these financial benefits, updated codes help save lives by protecting families from the impacts of extreme weather events, particularly utility outages during heat waves and cold snaps. Updated energy codes can also yield better indoor air quality and reduce exposure to pollutants that can have negative health impacts including asthma, heart disease and lung cancer.”
    “This year is an ideal time for FHFA to make these changes. The Bipartisan Infrastructure Law and Inflation Reduction Act provided over $1.2 billion of federal funding to help states and localities update their building codes. Already, multiple state and local governments, as well as HUD and USDA have adopted the updated building codes,” they Senators continued.
    They concluded, “We urge you to move quickly to adopt modern energy standards for new homes utilizing Enterprise-backed mortgages to align with other federally backed housing construction, and ask you for an update on your timeline for taking this action. These standards will support a stable, efficient housing market by reducing wasted energy, improving health outcomes, and lowering costs for both renters and homeowners across the country.”
    This letter is supported by Americans for Financial Reform, Rocky Mountain Institute, and the National Electrical Manufacturers Association.
    The full text of the letter is available here and below.
    Dear Director Thompson:
    We are writing to urge the Federal Housing Finance Agency (FHFA) to phase in a minimum energy efficiency standard for Enterprise-backed mortgages on new homes. Such a standard would save homeowners and renters money and make the housing market more consistent and stable. When asked at a hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs last April, you indicated an intention to make a decision about this potential action on or about the end of the second quarter. As we are now rapidly approaching the end of the third quarter, we respectfully request an update on your intended timeline for a decision and for the Enterprises to begin implementation.
    FHFA has the opportunity to match or exceed the standards recently adopted by the Department of Housing and Urban Development (HUD) and the U.S. Department of Agriculture (USDA) for their residential mortgage programs. This action would support consistency and further the expansion of resilient, energy-saving construction practices across the housing market.
    Your authority to take this action is clear from Public Law 110-289, the Housing and Economic Recovery Act of 2008, as well as from other actions FHFA and the government-sponsored enterprises have undertaken in alignment with their missions and obligations. Freddie Mac’s research has found that energy efficiency improvements can reduce risks associated with mortgage-backed securities, in part due to better resale values. Research also suggests that during major economic disruptions, energy efficiency may reduce mortgage defaults.
    Aligning new home energy standards with updated model codes will save money for homeowners and renters across the country. HUD and USDA found that the increased initial costs of construction are more than made up for by lower monthly energy costs. For a typical home purchased with a 30-year mortgage, energy bill savings more than make up for small increases to down payments and monthly mortgage payments. High-performance homebuilders and multifamily property developers in diverse markets have found the incremental up-front costs of at- or above-code performance to be closer to 1% or, in some cases, negative.
    Beyond these financial benefits, updated codes help save lives by protecting families from the impacts of extreme weather events, particularly utility outages during heat waves and cold snaps. Updated energy codes can also yield better indoor air quality and reduce exposure to pollutants that can have negative health impacts including asthma, heart disease and lung cancer.
    This year is an ideal time for FHFA to make these changes. The Bipartisan Infrastructure Law and Inflation Reduction Act provided over $1.2 billion of federal funding to help states and localities update their building codes. Already, multiple state and local governments, as well as HUD and USDA have adopted the updated building codes.
    When energy codes raise the floor on building performance, 45L tax incentives for builders to achieve certifications – such as ENERGY STAR® for Residential New Construction and Zero-Energy Ready Homes (ZERH) – frequently mean that the smartest path for developers is to build to these higher standards. ZERH homes use about 40% less energy than a typical home, opening the door to Greenhouse Gas Reduction Fund financing, green MBS opportunities, and – most importantly – even cleaner air, lower bills, and more secure housing for households nationwide. If FHFA also requires updated building codes, it will reduce or eliminate the need for developers to understand numerous different codes.
    In summary, we urge you to move quickly to adopt modern energy standards for new homes utilizing Enterprise-backed mortgages to align with other federally backed housing construction, and ask you for an update on your timeline for taking this action. These standards will support a stable, efficient housing market by reducing wasted energy, improving health outcomes, and lowering costs for both renters and homeowners across the country.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Exercise Caution with Crypto Asset Securities: Investor Alert

    Source: Securities and Exchange Commission

    TLDR:  The SEC’s Office of Investor Education and Advocacy continues to urge investors to be cautious if considering an investment involving crypto asset securities.  Investments in crypto asset securities can be exceptionally volatile and speculative, and the platforms where investors buy, sell, borrow, or lend these securities may lack important protections for investors.  The risk of loss for individual investors who participate in transactions involving crypto assets, including crypto asset securities, remains significant.  The only money you should put at risk with any speculative investment is money you can afford to lose entirely.  Investors should understand that:

    1. Those offering crypto asset investments or services may not be complying with applicable law, including federal securities laws.  Under the federal securities laws, a company may not offer or sell securities unless the offering is registered with the SEC or an exemption to registration is available.  Similarly, the law requires parties such as securities broker-dealers, investment advisers, alternative trading systems (ATS), and exchanges to register with the SEC, a state regulator, and/or a self-regulatory organization (SRO), such as FINRA.  Moreover, entities and platforms involved in lending or staking crypto assets may be subject to the federal securities laws. 

    Registration of a securities offering requires the issuer to disclose important information about the company, the offering, and the securities offered to the public.  Unregistered offerings in crypto asset securities may not provide key information that investors need to make informed decisions.  For example, registration typically requires an issuer to include financial statements audited by an independent public accounting firm registered with the Public Company Accounting Oversight Board (PCAOB).  Audited financial statements play an important role in making sure investors are provided the information they need to understand the securities in which they want to invest.  Issuers of unregistered crypto asset securities offerings might not provide audited financial statements, depriving investors of this key information.

    Proof of Reserves is a term crypto asset entities, including trading platforms and/or entities that issue crypto assets securities, use to describe a voluntary method for offering evidence that in the aggregate an entity has sufficient reserve assets to cover what is held for customers and/or accounts at a given point in time. Crypto asset entities may be offering these types of assessments as a way to satisfy customers that their funds are safe and available upon demand.  However, these types of services may not provide any meaningful assurance that these entities hold adequate assets to back their customers’ balances.  Further, crypto asset entities might use these in lieu of audited financial statements in order to obscure and confuse customers about the safety of their assets.  For example, a proof of reserves typically:

    • may only provide a snapshot of what is, for example, held by an entity in certain wallets or accounts, or backing customer assets as of a point-in-time;
    • may not disclose management’s activities during the period between the snapshots (for example, use of customer crypto assets in crypto asset lending or other activities); 
    • does not tell customers the whole story about the entity’s liabilities and, for example, whether the customer has to “stand in line” behind other creditors if the entity fails; and
    • may not offer protection against the entity moving customer assets shortly after a proof of reserves is completed.

    In addition, a proof of reserves is not as rigorous, or as comprehensive, as a financial statement audit and may not provide any level of assurance.  For example, audited financial statements typically require audits of a complete set of financial statements performed by a registered public accounting firm in accordance with PCAOB auditing standards.  With so-called proof of reserves, there are no specific audit requirements for the engagement or the information reported, allowing an entity full discretion to manage the terms of the engagement.  For example:

    • the extent and frequency of assessments performed around customer assets;
    • the determination of the reserves (for example, which wallets and accounts are examined as part of the assessment);
    • the level of assurance provided (for example, reasonable, limited, or no assurance) and the standards applied;  
    • the type of third-party assurance provider engaged (i.e., accountant or non-accountant assurance providers, affiliated or independent); and 
    • whether the results are made public, including the extent and format of the information shared. 

    Investors should be aware that this level of management discretion undermines any suggestion that a proof of reserves offers protections similar to a financial statement audit.  In sum, investors should exercise extreme caution when relying on proof of reserves to conclude that a crypto asset entity has sufficient reserve assets to meet customer liabilities.

    Similarly, registration with the SEC by an entity as a “broker-dealer” and/or “investment adviser” provides important protections for investors.  Some of those benefits include rules around custody of assets, fees, conflicts of interest, standards of conduct, and minimal capital requirements for broker-dealers.  For example, a broker-dealer must comply with custody requirements such as the customer protection rule, which requires broker-dealers to safeguard customer assets and to keep customer assets separate from the firm’s assets – increasing the likelihood that customers’ securities and cash can be returned to them in the event of the broker-dealer’s failure.  In addition, a broker-dealer making recommendations of securities or investment strategies involving securities (including crypto asset securities) to retail customers is subject to Regulation Best Interest, which requires broker-dealers to make recommendations in the retail customers’ best interest, and requires compliance with specific disclosure, care, conflict of interest, and compliance obligations. 

    Recordkeeping and reporting rules require a broker-dealer to make and keep current ledgers reflecting all assets and liabilities.  Moreover, financial responsibility rules require that broker-dealers routinely prepare financial statements.  These books, records, and financial reporting requirements assist securities regulators in examining for compliance with the federal securities laws.  Crypto asset entities not offering these types of protections put investors at risk.  

    ATSs, which are marketplaces for securities, must be registered broker-dealers and members of an SRO, such as FINRA.  In addition to complying with federal securities laws and its SRO’s rules, an ATS must comply with Regulation ATS, which includes filing disclosures with the SEC about the ATS’s operations and securities trading and protecting its users’ trading information.       

    SEC-registered investment advisers that hold or have the ability to obtain possession of their clients’ funds or securities are required to maintain those assets with a qualified custodian, like a bank or broker-dealer.  SEC-registered investment advisers that have “custody” of client funds and securities are also generally required to undergo an annual “surprise examination” in which an independent public accountant verifies the existence of these assets and to make and keep records showing all purchases and sales for each client.  

    Also, unlike SEC-registered entities, crypto asset securities trading platforms or other intermediaries (such as so-called “crypto exchanges”) may offer a combination of services that are typically performed by separate firms that may each be required to be separately registered with the SEC, a state regulator, or a SRO.  The commingling of these functions, exchange, broker-dealer and custodial functions, for example, creates conflicts of interest and risks for investors.  SEC-registered entities are subject to a number of rules to minimize these risks and conflicts of interests, in some cases by separating the functions into legally separate and unaffiliated entities.  Registered broker-dealers, ATSs, and investment advisers are also subject to examination by regulators.  None of the major crypto asset entities is registered with the SEC as a broker-dealer, exchange, or investment adviser—so investors may not get the protections afforded by the rules applicable to these entities.  

    In particular, no crypto asset entity is registered with the SEC as a national securities exchange (like, for example, the New York Stock Exchange or the Nasdaq Stock Market).  And no existing national securities exchange currently trades crypto asset securities.  As a result, investors in crypto asset securities may not benefit from rules that protect against fraud, manipulation, front-running, wash sales, and other misconduct when intermediaries for those products do not comply with the federal securities laws that apply to registered exchanges.

    Investors who hold registered securities with registered broker-dealers also generally benefit from protections offered by the Securities Investor Protection Corporation (SIPC).  Similarly, people who place deposits in banks enjoy insurance, up to a defined limit, provided by the Federal Deposit Insurance Corporation (FDIC).  The National Credit Union Administration (NCUA) insures deposits in federal credit unions.  There are no such protections for accounts that you place with crypto asset entities.    

    In sum, investors in crypto asset securities should understand they may be deprived of key information and other important protections in connection with their investment.  

    2.  Investments in crypto asset securities can be exceptionally risky, and are often volatile.  Over the last year, the crypto asset space has been exceptionally volatile – and a number of major platforms and crypto assets have become insolvent and/or lost value.  Investments in crypto asset securities continue to be subject to significant risk, including:

    • volatility and illiquidity in the crypto asset markets;
    • the potential for the company holding your crypto assets to fail or go bankrupt;
       

      Investors who deposit funds or crypto assets with a crypto asset securities entity might cease to have legal ownership of those assets and might not be able to get those assets back when they want to.  Over the past year, a number of crypto asset entities have faced severe financial difficulties, sometimes resulting in suspending customers’ ability to withdraw their assets.  Some crypto asset entities have entered bankruptcy proceedings, and it is unclear how much of their holdings (if any) customers might be able to recover.  Investors need to be wary of claims that “you always retain ownership of your crypto assets” and “you can withdraw your assets whenever you like.”

    • unpredictability, including that the market for a particular crypto asset security may disappear altogether or the crypto asset security may no longer be tradable anywhere;
    • sometimes highly concentrated and opaque ownership and control structures;
    • enforcement of laws and regulations by federal, state, or foreign governments that may restrict the use and exchange of crypto assets;
    • unauthorized lending or transfers of customers’ crypto asset securities, or halting of customer withdrawals;
    • the inability for an investor to be made whole should fraud, default, or a mistake occur; 
    • technical glitches, hacking, or malware; and
    • lack of investor protections due to crypto asset securities entities not acting in compliance with applicable law.

    3. Fraudsters continue to exploit the rising popularity of crypto assets to lure retail investors into scams, often leading to devastating losses.  Crypto asset securities-related investments continue to be replete with fraud, including bogus coin offerings, Ponzi and pyramid schemes, and outright theft where the project promoter simply disappears with investors’ money.  

    Some promoters use social media to find and entice new investors with testimonials about returns made on deposits and investments, but what is not mentioned is that the promoter is often paying investor withdrawals out of new investor funds – a Ponzi scheme.  Moreover, recovering money from the wrongdoers can be nearly impossible.  In part, that can be because of the anonymity or pseudonymity associated with crypto assets.  However, the SEC and state regulators continue to bring enforcement actions in this space.

    Celebrity endorsements:  It is never a good idea to make an investment decision just because someone famous says a product or service is a good investment.  A celebrity endorsement does not mean that an investment is appropriate for all investors, or even that it is legitimate.  Often, a celebrity is getting paid to promote the investment opportunity, including those involving crypto assets.  Even if a celebrity endorses an investment opportunity, you should consider the potential risks and opportunities to determine whether it is right for you.

    Learn more about investment fraud, including how to spot “red flags” of a scam, in our Investor Bulletin, What You Can Do to Avoid Investment Fraud.
     
    4.    Having an investing plan, as well as understanding your risk tolerance and time horizon, can be critical to your investing success.

    What are the best saving and investment products for you? The answer depends on when you will need the money, your goals, and whether you will be able to sleep at night if you purchase a risky investment (one where you could lose your entire principal). Before making any investment, consider these tips:

    • Create and follow an investment plan.  Do not let short-term emotions about investments disrupt your long-term investment objectives.  If you are considering short-term investments, think about how much of your overall portfolio you should allocate to these types of investments.
    • Pay off credit cards or other high interest debt first.  No investment strategy pays off as well as, or with less risk than, eliminating high interest debt.  
    • Consider the importance of asset allocation and diversification.  Asset allocation involves dividing your investments among different assets, such as stocks, bonds, and cash.  The allocation that works best for you changes at different times in your life, depending on how long you have to invest and your ability to tolerate risk.
    • Understand risk.  All investments have risk.  While some regulated institutions may offer retail investors ways to gain exposure to crypto asset securities, even when using a regulated entity, investors should ask questions and make sure they understand the terms of the investment.  Never invest if you do not understand the product – including the risks involved.

    MIL OSI USA News –

  • MIL-OSI USA: State launches new initiative to mobilize one million Californians for climate action

    Source: US State of California 2

    Sep 23, 2024

    What you need to know: California is launching a campaign to empower one million Californians to take climate action in their communities. 

    SACRAMENTO – During Climate Week, Governor Gavin Newsom announced a new state initiative to mobilize one million Californians to take climate action at home and in their neighborhoods to help build resilient communities.

    California’s Climate Action Counts initiative aims to educate and inspire people to reimagine the power of volunteerism by taking impactful, everyday actions in their communities.

    “Every day, Californians are taking small actions that collectively are helping us create a better world for our kids and grandkids. From saving water and planting trees to taking public transit and being disaster ready – we’re all in this together.

    The Climate Action Counts campaign will empower Californians to be a part of something big and impactful – making all of our climate action truly count.”

    Governor Gavin Newsom

    The campaign highlights 10 priority actions and encourages participants to take the pledge to action. Those taking the pledge join hundreds of California Climate Action Corps fellows in efforts to combat the effects of climate change.

    👗 Reduce waste: Donate, upcycle and thrift.

    🍎 Compost food scraps: Toss in your green bin or compost in your yard. 

    🛒 Support local farmers: Shop at local farmers markets or join a CSA (Community Supported Agriculture). 

    🚲 Green your ride: Walk, bike, use public transit, carpool whenever you can – or consider a zero-emission vehicle.

    🌱 Get planting: Plant trees and native plants or start a community garden. 

    🔥 Be disaster ready: Be prepared for wildfire and extreme heat.

    💡 Save energy, water and money: Use a smart thermostat, conserve water and capture savings. 

    🌄 Discover nature: Enjoy nature at your local parks and trails.

    📣 Tell a friend: Encourage your friends and family to take part in Climate Action Counts.

    💚 Get connected: Sign up to serve or volunteer in your community!

    Campaign partners span cities, colleges and universities, state agencies, community-based organizations, business and climate leaders, including the cities of Long Beach, Riverside and Sacramento, California Community Colleges, University of California, California State University, California Natural Resources Agency, CalRecycle, California ReLeaf, Sierra Club, Jane Goodall Institute and Patagonia.

    “This campaign will inspire hope – showing when it comes to the climate crisis, we are not powerless,” said California Chief Service Officer Josh Fryday. “We are calling on one million Californians to take simple, everyday actions for collective impact.”

    “The best solutions to the climate crisis come from the grassroots,” said Corley Kenna, Vice President of Communications and Public Policy at Patagonia. “We’re partnering with the Climate Action Counts campaign to help one million Californians build thriving communities while protecting the natural world. Everyone has a role to play in this movement.”

    As a part of California’s comprehensive strategy to address the climate crisis, Governor Gavin Newsom created the California Climate Action Corps in 2020 – the nation’s first state-level service and volunteer program focused on combating climate change. Since then, numerous states have adopted California’s model to establish their own Climate Corps. 

    Recent news

    Sep 22, 2024

    News SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills: AB 262 by Assemblymember Chris R. Holden (D-Pasadena) – Children’s camps: safety and regulation.AB 460 by Assemblymember Rebecca Bauer-Kahan (D-Orinda) – State Water…

    Sep 21, 2024

    News What you need to know: Governor Gavin Newsom signed legislation to provide more safety, care, and accountability for services that help older adults and their families thrive, as more Californians live longer lives. This action further advances California’s…

    Sep 20, 2024

    News SACRAMENTO – Moving to protect the health and well-being of youth on digital platforms, Governor Gavin Newsom today signed SB 976 by Senator Nancy Skinner (D-Berkeley), which prohibits online platforms from knowingly providing an addictive feed to a minor without…

    Sep 23, 2024

    What you need to know: The passage of Proposition 1 by California voters adds rocket fuel to Governor Gavin Newsom’s transformational overhaul of the state’s behavioral health system. These reforms refocus existing funds to prioritize Californians with the most serious mental health and substance use issues, who are too often experiencing homelessness. They also fund more than 11,150 new behavioral health beds and supportive housing units and 26,700 outpatient treatment slots.

    Los Angeles, California – California took a major step forward in correcting the damage from 50 years of neglect to the state’s mental health system with the passage of Proposition 1. This historic measure — a signature priority of Governor Gavin Newsom — adds rocket fuel to California’s overhaul of the state’s behavioral health systems. It provides a full range of mental health and substance abuse care, with new accountability metrics to ensure local governments deliver for their communities.

    This is the biggest reform of the California mental health system in decades and will finally equip partners to deliver the results all Californians need and deserve. Treatment centers will prioritize mental health and substance use support in the community like never before. Now, it’s time to roll up our sleeves and begin implementing this critical reform – working closely with city and county leaders to ensure we see results.

    Governor Gavin Newsom

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    What they’re saying: 

    • Sacramento Mayor Darrell Steinberg, original author of the Mental Health Services Act: “Twenty years ago, I never could have dreamed that we would have the strong leadership we have today, committing billions and making courageous policy changes that question the conventional wisdom on mental health. Now, with the passage of Proposition 1. California is delivering on decades old promises to help people living with brain-based illnesses, to live better lives, to live independently and to live with dignity in our communities. This is a historic moment and the hard work is ahead of us.“
    • Senator Susan Eggman (D-Stockton), author of Senate Bill 326: “Today marks a day of hope for thousands of Californians who are struggling with mental illness – many of whom are living unhoused. I am tremendously grateful to my fellow Californian’s for passing this important measure.  And I am very appreciative of this Governor’s leadership to transform our behavioral health care system!”
    • Assemblymember Jacqui Irwin (D-Thousand Oaks), author of Assembly Bill 531: “This started as an audacious proposal to address the root cause of homelessness and today, Californians can be proud to know that they did the right thing by passing Proposition 1. Now, it’s time for all of us to get to work, and make sure these reforms are implemented and that we see results.”

    Bigger picture: Transforming the Mental Health Services Act into the Behavioral Health Services Act and building more community mental health treatment sites and supportive housing is the last main pillar of Governor Newsom’s Mental Health Movement – pulling together significant recent reforms like 988 crisis line, CalHOPE, CARE Court, conservatorship reform, CalAIM behavioral health expansion (including mobile crisis care and telehealth), Medi-Cal expansion to all low-income Californians, Children and Youth Behavioral Health Initiative (including expanding services in schools and on-line), Older Adult Behavioral Health Initiative, Veterans Mental Health Initiative, Behavioral Health Community Infrastructure Program, Behavioral Health Bridge Housing, Health Care Workforce for All and more.

    More details on next step here

    Recent news

    Sep 22, 2024

    News SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills: AB 262 by Assemblymember Chris R. Holden (D-Pasadena) – Children’s camps: safety and regulation.AB 460 by Assemblymember Rebecca Bauer-Kahan (D-Orinda) – State Water…

    Sep 21, 2024

    News What you need to know: Governor Gavin Newsom signed legislation to provide more safety, care, and accountability for services that help older adults and their families thrive, as more Californians live longer lives. This action further advances California’s…

    Sep 20, 2024

    News SACRAMENTO – Moving to protect the health and well-being of youth on digital platforms, Governor Gavin Newsom today signed SB 976 by Senator Nancy Skinner (D-Berkeley), which prohibits online platforms from knowingly providing an addictive feed to a minor without…

    MIL OSI USA News –

  • MIL-OSI USA: James B. Nutter & Company to Pay $2.4M for Allegedly Causing False Claims for Federal Mortgage Insurance

    Source: US State of Vermont

    James B. Nutter & Company, a former mortgage lender located in Kansas City, Missouri, has agreed to pay $2.4 million to resolve allegations that it violated the False Claims Act and the Financial Institutions Reform, Recovery and Enforcement Act of 1989 by knowingly underwriting Home Equity Conversion Mortgages (HECM) insured by the Department of Housing and Urban Development (HUD)’s Federal Housing Administration (FHA) that did not meet program eligibility requirements.

    “The HECM program helps support our nation’s senior citizens by providing an additional source of funds to supplement their income,” said Principal Deputy Assistant Attorney General Brian M. Boynton, head of the Justice Department’s Civil Division. “Together with our partners at HUD, we are committed to protecting the financial integrity of this critical program and to pursuing those who seek to abuse it.”

    The FHA offers numerous mortgage insurance programs intended to help build and sustain strong communities across America. The HECM program is a reverse mortgage program specifically for senior homeowners aged 62 and older. The program allows seniors to access the equity in their residences, and thereby age in place in their family home, through a mortgage agreement with a lender that is insured against loss by the FHA.

    Lenders who participate in the FHA’s HECM program are authorized to underwrite mortgages without first having the government review the loans for compliance with the agency’s underwriting and origination requirements. If an FHA-insured loan defaults, the holder of the loan can then recover from the United States for certain losses. Lenders commit to following FHA rules to ensure that only eligible mortgages are insured by the government.

    The settlement announced today resolves the United States’ allegations in a lawsuit filed in 2020 that James B. Nutter & Company knowingly violated FHA underwriting requirements when it allowed inexperienced temporary staff to underwrite FHA-insured loans, and submitted loans for FHA insurance with underwriter signatures that were falsified and/or affixed before all the documentation the underwriter should have reviewed was complete.

    “This case sought to redress serious violations of FHA requirements that posed a risk to the HECM program,” said HUD General Counsel Damon Smith. “HUD will continue to protect the integrity of this important mortgage program that serves the interests of our nation’s senior citizens.”

    “The U.S. Attorney’s Office is dedicated to seeking recovery from mortgage lenders who take advantage of FHA programs and ignore essential program requirements,” said U.S. Attorney Teresa A. Moore for the Western District of Missouri. “The integrity and resources of those important programs must not be put at risk by mortgage lenders who put their own financial interests first.”

    “Our office continues its diligent pursuit of mortgage originators that do not play by the rules,” said U.S. Attorney Matthew Graves for the District of Columbia. “If a lender is asking the government to insure its loans, the government expects that lender to employ qualified underwriters to ensure the loans present acceptable credit risks and are supported by sound appraisals of the homes used to secure them.”

    “This case and the resulting $2.4 million settlement demonstrate the HUD Office of Inspector General’s commitment to holding lenders accountable when they commit fraud against FHA mortgage programs designed to provide financial assistance to senior homeowners,” said Inspector General Rae Oliver Davis of HUD. “No one is above the law. Our office will continue to work with our partners at the Justice Department to investigate mortgage lenders who jeopardize the integrity of FHA mortgage programs.”

    The investigation, litigation and settlement were the result of a coordinated effort among the Commercial Litigation Branch of the Justice Department’s Civil Division, the U.S. Attorneys’ Offices for the Western District of Missouri and the District of Columbia, HUD and HUD’s Office of Inspector General.

    Trial Attorneys Christopher Reimer, Kelly Phipps, Yifan Wang and Wilma Metcalf of the Commercial Litigation Branch and Assistant U.S. Attorney Cindi Woolery for the Western District of Missouri and Assistant U.S. Attorneys Brian Hudak and Benton Peterson for the District of Columbia handled the matter. The litigation resolved by the settlement was captioned United States v. James B. Nutter & Co., Case No. 4:20-cv-874-RK (WDMO).

    The claims resolved by the settlement are allegations only. There has been no determination of liability.

    Settlement

    MIL OSI USA News –

  • MIL-OSI USA: Klobuchar, Smith Announce Beltrami County to Receive Additional Federal Resources for Law Enforcement to Crack Down on Illicit Drug Trafficking and Address the Overdose Epidemic

    US Senate News:

    Source: United States Senator Amy Klobuchar (D-Minn)
    WASHINGTON – U.S. Senators Amy Klobuchar (D-MN) and Tina Smith (D-MN) announced Beltrami County will receive federal resources to help law enforcement crack down on illicit drug trafficking and address the overdose epidemic through the High Intensity Drug Trafficking Areas (HIDTA) Program. The HIDTA Program, funded by the White House Office of National Drug Control Policy (ONDCP), coordinates and assists federal, state, local, Tribal, and territorial law enforcement agencies to address regional drug threats and reduce illicit drug production and trafficking. This new designation will allow critical resources to be deployed to law enforcement in Beltrami County working to seize illicit drugs like fentanyl, prevent and reduce gun violence and other violent crime associated with drug trafficking, improve interdiction efforts through enhanced data sharing and targeting, and dismantle illicit finance operations.
    “The opioid epidemic is taking lives and tearing families apart. We need to continue to provide law enforcement with the tools they need to fight drug trafficking and the violent crime that comes along with it,” said Klobuchar. “These federal resources will allow for greater coordination among all levels of law enforcement in Beltrami County so they can do their jobs even more effectively.”
    “Families across our state are hurting from the opioid epidemic — I want to make sure we’re doing all we can to help law enforcement crack down on drug trafficking in our communities,” said Smith. “These newly unlocked federal resources that will be deployed in Beltrami County will make a big difference in our fight against opioid overdoses.”

    MIL OSI USA News –

  • MIL-OSI USA: What You Need to Know About the End of LIBOR – Investor Bulletin

    Source: Securities and Exchange Commission

    You may have recently read in the financial press about the phase-out of LIBOR.  You may be affected by the transition away from LIBOR if you hold securities, financial instruments or financial products that have exposure to LIBOR.  The SEC’s Office of Investor Education and Advocacy (OIEA) wants to help you understand how the transition away from LIBOR could impact your investments and financial situation, and where you can go for additional information.

    What’s LIBOR?

    U.S.-dollar LIBOR is a benchmark interest rate set by input from a panel of banks.  It has been used to set the interest rate in floating rate, adjustable rate or variable rate instruments or loans, in which the interest rate periodically resets (such as every three months or every year) over the life of the instrument or loan.  LIBOR was used once in over $200 trillion of financial instruments, ranging from sophisticated financial and investment derivatives to bonds, bank loans and consumer products, like adjustable rate mortgages and student loans.

    Replacing LIBOR

    In recent years, however, U.S.-dollar LIBOR is being phased out in response to concerns that the benchmark was being manipulated.  The publication for one-week and two-month U.S.-dollar LIBOR ceased at the end of 2021.  The remaining tenors of U.S.-dollar LIBOR are scheduled to cease publication after June 30, 2023. 

    The end of LIBOR has precipitated the need for an alternative benchmark rate.  In March 2022, Congress enacted the Adjustable Interest Rate (LIBOR) Act.  This Act provides a process and protections for transitioning to an alternative rate in contracts with terms that do not provide for a clear transition.  The Federal Reserve Board adopted a final rule in December 2022 implementing the LIBOR Act and specified benchmarks based on the Secured Overnight Financing Rate (SOFR) as the replacement rates.

    Secured Overnight Financing Rate (SOFR).  SOFR is a broad measure of the cost of borrowing overnight collateralized by U.S. Treasury securities.  It is based on observable transactions in the repurchase market.  The Alternative Reference Rate Committee (ARRC), an industry-led group in which the SEC and other departments and agencies of the U.S. government participate, recommended SOFR as the LIBOR replacement rate.

    What do I need to know?

    Some investments you own, such as mutual funds, ETFs, closed-end funds, business development companies (BDCs), municipal and corporate bonds, and individual stocks, may either be LIBOR-based financial instruments or have exposure to such instruments. 

    For instruments that are subject to the LIBOR Act, the replacement rate will be a SOFR-based rate.  Other LIBOR-based financial instruments that already provide for a clear transition from LIBOR may have other non-SOFR-designated replacement rates, such as the U.S. prime rate. 

    Synthetic U.S.-dollar LIBOR.  The Financial Conduct Authority in the United Kingdom, LIBOR’s regulator, recently required the continued publishing of “synthetic” U.S.-dollar LIBOR for a period of 15 months after June 30, 2023 for use in certain cases to aid in the transition.

    How may I be affected?

    You may be affected by the transition away from LIBOR if you hold securities, financial instruments or financial products that have exposure to LIBOR.

    Municipal, corporate and FHLB bonds.  If you are directly invested in a variable or floating rate municipal, corporate or FHLB bond that relies on LIBOR as a component for the periodic variable rate adjustment, then the cessation of LIBOR will have direct implications for you.  Review any disclosures provided by the issuer of the bond.  You can utilize our EDGAR database to review disclosures by issuers of corporate bonds.  For municipal bonds, you may access information at the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access (EMMA) website.  You can find offering disclosure regarding FHLB bonds on their website.  In addition, it may be worthwhile to have a discussion with your broker or investment adviser about your specific exposure and how the LIBOR transition may affect your specific bond holdings.

    Individual stocks.  Many companies use sophisticated financial and investment instruments and derivatives as a means to manage the company’s financial situation and risk profile.  Many of these instruments and derivatives may incorporate a variable interest rate based on LIBOR. 

    To further understand how a company may be affected by the LIBOR transition, you may review the company’s periodic disclosure in our EDGAR database.  Companies that have material risk exposure to the LIBOR transition should discuss such risks in their annual reports on Form 10-K and quarterly reports on Form 10-Q.  A search for the term “LIBOR” in the document can be a quick way to find the relevant discussions.  The SEC’s Division of Corporation Finance has encouraged public companies and asset-backed securities issuers to keep investors informed about the progress toward risk identification and mitigation, and the anticipated impact on the company, if material, and expects disclosures to evolve as companies provide updates to reflect transition efforts and the broader market and regulatory landscape.    

    Asset-backed securities.  Asset-backed securities are securities whose income payments come from a pool of specific debt obligations, such as mortgages, credit card obligations or car loans.  Mortgage-backed securities (MBSs) issued by Fannie Mae, Freddie Mac and Ginnie Mae are types of asset-backed securities.  New LIBOR-based securities are no longer being issued by these entities, except for certain re-securitizations, which will cease on June 30, 2023.  If you invest in asset-backed securities, then you may want to have a conversation with your broker or investment adviser about how the LIBOR transition may affect your specific holdings of asset-backed securities.  Fannie Mae and Freddie Mac have also prepared frequently asked questions relating to the LIBOR transition that you may want to review.   

    Mutual funds and ETFs.  Mutual funds and ETFs that you own may have invested in individual stocks, municipal bonds, corporate bonds, bank loans and/or securitizations that have risks related to the LIBOR transition.  You along with your broker or investment adviser may want to assess the nature and character of the mutual funds and ETFs you are invested in to determine how much exposure to LIBOR transition risk you have.  Certain types of a mutual funds or ETFs may merit closer review, particularly those investing in companies in the real estate, banking, or insurance industries or specific municipal and corporate bonds, including floating rate debt, and bank loans. 

    You can review a fund’s principal strategies and risk disclosure in its prospectus.  The SEC’s Division of Investment Management has encouraged funds affected by the LIBOR transition to provide investors with tailored risk disclosures that specifically describe the impact of the transition on their holdings.

    Adjustable rate mortgages.  Many adjustable rate mortgages—a mortgage where the interest rate adjusts to the then prevailing market rate after a period of time—are tied to LIBOR as the reference rate.  In 2016, there was an estimated $1.2 trillion in residential mortgages with an interest rate based on LIBOR. 

    If you have an adjustable rate mortgage based on LIBOR, consider consulting with your lender or loan servicer or read the documentation to understand how you may be affected by the LIBOR transition. Read this blog from the Consumer Financial Protection Bureau (CFPB) for more information. 

    Student loans.  Similar to adjustable rate mortgages, student loans can have variable rates based on LIBOR.  If you have a variable rate student loan, consult with your lender or loan servicer or read the documentation to understand how you may be affected by the LIBOR transition.  If you are planning on obtaining a new student loan or refinancing an existing one, consider the LIBOR transition in your decision making.

    Other consumer products.  Other consumer credit products such as credit cards, auto loans and personal loans and lines of credit can also have variable rates based on LIBOR.  You should review the financial products that you hold, particularly those that operate with a variable interest rate, in light of the LIBOR transition.

    Additional Resources

    To learn how the SEC is addressing the LIBOR transition, see the Staff Statement on LIBOR Transition, the Office of Municipal Securities Staff Statement on LIBOR Transition In The Municipal Securities Market, and the Staff Statement on LIBOR Transition—Key Considerations for Market Participants.

    To learn more about adjustable rate mortgages, see the CFPB’s Consumer Handbook on Adjustable Rate Mortgages (CHARM) booklet.

    For additional investor educational information, see the SEC’s website for individual investors, Investor.gov.

    Call OIEA at 1-800-732-0330, ask a question using this online form, or email us at Help@SEC.gov.

    Receive Investor Alerts and Bulletins from OIEA email or RSS feed.  Follow OIEA on Twitter.  Like OIEA on Facebook.

    MIL OSI USA News –

  • MIL-OSI USA: Warren, Khanna, Lawmakers Urge Biden Administration to Develop Strong Guardrails for Carbon Sequestration Tax Credit

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    September 23, 2024
    “The absence of robust requirements has severely hindered the effectiveness of 45Q.”
    Text of Letter (PDF)
    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Angus King (I-Maine), along with Representatives Ro Khanna (D-Calif.), Alma Adams (D-N.C.), Pramila Jayapal (D-Wash.), and Jan Schakowsky (D-Ill.), wrote to the U.S. Department of the Treasury (Treasury), the Internal Revenue Service (IRS), and the U.S. Environmental Protection Agency (EPA), urging the agencies to develop strong guardrails for the 45Q tax credit, which is designed to encourage carbon capture and sequestration (CCS) projects. 
    The 45Q credit was initially designed to incentivize investment in CCS and emission reductions. However, the credit has been primarily used to “increase oil production from aging wells, canceling out most of the emissions reduction benefit.” In 2022, Congress expanded the tax credit through the Inflation Reduction Act (IRA), allowing more companies to claim the credit and receive more money per ton of carbon captured. The IRS is expected to release updated guidelines about the tax credit later this year, and the Department of Treasury has estimated that the 45Q tax credit could cost taxpayers up to $30.3 billion over the next ten years.
    In 2020, the Treasury Inspector General for Tax Administration (TIGTA) found that between 2010 and 2019, 87% of tax credit claims, worth almost $900 million dollars, were awarded to taxpayers who did not meet the EPA’s verification requirements. Currently, IRS examiners are not required to coordinate with EPA personnel to confirm the amount of carbon sequestered by companies claiming the credit, even allowing self-certification in some instances.  
    The lawmakers make three recommendations for the tax credit to be effective. First, the IRS should require independent, third-party verification of carbon sequestration. Second, the IRS and the EPA must coordinate effectively through a memorandum of understanding to more effectively share basic data about the credit’s implementation. Third, the IRS should require stricter record-keeping requirements and establish a 12-year recapture period, during which every company receiving the tax credit needs to maintain detailed records of their carbon sequestration amounts. 
    The following organizations endorsed the letter: Taxpayers for Common Sense, Evergreen Action, the Vessel Project, Port Arthur Community Action Network, Better Bayou, Healthy Gulf, Eco-Justice Collaborative, Science Roundtable on Carbon Capture and Storage, Food and Water Watch, Ohio River Valley Institute, Better Path Coalition, No False Solutions PA, Save Our Illinois Land, Physicians for Social Responsibility Pennsylvania, Mid-Ohio Valley Climate Action, Center for Coalfield Justice, Watchdogs of Beaver County, Clean Air Council and Environmental Health Project. 
    “We need an end to weak oversight and poor safeguards that could allow some of the richest companies in the world to take public money without delivering the real, measurable climate benefits the policy intended. The IRS must act decisively to ensure this tax credit is used only as a genuine tool for carbon reduction by implementing robust, enforceable guardrails. This is the administration’s chance to stop subsidizing climate pollution and ensure the credit has real oversight,” said Craig Segall, Senior Vice President, Evergreen Action.
     “Senator Warren, Representative Khanna, and their Congressional colleagues are asking for what every taxpayer deserves – guardrails and transparency measures that ensure the 45Q tax credit is being used appropriately and effectively to reduce greenhouse gas emissions,” said Autumn Hanna, Vice President of Taxpayers for Common Sense. “To date the vast majority of the carbon capture tax credit has gone to companies pumping carbon into wells to get more oil. But the country can’t afford to give more unchecked subsidies to the oil and gas industry. With an estimated cost of more than $30 billion by 2033, we must take strong steps to avoid any chance of fraud or abuse.”
    The lawmakers requested a briefing from the three agencies by October 4, 2024. 
    Senator Warren has long worked to protect taxpayer money and ensure strong implementation of climate policy: 
    In June 2024, Senator Elizabeth Warren and Representative Sean Casten (D-Ill.) led a letter to the Federal Reserve Board (Fed), Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), urging regulators to stop their obstruction of global financial regulators’ work to tackle climate-related financial risks. The lawmakers also called out the weaknesses revealed by the Fed’s 2023 “pilot scenario analysis” exploring six major banks’ resilience to climate-related financial risks.
    In May 2024, Senator Elizabeth Warren and Congressman Robert Garcia (D-Calif.) reintroduced the BUILD GREEN Infrastructure and Jobs Act, which would authorize the U.S. Department of Transportation to distribute $500 billion over ten years to electrify and modernize public vehicles and rail and build new electric transportation infrastructure across the country. The bill would also create 1 million new jobs, save $100 billion annually in health damages, and prevent 4,200 deaths per year from air pollution.
    In April 2024, Senator Elizabeth Warren and Representatives Sean Casten (D-Ill.) and Veronica Escobar (D-Texas), urged the Federal Acquisition Regulation (FAR) Council, composed of the Department of Defense (DoD), General Services Administration (GSA), and the National Aeronautics and Space Administration (NASA), to finalize the Federal Supplier Climate Risks and Resilience Rule as quickly as possible.
    In March 2024, Senator Elizabeth Warren (D-Mass.), released a statement describing the Securities and Exchange Commission’s (SEC) finalized climate risk disclosure rule as “the bare minimum.”
    In September 2023, Senators Elizabeth Warren, Bernie Sanders (I-Vt.), Martin Heinrich (D-N.M.), Ed Markey (D-Mass.), Sheldon Whitehouse (D-R.I.), and Jeff Merkley (D-Ore.) called on the Treasury Department to take key actions pertaining to climate and climate-related financial risk to avert the impending environmental and economic crises.
    In September 2023, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Elizabeth Warren urged Chair Gensler to quickly finalize a strong climate risk disclosure rule, reminding him that he has a mandate to protect investors and strong public support.
    In March 2023, Senators Elizabeth Warren, Sheldon Whitehouse (D-R.I.), and Representatives Dan Goldman (D-N.Y.) and Jamie Raskin (D-M.D.) and 47 of their colleagues sent a letter to SEC Chair Gary Gensler, urging him to protect investors and finalize a strong climate disclosure rule without further delay.
    In September 2022, at a hearing of the Senate Banking, Housing, and Urban Affairs Committee, Senator Elizabeth Warren called on SEC Chair Gary Gensler to protect investors and stand up to fossil fuel lobbying by issuing a strong climate risk disclosure rule quickly.
    In June 2022, Senator Elizabeth Warren led a comment letter with Senators Sheldon Whitehouse (D-R.I.) and Brian Schatz (D-Hawaii) on the SEC’s mandatory climate disclosure rule, highlighting several areas for improvement and key elements that the SEC should preserve in its final rule, including strong Scope 3 emissions disclosure requirements.
    In March 2022, Senator Elizabeth Warren led a letter with Senators Sheldon Whitehouse (D-R.I.) and Brian Schatz (D-Hawaii) urging the SEC to require disclosure of anti-climate lobbying activities in the Commission’s rule.
    In May 2021, Senator Elizabeth Warren and then-Congressman Andy Levin (D-Mich.) introduced the Buy Green Act to use the enormous breadth of U.S. federal procurement to help fight the climate crisis, spur innovation, and boost demand for American-made clean energy products at home and in the rapidly-growing markets for green products abroad.
    In May 2021, Senator Elizabeth Warren and then-Congressman Andy Levin (D-Mich.) introduced the National Institutes of Clean Energy Act of 2021, legislation that would invest $400 billion over the next ten years to establish and operate a new system of institutes at the Department of Energy dedicated to research and development (R&D) of advanced clean energy technologies.
    In April 2021, Senator Elizabeth Warren and Representative Sean Casten (D-Ill.) reintroduced the Climate Risk Disclosure Act of 2021 which would reduce the chances of environmental and financial catastrophe by requiring public companies to disclose more information about their exposure to climate-related risks.
    In March 2021, Senator Elizabeth Warren unveiled the BUILD GREEN Infrastructure and Jobs Act which would invest $500 billion over ten years in state, local, and tribal projects to jumpstart the transition to all electric public vehicles and rail and help modernize the nation’s crumbling infrastructure. 

    MIL OSI USA News –

  • MIL-OSI USA: Van Hollen, Sherman Introduce Bicameral Legislation to Eliminate Corporate Insiders’ Unfair Advantage in Stock Sales

    US Senate News:

    Source: United States Senator for Maryland Chris Van Hollen
    September 23, 2024
    Legislation closes 8-K trading gap, preventing executives from profiting before significant problems are disclosed to the SEC, public
    U.S. Senator Chris Van Hollen (D-Md.), a member of the Senate Banking, Housing and Urban Affairs Committee, and Congressman Brad Sherman (D-Calif.), a member of the House Financial Services Committee, have reintroduced the 8-K Trading Gap Act. This bicameral legislation prevents executives and other corporate insiders, including foreign issuers, from profiting off the gap between the occurrence of a significant event – such as bankruptcy or an acquisition – and its legally-mandated disclosure to the Securities and Exchange Commission (SEC) and the general public. Under current law, companies have four days to file the 8-K disclosure form with the SEC, but they are not barred from trading in advance of the filing – giving them an unfair advantage. The 8-K Trading Gap Act would close this gap by requiring the SEC to write a rule to prohibit insiders from making trades during this four-day period.
    “The 8-K trading gap gives corporate executives a major loophole to cash in on their stocks when major changes are about to hit – before shareholders and the public are made aware. With the 8-K trading gap, insiders get a several-day head start to make lucrative financial moves prior to a major stock price-altering announcement. Our legislation will close this harmful loophole to prevent insiders from benefitting from this unfair advantage while ensuring a fairer market for the public,” said Senator Van Hollen.
    “The integrity of our capital markets rely on transparency and equal access to information and trading opportunities for all market participants,” said Congressman Brad Sherman. “As Ranking Member of the Subcommittee on Capital Markets, investor protection is at the forefront of my priorities. Our capital markets remain the envy of the world because Congress passed laws to make them transparent and fair. This bill is a vital step toward safeguarding our markets and ensuring that everyone plays by the same set of rules.”
    This legislation has been endorsed by the Healthy Markets Association.
    The text of the bill is available here.

    MIL OSI USA News –

  • MIL-Evening Report: In the rare event of a vaccine injury, Australians should be compensated

    Source: The Conversation (Au and NZ) – By Nicholas Wood, Professor, The Children’s Hospital at Westmead Clinical School, University of Sydney

    PeopleImages.com – Yuri A/Shutterstock

    Vaccination is one of the most effective methods to protect individuals and the broader public from disease. Vaccines are typically given to healthy people to prevent disease, so the bar for safety is set high.

    People benefit from vaccination at an individual level because they’re protected from disease. But for some vaccines, strong community uptake leads to “herd immunity”. This means people who are unable to be vaccinated can be protected by the “herd”.

    As with any prescribed medicine, vaccines can cause side effects. In the rare case that COVID vaccines did cause a specified serious injury (the scheme listed certain conditions that a person could claim for), Australians have been able to claim compensation. But this ends at the end of this month.

    From then, Australians won’t be able to access no-fault compensation for any vaccine injury – from COVID or any others.

    Why compensate people for vaccine injuries?

    Fortunately, serious vaccine injuries are rare. Most are not a result of error in vaccine design, manufacturing or delivery, but are a product of a small but inherent risk.

    As a result, people who suffer serious vaccine injuries cannot get compensation through legal mechanisms. This is because they can’t demonstrate the injury was caused through negligence.

    Vaccine injury compensation schemes compensate people who have a serious vaccine injury following administration of properly manufactured vaccines.

    The COVID vaccine claims scheme

    In 2021, in recognition of the rare risk of a serious vaccine injury, and in support of the roll out of the COVID vaccine program, the Australian government introduced a COVID vaccine claims scheme.

    The aim was to provide a simple, streamlined process to compensate people who suffered a moderate to severe vaccine injury, without the need for complex legal proceedings. It was limited to TGA-approved COVID vaccines, and to specific reactions.

    The Australian government has said the scheme will close this month and claims need to be lodged before September 30 2024.

    Following its closure, Australia will not have a vaccine injury compensation scheme.

    Australia is lagging internationally

    Australia lags behind 25 other countries including the United States, United Kingdom and New Zealand which have comprehensive no-fault vaccine injury compensation schemes. These cover both COVID and non-COVID vaccines.

    The schemes are based on the ethical principle of “reciprocal justice”. This acknowledges that people acting to benefit not just themselves but also the community (for the benefit of the “herd”) should be compensated by the same community if it has resulted in harm.

    The US, UK and New Zealand all have vaccine injury compensation schemes.
    Monkey Business Images/Shutterstock

    So what happens in Australia now?

    In Australia, people with non-COVID vaccine injuries or COVID vaccine injuries not covered by the current claims scheme must bear the costs associated with their injury by themselves or access publicly funded health care. They will not receive any compensation for their injury and suffering.

    Australia’s National Disability Insurance Scheme (NDIS) provides funding support to access therapies for people with a permanent and significant disability. However, it does not cover temporary vaccine-related injuries.

    Participants with vaccine injuries as a result of taking part in a clinical vaccine trial are compensated. This typically includes income-replacement, personal assistance expenses and reimbursement of expenses resulting from the incident, including medical expenses.

    In Australia, we also have strong compulsion for people to receive routine vaccines through legislative requirements such as No Jab No Pay (which requires children to be immunised to receive some government payments) and, in some states, No Jab No Play (which requires children be fully immunised to attend childcare).

    Countries such as ours that mandate vaccination without providing no-fault injury compensation schemes for rare vaccine injury could be abrogating the social contract by not protecting the individual and community.

    It’s time to set up an Australian scheme

    The Australian immunisation system is among the most comprehensive in the world. Our government-funded national immunisation program provides free vaccines for infants, children and adults for at least 15 diseases.

    We also have a whole-of-life immunisation register and comprehensive vaccine safety surveillance system.

    Australia’s immunisation program provides vaccines for at least 15 different diseases.
    sergey kolesnikov/Shutterstock

    A recent Senate committee recommended:

    the Australian government consider the design and compensation arrangements of a no-fault compensation scheme for Commonwealth-funded vaccines in response to a future pandemic event.

    Vaccines are designed to be very safe and effective. But the “insurance policy” of an injury compensation scheme, if designed and communicated appropriately, should build trust and give confidence to health workers and the general public to support our national vaccine program. This is particularly important given the reductions in uptake of routine vaccines.

    How should it work?

    A no-fault vaccine injury compensation scheme could be funded via a vaccine levy system, as is done in the US, where an excise tax is imposed on each dose of vaccine.

    An effective vaccine injury compensation scheme needs to be:

    • accessible, with low legal and financial barriers
    • transparent, with clear decision-making processes, compensation frameworks and funding responsibilities
    • timely, with short, clear timeframes for decision-making
    • fair, with people compensated adequately for the harm they’ve suffered.

    Legislation to introduce and allocate funds to support an Australian injury compensation scheme for all vaccines is overdue. The draft National Immunisation Strategy 2025–2030 hinted at the opportunity to explore the feasibility of a no fault compensation scheme for all vaccines the Australian government funds, without committing to such a program.

    An Australian vaccine injury scheme, covering all national immunisation program vaccines, not just pandemic use vaccines, should be seen as a crucial component of our public health system and a social responsibility commitment to all Australians.

    Nicholas Wood previously received funding from the NHMRC for a Career Development Fellowship and is a Churchill Fellow.

    Sophie Wen receives funding from Queensland Government for an Advancing Clinical Research Fellowship and is a Mary McConnel career boost program recipient from Children’s Hospital Foundation. Sophie Wen is an investigator for several industry-sponsored clinical vaccine trials but does not receive any direct funding.

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

    – ref. In the rare event of a vaccine injury, Australians should be compensated – https://theconversation.com/in-the-rare-event-of-a-vaccine-injury-australians-should-be-compensated-232396

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Representative Doggett and Senator Warren Lead Members Urging Biden Administration to Lower Price of Popular Weight-Loss Drugs

    Source: United States House of Representatives – Congressman Lloyd Doggett (D-TX)

    Contact: Alexis.Torres@mail.house.gov

    Washington, D.C.—Today, U.S. Representative Lloyd Doggett (D-TX-37) and U.S. Senator Elizabeth Warren (D-Mass.) led an effort to urge the Biden Administration to improve American health and well-being by lowering the cost of vital weight-loss drugs. Specifically, the members are calling for Health and Human Services (HHS) Secretary Xavier Becerra to use existing legal authority to issue generic licenses for semaglutide, a prescription drug commonly used to treat obesity and diabetes and is sold under the brand names of Ozempic and Wegovy. Similarly, a coalition of more than 20 organizations has also called on Secretary Becerra to take such action.

    “With a sticker price of up to $1,400 per month, patients can rarely afford Wegovy or Ozempic out-of-pocket and few insurance plans offer complete coverage due to the prohibitive cost,” the members wrote. “One study has found that covering these drugs for just 10% of Medicare beneficiaries with obesity would cost taxpayers $27 billion a year. Coverage for all Americans would cost nearly $1 trillion. A recent report from the Congressional Budget Office (CBO) estimated that the cost to cover these drugs would outweigh any savings from reduced utilization of associated health services and treatments.” 

    “Manufacturers will frequently cite the cost of innovation and the need to recoup research and development costs as the reason for charging sky-high prices.  Yet, time and again, this is debunked,” the members continued. “In the case of Ozempic and Wegovy, the manufacturer has earned over $38 billion in revenue from these two drugs and Goldman Sachs Research predicts revenue will reach $100 billion within this decade.  Meanwhile, last year, the manufacturer spent nearly twice as much on enriching its shareholders with stock buybacks and dividends ($8.95 billion) than on research and development ($4.71 billion).

    Under Section 1498, a more than a century-old statutory authority, the Biden Administration may lower prices by permitting generic competitors to license patented inventions in exchange for reasonable compensation to the brand-name manufacturer. By exercising this existing authority, HHS could help stabilize the health care market while meeting high consumer demands at more affordable prices.

    Additional signers include Senator Jeff Merkley (D-OR) and Representatives Eleanor Holmes Norton (D-DC), Sheila Cherfilus-McCormick (FL-20), Ro Khanna (CA-17), Pramila Jayapal (WA-07), Cori Bush (MO-01), Mark Pocan (WI-02), Jan Schakowsky (IL-09), Rashida Tlaib (MI-12), Mark Takano (CA-39), Rosa DeLauro (CT-03), Greg Casar (TX-35) and Barbara Lee (CA-12).  

    The letter in full can be found here and below. 

    Dear Secretary Becerra:  

    We write to strongly urge you to use your existing legal authority under 28 U.S.C. § 1498 to protect the public’s health and safety to ensure reasonable prices on semaglutide, a prescription drug sold under the brand names of Ozempic and Wegovy and commonly used to treat diabetes and obesity.  By utilizing your competitive licensing authority to permit generic competitors to Wegovy and Ozempic, you can stabilize supplies at a time of enormous demand and lower outrageous prices that have severely limited access to these life-changing drugs.  

    Approximately 38 million, or one in ten, Americans has diabetes, and an additional 100 million American adults have prediabetes. Nearly one-third of adults are overweight and 42% are obese.  Diabetes and obesity are associated with heart disease, stroke, kidney disease, and more.  Yet, the federal government has failed to restrain Big Pharma price gouging to ensure patients can afford the newest treatments.   

    With a sticker price of up to $1,400 per month, patients can rarely afford Wegovy or Ozempic out-of-pocket and few insurance plans offer complete coverage due to the prohibitive cost.  One study has found that covering these drugs for just 10% of Medicare beneficiaries with obesity would cost taxpayers $27 billion a year.  Coverage for all Americans would cost nearly $1 trillion. A recent report from the Congressional Budget Office (CBO) estimated that the cost to cover these drugs would outweigh any savings from reduced utilization of associated health services and treatments. 

    Due to budget-busting prices, only 16 states offer state employee or Medicaid coverage for these drugs.  About 34% of employer plans offer coverage and only about 1% of Affordable Care Act (ACA) Marketplace plans do the same.  Put another way, 99% of consumers with Marketplace plans have no access to these drugs, while 66% of workers with private employer plans and 68% of state employees and Medicaid recipients are denied access.  The few insurers that offer coverage for Ozempic and Wegovy often include several restrictions to limit the financial impact.  For example, the Department of Veterans Affairs requires patients with diabetes to try and fail with two or more medications before the VA will cover Ozempic.    

    We do not condemn the states and insurers that have limited access to these drugs under such difficult circumstances.  It would be irresponsible to offer unlimited coverage when prices are also unlimited.  The North Carolina State Health Plan ended coverage after spending $100 million in a single year on these drugs—spending that would have required insurance premiums to double to offset the cost. If half of all Americans with obesity could access these drugs, it would cost an estimated $411 billion a year, more than all existing prescription drug spending in the U.S. 

    We do not need to waste taxpayer dollars, bankrupt health systems, or deny patients access to effective treatments.  We can save consumers’ health and be fiscally responsible by stopping Big Pharma monopoly abuse.  These drugs cost Americans up to 15 times more than patients in peer countries like Canada, Japan, Germany, the UK, and Denmark. There is no reason for Americans to pay the world’s highest prices, substantially more than other wealthy Nations, for the exact same medicines.  

    Manufacturers will frequently cite the cost of innovation and the need to recoup research and development costs as the reason for charging sky-high prices.  Yet, time and again, this is debunked.  In the case of Ozempic and Wegovy, the manufacturer has earned over $38 billion in revenue from these two drugs and Goldman Sachs Research predicts revenue will reach $100 billion within this decade. Meanwhile, last year, the manufacturer spent nearly twice as much on enriching its shareholders with stock buybacks and dividends ($8.95 billion) than on research and development ($4.71 billion).   

    The exorbitant prices paid by Americans are financing corporate greed, not innovation.  While we recognize the important role of the private sector in research and development and support the ability to make a reasonable profit, industry interests should not outweigh meeting health and safety needs for all consumers and providing accountability to taxpayers.  When manufacturers use their monopoly power to extract unfair and unjustified prices at the expense of consumers, the federal government must restrain such abuse.   

    Under Section 1498, the Administration has the clear authority to license generic competition on any patented invention “used or manufactured by or for the United States.”  Rightly, patentholders are entitled to reasonable compensation set by the U.S. Court of Federal Claims.  This law ensures Americans may access important goods while protecting the rights of inventors and providing fair compensation.  For over a century, this authority has been used across technologies, ranging from fraud detection banking software and electronic passports to methods of removing hazardous waste.  Section 1498 has also been used to authorize generic, lower cost drugs, and just the threat of this authority, has incentivized brand-name manufacturers to voluntarily cut prices.   

    You have the opportunity and responsibility to dramatically improve health care access and achieve substantial taxpayer savings by using Section 1498 to authorize generic competitors to Ozempic and Wegovy.  We strongly urge you to use your clear statutory authority and stand ready to assist in your efforts to deliver long overdue relief to American taxpayers and consumers. 

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Arrington Holds “Cost of the Biden-Harris Energy Crisis” Hearing

    Source: United States House of Representatives – Congressman Jodey Arrington (TX-19)

     WASHINGTON, D.C. – Today, House Budget Committee Chairman Jodey Arrington (TX-19) delivered opening remarks at the hearing “The Cost of the Biden-Harris Energy Crisis.”

     

    Opening Statement as Delivered:

    “Our hearing today focuses on the fiscal cost and economic consequences of the Biden-Harris Administration’s failed economic and energy policies. Those costs have been significant and measurable, and the consequences have been manifold and dire.

    The whole government regulatory attack on conventional fuels, the increased taxes on oil and gas, and massive market-distorting green energy subsidies have choked the lifeblood of the greatest economy in the world. It’s also crushed our working families with a cost-of-living crisis, and it has compromised our national security by making the United States more reliant on foreign adversaries.

    The Biden-Harris Administration has issued 250 executive actions against one industry, an industry that employs 10 million people with high wage jobs and represents almost 10 percent of our total economy, and has had, no doubt, a positive impact on every facet of our daily lives by producing the most reliable, affordable, and abundant source of energy as a result of our God-given blessed resources and the most innovative and efficient energy industry operators.

    We have the strongest and most dynamic economy in the world. It’s why we have the greatest fighting force in the world, and it’s why we are the world’s superpower. But today, the failed energy policy is driven by what I believe is an extreme climate agenda that has undermined all of the above. It’s resulted in higher gas prices at the pump, as high as over $5 dollars, the highest we’ve ever seen and experienced in this country, on average, it’s been $1 dollar more per gallon in cost than the previous Administration.

    The cost of electricity has gone up now 25- 30 percent for families. The total consumption cost for average-income families is almost twice what it was in the previous administration. Policies have consequences, and that consequence for families is a whopping $1,700 per family per year. These costs on the economy and our consumers, the American people, are a direct result of the policies of the Biden-Harris Administration.

    On his first day in office, President Biden canceled the Keystone XL Pipeline, which would have saved us in transportation cost and safety, $50 billion but it didn’t stop there. It was all critical infrastructure in the links of the supply chain, from export terminals to permitting refineries and other pipelines. Biden-Harris’s moratorium on drilling on public lands will cost $33 billion in lost GDP and roughly 60,000 jobs. There have been overreaching and overburdening emission regulations coming out of the EPA. Think about the methane gas rule. We’ve seen a 66 percent reduction by the industry over the last several years in methane gas emissions.

    The EV mandate alone, the tailpipe emissions, cost $870 billion over roughly 20 years. They’ve depleted our strategic petroleum reserves to smooth off the edge of the spike in prices, and we’re now down with the strategic petroleum reserve at a 40-year low. On the subsidy side, there are $800 billion in tax subsidies for green energy corporations, and some studies say that 70 percent of that value will be accrued to China because of their rare earth mineral mining and parts to the renewable energy industry. The EV tax credit is, in many ways, going to upper-middle and upper-income individuals, and I want to dig into that with you. The impact on middle-class families and our minority communities here in the United States is hard. 

    The fiscal health of our country is in decline. I think we all agree with that. You can’t look at the balance sheet, you can’t look at CBO’s projections, you can’t look at the debt to GDP, which is higher than it’s been since World War II and more. We have to rein-in spending and we have to grow this economy. We must have policies that encourage and foster growth, and central to that are good energy policies. If we can grow 1 percent, we can save $3 trillion to put against the deficit. If we grow 1 percent, we can add $10,000 over 10 years and hardworking Americans’ pocketbooks. We can bring the debt to GDP down by at least 20 percentage points.

    Growth is key, and the lifeblood of that growth is energy policies. We’ve seen the opposite of it, disastrous energy policies and disastrous results. We must make a change if we’re going to get our country on a good fiscal path and hand it to our children in the manner that gives them the opportunities and prosperity that we’ve all enjoyed.”

     

    MIL OSI USA News –

  • MIL-OSI USA: Investor Bulletin: SIPC Protection (Part 2: Filing a SIPC Claim)

    Source: Securities and Exchange Commission

    The SEC’s Office of Investor Education and Advocacy and the Securities Investor Protection Corporation (SIPC) are issuing two Investor Bulletins to help educate investors about SIPC protection for brokerage accounts. The first Investor Bulletin (“SIPC Basics”) will provide investors with an overview of how SIPC protection works and what it protects, and the second Investor Bulletin (“Filing a SIPC claim”) will provide investors with an overview for how to file a SIPC claim.

    If you have an investment account at a SIPC member brokerage firm that closes due to bankruptcy or other financial difficulties, here are some steps to take and issues to consider if you need to file a claim for SIPC protection.

    IMPORTANT: THE CLOSURE OF A SIPC-MEMBER BROKERAGE FIRM MAY NOT REQUIRE A PROTECTION PROCEEDING OR THE FILING OF A CLAIM FOR SIPC PROTECTION.  A CLOSED SIPC MEMBER MAY BE ABLE TO TRANSFER ITS CUSTOMER ACCOUNTS TO ANOTHER SIPC-MEMBER BROKERAGE FIRM WITHOUT THE NEED FOR SIPC’S INTERVENTION.  THE APPROPRIATE REGULATORS WILL MONITOR THESE CLOSURES, AND IF SIPC INITIATES A PROTECTION PROCEEDING TO LIQUIDATE A BROKERAGE FIRM, ITS CUSTOMERS WILL BE NOTIFIED OF THE CLAIMS PROCESS.

    Once I have a securities account with a SIPC member, how does SIPC protection work?

    SIPC initiates a customer protection proceeding

    SIPC protection applies only when a brokerage firm is unable to meet its obligations to customers and has been placed in liquidation under the Securities Investor Protection Act of 1970 (SIPA).  SIPC relies upon regulators such as the SEC or the Financial Industry Regulatory Authority (FINRA) to notify SIPC when customers need its protection.

    When SIPC determines that a brokerage firm (1) has failed or is danger of failing to meet its obligations to customers and (2) meets a specified condition such as insolvency or an inability to meet certain financial responsibility guidelines, SIPC will ask a court to place the brokerage firm into liquidation under SIPA for the protection of its customers and appoint a trustee to oversee the liquidation of its brokerage business.  This date usually is considered the “filing date,” which will be used to value the securities in customer accounts.

    Importantly, SIPC also pays the administrative costs of the liquidation, including attorneys’ fees, if the brokerage firm is insolvent.  This means that even if the brokerage firm lacks funds to pay the costs of the liquidation, the trustee can still process claims, distribute customer property, and recover stolen or fraudulently transferred customer property.

    You must file a claim in the liquidation

    The trustee’s primary goal in the liquidation is the prompt return of customer property to customers.  You will be notified of the liquidation and mailed a claim form, and you must file a timely claim with the trustee.  On the claim form, you should describe, as of the filing date, the cash and securities that are owed to you by the brokerage firm and the cash and securities that you owe to the brokerage firm.

    Customer claims are given two deadlines, each calculated from the date of notice of the commencement of the liquidation is published: If you file a claim within the first deadline (set by the court, usually either 30 or 60 days) and request that the trustee return securities custodied with the broker, the trustee must return the securities unless they are unavailable and cannot be purchased in a fair and orderly market. If you file after the first deadline but within a six-month deadline set under SIPA, the trustee has the option of delivering securities or paying the cash value of the securities as of the filing date, depending upon which is more economical.  Claims filed after the six-month deadline will be denied as untimely, and the customer property is forfeited.  Except for very narrow exceptions inapplicable to most customers, this deadline cannot be extended.

    As the customer, you must establish the validity of your claim and your entitlement to assets.  If possible, you should provide any documents that support your claim, including copies of account statements, trade confirmations, and any relevant correspondence with the brokerage firm.  If needed, the trustee may ask you for more information. The trustee will also have access to the brokerage firm’s books and records and in most cases will be able to use those records to determine what you are owed.

    You may also make a claim for unauthorized trading to recover the property which was the subject of the unauthorized trade.  You must support your claim with evidence that the trade was unauthorized, typically in the form of a timely written complaint to your brokerage firm.  Otherwise, you could be deemed to have accepted the trade.

    The trustee satisfies claims

    Brokerage firms, under regulation by the SEC and FINRA, are required to segregate customer property from the brokerage firm’s business. This means that if a brokerage firm fails, all customer property should be intact, separate from the failed business.  If possible, the trustee in a SIPA liquidation will attempt to bulk transfer customer accounts to a new brokerage firm, and you could have access to your account as quickly as within a week.  While this can be accomplished without you filing a claim, you should still do so in case the transfer does not make your account whole.

    The trustee pools the available customer property custodied with the brokerage,  excluding customer name securities, and distributes it to customers with valid claims on a prorated basis.  Securities are valued as of the filing date.  The trustee may also bring legal actions to recover stolen or fraudulently transferred customer property, for further distribution to customers.  Customer name securities are treated separately and are delivered to the customer in whose name they are registered – i.e., not on a prorated basis – provided that the customer is not indebted to the member.

    • To illustrate, suppose you have a valid claim for shares of Company ABC registered in your name worth $300,000, plus $1,000,000 in securities registered in “street” name.  The trustee recovers 75% of the customer property the brokerage firm owes its customers.  The trustee will deliver to you the shares of Company ABC, assuming the shares are in the broker’s custody, plus $750,000 of customer property, either as securities or cash in lieu of securities, depending on the availability of securities and when you filed your claim.  The shortfall of $250,000 will be satisfied by a SIPC advance.

    SIPC may advance up to $500,000 per customer (including a $250,000 limit on cash in the account) for customer protection.  The benefit of this advance is two-fold.  First, the trustee can use it to accelerate the satisfaction of claims while the trustee gathers and recovers customer property.  Second, if the trustee’s prorated distribution of customer property does not fully satisfy your claim, the advance can be used to restore missing property and cover any shortfall.  To illustrate these limits:

    • Customer A has a valid claim for $400,000 in securities and $200,000 in cash.  SIPC will advance $500,000 for this customer’s protection.  The remaining $100,000 may be distributed as part of Customer A’s prorated share of customer property.
    • Customer B has a valid claim for $200,000 in securities and $400,000 in cash.  SIPC can only advance $450,000 for this customer’s protection: $200,000 for securities and the limit of $250,000 for cash.  The remaining $150,000 may be distributed as part of Customer B’s prorated share of customer property.

    If your customer claim is not fully satisfied by the trustee’s prorated distribution of customer property plus the SIPC advance of up to $500,000, then you will become a general creditor.  The unsatisfied portion of your customer claim becomes an unsecured creditor claim against the general estate (i.e., the unsecured business assets, excluding customer property) of the brokerage firm in liquidation.

    What About Excess SIPC Coverage?

    SIPC’s protection is provided under federal law, and it does not offer any way to purchase additional protection.  Brokerage firms, however, may have insurance policies called “excess SIPC coverage” which apply once SIPC protection is exhausted and may partially cover remaining losses.  Excess SIPC coverage is offered by private insurance carriers to brokerage firms and may operate differently than the protections available under SIPA.  SIPC does not maintain information about excess SIPC coverage or monitor or regulate such offerings.  Questions about excess SIPC coverage should be directed to your brokerage firm.

    Additional Resources

    Investor Bulletin: SIPC Protection (Part 1: SIPC Basics) (https://www.investor.gov/introduction-investing/general-resources/news-alerts/alerts-bulletins/investor-bulletins-101)

    SIPC Brochure: How SIPC Protects You (https://www.sipc.org/media/brochures/HowSIPCProtectsYou-English-Web.pdf)

    SIPC Brochure: The Investor’s Guide to Brokerage Firm Liquidations (https://www.sipc.org/media/brochures/Liquidations-Web.pdf)

    Investor.gov Glossary: Securities Investor Protection Corporation (https://www.investor.gov/introduction-investing/investing-basics/glossary/securities-investor-protection-corporation-sipc)

    FINRA Investor Alert: If a Brokerage Firm Closes Its Doors (https://www.finra.org/investors/insights/if-brokerage-firm-closes-its-doors)

    FINRA: Your Rights Under SIPC Protection (https://www.finra.org/investors/need-help/your-rights-under-sipc-protection)

    FDIC: Understanding Deposit Insurance (https://www.fdic.gov/resources/deposit-insurance/understanding-deposit-insurance/index.html)

    For more information regarding SIPC, please visit SIPC’s website (www.sipc.org).  If you have any questions regarding SIPC and the protection that it provides, you can email SIPC at asksipc@sipc.org.

    Visit the SEC’s website for individual investors, Investor.gov.

    Call OIEA at 1-800-732-0330, ask a question using this online form, or email us at Help@SEC.gov.

    Receive Investor Alerts and Bulletins from OIEA by email or RSS feed. Follow OIEA on Twitter. Like OIEA on Facebook.

    MIL OSI USA News –