NewzIntel.com

Category: Finance

  • MIL-OSI USA: Law Enforcement Cooperation Between United States and Mexico Results in Mexican Takedown of Cartel-Linked Alien Smugglers

    Source: US State of North Dakota

    Last night, extensive bilateral cooperation between the United States and Mexico resulted in the Mexico Attorney General’s Office “Fiscalía General de la República” (FGR) conducting a significant enforcement operation to dismantle a prolific transnational alien smuggling organization operating in Juarez, Chihuahua, along the U.S.-Mexico border.

    The targeted alien smuggling organization, a group based in Juarez, Mexico, utilizes smuggling corridors centered in the Anapra, Chihuahua / Santa Teresa, New Mexico area, employs Mexican nationals, many of whom are current and former members of various Mexico-based cartels, and is alleged to be responsible for illegally smuggling large numbers of individuals, including children, from Central America into El Paso, Texas. The criminal organization is also alleged to have kidnapped aliens seeking to enter the United States illegally and extorted their families for money before completing their smuggling journey. The enforcement operation included the execution of two arrest warrants in Mexico for alleged alien smugglers Brian Alan Torres Gonzalez and Soledad Morales Nava. Torres and Morales are Mexican citizens and will be prosecuted in Mexico in part with evidence provided by the United States.

    “On her first day in office, the Attorney General directed the Department of Justice to prioritize efforts to achieve the total elimination of cartels and transnational criminal organizations, and empowered Joint Task Force Alpha (JTFA) to increase their contributions to this fight,” said Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division. “Today’s action by Mexican authorities is the latest example of how JTFA provides critical contributions to marshal the investigative and prosecutorial resources of the Department, and its law enforcement partners, to target human smugglers and enhance coordination in transnational law enforcement efforts to better combat these criminal organizations.”

    U.S. authorities provided assistance to the Mexico Attorney General’s Office through coordination under JTFA, which, since its creation in 2021, has marshalled the investigative and prosecutorial resources of the Department of Justice, in partnership with the Department of Homeland Security (DHS), to enhance U.S. enforcement efforts against the most prolific and dangerous human smuggling and trafficking groups operating in Mexico, Guatemala, El Salvador, Honduras, Colombia, and Panama. Attorney General Pamela Bondi has elevated JTFA to the Office of the Attorney General, to be jointly supervised by the Office of the Deputy Attorney General. The task force focuses on disrupting and dismantling smuggling and trafficking networks that abuse, exploit, and endanger migrants, pose national security threats, or are involved in organized crime. JTFA comprises detailees from U.S. Attorneys’ Offices along the border, along with dedicated prosecutor support by numerous components of the Justice Department’s Criminal Division, led by the Human Rights and Special Prosecutions Section (HRSP) and supported by the Money Laundering and Asset Recovery Section; the Office of Prosecutorial Development, Assistance and Training; the Narcotic and Dangerous Drug Section; the Office of Enforcement Operations; the Office of International Affairs; and the Violent Crime and Racketeering Section. JTFA also relies on substantial law enforcement investment from DHS, FBI, the Drug Enforcement Administration, and other partners. To date, JTFA’s work has resulted in more than 350 domestic and international arrests of leaders, organizers, and significant facilitators of human smuggling; more than 300 U.S. convictions; more than 245 defendants sentenced, including significant jail sentences imposed; and substantial seizures and forfeitures of assets and contraband including millions of dollars in cash, real property, vehicles, firearms and ammunition, and drugs.

    U.S. Immigration and Customs Enforcement Homeland Security Investigations (ICE HSI) El Paso assisted foreign investigative efforts in the United States, working in concert with the U.S. Border Patrol. Support from ICE HSI-Mexico City was critical in providing coordination between American and Mexican law enforcement agencies. The Justice Department — including the U.S. Attorney’s Office for the Western District of Texas in El Paso, HRSP, and the Office of the Judicial Attache in Mexico City — provided significant assistance in this matter.

    MIL OSI USA News –

  • MIL-OSI USA: Florida Businessman Sentenced in Connection with Migrant Labor Employment Scheme, Payroll Tax Evasion, and Worker Death

    Source: US State of California

    A Florida man was sentenced yesterday to 48 months in prison and ordered to forfeit more than $5.5 million to the United States as well as forfeit numerous real properties and cash, and to pay over $55 million in restitution for conspiracy to commit wire fraud, conspiracy to defraud the United States and willful violation of a workplace standard that resulted in the death of his employee. Manual Domingos Pita, of Wesley Chapel, previously pleaded guilty to those charges on July 9, 2024.

    According to court documents, Pita owned and operated Domingos 54 Construction, a subcontracting business for the wood framing of new construction homes. Domingos 54 was a shell construction company that Pita used to provide workers, including undocumented aliens, with construction jobs. However, Pita failed to secure the required workers compensation insurance coverage for these employees by falsifying in worker’s compensation insurance applications the number of workers for which he sought coverage. In addition, Pita failed to pay any federal employment taxes on the wages that these workers earned during the course of the scheme between 2018 and 2022. As a result, Pita caused several worker’s compensation insurance companies to sustain a loss of over $22.7 million in premiums that they could have charged had they been aware of the number of workers which they had been manipulated into covering with their policies. In addition, Pita failed to pay to the IRS over $33.7 million in federal employment taxes on those workers’ wages.

    Between February and July 2019, investigators with the Occupational Safety and Health Administration (OSHA) issued six citations to Domingos 54 for failure to provide fall protection to workers. Even after being cited for these violations, Pita continued to ignore OSHA requirements. In March 2020, Pita assigned a worker and three other carpenters to install sheeting on the roof of a residential home in windy conditions without providing the required fall-protection gear or ensuring its use. As a result, one of the workers was blown off the roof and died from his injuries.

    “Pita’s history of OSHA violations and deception tragically led to a worker’s death,” said Principal Deputy Assistant Attorney General Adam Gustafson of the Justice Department’s Environment and Natural Resources Division. “We are committed to upholding the rule of law by prosecuting fraud and enforcing worker safety standards.”

    “The defendant in this case engaged in a deliberate scheme to defraud insurance companies, the government and evade taxes, resulting in huge losses to the U.S. Treasury, and to personally enrich himself,” said Acting U.S. Attorney for the Middle District of Florida Sara C. Sweeney. “In addition, flagrant violations of OSHA safety standards put workers at unacceptable risk, ultimately resulting in the death of an employee. My office is committed to federally prosecuting and holding accountable anyone who violates these laws and regulations.”

    “Mr. Pita repeatedly violated the longstanding policies designed to protect the workforce which resulted in a tragic death,” said Special Agent in Charge Matthew Fodor of the FBI’s Tampa Field Office. “The FBI and its partners will aggressively pursue those who selfishly ignore the laws and policies in place to protect America’s workforce.”

    “Not only does this type of scheme give an illegal advantage over honest competitors, it intends to allow the use of illegal, undocumented labor to achieve that advantage,” said Special Agent in Charge Ron Loecker of IRS Criminal Investigation’s Tampa Field Office. “It’s a blatant form of cheating that undercuts fair competition, costs the government millions of dollars in tax revenue, and skirts our nation’s immigration laws. This case reaffirms our unwavering commitment to prosecuting those who engage in fraud at the expense of workers, taxpayers, and law-abiding businesses.”

    The FBI, IRS Criminal Investigation, Homeland Security Investigations, Florida Department of Financial Services’ Bureau of Insurance Fraud-Criminal Investigations and the Department of Labor’s Office of Inspector General investigated the case.

    Assistant U.S. Attorney Jay L. Hoffer for the Middle District of Florida and Senior Trial Attorney Banumathi Rangarajan of the Environment and Natural Resources Division’s Environmental Crimes Section prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI Australia: Rest and remember risks during National Driver Fatigue Week

    Source: New South Wales Ministerial News

    Published: 21 February 2025

    Released by: Minister for Regional Transport and Roads

    The Minns Labor Government is urging all road users to rest and stay off the road while tired after NSW recorded a 47 per cent rise in people losing their lives in fatigue related crashes last year.

    Sadly, 78 people died in fatigue-related crashes on NSW roads in 2024 compared to 53 people in 2023.

    Alongside speeding, drink and drug driving, fatigue is one of the top killers on NSW roads and the vast majority of crashes involving fatigue are happening on regional roads, with 69 of the 78 deaths occurring in regional communities in 2024.

    While heavy vehicles make up only 2 per cent of NSW motor vehicle registrations, heavy vehicle drivers accounted for around 26 per cent of fatigue related deaths on NSW roads last year.

    To help raise awareness of the dangers of driving fatigued, the Minns Labor Government is promoting fatigue safety and the benefits of taking a power nap during National Driver Fatigue Week which runs from February 21-27.

    The awareness and education effort builds on the government’s other suite of road safety initiatives which are aiming to reduce fatigue related crashes and improve road safety overall. These include:

    • Rolling out around $1 billion in lifesaving infrastructure upgrades on regional and metropolitan roads through the Towards Zero Safer Roads Program and the joint federal/ state funded Road Safety Program.
    • Investing $46 million on 2700 kilometres worth of rumble strips to help fight fatigue.
    • Maintaining 673 signposted rest areas and building a new rest area on the Newell Highway north of Narrabri.
    • Upgrading rest areas through the $11.9 million statewide Heavy Vehicle Rest Stop Minor Works program.
    • Promoting 56 volunteer run Driver Reviver rest area sites where motorists travelling during holiday periods can stop for a free tea or coffee.
    • Running high visibility communication campaigns such as the ‘Don’t Trust Your Tired Self’ campaign
    • Launching a trial of average speed cameras for light vehicles in 2025.
    • Upgrading mobile phone detection cameras to detect seatbelt offenders.
    • Doubling roadside enforcement sites used for mobile speed cameras, with an additional 2,700 new sites where a camera can be deployed. (Total enforcement hours remain the same).

    For more information and tips on how to combat fatigue, visit the Power Nap website: https://powernap.org.au.  

    Minister for Regional Transport and Roads Jenny Aitchison said:  

    “Driving on country roads often involves driving for long distances, at higher speeds and sharing the road with heavy vehicles so the fatigue risk is much greater.

    “We need all road users to be aware of the dangers of fatigue and remember if you feel tired while driving or experience any of the early warning signs such as yawning, restlessness or sore eyes, pull over in a safe place, stretch your legs and have a power nap at one of the many rest areas we have available in NSW.

    “Make sure you have a good night’s sleep before getting behind the wheel and avoid driving at times when your body would naturally sleep, like late at night or early morning.”

    MIL OSI News –

  • MIL-OSI Security: Law Enforcement Cooperation Between United States and Mexico Results in Mexican Takedown of Cartel-Linked Alien Smugglers

    Source: United States Attorneys General

    Last night, extensive bilateral cooperation between the United States and Mexico resulted in the Mexico Attorney General’s Office “Fiscalía General de la República” (FGR) conducting a significant enforcement operation to dismantle a prolific transnational alien smuggling organization operating in Juarez, Chihuahua, along the U.S.-Mexico border.

    The targeted alien smuggling organization, a group based in Juarez, Mexico, utilizes smuggling corridors centered in the Anapra, Chihuahua / Santa Teresa, New Mexico area, employs Mexican nationals, many of whom are current and former members of various Mexico-based cartels, and is alleged to be responsible for illegally smuggling large numbers of individuals, including children, from Central America into El Paso, Texas. The criminal organization is also alleged to have kidnapped aliens seeking to enter the United States illegally and extorted their families for money before completing their smuggling journey. The enforcement operation included the execution of two arrest warrants in Mexico for alleged alien smugglers Brian Alan Torres Gonzalez and Soledad Morales Nava. Torres and Morales are Mexican citizens and will be prosecuted in Mexico in part with evidence provided by the United States.

    “On her first day in office, the Attorney General directed the Department of Justice to prioritize efforts to achieve the total elimination of cartels and transnational criminal organizations, and empowered Joint Task Force Alpha (JTFA) to increase their contributions to this fight,” said Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division. “Today’s action by Mexican authorities is the latest example of how JTFA provides critical contributions to marshal the investigative and prosecutorial resources of the Department, and its law enforcement partners, to target human smugglers and enhance coordination in transnational law enforcement efforts to better combat these criminal organizations.”

    U.S. authorities provided assistance to the Mexico Attorney General’s Office through coordination under JTFA, which, since its creation in 2021, has marshalled the investigative and prosecutorial resources of the Department of Justice, in partnership with the Department of Homeland Security (DHS), to enhance U.S. enforcement efforts against the most prolific and dangerous human smuggling and trafficking groups operating in Mexico, Guatemala, El Salvador, Honduras, Colombia, and Panama. Attorney General Pamela Bondi has elevated JTFA to the Office of the Attorney General, to be jointly supervised by the Office of the Deputy Attorney General. The task force focuses on disrupting and dismantling smuggling and trafficking networks that abuse, exploit, and endanger migrants, pose national security threats, or are involved in organized crime. JTFA comprises detailees from U.S. Attorneys’ Offices along the border, along with dedicated prosecutor support by numerous components of the Justice Department’s Criminal Division, led by the Human Rights and Special Prosecutions Section (HRSP) and supported by the Money Laundering and Asset Recovery Section; the Office of Prosecutorial Development, Assistance and Training; the Narcotic and Dangerous Drug Section; the Office of Enforcement Operations; the Office of International Affairs; and the Violent Crime and Racketeering Section. JTFA also relies on substantial law enforcement investment from DHS, FBI, the Drug Enforcement Administration, and other partners. To date, JTFA’s work has resulted in more than 350 domestic and international arrests of leaders, organizers, and significant facilitators of human smuggling; more than 300 U.S. convictions; more than 245 defendants sentenced, including significant jail sentences imposed; and substantial seizures and forfeitures of assets and contraband including millions of dollars in cash, real property, vehicles, firearms and ammunition, and drugs.

    U.S. Immigration and Customs Enforcement Homeland Security Investigations (ICE HSI) El Paso assisted foreign investigative efforts in the United States, working in concert with the U.S. Border Patrol. Support from ICE HSI-Mexico City was critical in providing coordination between American and Mexican law enforcement agencies. The Justice Department — including the U.S. Attorney’s Office for the Western District of Texas in El Paso, HRSP, and the Office of the Judicial Attache in Mexico City — provided significant assistance in this matter.

    MIL Security OSI –

  • MIL-OSI China: Chinese premier stresses boosting consumption, expanding domestic demand

    Source: People’s Republic of China – State Council News

    BEIJING, Feb. 20 — Chinese Premier Li Qiang has emphasized boosting consumption and improving people’s livelihoods through stronger and more targeted measures, in a bid to strengthen the fundamental role of consumption in driving economic development.

    Li made the remarks at a study session held by the State Council on Thursday.

    The premier noted that consumption must be prioritized for expanding domestic demand and driving economic growth, urging more effective measures to promote consumption and improve the consumption environment.

    More efforts should be made to facilitate service consumption, improve the supply of education, medical care, culture, sports, tourism, elderly care and household services, and accelerate the application of artificial intelligence (AI) to unlock consumption potential of AI terminal products, he said.

    He urged to develop high-quality products and services in more segments to stimulate new consumer demand.

    He also emphasized the need to relax market access in relevant industries, and boost high-quality product supply to meet emerging consumer demands.

    Liu Yuanchun, president of the Shanghai University of Finance and Economics, gave a lecture at the session. Vice premiers Ding Xuexiang and He Lifeng, and State Councilor Shen Yiqin participated in discussions.

    MIL OSI China News –

  • MIL-OSI China: China releases framework for sovereign green bonds

    Source: People’s Republic of China – State Council News

    BEIJING, Feb. 20 — China’s Ministry of Finance released a framework for sovereign green bonds on Thursday, paving the foundation for the country to issue offshore sovereign green bonds and global capital to invest in its green development.

    The funds raised by green bonds under the framework will be allocated to eligible green projects included in the central fiscal budget. The funds are expected to contribute to achieving environmental goals such as climate change mitigation and adaptation, natural resource protection, pollution control, and biodiversity preservation.

    This initiative aims to diversify the range of high-quality green bond products in the global market and attract international capital to support domestic green and low-carbon development, according to the ministry.

    MIL OSI China News –

  • MIL-OSI USA: Restoring Public Trust in New York City’s Leadership

    Source: US State of New York

    February 20, 2025

    Albany, NY

    Creates Special Inspector General for New York City Affairs To Support and Protect Independence of City Investigations

    Gives Independently-Elected City Officials Powers To Litigate Against the Federal Government and Defend the Rights of Constituents

    Strengthens New York State Comptroller Oversight of New York City’s Finances

    Special Authorities Designed To Expire at the End of 2025

    Governor Kathy Hochul today proposed new actions to restore public trust in New York City government with a sweeping expansion of state oversight and new guardrails to ensure accountability and protect New Yorkers. These actions will require legislative action and would take effect immediately upon passage.

    “To move this city forward, I am undertaking the implementation of certain guardrails that I believe are a first start toward re-establishing trust for New York City residents,” Governor Hochul said. “These proposed guardrails will help ensure that all decisions out of City Hall are in the clear interests of the people of New York City and not at the behest of the President.”

    [embedded content]

    [embedded content]

    Governor Hochul announced the following actions:

    New Special Inspector General for New York City Affairs and Protection of City Commissioner of Investigation
    A new Special Inspector General for New York City Affairs will be established within the Office of the New York State Inspector General. The Special Inspector General for New York City Affairs will receive updates and information directly from the New York City Department of Investigations (NYCDOI) about corruption investigations, and also be able to direct NYCDOI to commence investigations across city government.

    To ensure her continued independence, the New York City Charter will be revised to provide that the Mayor of New York City will not be able to terminate the New York City Commissioner of Investigation without approval by the State Inspector General.

    To move this city forward, I am undertaking the implementation of certain guardrails that I believe are a first start toward re-establishing trust for New York City residents.

    Governor Kathy Hochul

    This new structure will ensure that state officials have access to information about any current or future investigations. It will also allow the State to closely monitor or advance any such investigations into potential corruption within city government.

    Empowering Citywide Elected Leaders To Utilize Federal Litigation
    Under the Governor’s plan, the City Comptroller, Council and Public Advocate will be given explicit authority to bring litigation against the federal government using outside counsel if the City’s Law Department declines to do so promptly after a request. Such litigation could be filed against any federal government agency or entity.

    This action will ensure that New Yorkers have multiple avenues to initiate legal action in cases where the rights or freedoms of New York City residents are under attack by the federal government.

    Embedded Flickr Album

    Strengthens State Oversight of New York City’s Finances
    Given the unprecedented breadth and number of executive orders and other policy documents and notices issued by the Trump Administration, the Governor is proposing additional funds for the Office of the State Comptroller of the City to support the State’s existing ability to continue to monitor the City and its finances in this complex environment.

    The State will expand the Office of the Deputy State Comptroller for City Oversight. The new funding will be paid for using New York City tax receipts.

    These new resources will enable state officials to more closely monitor New York City’s fiscal operations, and to take any actions needed based on such review.

    MIL OSI USA News –

  • MIL-OSI Security: Owner of Durable Medical Equipment Companies Charged in Nearly $30 Million Fraud Scheme

    Source: Office of United States Attorneys

    Defendant allegedly used proceeds to purchase two Ferraris, a Mercedes-Benz Model S, at least three Rolex watches

    BOSTON – The owner of Pharmagears, LLC (Pharmagears) and RR Medco, LLC (RR Medco) has been charged in connection with a nearly $30 million fraud scheme involving medically unnecessary durable medical equipment (DME), including orthotics such as back and knee braces.

    Raju Sharma, 61, of Sharon, was charged by criminal complaint with one count of conspiracy to commit health care fraud. Sharma was arrested this morning and later released on conditions following an initial appearance in federal court in Boston.

    “As alleged, Mr. Sharma exploited vulnerable Medicare beneficiaries and defrauded the system of millions of dollars meant for legitimate medical care. His actions caused millions of dollars of waste on DME products beneficiaries did not need and did not want. He did this to enrich himself – and allow him to purchase luxury cars and high-end watches – all at the expense of the American people,” said United States Attorney Leah B. Foley. “This office will continue to hold accountable those who undermine the integrity of our healthcare system for personal gain. Fraudsters who think they can manipulate the system without consequence should take heed: we will investigate you, we will prosecute you, and we will hold you accountable to ensure that justice is served.”

    “Today’s arrest underscores HHS-OIG’s commitment to protecting patients and taxpayers from fraudulent schemes that exploit our health care system and are motivated by pure greed,” stated Special Agent in Charge Roberto Coviello with the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “We will continue to work tirelessly with our law enforcement partners to investigate allegations that individuals and entities are profiting from deceiving and abusing federal health care programs.” “Today’s arrest underscores HHS-OIG’s commitment to protecting patients and taxpayers from fraudulent schemes that exploit our health care system and are motivated by pure greed,” stated Special Agent in Charge Roberto Coviello with the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “We will continue to work tirelessly with our law enforcement partners to investigate allegations that individuals and entities are profiting from deceiving and abusing federal health care programs.”

    “Raju Sharma apparently thought he had hit upon a surefire moneymaker when he allegedly conspired with others to fraudulently bill Medicare for almost $30 million worth of durable medical equipment that was unwanted, unnecessary and useless to patients so he could purchase luxury vehicles and expensive watches for himself,” said Jodi Cohen, Special Agent in Charge, Federal Bureau of Investigations, Boston Division. “Health care fraud isn’t some quick and easy way to bulk up your bank account. It’s a costly, consequential federal crime that strains the system and cheats the taxpayers who fund it. Anyone involved in, or entertaining, similar activity should know that the FBI will pursue anyone trying to steal from this country’s vital health care system.”

    According to the charging documents, between February 2021 and February 2025, Sharma, on behalf of Pharmagears and RR Medco, entered into contracts with telemarketing companies that generated DME orders by targeting Medicare beneficiaries. Sharma then allegedly billed Medicare for this medically unnecessary DME, which Medicare beneficiaries often did not want or could not use and/or a medical practitioner ordered without having met or examined the beneficiary or were ordered by the fraudulent use of practitioners’ national provider identifiers without their knowledge or assent. It is alleged that these DME orders were also obtained in violation of the Anti-Kickback Statute, because although Sharma agreed in the contracts to pay the marketing companies a flat fee for their services, Sharma in fact paid the marketing companies on a per-lead, or per-order, basis.  

    It is further alleged that Sharma worked with multiple other co-conspirators, including family and acquaintances, to open and operate additional DME companies in the same fraudulent manner. In total, the companies owned, operated, or connected with Sharma allegedly billed Medicare approximately $29.6 million for these fraudulent DME orders and were paid approximately $15.8 million. According to the charging documents, Sharma made substantial profits from this alleged fraud, which he used to purchase luxury goods, including two Ferraris, a Mercedes-Benz Model S and at least three Rolex watches. The Court issued seizure warrants for these luxury goods in connection with today’s charges.

    The charge of conspiracy to commit health care fraud provides for a sentence of up to 10 years in prison, supervised release for up to three years, and a fine of up to $250,000 or twice the gross pecuniary gain or loss, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    U.S. Attorney Foley, HHS-OIG SAC Coviello and FBI SAC Cohen made the announcement today. Valuable assistance was provided by the United States Marshals and the Sharon Police Department. Assistant U.S. Attorneys Lauren Graber and Sarah Hoefle of the Criminal Division are prosecuting the case.

    The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI USA: Crapo on Extension of Trump Tax Cuts: Failure is Not an Option

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington, D.C.–Ahead of debate on the Senate FY2025 Budget Resolution, U.S. Finance Committee Chairman Mike Crapo (R-Idaho) set the record straight on the pro-growth Trump tax cuts, which lowered rates for Americans across the board and benefitted middle-income Americans the most.  He warned that, if the tax cuts are allowed to lapse at the end of the year, American families and businesses will face the largest tax hike in U.S. history.

    Full remarks as delivered:
    “Today, we are debating the narrow Senate FY2025 Budget Resolution that fulfills promises to secure America’s borders, increase our national defense, unleash our energy potential and finally start to get our fiscal house in order. 
    “In the near future, I expect us to move forward with a Budget Resolution that allows us to prevent a more than $4 trillion tax hike on American households–the largest tax hike in history of America–that will be felt by virtually every American if the tax cuts expire at the end of this year.
    “Because the other side has filed a litany of tax amendments that rehash various false narratives and each side will only have one minute to debate, I’m going to spend some time right now explaining why we can’t afford a $4 trillion-plus tax increase; the positive impact the Trump tax cuts had on the economy; and some of the key provisions that expire at the end of year. 
    “At the end of this year, many key provisions of President Trump’s 2017 Tax Cuts and Jobs Act are set to expire, triggering an over-$4 trillion tax hike on American families and businesses.
    “While taxes will increase on Americans of all income levels, the majority of this tax hike, about $2.6 trillion, will fall on those making less than $400,000 per year.
    “An average family of four making about $80,000 per year would see a $1,700 tax hike in 2026.
    “Another $600 billion plus will hit millions of small business owners, who could see federal tax rates skyrocket up to 43.4 percent.
    “Tens of millions of families will see their child tax credit cut in half from $2,000 to $1,000.
    “The list goes on, but first I’ll talk about what the Trump tax cuts actually did, and why failing to extend key provisions would be economically devastating for millions of hardworking taxpayers.
    “So, what did the Trump tax cuts do?
    “There’s been a lot of talk recently about how extending these expiring tax cuts are all for billionaires and corporations, but the facts show otherwise.
    “The 2017 tax bill increased take-home pay and powered a growing economy. 
    “Individuals across all income brackets received a tax cut, not just–as opponents suggest–for the uber wealthy.
    “In fact, the Trump tax cuts made the tax code more progressive, meaning the highest income earners now pay a greater share of all income taxes than they did before 2017.
    “The majority of benefits accrued to working middle-class families.
    “Between the bill’s passage in 2017 and 2021, the bottom 50 percent of earners received the largest reduction in average tax rates at 17.3 percent. 
    “In addition to lowering tax rates across the board, the Trump tax cuts doubled the standard deduction and the child tax credit and provided tax relief to America’s entrepreneurs and small businesses.
    “The effects of pro-growth tax reform were almost immediate. 
    “Not only did taxpayers get to keep more of their hard-earned money, but a growing economy helped median household income reach an all-time high.
    “The labor market improved, workers saw wage growth and the unemployment rate fell dramatically to 3.5 percent–the lowest in 50 years. 
    “And the lowest-income workers experienced the largest wage growth.
    “Corporate inversions became a thing of the past, and America became the place to do business. 
    “All Americans reaped the benefits of a booming economy. 
    “Extending this current, proven tax policy–and building on it–is the best way to restore economic prosperity and opportunity for working families, many of whom are still struggling to recover from the historic inflation of the last four years.
    “As American families contend with increased costs of everyday living, the last thing they need is another massive tax hike on top of that inflation.
    “Failure is simply not an option.
    “So, what happens if the Trump tax cuts expire?
    “As I’ve said, if we do not extend these tax policies, Americans will be hit with an over-$4 trillion tax increase.
    “More than $2.6 trillion will fall on households earning less than $400,000 per year.
    “An average family of four making $80,000 will be saddled with a $1,700 tax increase.  This is the equivalent of six to eight weeks’ worth of groceries for a family of four.
    “Tens of millions of families will see their child tax credit cut in half to $1,000, and
    90 percent of taxpayers would see their standard deduction cut in half.
    “Owners of over 20 million small businesses will face a massive tax hike, with tax rates up to 43.4 percent.
    “7 million taxpayers will be impacted by the Alternative Minimum Tax, up from just 200,000 taxpayers currently.
    “Many more small businesses and farms will have their death tax exemption cut in half.
    “The National Association of Manufacturers recently highlighted that if we allow the Trump tax cuts to expire, 6 million jobs would be at risk; $540 billion in employee compensation will be lost, and U.S. GDP will be reduced by $1.1 trillion.
    “So, while we aren’t considering tax policy as part of this reconciliation package, it is important to set the record straight on what’s at stake in the upcoming tax debate. 
    “And the stakes couldn’t be higher.
    “Tonight, you’re going to hear dozens and dozens of tax amendments, and we’re going to respond to each of those by explaining that that debate is not this budget.
    “The budget that we’re debating today is on the border, national defense, and increasing our oil and gas production to strengthen our economy.
    “And Senate and House Republicans are working together to act as quickly as possible to make the Trump tax cuts permanent, but that will be in the next step. 
    “We must prevent a massive tax hike and provide relief and certainty to families and businesses across America.”

    MIL OSI USA News –

  • MIL-OSI USA: Cantwell on Deputy DOT Nominee: Aviation Sector Can’t Afford “Someone Who Thinks That We Can Bend The Law To An Outcome”

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    02.20.25
    Cantwell on Deputy DOT Nominee: Aviation Sector Can’t Afford “Someone Who Thinks That We Can Bend The Law To An Outcome”
    As DOT General Counsel from 2017-2021, Bradbury helped sideline crucial safety regulations for plane manufacturers in immediate aftermath of fatal crashes; Cantwell grills Bradbury on decision to remove Safety Management System requirements: “There was a recommendation to move forward on it, and your office stopped it.”
    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation, and senior member of the Senate Finance Committee, pressed Steven Bradbury – President Donald Trump’s pick to serve as Deputy Secretary of the U.S. Department of Transportation – on his role under the first Trump administration.
    From 2017 to 2021, Bradbury served as the General Counsel of DOT. Nine days after the fatal Lion Air flight 610 crash in 2018 on a Boeing 737 MAX, his policies halted the introduction of a critical aviation safety rule subsequently advocated for by crash victim family members. He sidelined a proposed requirement that plane manufactures must adopt a mandatory Safety Management System (SMS), which an expert panel determined would decrease the likelihood of another fatal accident.
    “Mr. Bradbury, I do have concerns about your record,” Sen. Cantwell said in her opening remarks. “We cannot afford in the aviation sector, someone who thinks that we can bend the law to an outcome.”
    “In this role, you orchestrated the rollback of multiple safety requirements under the guise of advancing a reform agenda. For example, just nine days, nine days after the first of the two fatal Boeing 737 MAX crashes in 2018, your office sidelined a proposed Safety Management System rule making for aviation manufacturers like Boeing,” she continued.
    “These findings give me serious concerns about your commitment to the transparency that Congress and the American people deserve […] We need a leader on safety. We need someone who is going to make it the number one priority, not modify the rule to suit the industry.”
    During the Q&A portion, Sen. Cantwell pressed Bradbury further on the decision to halt the rule requiring plane manufactures to adhere to a mandatory SMS.
    Sen. Cantwell: “We know that the rule was halted nine days after the MAX crash. Why did you stop the rulemaking from happening?”
    Bradbury: “Well, I don’t know that I stopped it.”
    Sen. Cantwell: “That’s what’s reported in the paper, and I mentioned the FAA person, who was in charge of the process, who said the industry and everybody wanted to move forward, and it was submitted, and then next thing you know, it’s pulled, so…”
    Bradbury: “Well, certainly we go through a review of every regulation, and as I recall, in that regulation, there were questions on the merits about which entities it should apply to and how it might apply to small businesses or small entities. Those are the kinds of questions that need to be addressed whenever you’re –“
    Sen. Cantwell: “So you’re saying you might have killed the SMS rule because you didn’t want it to apply to all manufacturers.”
    Bradbury: “I wouldn’t say I killed the SMS rule. And let me say –”
    Sen Cantwell: “We still don’t have one. Our committee has worked hard to get one, and now it’s going to be in law. But I have more questions about this. But yes, you did stop it from happening. There was a recommendation to move forward on it, and your office stopped it.”
    Last month, during the committee’s hearing before DOT Secretary Sean Duffy’s confirmation, Sen. Cantwell also pressed Duffy on whether he agreed with the previous administration’s decision to kill the requirement.
    “Safety Management Systems are a redundant circle of continued safety improvements that the expert panel has suggested that we do. The expert aviation panel has suggested that’s really what is missing. And I think in the prior administrations, people didn’t really push for a strong safety management culture,” Sen. Cantwell told Duffy.
    In August, Sen. Cantwell introduced the FAA SMS Compliance Review Act. The bill directs the Federal Aviation Administration (FAA) to:
    Convene an independent review panel that will make recommendations to help the FAA implement a robust, comprehensive Safety Management System across all lines of business at the agency, which includes Aviation Safety, Air Traffic Organization, Airports, Security & Hazardous Materials Safety, and the Office of Commercial Space Transportation.
    Develop and implement effective processes for performing root cause analyses to identify opportunities for improvement in the FAA’s execution of its regulatory oversight responsibilities.
    Revise its procedures to shorten the time that manufacturers have to prepare for audits from 50 days to one week. 
    Following the Alaska Airlines flight 1282 incident in January 2024, Sen. Cantwell has held a series of aviation safety hearings, along with leading legislation and letters calling for stronger safety oversight at the FAA.
    In January 2023 and January 2024, Sen. Cantwell requested that FAA perform a special technical audit of Boeing’s production line. The FAA later said the audit found multiple instances where Boeing and Spirit AeroSystems failed to comply with manufacturing quality control requirements.
    Sen. Cantwell held an April hearing to review the independent Organization Designation Authorization (ODA) Expert Review Panel’s final report, a March 2024 hearing with National Transportation Safety Board (NTSB) Chair Jennifer Homendy on its investigation of the January incident and a June hearing with FAA Administrator Michael Whitaker on the agency’s oversight.
    In May, Sen. Cantwell and Sen. Duckworth led the passage of the FAA Reauthorization Act of 2024, which includes new measures to improve aviation safety, such as putting more safety inspectors on factory floors, addressing the nation’s shortage of air traffic controllers, deploying new runway technology to prevent close calls, mandating new 25-hour cockpit recording systems to assist in investigations, and enhancing aircraft certification reforms.
    The FAA Reauthorization Act builds upon the Aircraft Certification, Safety and Accountability Act of 2020, spearheaded by Sen. Cantwell in the aftermath of the Boeing 737 Max crashes in 2018 and 2019.
    Video of Sen. Cantwell’s opening statement today is HERE; video of her first round of questioning is HERE; video of her second round of questioning is HERE; and a transcript is HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Capito Votes to Confirm Kash Patel as FBI Director

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.) issued the following statement after voting to confirm Kash Patel to serve as Director of the Federal Bureau of Investigation (FBI):

    “From being a public defender in the state of Florida, to a federal prosecutor in the Department of Justice, to Senior Director for Counterterrorism at the United States National Security Council, to Chief of Staff to the Secretary in the Department of Defense, Kash Patel’s extensive background in law enforcement gives him the experience needed to lead the FBI. I have confidence that Director Patel will lead the FBI with a focus on protecting and serving the American people, and will work to restore safety to our streets,” Senator Capito said.

    Senator Capito previously met with Patel in December of 2024 to discuss his nomination and learn more about his vision to lead the department.

    MIL OSI USA News –

  • MIL-OSI Security: Florida Businessman Sentenced in Connection with Migrant Labor Employment Scheme, Payroll Tax Evasion, and Worker Death

    Source: United States Attorneys General 10

    A Florida man was sentenced yesterday to 48 months in prison and ordered to forfeit more than $5.5 million to the United States as well as forfeit numerous real properties and cash, and to pay over $55 million in restitution for conspiracy to commit wire fraud, conspiracy to defraud the United States and willful violation of a workplace standard that resulted in the death of his employee. Manual Domingos Pita, of Wesley Chapel, previously pleaded guilty to those charges on July 9, 2024.

    According to court documents, Pita owned and operated Domingos 54 Construction, a subcontracting business for the wood framing of new construction homes. Domingos 54 was a shell construction company that Pita used to provide workers, including undocumented aliens, with construction jobs. However, Pita failed to secure the required workers compensation insurance coverage for these employees by falsifying in worker’s compensation insurance applications the number of workers for which he sought coverage. In addition, Pita failed to pay any federal employment taxes on the wages that these workers earned during the course of the scheme between 2018 and 2022. As a result, Pita caused several worker’s compensation insurance companies to sustain a loss of over $22.7 million in premiums that they could have charged had they been aware of the number of workers which they had been manipulated into covering with their policies. In addition, Pita failed to pay to the IRS over $33.7 million in federal employment taxes on those workers’ wages.

    Between February and July 2019, investigators with the Occupational Safety and Health Administration (OSHA) issued six citations to Domingos 54 for failure to provide fall protection to workers. Even after being cited for these violations, Pita continued to ignore OSHA requirements. In March 2020, Pita assigned a worker and three other carpenters to install sheeting on the roof of a residential home in windy conditions without providing the required fall-protection gear or ensuring its use. As a result, one of the workers was blown off the roof and died from his injuries.

    “Pita’s history of OSHA violations and deception tragically led to a worker’s death,” said Principal Deputy Assistant Attorney General Adam Gustafson of the Justice Department’s Environment and Natural Resources Division. “We are committed to upholding the rule of law by prosecuting fraud and enforcing worker safety standards.”

    “The defendant in this case engaged in a deliberate scheme to defraud insurance companies, the government and evade taxes, resulting in huge losses to the U.S. Treasury, and to personally enrich himself,” said Acting U.S. Attorney for the Middle District of Florida Sara C. Sweeney. “In addition, flagrant violations of OSHA safety standards put workers at unacceptable risk, ultimately resulting in the death of an employee. My office is committed to federally prosecuting and holding accountable anyone who violates these laws and regulations.”

    “Mr. Pita repeatedly violated the longstanding policies designed to protect the workforce which resulted in a tragic death,” said Special Agent in Charge Matthew Fodor of the FBI’s Tampa Field Office. “The FBI and its partners will aggressively pursue those who selfishly ignore the laws and policies in place to protect America’s workforce.”

    “Not only does this type of scheme give an illegal advantage over honest competitors, it intends to allow the use of illegal, undocumented labor to achieve that advantage,” said Special Agent in Charge Ron Loecker of IRS Criminal Investigation’s Tampa Field Office. “It’s a blatant form of cheating that undercuts fair competition, costs the government millions of dollars in tax revenue, and skirts our nation’s immigration laws. This case reaffirms our unwavering commitment to prosecuting those who engage in fraud at the expense of workers, taxpayers, and law-abiding businesses.”

    The FBI, IRS Criminal Investigation, Homeland Security Investigations, Florida Department of Financial Services’ Bureau of Insurance Fraud-Criminal Investigations and the Department of Labor’s Office of Inspector General investigated the case.

    Assistant U.S. Attorney Jay L. Hoffer for the Middle District of Florida and Senior Trial Attorney Banumathi Rangarajan of the Environment and Natural Resources Division’s Environmental Crimes Section prosecuted the case.

    MIL Security OSI –

  • MIL-OSI: Federal Home Loan Bank of San Francisco Announces Annual and Fourth Quarter 2024 Operating Results

    Source: GlobeNewswire (MIL-OSI)

    SAN FRANCISCO, Feb. 20, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of San Francisco (Bank) today announced its unaudited annual and fourth quarter 2024 operating results.

    • Net income for the full year of 2024 totaled $402 million.
    • Net income for the fourth quarter of 2024 was $90 million.
    • In 2024, the Bank allocated $93 million to its Affordable Housing Program (AHP) and voluntary housing and community development initiatives.

    “The Federal Home Loan Bank of San Francisco continues to be a vital force for economic growth and stability across our three-state region, providing steadfast support to our members and communities in all market conditions,” said Joseph E. Amato, interim president and chief executive officer of the Bank. “Throughout 2024, we delivered on-demand, low-cost liquidity to our members, empowering them to strengthen local economies and support community lending. Our collaboration with members to drive impactful affordable housing and economic development projects through our grant programs reflects our unwavering commitment to addressing housing affordability and enhancing the financial well-being of the communities we serve. Furthermore, our Bank responds to the urgent needs of our communities including those created by natural disasters. We recently committed $2 million to aid wildfire recovery efforts in Southern California, comprised of $1.4 million in matching funds from member financial institutions for local relief organizations, and $600 thousand in donations for nonprofit organizations to bolster both immediate and long-term disaster response efforts. Together with our members, we will ensure our communities have the resources needed to recover from these devastating wildfires.”

    Financial Results

    Net income for 2024 was $402 million, a decrease of $137 million compared with 2023. The decrease was primarily attributable to a decrease in net interest income of $219 million and an increase in other expense of $19 million, partially offset by an increase in other income of $86 million.

    • The $219 million decrease in net interest income was attributable to lower average balances of advances and short-term investments and higher costs of interest-bearing liabilities. The decrease was also attributable to $106 million of higher net advance prepayment fees in the prior year. These decreases to net interest income were partially offset by lower average balances of consolidated obligation bonds and discount notes, an increase in the average balances of available-for-sale securities, and higher yields on interest-earning assets.
    • The $86 million increase in other income was primarily driven by $33 million in net realized losses recognized in the prior year from derivatives economically hedging prepaid advances, along with $30 million of other income recognized in 2024 in connection with the termination of a long-term funding arrangement entered into with a member borrower in 2017.
    • The $19 million increase in other expense was attributable to a $25 million increase in the Bank’s charitable, “mission-oriented” contributions in the current year, mainly to fund downpayment assistance grants to middle-income homebuyers (delivered by participating member financial institutions).

    For the fourth quarter of 2024, net income was $90 million, a decrease of $30 million compared to the same period during the prior year. This decrease was primarily attributable to a decrease in net interest income of $14 million, mainly driven by lower average balances of advances and short-term investments. The decrease in net income was also attributable to an $8 million increase in the Bank’s charitable, “mission-oriented” contributions relative to the prior-year period, mainly to fund the Access to Housing and Economic Assistance for Development (AHEAD) Program. Additionally, the provision for credit losses increased by $8 million which was largely attributable to decreases in the fair values and the present value of expected cash flows of certain private-label residential mortgage-backed securities.

    Balance Sheet and Capital

    At December 31, 2024, total assets were $81.7 billion, a decrease of $11.1 billion from $92.8 billion at December 31, 2023. This decline was primarily driven by a reduction in advances of $15.7 billion, from $61.3 billion at December 31, 2023, to $45.6 billion at December 31, 2024. Advances declined primarily due to maturities of advances acquired by nonmembers in connection with certain Bank member acquisitions. Investments at December 31, 2024, were $35.0 billion, a net increase of $4.7 billion from $30.3 billion at December 31, 2023, attributable to net purchases of $2.7 billion in short-term investments and $2.0 billion in U.S. Treasury securities.

    As of December 31, 2024, the Bank exceeded all regulatory capital requirements. The Bank exceeded its 4.0% regulatory requirement with a regulatory capital ratio of 8.9% at December 31, 2024. The increase in the regulatory capital ratio from 8.0% at December 31, 2023 mainly resulted from the decrease in total assets during 2024. The Bank also exceeded its risk-based capital requirement of $1.1 billion with $7.3 billion in permanent capital. Total retained earnings increased to $4.5 billion at December 31, 2024, from $4.3 billion at December 31, 2023.

    On February 19, 2025, the Bank’s board of directors declared a quarterly cash dividend on the average capital stock outstanding during the fourth quarter of 2024 at an annualized rate of 8.75%. The quarterly dividend rate is consistent with the Bank’s dividend philosophy of endeavoring to pay a quarterly dividend rate that is equal to or greater than the current market rate for highly rated investments and that is sustainable under current and projected earnings while maintaining appropriate levels of capital. The quarterly dividend will total $63 million, and the Bank expects to pay the dividend on March 11, 2025.

    Affordable Housing Program and Voluntary Housing and Community Commitments

    The Bank’s community programs and targeted initiatives address the unique affordable housing and economic development needs of communities across its district of Arizona, California, and Nevada. The AHP is an annual statutory grant program that supports the creation, preservation, or purchase of affordable housing and is funded with 10% of the Bank’s previous year’s net income. Since its inception in 1990, the Bank awarded over $1.35 billion in grants to aid the purchase, development, or rehabilitation of over 154,600 affordable homes in the regions the Bank’s members serve.

    In addition, early in 2024, the Bank’s board of directors approved plans to voluntarily allocate an additional 5% of its 2023 annual net earnings (income before interest expense related to dividends paid on mandatorily redeemable capital stock and the assessment for the AHP) to fund affordable housing and economic development initiatives.

    To meet these commitments, the Bank recorded a total allocation of $93 million in 2024, an increase of $14 million compared to 2023. The $93 million allocation included $52 million related to the statutory AHP program and $41 million related to voluntary housing and economic development initiatives. The Bank’s voluntary contributions were disbursed through multiple initiatives during 2024, including, but not limited to:

    • $20 million in downpayment assistance grants delivered by Bank members to over 400 homebuyers,
    • $7 million awarded to 84 organizations across Arizona, California, and Nevada through the AHEAD Program,
    • $2 million benefiting Native American communities for essential infrastructure and affordable housing development, and
    • $1 million delivered through a targeted matching grant program distributed across 45 grants for local housing counseling agencies to expand homeownership opportunities for low- to moderate-income prospective homebuyers.

    Financial Highlights
    (Unaudited)
    (Dollars in millions)

    Selected Balance Sheet Items
      at Period End    		   Dec 31, 2024     Dec 31, 2023  
    Total Assets $ 81,735     $ 92,828  
    Advances   45,637       61,335  
    Mortgage Loans Held for Portfolio, Net   693       754  
    Investments, Net1   34,961       30,294  
    Consolidated Obligations:      
    Bonds   58,174       64,297  
    Discount Notes   14,378       19,187  
    Mandatorily Redeemable Capital Stock   331       706  
    Capital Stock – Class B – Putable   2,458       2,450  
    Retained Earnings   4,483       4,290  
    Accumulated Other Comprehensive Income/(Loss)   63       (72 )
    Total Capital   7,004       6,668  
           
    Selected Other Data at Period End   Dec 31, 2024       Dec 31, 2023  
    Regulatory Capital Ratio2   8.90 %     8.02 %
      Three Months Ended   Twelve Months Ended  
    Selected Operating Results for the Period Dec 31, 2024     Dec 31, 2023   Dec 31, 2024   Dec 31, 2023  
    Net Interest Income $ 148   $ 162   $ 580   $ 799  
    Provision for/(Reversal of) Credit Losses   5     (3)     —     4  
    Other Income/(Loss)   15     22     93     7  
    Other Expense   57     52     219     200  
    Affordable Housing Program Assessment   11     15     52     63  
    Net Income/(Loss) $ 90   $ 120   $ 402   $ 539  
                     
      Three Months Ended   Twelve Months Ended  
    Selected Other Data for the Period Dec 31, 2024     Dec 31, 2023   Dec 31, 2024   Dec 31, 2023  
    Net Interest Margin3   0.72 %   0.72 %   0.69 %   0.71 %
    Return on Average Assets   0.43     0.52     0.47     0.47  
    Return on Average Equity   5.15     7.29     5.89     7.60  
    Annualized Dividend Rate4   8.75     8.25     8.75     7.49  
    Average Equity to Average Assets Ratio   8.36     7.15     8.02     6.23  
     
    1. Investments consist of federal funds sold, interest-bearing deposits, trading securities, available-for-sale securities, held-to-maturity securities, and securities purchased under agreements to resell.
    2. The regulatory capital ratio is calculated as regulatory capital divided by total assets. Regulatory capital includes retained earnings, Class B capital stock, and mandatorily redeemable capital stock (which is classified as a liability) but excludes accumulated other comprehensive income/(loss). Total regulatory capital as of December 31, 2024, and 2023, was $7.3 billion and $7.4 billion, respectively.
    3. Net interest margin is calculated as net interest income (annualized) divided by average interest-earning assets.
    4. Cash dividends are declared, recorded, and paid during the period, on the average capital stock outstanding during the previous quarter.
     

    Federal Home Loan Bank of San Francisco
    The Federal Home Loan Bank of San Francisco is a member-driven cooperative helping local lenders in Arizona, California, and Nevada build strong communities, create opportunity, and change lives for the better. The tools and resources we provide to our member financial institutions–commercial banks, credit unions, industrial loan companies, savings institutions, insurance companies, and community development financial institutions propel homeownership, finance affordable housing, drive economic vitality, and revitalize whole neighborhoods. Together with our members and other partners, we are making the communities we serve more vibrant, equitable, and resilient.

    Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including statements related to the Bank’s dividend philosophy and dividend rates. These statements are based on our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “endeavoring,” “will,” and “expects,” or their negatives or other variations on these terms. The Bank cautions that by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized, including future dividends. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Report on Form 10-K and other periodic and current reports that we may file with the Securities and Exchange Commission, as well as regulatory and accounting rule adjustments or requirements; the application of accounting standards relating to, among other things, hedge accounting of derivatives and underlying financial instruments, along with related fair values; future operating results; the withdrawal of one or more large members; high inflation and interest rates that may adversely affect our members and their customers; and our ability to pay a quarterly dividend rate that is equal to or greater than similar current rates for highly rated investments. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

    The MIL Network –

  • MIL-OSI Security: A Secret in South Philly

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

    Asking a community to come forward

    Investigators are confident that the same tightknit South Philly community that raised Richard—and served as a partial backdrop to his love story with Danielle—is keeping the secret of what happened to the couple.

    “The city of Philadelphia is more like a town than a city,” Blessington explained. “Everybody knows everybody. Everybody kind of looks out for everybody.”

    While some area residents have shared information with the FBI, Blessington said, others may be worried about being seen as traitors to their community. But as the what-ifs of the case continue to haunt the victims’ families into a third decade, investigators ask that potential tipsters come out of hiding.

    “…What I can tell those people—and there are people who know things—[is]: If we only do one thing very, very well, we protect the people that are brave enough and try and help us out,” Blessington said. 

    You can learn more about Danielle and Rich, as well as view their pictures, at fbi.gov/missing.

    Investigators encourage anyone with information about the whereabouts of Danielle, Richard, and/or his truck—a black 2001 Dodge Dakota with Pennsylvania license plates YFH 2319—to call the FBI Philadelphia Field Office directly at 215-418-4000. The FBI is offering a reward of up to $15,000 for information leading to the arrest and conviction of anyone involved in the disappearance of Danielle Imbo and Richard Petrone.

    And the case team can help potential tipsters work through any concerns, navigate difficult emotions, and work through different legalities related to coming forward.

    “After 20 years, we really need to bring Rich and Danielle home,” Blessington said.

    MIL Security OSI –

  • MIL-OSI Security: Former Baltimore Department Of Finance Employee Sentenced To Four Years In Connection With Bribery And Covid-19 Cares Act Scheme

    Source: Office of United States Attorneys

    Baltimore Department of Finance employee took more than $250,000 in bribes and obtained more than $143,000 in fraudulent COVID-19 relief benefits

    Baltimore, Maryland – U.S. District Judge Richard D. Bennett, today, sentenced Joseph Gillespie, age 35, of Baltimore City, Maryland, to four years in federal prison and three years of supervised release in connection with a bribery scheme and conspiracy to commit wire fraud scheme involving COVID-19 CARES Act relief benefits.

    Phil Selden, Acting United States Attorney for the District of Maryland, announced the sentence with Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation (FBI), Baltimore Field Office.

    “Defendant Gillespie abused the public trust through a bribery scheme and took advantage of money meant to help during the COVID-19 pandemic,” stated Acting United States Attorney Selden. “When government employees take bribes and public funds, it harms the very communities they are meant to serve. The District of Maryland U.S. Attorney’s Office will relentlessly pursue those who try to compromise the public trust.”

    “Gillespie’s extensive schemes and lies ultimately cost hardworking taxpayers. Instead of performing his job with honesty, he looked for illicit ways to line his own pockets. This sentence proves that corruption never pays,” said FBI Baltimore SAC William J. DelBagno. “The FBI and our partners remain committed to holding accountable those who try to cheat the system for their own benefit and profit.”

    According to Gillespie’s plea agreement, beginning in 2016, and continuing to 2023, the Defendant engaged in a bribery scheme in which he abused his position of trust as a public official within the Baltimore City Department of Finance for his own personal gain.

    As an employee of the Baltimore City Department of Finance, Revenue Collections Department, Gillespie routinely accepted bribes from various property owners in Baltimore City (“the City”) whose property was subject to certain financial obligations, and if the obligations remained unpaid, to a tax sale.  He accepted these bribes — typically 10-15 percent of the amount owed to the City — in exchange for removing or extinguishing these financial obligations, including for citations, tax obligations, and water obligations – thereby causing losses to the City.  Gillespie also accepted bribes in exchange for delaying or postponing — without approval or permission from other City officials — due dates for the payment of outstanding financial obligations, fines, and payments owed to the City, thus forestalling the placement of a lien on the property by the City.

    Once Gillespie received the bribe payment, he would extinguish the financial obligation owed to the City by marking the obligations as paid in the City’s online records.  After removing the obligation, the Defendant would, at times, send a photograph of a cashier slip from his office reflecting that a payment was made towards a financial obligation owed to the City when, in fact, no such payment was made.

    Gillespie engaged in multiple covertly recorded telephone and video conversations with an FBI undercover agent (UC), in which the Defendant and the UC discussed the specifics of the bribery scheme outlined above.

    For example, in a recorded phone conversation with the UC, the UC confirmed the size of the bribe payment with the Defendant: “[S]o you want 100 for each property?” Defendant said, “yeah that’s basically how I do.”  Gillespie then informed the UC that he (Gillespie) had a “girl” in “water”— i.e., the Baltimore City Department of Public Works — that could “wipe some s*** out,” referring to financial obligations owed to the City.

    During a covert video recording of the conversation with the UC, Gillespie told the UC that he had the ability to “wipe a bill off” the City’s record of outstanding obligations tied to a particular property or to “put paid next to ‘em,” even though the financial obligation had not in fact been paid.  The Defendant further stated that he removed certain financial obligations linked to the properties that the UC told the Defendant were his, stating “[t]here was a couple, extra miscellaneous bills that y’all had that I wiped off . . . . That s*** gone now.”

    Gillespie also extended the deadline for payment of financial obligations owed to the City on eight properties by three months.  Gillespie asked for $800 in bribes in return — $100 for each of the eight properties, and, during the recorded meeting, the UC provided Gillespie $800 cash.  Gillespie also stated that he had the ability to wipe out overdue water bills owed to the City, “Once I let you know [about a big water bill], I’ll give it to my girl, and I’ll tell you what you need to give me for her to knock it off.”  Gillespie then stated:

    “Going forward, I’m just your inside man . . . That’s what I do for a lot of different people around the City.  You know what I mean – manage their s*** for them a little bit. . . .  I’m gonna go look at your s***.  Anyone with a high water bill I’m gonna text you the address, and I’m gonna tell you what I need, and we can knock them out going forward with that . . . . Any water bill that’s too high, I’ll get my girl to take care of that.”

    Gillespie’s bribery scheme continued for years thereafter, and he admitted that he enlisted the help of multiple co-conspirators in connection with his scheme.  According to the plea agreement, Gillespie received more than $250,000 in connection with the bribery scheme and caused losses to the City in excess of $1,250,000.

    Further, Gillespie also engaged in a scheme to fraudulent COVID-19 CARES relief funds.  Financial assistance offered through the CARES Act included forgivable loans to small businesses for job retention and certain other expenses, through the Paycheck Protection Program (PPP), administered through the United States Small Business Administration (SBA).

    For example, in 2021, Gillespie and co-defendant Ahmed (“Adam”) Sary submitted a fraudulent PPP loan application to Cross River Bank to obtain a PPP loan for JAG Investments (“JAG”), a company the Defendant owned.  The PPP loan application contained numerous material misrepresentations, including that JAG, in 2019, had 19 employees and an average monthly payroll of more than $55,000. In support of the loan application, a fabricated 2019 Internal Revenue Service (“IRS”) Form 940 – Employer’s Annual Federal Unemployment Tax Return – was submitted, which falsely stated that JAG’s total payments to employees, in 2019, was more than $275,000.

    Based on the false representations and fraudulent submissions made on behalf of Gillespie as the owner of JAG, the PPP loan was funded on March 6, 2021, and approximately $138,000 was distributed to a bank account controlled by Gillespie. Gillespie agreed to pay Sary kickbacks totaling $38,000 for his work in submitting the false application and obtaining the fraudulent PPP loan.  In addition, after receipt of the PPP loan, Gillespie established payroll services for JAG to facilitate documentation that would later be used to substantiate a request for the PPP loan to be forgiven.

    The District of Maryland COVID-19 Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud, including fraud relating to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  The CARES Act was designed to provide emergency financial assistance to Americans suffering the economic effects caused by the COVID-19 pandemic. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors.  The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

    For more information about the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.  Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    Acting United States Attorney Phil Selden commended the FBI for their work in the investigation, the Small Business Administration’s Office of Inspector General and the Baltimore City Inspector General for assistance as well.  Mr. Selden thanked Assistant U.S. Attorneys Paul A. Riley and Evelyn L. Cusson who are prosecuting the federal case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office Announces Sentencing for Fatal DUI Crash on Navajo Nation

    Source: Office of United States Attorneys

    ALBUQUERQUE – An Arizona man was sentenced to 75 months in prison for involuntary manslaughter and assault resulting in serious bodily injury, stemming from a fatal drunk driving crash on the Navajo Nation in November 2022.

    There is no parole in the federal system.

    According to court documents, on the evening of November 25, 2022, Jane Doe and John Doe were driving from Colorado to visit family in Tse Bonito, NM when their sedan broke down. Jane Doe’s family members came to assist, and her nephew began towing the sedan with his SUV.

    As the group traveled on Navajo Route 12, Olan Jumbo, 31, an enrolled member of the Navajo Nation, who had been drinking alcohol while driving, crashed his speeding truck into the back of the sedan. The collision caused severe damage to the sedan, resulting in Jane Doe’s death at the scene and serious injuries to John Doe. Jumbo fled the scene but was apprehended two days later.

    Investigation revealed Jumbo was driving between 74-82 mph in a 45-mph zone at the time of impact and had multiple prior drunk-driving related convictions. Open containers of alcohol were found in Jumbo‘s vehicle after the crash.

    Upon his release from prison, Jumbo will be subject to three years of supervised release.

    Acting U.S. Attorney Holland S. Kastrin and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, made the announcement today.

    The Gallup Resident Agency of the FBI Albuquerque Field Office investigated this case with assistance from the Navajo Police Department and Department of Criminal Investigations. Assistant U.S. Attorney Meg Tomlinson is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: Norman Gray, Founder and CEO Of Biomedical Company, Sentenced For Defrauding Investors Of More Than $13 Million

    Source: Office of United States Attorneys

    Matthew Podolsky, the Acting United States Attorney for the Southern District of New York, announced that NORMAN GRAY, the founder and CEO of a biomedical company (the “Biomedical Company”), who defrauded investors of over $13 million, was sentenced today by U.S. District Judge Paul A. Engelmayer to 10 years in prison.  GRAY was convicted of wire fraud at trial on May 29, 2024.

    Acting U.S. Attorney Matthew Podolsky said: “Norman Gray preyed upon people who wanted to invest in developing life-saving medicine for children with a rare and generally fatal disease.  Gray gained his victims’ trust by lying about everything from his educational background and to his supposed access to off-shore trusts he could use to fund his company alongside the investors.  He even submitted false patent applications, invented a fake mortgage company, and forged FBI background check records.  Thanks to the work of the career prosecutors of this Office and our law enforcement partners, Gray has now received just punishment.”

    According to the Superseding Indictment, public filings, public court proceedings, the evidence presented at trial and in connection with sentencing:

    At all relevant times, GRAY was the founder and CEO of the Biomedical Company, which is headquartered in Hamden, Connecticut.  GRAY presented himself to investors (including “Victim-1” and “Victim-2”) and others as a billionaire scientist and successful entrepreneur with a Ph.D. from MIT at the helm of a company he was personally funding that was potentially worth hundreds of millions of dollars.  GRAY claimed to have previously created a successful medical equipment company (“Prior Company”) with over 1,000 employees, which was earning approximately $900 million in revenues before GRAY sold it to a foreign pharmaceutical company.  GRAY claimed that he put the profits from the sale of the Prior Company into his offshore trust (“Offshore Trust”), which he claimed held more than $300 million, and which he was using to self-fund the Biomedical Company.  In reality, GRAY did not have a Ph.D., had not created or sold a nearly billion-dollar company, did not have access to hundreds of millions of dollars to fund Biomedical Company, and, as of 2020, both he and the Biomedical Company were in significant debt. 

    Beginning in 2016, GRAY also claimed to employees and investors in Biomedical Company, including Victim-1 and Victim-2, and in written investment materials, that a flagship medication being developed by Biomedical Company was approved for compassionate treatment in Saudi Arabia, where it was saving the lives of two specific children who were suffering from a rare and generally fatal disease known as MVID.  Victim-2 sent $200,000 to GRAY to continue funding this supposed program.  GRAY submitted treatment data from the supposed program in patent applications for the flagship drug.  But the program did not exist.

    Based on GRAY’s misrepresentations, between 2018 and 2020, Victim-2 invested approximately $7.6 million in the Biomedical Company through wire transfers into accounts controlled by GRAY.  In May 2020, at the outset of the COVID-19 pandemic, GRAY fraudulently induced Victim-2 to invest into a joint venture with GRAY to purchase personal protective equipment (“PPE”) and resell it to hospitals and universities in the United States and Spain. GRAY provided Victim-2 with fabricated purchase orders from two New York-area hospitals purporting to show that he had close to $8 million of committed sales. Victim-2 sent three wire transfers totaling $1,751,342 to GRAY’s account.  Ultimately, the PPE that GRAY purchased  could not be sold, because it was defective or otherwise not fit for market, and Victim-2 lost the $1.75 million supposedly invested by GRAY into the PPE project.

    In or about August 2020, GRAY induced Victim-1 to send him $250,000 as a purported investment in the Biomedical Company.  Rather than purchase equity for Victim-1, GRAY used nearly all of Victim-1’s $250,000 payment to repay a loan that GRAY had taken out from a tenant in the same building where the Biomedical Company is headquartered in order to make payroll. In the ensuing weeks, GRAY extracted an additional $1,217,000 from Victim-1, representing that Victim-1’s funds would be invested in deals involving the procurement of PPE for two major universities in the tristate area who committed to close to $8 million in sales in essentially the same amounts as GRAY’s prior fabricated purchase orders sent to Victim-2.  Notwithstanding the losses Victim-2 had already experienced through GRAY’s venture, GRAY falsely represented to Victim-1 that his prior PPE deals had turned a 40% profit within 90 days, that he already had purchase orders in hand for PPE worth nearly $8 million, and that, therefore, the risk was “virtually zero.” In reality, over the preceding months, GRAY had accumulated a vast inventory of unsellable PPE, the purported purchase orders were recycled fakes, and GRAY did not invest Victim-1’s funds in PPE. Instead, GRAY misappropriated Victim-1’s funds, in part, to purchase himself a nearly $1 million home, a $50,000 luxury SUV, and to pay down $200,000 of his and his family’s credit card debt.

    As part of his scheme to defraud Victim-1, and as a means of dispelling Victim-1’s concern that an investment with GRAY might require Victim-1 to forego the purchase of a home, GRAY offered Victim-1 a mortgage from a purported boutique mortgage company of which he was the sole investor.  GRAY directed Victim-1 to a purported mortgage broker that worked for this boutique mortgage company.  In reality, both the mortgage company and the mortgage broker were completely fabricated by GRAY and did not exist.  To further this aspect of the fraud on Victim-1, GRAY registered an internet domain in the name of the purported mortgage company and created an email address in the name of the invented mortgage broker contemporaneously with making his false representations to Victim-1.   As GRAY’s fraud began to unravel in or about early November 2020, GRAY promised to return all of Victim-1’s money.  Ultimately, GRAY never returned any money to Victim-1 and, after Victim-1 asked GRAY to provide her with the purported PPE purchase orders from the two universities, she never heard from GRAY again.

    Victim-2 was a board member of the Biomedical Company at the time that GRAY defrauded Victim-1.  Following Victim-1’s report of GRAY’s fraud to the board in November 2020, accompanied by publicly available evidence of GRAY’s prior criminal history, GRAY reassured Victim-2 that he had no criminal history beyond driving infractions.  GRAY also produced to the board a fraudulent record purportedly from the FBI disclaiming any criminal history and falsely asserting that GRAY had a “top secret” clearance status renewed on November 14, 2016.  After being reassured by GRAY that Victim-1’s allegations were meritless, Victim-2 provided approximately over $2.3 million in loans separate from his over $7.5 million of Vanessa investments and $1.75 million of PPE investments.

    At trial, GRAY obstructed justice by attempting to introduce into evidence a false document supposedly drafted after GRAY’s fraud on Victim-1 was complete and purporting to memorialize an agreement by Victim-1 to “convert” her PPE investment into shares of Biomedical Company.

    *                *                *

    In addition to the prison term, GRAY, 69, of Hamden, Connecticut, was sentenced to 3 years of supervised release.  GRAY also was ordered to pay forfeiture in the amount of $1,467,000 and to forfeit his interest in the home and luxury vehicle discussed above.  The Court also ordered restitution of $1,533,675 to Victim-1.

    Mr. Podolsky praised the outstanding investigative work of the Special Agents of Homeland Security Investigations.  Mr. Podolsky also thanked the New Haven Police Department, as well as law enforcement authorities in the United Kingdom and Spain and the Justice Department’s Office of International Affairs, for their assistance.

    This case is being handled by the Office’s Illicit Finance and Money Laundering Unit.  Assistant U.S. Attorneys Benjamin A. Gianforti, Vladislav Vainberg, and Jessica Greenwood are in charge of the prosecution.

    MIL Security OSI –

  • MIL-OSI Security: Dallas Man Sentenced to 13+ Years in Multi-Million Dollar Insurance Fraud

    Source: Office of United States Attorneys

    The architect of a nearly $5 million insurance fraud was sentenced today to more than 13 years in federal prison, announced Acting U.S. Attorney for the Northern District of Texas Chad Meacham. 

    Jordan Ford, 32, was charged via criminal complaint in June 2024 and pleaded guilty in September 2024 to a criminal information charging conspiracy to commit wire fraud. He was sentenced Thursday to 157 months in prison by U.S. District Judge Mark Pittman, who also ordered him to pay $4,471,338.92 in restitution to the defrauded insurance companies. 

    According to court documents, Mr. Ford and his coconspirators recruited insurance company employees to pull clients’ personal information from legitimate insurance claims. The employees handed those details over to Mr Ford. 

    Using the stolen information, Mr. Ford – posing as the client – called the insurance companies and requested they update the payment information to accounts he and his coconspirators controlled. 

    Other times, Mr. Ford paid insurance employees to lend him their company-issued laptops, logged onto the companies’ systems, and authorized and issued payments, which were sent to accounts he and his coconspirators controlled. 

    In total, the coconspirators misdirected funds from at least three insurance companies, netting more than $4.4 million. 

    All nine defendants charged in the scheme have pleaded guilty, including Mr. Ford’s lieutenant, Humberto Corona; Jaquan Hall and Elexis McLain, who recruited insurance employees and received and distributed fraudulent proceeds; and insurance employees Timothy Starling, Desiree Thomas, Daja Webb, and Sesedrick Wedlow, who were compensated for handing over stolen client information and allowing Mr. Ford to access company systems.

    The Federal Bureau of Investigation’s Dallas Field Office and the Texas Department of Insurance conducted the investigation. Assistant U.S. Attorney Matthew Weybrecht is prosecuting the case. 

    MIL Security OSI –

  • MIL-OSI Security: Sacramento Man Charged With Multimillion-Dollar Bank Fraud and Pandemic Loan Fraud Scheme

    Source: Office of United States Attorneys

    SACRAMENTO, Calif. — A federal grand jury returned a seven-count indictment last week against Akash Kumar Singh, 48, of Sacramento, charging him with four counts of bank fraud and three counts of money laundering, Acting U.S. Attorney Michele Beckwith announced. The indictment was unsealed following Singh’s arrest today.

    According to court documents, Singh fraudulently obtained more than $3 million in Paycheck Protection Program loan funds intended to help small businesses maintain payroll and operations during the COVID-19 pandemic. Singh obtained at least two PPP loans for a Sacramento software development company he purported to lead called Kryptoblocks. Singh falsely claimed that Kryptoblocks generated millions of dollars in revenue and paid millions of dollars in employee wages in 2019 and 2020. In reality, Kryptoblocks generated little to no revenues and employed no individuals in the United States during this time.

    This case is the product of an investigation by the Federal Bureau of Investigation and the IRS Criminal Investigation. Assistant U.S. Attorney Sam Stefanki is prosecuting the case.

    If convicted, Singh faces a maximum statutory penalty of 30 years in prison and a fine of $1 million or of twice the amount of criminally derived property involved in each money laundering count. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

    This effort is part of a California COVID-19 Fraud Enforcement Strike Force operation, one of five interagency COVID-19 fraud strike force teams established by the U.S. Department of Justice. The California Strike Force combines law enforcement and prosecutorial resources in the Eastern and Central Districts of California and focuses on large-scale, multistate pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces use prosecutor-led and data analyst-driven teams to identify and bring to justice those who stole pandemic relief funds.

    MIL Security OSI –

  • MIL-OSI USA: Warner Files Amendments to Republican Budget Plan

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON –  As the Senate prepares for an all-night vote-a-rama on the Republican reconciliation budget bill agenda that will cut taxes for the ultra-wealthy at the expense of Virginia families, Sen. Mark R. Warner (D-VA), a member of the Senate Budget Committee, filed 21 amendments to the GOP budget proposal to address the needs of working Americans and taking aim at the Trump administration’s lawlessness.
    “As President Trump and Senate Republicans try to move a budget resolution clearing the way to cut taxes for the richest Americans at the expense of the programs working families depend on, it’s important to understand what we’re talking about here: the GOP plans to provide tax breaks for billionaires while slashing health care, education and public safety and doing nothing about the really big problems most Americans are facing, like the rising costs of housing and child care,” said Sen. Warner. “I hope some of my Republican friends will think twice about supporting a budget plan that cuts taxes for the richest and doubles down on the chaos of the Trump-Musk administration.”
    Specifically, Warner’s amendments would:
    Put senators on the record for raising costs, gutting programs American families rely on
    Create a point of order against any reconciliation bill that would not decrease the cost of housing for American families. Text
    Establish a deficit-neutral reserve fund relating to providing benefits to survivors of miners who died due to pneumoconiosis. Text
    Create a point of order against reconciliation legislation that would increase monthly student loan costs for borrowers of Federal student loans. Text
    Establish a deficit-neutral reserve fund relating to preserving funding and current staffing levels at the Department of Education. Text
    Establish a deficit-neutral reserve fund relating to providing affordable health care for American families, which may include making permanent the extended and expanded advance premium tax credits. Text
    Create a point of order against reconciliation legislation that would increase the cost of child care for United State families. Text
    Create a point of order against any reconciliation legislation that would increase health care costs for children receiving Medicaid. Text
    Establish a deficit-neutral reserve fund relating to prohibiting cuts to critical health programs, which may include preventing the institution of a Medicaid per capita cap policy. Text
    Put senators on the record on combating Trump-Musk lawlessness and corruption
    Establish a deficit-neutral fund relating to protecting the American people from the People’s Republic of China, Russia, Iran, North Korea, transnational organized crime, and terrorism by prohibiting the mass termination of critical employees in the intelligence community. Text
    Create a point of order against reconciliation legislation if certain Federal civil service laws are being violated. Text
    Establish a deficit-neutral reserve fund relating to ensuring that employees of the Department of Justice, the Federal Bureau of Investigation, and elements of the intelligence community are not subject to retaliation and firing due to political preferences of any Presidential administration. Text
    Create a point of order against consideration of reconciliation legislation until the Congressional Budget Office certifies that health, education, research, law enforcement, and foreign aid funding authorized by Congress is not subject to programmatic funding delays, deferrals, or rescissions. Text
    Create a point of order against considering funding legislation for the Office of the President while there is pending litigation alleging a violation of the Take Care Clause. Text
    Create a point of order against reconciliation legislation that would rescind obligated or awarded amount made available under the Inflation Reduction Act of 2022. Text
    Create a point of order against considering reconciliation legislation during a period during which there is an ongoing violation of the Congressional Budget and Impoundment Act of 1974, as determined by the Comptroller General of the United States. Text
    Create a point of order against consideration of spending or revenue legislation during any period during which there is an ongoing violation of the Congressional Budget and Impoundment Control Act of 1974, as determined by the Comptroller General of the United States. Text
    Establish a deficit-neutral reserve fund relating to protecting duly-enacted appropriations from unconstitutional cancellation by the President. Text
    Create a point of order against reconciliation legislation during any year in which an employee has been placed in administrative leave for more than a total of 10 work days. Text
    Create a point of order against reconciliation legislation during any period in which there is litigation pending against the President or another Federal officer alleging a violation of certain provisions of title 5, United States Code. Text
    Establish a deficit-neutral reserve fund relating to protecting classified and sensitive information on programs and individuals of the United States from being accessed by DOGE employees. Text
    Establish a deficit-neutral reserve fund relating to prohibiting the closure or relocation of Federal agencies without congressional authorization. Text

    MIL OSI USA News –

  • MIL-OSI USA: Reed Opposes Kash Patel as FBI Director

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – Today, U.S. Senator Jack Reed (D-RI) issued the following statement on his vote opposing the confirmation of Kash Patel to be Director of the Federal Bureau of Investigation (FBI):

    “The person in charge of running America’s most elite and powerful law enforcement agency should be someone with unquestioned character and integrity, a person with vast experience and clear independence who will put the Constitution and public safety first.

    “When a Republican like William Webster, who served as President Reagan’s FBI and CIA Director, says Mr. Patel should not be FBI Director, people, especially Republicans, ought to listen.  Sadly, once again, my colleagues are going along to get along.

    “Kash Patel is by far the most partisan, ideological, and extremist pick for this critical position.  Mr. Patel has no experience as a senior law enforcement officer.  Rather, he was chosen for his submissive fealty to Donald Trump and rabid willingness to serve Trump’s personal interest instead of the public interest. 

    “Mr. Patel’s past actions and statements make clear his focus will be turning the FBI from an apolitical agency into Trump’s politically-motivated police force.  I am deeply concerned that Mr. Patel will abuse the FBI’s resources and direct them against anyone who disagrees with President Trump or declines to carry out Trump’s wishes, including members of the media exercising their First Amendment rights through accurate reporting and ordinary Americans exercising their First Amendment rights of freedom of speech and assembly.

    “Even Trump’s own Attorney General from his first term said that Patel would become FBI director over his dead body.  And Trump’s own Vice President and White House counsel from his first term intervened to prevent Patel from being appointed as CIA deputy director.  Having seen his work up close, they had grave concerns about giving Mr. Patel responsibility and authority to enforce the law.

    “And in a stunning move, Mr. Patel has refused to sell his shares of a Chinese company and stands to receive millions of dollars in compensation while he will be responsible for protecting the American people from the threats of Chinese espionage and cybercrime.

    “Mr. Patel routinely spreads misinformation and debunked conspiracies and cannot be trusted to be forthright and truthful to Congress or the American people.  For these reasons and more, he is not fit to lead the FBI.”

    In practice, FBI Directors serve a ten-year term that spans multiple administrations unless they resign, die, or are removed.  Over the last thirty years, there have been just four Senate-confirmed FBI Directors: Louis Freeh; Robert Mueller; James Comey; and Christopher Wray, who President Donald Trump nominated during his first term and who President Joe Biden kept on.

    This marks the first time in his Senate career that Senator Reed voted to oppose a nominee to lead the FBI.  Mr. Patel’s nomination was narrowly approved on a vote of 51-49.

    MIL OSI USA News –

  • MIL-OSI USA: February 20th, 2025 Heinrich Statement Opposing FBI Director Nominee Kash Patel

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich, a member of the Senate Select Committee on Intelligence, released the following statement opposing the nomination of Kash Patel for the Director of the Federal Bureau of Investigation (FBI):

    “Kash Patel has glorified convicted criminals who attacked police officers on January 6, peddled outrageous conspiracy theories, and threatened to defund parts of the FBI while using what remains to exact revenge on President Trump’s political enemies.

    “Mr. Patel was nominated for one reason: To do Donald Trump’s bidding. That’s a direct contradiction of the FBI’s motto: ‘Fidelity, Bravery, and Integrity.’ Mr. Patel’s poor judgment and lack of national security experience make him wholly unqualified to keep Americans safe as our FBI Director. For these reasons, I voted no on his nomination.” 

    MIL OSI USA News –

  • MIL-OSI Australia: $29 million set aside for Queensland roads and rail crossings

    Source: Australian Ministers 1

    Roads and rail crossings across Queensland will receive important safety upgrades thanks to almost $29 million in new Albanese Government funding. 

    $14.6 million will go towards 50 high-priority improvements to railway level crossings across the state’s regional road network. Projects will increase safety at these critical junctures, with potential works including upgrades to boom gates, flashing lights, signage, sealing and more. 

    The Albanese Government recognises that local governments are crucial to maintaining and upgrading transport infrastructure.

    A further $14.17 million will help fund the following four new projects under the Safer Local Roads and Infrastructure Program (SLRIP):

    • Almost $4.5 million to the Mareeba Shire Council for widening Leadingham Creek Road and upgrading the culvert at Sandy Creek in Dimbulah. 
    • $5 million to theQueensland Department of Transport and Main Roads for a new heavy vehicle rest area on the Kennedy Highway (Cairns–Mareeba) at Koah.
    • Almost $3 million to the Moreton Bay Regional Council for the Caboolture River Road Safety Upgrades in Upper Caboolture & $1.7 million for the O’Mara Road Upgrade at Narangba. 

    The SLRIP is part of the Albanese Government’s commitment to support the delivery of safer roads across Australia. 

    Investment for the level crossings falls under the Government’s Regional Level Crossing Upgrade Fund (RLCUF), which aims to improve railway crossing safety in regional areas and reduce serious and fatal accidents that have a devastating impact on communities.

    Further information on the information on the Safer Local Roads and Infrastructure Program is available here, and Regional Level Crossing Upgrade Fund here.

    Quotes attributable to Infrastructure, Transport, Regional Development and Local Government Minister, Catherine King:

    “The Albanese Government recognises that local governments are crucial to maintaining and upgrading transport infrastructure.

    “We have increased funding under the Safer Local Roads and Infrastructure Program to make sure we continue to invest in better, safer local roads across Queensland and Australia. 

    “We are committed to delivering the funding local councils need to improve road safety and in a way that reduces the burden on them, allowing more money to be spent on projects and less on administration.”

    Quotes attributable to Assistant Minister for Regional Development and Senator for Queensland, Anthony Chisholm:

    “Councils know their local road networks inside out, that’s why we’re backing four much needed roads projects thanks to the additional $14.17 million.

    “But it’s not just roads, our state’s growing dependence on rail transport for freight is why we’re working with the State Government on improving rail crossing safety across Queensland.

    “The $14.6 million worth of funding will support the delivery of low-cost treatments such as boom gates, signage, flashing lights and rumble strips, which aim to better alert motorists and pedestrians approaching regional rail crossings.”

     

    Funded projects – Regional Level Crossing Upgrade Fund:

    Project / Railway crossing

    Project location 

    Jambin Dakenba Road (ID6025)

    Earlsfield

    105 Callemondah Drive (ID6090)

    Callemondah

    105 Callemondah Drive (ID708)

    Callemondah

    Saville Road level crossing improvement works

    Allenview

    Booroondarra Road

    Middlemount

    Bulliwallah Rd Level Crossing Upgrade Project

    Belyando

    Tolmies Road

    Blackwater

    Tryphinia Road

    Locality – Wallaroo

    Stratford Rd Level Crossing Upgrade Project

    Mt Cooloon

    Mourindilla Road

    Dingo

    Robino Road Crossing Light Installation

    Braemeadows

    Camp Creek Road level crossing upgrade to active controls

    Running Creek

    Sarina upgrade

    Sarina

    Jambin Dakenba Road (ID6554)

    Earlsfield

    BSL Greatheads

    Woongarra

    Alma Street Crossing Light Installation

    Halifax

    BSL Managers House

    Qunaba

    BSL Ashfield

    Ashfield

    BSL Klotzs

    Windermere

    BSL Golcherts

    Woongarra

    BSL Bargara School

    Qunaba

    Yarrawonga Road

    Blackwater

    Innisfree Road

    Emerald

    533 Marian – Eton Road Ch 0.344km

    Marion

    824 OLC Upgrade project site 5

    Ingham / Halifax / Bemerside

    824 OLC Upgrade project site 6

    Ingham / Halifax / Bemerside

    Wilson St and Kennedy Development Rd intersection

    Winton

    88A Bowen Developmental Road (Bowen-Collinsville) Ch32.6km

    Bowen

    10G Bruce Highway (St Lawrence – Mackay) Ch142.28km

    Mackay

    10G Bruce Highway (St Lawrence – Mackay) Ch 144.307km

    Mackay

    614 OLC Upgrade project – Site 1

    Ingham / Trebonne / Abergowrie

    614 OLC Upgrade project – Site 2

    Ingham / Trebonne / Abergowrie

    614 OLC Upgrade project – Site 3

    Ingham / Trebonne / Abergowrie

    614 OLC Upgrade project – Site 4

    Ingham / Trebonne / Abergowrie

    614 OLC Upgrade project – Site 5

    Ingham / Trebonne / Abergowrie

    614 OLC Upgrade project – Site 6

    Ingham / Trebonne / Abergowrie

    614 OLC Upgrade project – Site 7

    Ingham / Trebonne / Abergowrie

    614 OLC Upgrade project – Site 8

    Ingham / Trebonne / Abergowrie

    824 OLC Upgrade project site 1

    Ingham / Halifax / Bemerside

    824 OLC Upgrade project site 2

    Ingham / Halifax / Bemerside

    824 OLC Upgrade project site 3

    Ingham / Halifax / Bemerside

    824 OLC Upgrade project site 4

    Ingham / Halifax / Bemerside

    824 OLC Upgrade project site 7

    Ingham / Halifax / Bemerside

    824 OLC Upgrade project site 8

    Ingham / Halifax / Bemerside

    824 OLC Upgrade project site 9

    Ingham / Halifax / Bemerside

    824 OLC Upgrade project site 10

    Ingham / Halifax / Bemerside

    Whitsunday Coast Airport access road (Lascelles Avenue)

    Gunyarra

    Alice Street Mitchell

    Mitchell

    Cunningham Street Dalby

    Dalby

    Nicolson Street Dalby

    Dalby

    MIL OSI News –

  • MIL-OSI: E Split Corp. Renews At-The-Market Equity Program

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — (TSX: ENS, ENS.PR.A) E Split Corp. (the “Company”) is pleased to announce it has renewed its at-the-market equity program (“ATM Program”) that allows the Company to issue Class A and Preferred Shares (the “Class A Shares” and “Preferred Shares”, respectively) to the public from time to time, at the Company’s discretion. Any Class A Shares or Preferred Shares sold in the ATM Program will be sold through the Toronto Stock Exchange (the “TSX”) or any other marketplace in Canada on which the Class A Shares and Preferred Shares are listed, quoted or otherwise traded at the prevailing market price at the time of sale.

    Sales of Class A Shares and Preferred Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated February 14, 2025 (the “Equity Distribution Agreement”) with National Bank Financial Inc. (the “Agent”). Sales of Class A Shares and Preferred Shares will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Class A Shares and Preferred Shares in Canada. Since the Class A Shares and Preferred Shares will be distributed at the prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution.

    The ATM Program is being offered pursuant to a prospectus supplement dated February 14, 2025 to the Company’s short form base shelf prospectus dated February 12, 2025. The maximum gross proceeds from the issuance of the shares will be $200,000,000 for each of the Class A and Preferred Shares. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor or from representatives of the Agent and are available on SEDAR+ at www.sedarplus.ca.. The volume and timing of distributions under the ATM Program, if any, will be determined at the Company’s sole discretion. The ATM Program will be effective until March 13, 2027, unless terminated prior to such date by the Company.

    The Company intends to use the proceeds from the ATM Program in accordance with the investment objectives and investment strategies of the Company, subject to the investment restrictions of the Company. E Split Corp. invests in a portfolio comprised primarily of common shares of Enbridge Inc. (“Enbridge”), a leading North American oil and gas pipeline, gas processing, and natural gas distribution company. Middlefield Capital Corporation provides investment management advice to the Company.

    The investment objectives for the Class A Shares are to provide holders with non-cumulative monthly cash distributions and to provide holders with the opportunity for capital appreciation potential. The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions, currently in the amount of $0.1750 per Preferred Share, and to return the original issue price to holders of Preferred Shares on June 30, 2028.

    For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

    You will usually pay brokerage fees to your dealer if you purchase or sell shares of the investment funds on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”). If the shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the investment fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the funds. You can find more detailed information about the fund in the public filings available at www.sedar.com. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all distributions and do not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “plans”, “estimates” or “intends” (or negative or grammatical variations thereof), or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements including as a result of changes in the general economic and political environment, changes in applicable legislation, and the performance of each fund. There are no assurances the funds can fulfill such forward-looking statements and the funds do not undertake any obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing one or more of the funds, many of which are beyond the control of the funds. Investors should not place undue reliance on forward-looking statements.

    The MIL Network –

  • MIL-OSI: Real Estate Split Corp. Renews At-The-Market Equity Program

    Source: GlobeNewswire (MIL-OSI)

    Not for distribution to U.S. Newswire Services or for dissemination in the United States.

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — (TSX: RS, RS.PR.A) Real Estate Split Corp. (the “Company”) is pleased to announce it has renewed its at-the-market equity program (“ATM Program”) that allows the Company to issue Class A and Preferred Shares (the “Class A Shares” and “Preferred Shares”, respectively) to the public from time to time, at the Company’s discretion. Any Class A Shares or Preferred Shares sold in the ATM Program will be sold through the Toronto Stock Exchange (the “TSX”) or any other marketplace in Canada on which the Class A Shares and Preferred Shares are listed, quoted or otherwise traded at the prevailing market price at the time of sale.

    Sales of Class A Shares and Preferred Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated February 14, 2025 (the “Equity Distribution Agreement”) with National Bank Financial Inc. (the “Agent”). Sales of Class A Shares and Preferred Shares will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Class A Shares and Preferred Shares in Canada. Since the Class A Shares and Preferred Shares will be distributed at the prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution.

    The ATM Program is being offered pursuant to a prospectus supplement dated February 14, 2025 to the Company’s short form base shelf prospectus dated February 12, 2025. The maximum gross proceeds from the issuance of the shares will be $75,000,000 for each of the Class A and Preferred Shares. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor or from representatives of the Agent and are available on SEDAR+ at www.sedarplus.ca. The volume and timing of distributions under the ATM Program, if any, will be determined at the Company’s sole discretion. The ATM Program will be effective until March 13, 2027, unless terminated prior to such date by the Company.

    The Company intends to use the proceeds from the ATM Program in accordance with the investment objectives and investment strategies of the Company, subject to the investment restrictions of the Company. Real Estate Split Corp. has been designed to provide investors with a diversified, actively managed, high conviction portfolio comprised of issuers operating in the real estate or related sectors, including real estate investment trusts, that are engaged in E-Commerce, data infrastructure as well as the multi-family, retail, office and healthcare sectors. Middlefield Capital Corporation provides investment management advice to the Company.

    The investment objectives for the Class A Shares are to provide holders with non-cumulative monthly cash distributions and to provide holders with the opportunity for capital appreciation potential. On August 17, 2021, the monthly cash distribution was increased to $0.13 per Class A Share from $0.10 per Class A Share. The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions, currently in the amount of $0.13125 per Preferred Share, and to return the original issue price to holders of Preferred Shares on December 31, 2025.

    For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

    You will usually pay brokerage fees to your dealer if you purchase or sell shares of the investment funds on the Toronto Stock Exchange or other alternative Canadian trading system (an “exchange”). If the shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the investment fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the funds. You can find more detailed information about the fund in the public filings available at www.sedar.com. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all distributions and do not take into account certain fees such as redemption costs or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “plans”, “estimates” or “intends” (or negative or grammatical variations thereof), or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements including as a result of changes in the general economic and political environment, changes in applicable legislation, and the performance of each fund. There are no assurances the funds can fulfill such forward-looking statements and the funds do not undertake any obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing one or more of the funds, many of which are beyond the control of the funds. Investors should not place undue reliance on forward-looking statements.

    The MIL Network –

  • MIL-OSI: Tom Geisel to Join Dime’s Senior Executive Leadership Team

    Source: GlobeNewswire (MIL-OSI)

    HAUPPAUGE, N.Y., Feb. 20, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), announced today that Thomas X. Geisel will join Dime as Senior Executive Vice President of Commercial Lending. Mr. Geisel will be responsible for the continued buildout and diversification of Dime’s commercial lending business.

    Stuart H. Lubow, President and CEO said, “Dime has had tremendous success growing core deposits and business loans over the past two years by taking advantage of the significant disruption in our marketplace and adding talent to our organization. Recruiting Tom to our organization is the next logical step in the execution of our business plan. Tom has a proven track record as a business leader and he was instrumental in the growth and transformation of Sterling National Bank into a highly profitable $30 billion institution. Tom is an experienced leader and well-known brand name in the New York Metropolitan market. I look forward to working with him closely as we advance Dime’s mission of being the best business bank in New York.”

    Mr. Geisel stated, “I’m very pleased to join Dime and be part of the growth story. Dime’s entrepreneurial culture and customer first mindset attracted me to the institution.  Its strong balance sheet and best-in-class capital strength provides an attractive foundation for talented commercial bankers. I look forward to working with Stu and the management team to leverage its positive momentum in creating a high performing, local champion.” 

    Mr. Geisel has a diverse financial services background, including leadership experience growing regional banks for more than twenty years. He was President of Corporate Banking, at Webster Bank (formally known as Sterling National Bank). Prior to Sterling National Bank, Mr. Geisel was President, Chief Executive Officer and a Director of Sun Bancorp. Prior to Sun Bancorp, Mr. Geisel was at KeyCorp, including serving as President of the Northeast Region where he was responsible for $20 billion of assets within seven states, including commercial, consumer and private banking. He also helped to build the company’s general M&A investment banking practice in the East and West regions. Most recently, he was recruited to lead a turnaround of Republic First, which culminated in an assisted transaction.

    ABOUT DIME COMMUNITY BANCSHARES, INC.

    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island (1).

    Dime Community Bancshares, Inc.
    Investor Relations Contact:
    Avinash Reddy
    Senior Executive Vice President – Chief Financial Officer
    Phone: 718-782-6200; Ext. 5909
    Email: avinash.reddy@dime.com

    1 Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    The MIL Network –

  • MIL-OSI USA: Politico Pro: Senate Dems press RFK Jr. for more ethics pledges ahead of floor vote

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    February 06, 2025
    Robert F. Kennedy Jr.’s recent ethics concessions aren’t assuaging two Senate Democrats on the panels charged with vetting his nomination to be HHS secretary.
    Senate Finance member Elizabeth Warren (D-Mass.) and Senate Health, Education, Labor and Pensions member Tim Kaine (D-Va.) demanded additional commitments from Kennedy on Wednesday ahead of his confirmation vote – which could occur as soon as next week – to mitigate what they say are continued conflicts of interest.
    In a letter shared first with POLITICO, the pair asked Kennedy to either forfeit his financial interest in all cases he’s referred to Wisner Baum that involve HHS-regulated entities or accept a lump sum unrelated to their outcomes. That law firm is leading litigation against Merck’s HPV vaccine, Gardasil.
    They also called for Kennedy to recuse himself from matters involving former clients and employers for four years and to commit to not lobbying the department or litigating cases against pharma companies for at least four years after he leaves office. The senators requested a response by Friday.
    …
    Read the full article here.
    By:  Lauren GardnerSource: Politico Pro

    MIL OSI USA News –

  • MIL-OSI USA: Kaine Files Amendments to Republican Budget Resolution

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA), a member of the Senate Budget Committee, filed amendments to the Senate Republicans’ budget resolution in an attempt to improve the bill, which currently tees up tax cuts for billionaires by cutting critical funding for programs that Virginians rely on. Republicans are using a legislative process known as “reconciliation,” which allows certain legislation to be expedited and passed in the Senate by a simple majority, avoiding the 60-vote threshold needed for most other legislation. The Senate will begin consideration of the budget resolution later today.
    “I’d like to focus on cutting taxes for the middle-class. Unfortunately, Republicans disagree. Instead, they are coming after your Medicaid and Medicare benefits, your health care, education programs, and other critical funding that Virginians rely on so that they can tee up their tax cuts for billionaires. I’m filing several amendments to safeguard Virginians from President Trump’s proposed tariffs, which would raise costs; protect federal employees who provide essential services to millions of Americans; prevent cuts in funding for community health centers and national security programs; and more. I will be pushing to get votes on my amendments and will do everything I can to stop Republicans from passing policies that hurt Virginians and our economy and make us less safe,” Kaine said.
    Kaine filed a series of amendments, including:
    To cut taxes for middle-class Americans.
    To protect Americans from new, senseless taxes by preventing abuse of emergency authorities to launch trade wars with Canada and Mexico.
    To prevent cuts to federal funding for air traffic safety.
    To prevent the Department of Veterans’ Affairs from reducing its workforce below levels needed to staff and provide services at new or remodeled facilities.
    To prohibit funding for agency efforts to reclassify federal employees in the civil service outside of any schedule not currently in the competitive service.
    To prevent federal agencies and departments from terminating, rescheduling, or furloughing federal workers who are also veterans.
    To prevent federal employees in harm’s way overseas from losing critical protections.
    To protect Federal Bureau of Investigation (FBI) agents and federal prosecutors from political retribution.
    To deny access to classified materials to anyone without a proper security clearance.
    To protect Virginians who receive health insurance coverage through Medicaid expansion.
    To protect rural hospitals from cuts that would threaten rural communities’ access to health care.
    To protect access to health care services provided by Federally Qualified Health Centers.
    To ensure working families are able to access affordable and high-quality child care.
    To prevent a reduction of programs that support high-quality teacher and school leader preparation.
    To protect seniors and people with disabilities who use long-term services and supports.
    To prevent reductions in staff at the Mine Safety and Health Administration, who ensure miners do not get hurt or die on the job.
    To undo the harm that the January federal funding freeze did to Head Start programs.
    To protect the Pell Grant program from facing cuts or changes to the program that will hurt low- and middle-income students most.
    To prohibit termination of national security programming implemented by the U.S. Agency for International Development (USAID).
    To prohibit termination of foreign assistance contracts with U.S. farmers or with faith-based organizations.
    To prohibit funding for a new Middle East war in Gaza or appeasement of Russia in Ukraine.
    To prevent cuts to the Public Service Loan Forgiveness program.
    To prevent cuts to voluntary conservation agriculture programs.
    To ensure that much-needed funding comes to Virginia to repair federally maintained trails—such as the Virginia Creeper Trail—impacted by natural disasters in 2024.
    To prohibit any efforts to privatize or defund the United States Postal Service.
    Kaine has spoken out against Republicans’ proposal on the Senate floor and during a Senate Budget Committee markup.
    President Donald Trump and Republicans in Congress are currently negotiating an extension to Trump’s 2017 tax law, which cut taxes for large corporations and the highest-income earners and substantially increased the federal deficit. They are now proposing broad-based tariffs and massive, across-the-board cuts to federal programs like Medicaid to fund these tax cuts for billionaires. Tax estimates have shown that if fully enacted, Trump’s tariffs could raise costs by $2,500 to nearly $4,000 per household, and American consumers could lose between $46 billion to $78 billion in spending power each year.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Property Market – All eyes on lower mortgage rates as investors return – CoreLogic

    Source: CoreLogic

    Easing mortgage rates and further cuts on the horizon could drive further growth in borrower activity, potentially starting to lift NZ’s property market out of its recent soft patch.

    CoreLogic NZ’s February Housing Chart Pack shows increased market activity among ‘movers’ and mortgaged multiple property owners (MPOs) in January, rising to 28% and 24% of property purchases respectively.

    By contrast, first home buyers’ (FHBs) market share dropped back slightly to 25% last month, from 26% in Q4 last year. However, it remains at above-average levels.

    CoreLogic NZ Chief Property Economist Kelvin Davidson said although a modest upturn for property values may emerge in the coming months, current conditions remain favourable for all buyer types.

    “Investors, in particular, have certainly started to return at levels not seen since 2021. Falling mortgage rates have been a key factor, significantly reducing the income top-ups typically required to sustain cashflow on recent rental property purchases,” he said

    “They’ve also benefited from the easing in the LVR rules from 1st July last year, and the looming full reinstatement of interest deductibility from April this year.”

    Mr Davidson noted that while the market share for FHBs had edged down, the group remains a strong force, particularly in areas such as Hamilton and Wellington, where they continue to hold high market shares.

    “We expect this group to maintain a strong market presence in 2025, as overall deal volumes rise, even though their share of activity may dip a bit,” he added.

    Mr Davidson said with the OCR and credit conditions set to ease further, all eyes will be on loosening mortgage terms in coming months.

    “A key theme to watch this year is the terms that borrowers choose when taking out a new loan or repricing an existing mortgage. Recently, the focus has been on floating rates or short-term fixes, but at some stage in 2025, that could switch back to an emphasis on longer-term rates, especially if global uncertainty stays elevated.

    “All in all, 2025 could see a subdued upturn for the property market, with values nationally rising by around 5%,” he concluded.

    Highlights from the February 2025 Housing Chart Pack include:

    • New Zealand’s residential real estate market is worth a combined $1.61 trillion.
    • The CoreLogic Home Value Index shows property values across New Zealand edged down by another 0.1% in January. Over the year to January, values dipped by 4.3%, with the level now back down at an 18-month low.
    • Total listings on the market were 29,301 in January to be 25% up on the five-year average. Total listing counts in Northland and Waikato are lower than last year, but Canterbury, Wellington, Otago, and Gisborne have seen sizeable increases of 15% and more.
    • Rental market conditions remained flat amid slowing net migration. The pace of rental growth has now dropped to lows not seen since 2022.
    • Gross rental yields now stand at 3.9%, which Is the highest level since early 2016.
    • Around 71% of NZ’s existing mortgages by value are currently fixed but due to reprice onto a new mortgage rate over the next 12 months.
    • Inflation is firmly back in the 1–3% target range, and with February’s 0.5% cut, further OCR reductions seem likely in the coming months.

    Download and subscribe to the monthly CoreLogic Housing Chart Pack at: https://corelogic.co.nz/news-research/reports/housing-chart-pack

    MIL OSI New Zealand News –

  • MIL-OSI Security: Duluth Man Sentenced to Over 17 Years in Prison in Drug Trafficking Conspiracy Case

    Source: Office of United States Attorneys

    ST. PAUL, Minn. – A Duluth man has been sentenced to 210 months in prison followed by five years of supervised release for conspiracy to distribute methamphetamine and fentanyl, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    According to court documents, Johnathan Eric Thompson, a.k.a. “Remy,” 34, conspired with others to obtain and distribute large amounts of methamphetamine and fentanyl. Thompson regularly traveled to Chicago to obtain methamphetamine and fentanyl to sell throughout the Duluth, Minnesota region. On October 27, 2023, Thompson sold 1,830 grams of methamphetamine to one individual, and on November 16, 2023, he sold 2,280 grams of methamphetamine to another individual. Law enforcement executed a search warrant at an apartment being used by the defendant and his co-conspirators to store and package methamphetamine and fentanyl for sale and found 858 grams of methamphetamine and 568 grams of fentanyl. Thompson was arrested on November 30, 2023. At the time of arrest, he was found in possession of 268 grams of fentanyl and 100 counterfeit fentanyl pills. Between October and November 2023, it is estimated that Thompson possessed 7,321 grams of methamphetamine and 863 grams of fentanyl.

    Thompson was sentenced yesterday in U.S. District Court before Judge Eric C. Tostrud on one count of conspiracy to distribute methamphetamine and fentanyl. In handing down the sentence, Judge Tostrud noted the sentence was due in part to Thompson’s negative impact to the city of Duluth, and that his crimes “fed existing addictions and destroyed lives and families.”

    This case is the result of an investigation conducted by the Duluth Police Department, St. Louis County Sheriff’s Department, the Lake Superior Violent Offender Task Force, and Homeland Security Investigations.

    Assistant U.S. Attorney Nichole J. Carter prosecuted the case.
     

    MIL Security OSI –