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Category: housing

  • MIL-OSI USA: Strong Introduces Legislation to Expedite Deportation of Non-Citizen Voters

    Source: United States House of Representatives – Representative Dale Strong (Alabama)

    WASHINGTON— Today, Representative Dale W. Strong (R-AL) introduced the Deport Illegal Voters Act to expedite the removal of aliens convicted of voting illegally.  

    Specifically, the legislation adds unlawful voting to the defined list of aggravated felonies under the Immigration and Nationality Act (INA) and provides for the expedited deportation of convicted individuals. 

    “Anyone who is not an American citizen and casts a ballot in this election should be first in line to be deported. We must secure our elections and ensure participation in our elections is reserved for American citizens and American citizens only,” said Congressman Dale W. Strong.  

    Under the Biden-Harris Administration, we have seen record numbers of border crossings and illegal immigration into the United States. Additionally, there have been numerous cases of voter registration forms issued to non-citizens and numerous cases of non-citizen voting across the country, including Alabama. In September, the Department of Justice charged a Guatemalan national residing in Alabama with fraudulently using a U.S. identity to vote in multiple elections including the 2016 and 2020 presidential elections. This week, charges were filed against a Chinese national who cast a vote in the 2024 Presidential election in Michigan.  

    Interference in our elections undermines the rights of American citizens and sets a dangerous precedent that could further erode the trust and credibility of our electoral system. The integrity of our election system must be safeguarded to ensure only eligible and lawful voters are permitted to participate. 

    “People should stop and think twice before interfering in our elections. The Deport Illegal Voters Act sets a consequence fitting for those committing a federal offense,” said Strong.  

     

    MIL OSI USA News –

  • MIL-OSI USA: Magaziner and Rep. Bennie Thompson Urge Federal Agencies to Take Action to Prevent Election Violence

    Source: United States House of Representatives – Representative Seth Magaziner (RI-02)

    WASHINGTON, D.C. — U.S. Representative Seth Magaziner (RI-02), Ranking Member for the Homeland Security Subcommittee on Counterterrorism, Intelligence and Law Enforcement, is partnering with Ranking Member for the Homeland Security Committee Bennie Thompson (MS-02) to lead 13 Members of Congress in raising concerns to the Department of Homeland Security (DHS) and the Department of Justice (DOJ) about the potential for violence surrounding the 2024 election.

    “With the 2024 election coming up in a matter of days, we must take steps to ensure that the U.S. government is prepared to thwart violent attacks on the democratic process like that which occurred on January 6, 2021,” said Rep. Seth Magaziner (RI-02), Ranking Member for the Homeland Security Subcommittee on Counterterrorism, Intelligence and Law Enforcement. “Ranking Member Thompson and I are outlining a series of actions we believe the Department of Homeland Security and the Department of Justice should take to ensure a safe and secure election and peaceful transfer of power.”

    The Members of Congress outline important objectives that include, but are not limited to:

    • Ensuring that Federal agencies are aligned and attentive to the needs of election officials, and provide any requested assistance to state and local election officials.
    • Protecting state and local election offices from cyber attacks and providing them with services to defend election infrastructure.
    • Bolstering DHS’s efforts to raise awareness of the physical security services available to state and local officials through federal resources to protect election officials and infrastructure. 
    • Combating foreign influence campaigns by Russia and other malign actors, and combating election misinformation on social media platforms that seek to undermine the legitimacy of the election and trust in the American government.

    Donald Trump and his allies have been laying the groundwork to question the legitimacy of the 2024 election results, and have been spreading dangerous conspiracy theories about the vote counting process at the state and local levels. Trump has repeated lies of widespread voter fraud and suggested that the only way he can lose to Vice President Harris is if Democrats cheat. This is particularly concerning in light of a recent poll by the Associated Press that found two-thirds of Republicans polled trust Donald Trump and his campaign for accurate information about election results, but only 51 percent of Republicans polled would trust the government’s certification of election results.

    Trump has also declined to pledge to respect the outcome of the 2024 election and refused to publicly say that he would back a peaceful transfer of power. In 2020, Trump refused to acknowledge his election loss, spread lies about extensive voter fraud and incited a violent mob to attack the Capitol in an effort to overturn the results of a fair and secure election.

    Foreign malign influence operations also pose a threat to the 2024 election. The Justice Department recently disrupted a covert Russian government-sponsored foreign malign influence operation, which in part used AI-generated content and social media influencers, to spread disinformation about the 2024 election, sow discord and influence voters.

    Furthermore, threats against election officials have intensified. Nearly one in three election workers have reported being harassed, abused or threatened because of their job as a result of Trump’s rhetoric. This has caused high levels of turnover among election workers over concerns for their safety and the safety of their families, leading to increased strain on those responsible for facilitating our elections. 

    This letter builds upon Rep. Magaziner’s efforts to ensure a fair and secure election in 2024. This week, he joined his colleagues in urging the DOJ Election Threats Task Force to take stronger action in coordination with local law enforcement to protect election workers on and around Election Day.

    Rep. Magaziner also hosted a “Protecting our Democracy” roundtable with Rep. Thompson to bring attention to concerted efforts to question the legitimacy of the 2024 election results.

    Full text of the letter is below. A PDF copy of the letter is available HERE.

    Dear Secretary Mayorkas and Attorney General Garland:

    We understand that both the Department of Homeland Security (DHS) and the Department of Justice (DoJ) have undertaken significant efforts to support the safe, secure administration of elections this November. We write to document those activities and to learn about any additional actions you will undertake between now and January 20, 2025, to ensure a peaceful transfer of power.

    Four years ago, State and local election officials across the country administered the most secure elections in history under exceptionally challenging circumstances. Nevertheless, confusion about voting and tabulation procedures, a politically polarized public, and a nationwide pandemic created a breeding ground for misinformation and conspiracy theories to flourish. As a result, a violent mob bent on preventing the peaceful transfer of power attempted to interrupt the certification of election results on January 6, 2021. Although the insurrection was ultimately unsuccessful, its legacy endures, notably though the targeting and harassment of election officials, baseless allegations that voter fraud will result in an illegitimate election result, and suggestions by public officials that they may not accept the election outcome.

    We applaud the efforts your agencies have already undertaken to support the safe, secure administration of elections, and encourage ongoing engagement with appropriate partners at the State and local levels in the weeks and months ahead.

    Coordination with State and Local Partners

    Election officials on the ground are the individuals who best understand the challenges of administering elections in today’s environment. It is important that Federal programs designed to secure elections are aligned to the needs of State and local election officials.

    • Attorney General Garland and Secretary Mayorkas, what processes are in place to receive feedback from election stakeholders to ensure your Departments are meeting the needs of election officials? How have your Departments incorporated stakeholder feedback into election security policies and programs? Please provide specific examples.
    • Attorney General Garland and Secretary Mayorkas, have resource constraints in any way limited the ability of your Departments to provide assistance requested by State and local election officials? If so, how?

    Last year, the Cybersecurity and Infrastructure Security Agency (CISA) announced it would establish dedicated election security advisors in each of the agency’s ten regions.

    • Secretary Mayorkas, how do election security advisors complement the work of existing cybersecurity and protective security advisors? Please provide details about the priorities of election security advisors and describe the specific activities they have undertaken to help state and local election officials prepare for the 2024 election.

    Election Cybersecurity

    CISA offers a range of no-cost cybersecurity services to election offices across the country, including cyber hygiene scans and risk and vulnerability assessments.

    • Secretary Mayorkas, please describe the services that DHS offers directly to State and local election officials and the efforts DHS has undertaken to promote these services. To what degree have State and local election offices adopted the services DHS offers? 
    • Secretary Mayorkas, DHS, through CISA, supports the Center for Internet Security, which houses Election Infrastructure Information Sharing and Analysis Center (EI-ISAC). The EI-ISAC provides State and local election officials with a range of additional services to defend election infrastructure from cyber attacks. Please describe the election security- related activities DHS funding supports at the EI-ISAC.
    • Secretary Mayorkas, how is the Department working with State and local election officials to ensure resilience in the event of a cyber incident on or near election day?

    As the Sector Risk Management Agency for the Election Infrastructure Subsector, DHS, through CISA, is responsible for engaging with a range of stakeholders involved in the administration of elections, including election technology and equipment vendors.

    • Secretary Mayorkas, please describe how the Department has worked with election technology and equipment vendors to improve security.

    Physical Security

    Recent swatting incidents and white powder mailings targeting election officials, along with disturbingly frequent social media threats, have highlighted the physical security threats facing election officials. Ensuring State and local officials are aware of the services available to them and have access to the resources necessary to improve their security will be critical to protecting election officials and infrastructure before, during, and after the election.

    • Secretary Mayorkas, please describe the physical security services DHS offers directly to State and local election officials and how DHS is increasing awareness of Federal resources available to protect the physical security of election infrastructure and officials. To what degree have State and local election officials utilized the physical security services DHS offers?
    • Attorney General Garland and Secretary Mayorkas, how are DOJ and DHS ensuring that they have relevant expertise on staff to support physical security services and outreach?
    • A security threat in one jurisdiction may suggest a heightened risk of similar situations in other jurisdictions. Attorney General Garland and Secretary Mayorkas, how are you ensuring that timely and actionable threat information based on recent incidents is shared with election officials nationally as threats emerge?
    • In the absence of Federal funding dedicated to improving the physical security of elections, State and local jurisdictions may struggle to implement security recommendations. Secretary Mayorkas, how is DHS supporting State and local election officials’ efforts to implement recommendations provided by CISA’s security assessments? How does CISA assist election officials in prioritizing cost-effective solutions to issues identified by the assessments?

    The January 6, 2021, attack on the Capitol demonstrated that election security risks do not end on Election Day. We are particularly concerned that similar violence could take place during the counting and certification of election results this cycle.

    • Attorney General Garland and Secretary Mayorkas, with a heightened risk of violence in the post-election period, what plans are in place to support election officials in the aftermath of the November election? What specific resources will be deployed following the election to support State and local election officials should threats develop?

    Mis- and Disinformation

    Public reporting indicates that foreign adversaries continue efforts to influence U.S. elections, and election misinformation has the potential to undermine the public’s confidence in election results and could fuel election-related violence. It is our understanding that the Federal government has modified its approach to combatting misinformation compared to the previous presidential election.

    • Attorney General Garland and Secretary Mayorkas, what are your current policies regarding engagements with social media companies on the threats posed by election- related misinformation? Please describe current activities related to combatting foreign influence and election misinformation.

    A recent poll by Associated Press-NORC Center for Public Affairs Research and USAFact found that two-thirds of Republicans polled trust Donald Trump and his campaign for accurate information about election results, but only 51 percent of Republicans polled would trust the government’s certification of election results. Donald Trump has already begun to suggest the election will be rigged against him.

    • Attorney General Garland and Secretary Mayorkas, how will your Departments work to build confidence in the election outcome in the event a candidate, without evidence, attempts to call into question the legitimacy of the election outcome?

    Recent indictments by DOJ allege that Russian intelligence used American media influencers to unwittingly promote Russia’s foreign influence campaigns.

    • Attorney General Garland, does DOJ have policies in place to alert Americans who may be unwittingly amplifying illegal foreign influence campaigns?

    Many Republican officials have publicly claimed that non-citizens are voting in large numbers and could impact the outcome of the November election. The Texas Attorney General recently announced he was investigating whether organizations were purposefully registering non-citizens to vote, despite there being no indication that it is happening.

    • Attorney General Garland and Secretary Mayorkas, is there any evidence that non-citizens vote in large numbers in the United States? Is there any evidence that organizations are deliberately registering non-citizens to vote?

    Mis- and disinformation can lead to voter suppression. The Secretary of State of Alabama, for example, recently deactivated the registration of more than 3,000 people, including some naturalized citizens who must now update their records before they can vote. Some of them have expressed reluctance to register to vote again.

    • Attorney General Garland and Secretary Mayorkas, how are your Departments countering mis- and disinformation that may disproportionately affect naturalized citizens or target communities of color?

    Rapid advances in AI technological development have the potential to shift how foreign and domestic actors seek to shape public opinion and Federal efforts to secure elections must reflect the latest technological landscape.

    • Attorney General Garland and Secretary Mayorkas, what is your current assessment of the impact of AI-generated content in foreign influence campaigns and how are your Departments increasing awareness regarding the threat of AI-generated content in disinformation efforts?

    By and large, the most reliable sources of accurate election information are the official communications and websites of State and local election officials responsible for administering elections. The Federal government’s greater media visibility can play an important role in directing Americans to reliable sources of information and amplifying the voices of state and local officials.

    • Secretary Mayorkas, how is DHS amplifying efforts by State and local election officials to promote accurate election information and to respond to false rumors about the integrity, security, or accuracy of election systems and results? What are CISA’s plans to increase such communications closer to Election Day and following the election?

    Thank you for your attention to this letter. We look forward to your response and to continuing to work with you to ensure a safe, secure election next month.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Cohen Expresses Concern at Suggestion Jeffrey Epstein had Compromising Photographs of Trump

    Source: United States House of Representatives – Congressman Steve Cohen (TN-09)

    MEMPHIS – Congressman Steve Cohen (TN-9), a senior member of the Judiciary Committee, today expressed concern that the pedophile financier Jeffrey Epstein reportedly had compromising photographs of Donald Trump with topless young women and showed them to book author Michael Wolff. News of the photographs was reported Thursday evening in The Daily Beast, along with Trump campaign denunciations of the story.

    At the July 24, 2024, Federal Bureau of Investigation Oversight Hearing in the House Judiciary Committee, Congressman Cohen asked FBI Director Christopher Wray about the FBI’s search of Jeffrey Epstein’s home and what was found.  After the hearing, Congressman followed up with Director Wray on this issue and submitted written questions for him about the Epstein case and evidence seized in searches of Epstein’s homes.  Among those questions:

    “Did the FBI retrieve any evidence that prompted the agency to open a new criminal investigation with a target other than Epstein for alleged sexual abuse?

    “Did the FBI recover any evidence that the FBI suspects Mr. Epstein held to blackmail others?

    “Will you open up the FBI’s records about your interactions with, and investigations of, Jeffrey Epstein?”

    The FBI has not yet responded to those questions.   

    See Congressman Cohen’s questions to Wray at the July hearing here.

    # # #

    MIL OSI USA News –

  • MIL-OSI USA: Governor Parson Congratulates Missouri Higher Education Institutions on Advancing in NSF Engines Competition

    Source: US State of Missouri

    NOVEMBER 1, 2024

    Jefferson City — Today, Governor Mike Parson congratulated four Missouri higher education institutions upon advancing, as part of teams, in the U.S. National Science Foundation’s Regional Innovation Engines (NSF Engines) program. The advancing institutions include the Missouri University of Science and Technology (Missouri S&T), University of Missouri–Kansas City (UMKC), University of Missouri–St. Louis (UMSL), and Washington University in St. Louis (WashU).

    “We are excited that out of 71 teams advancing in this national competition, Missouri is home to four of them,” Governor Parson said. “Missouri’s technology sector is budding and growing, and these teams will help us continue the exceptional work we have done to develop our workforce, strengthen our infrastructure, and emerge as a technological leader. We congratulate our higher education institutions, as well as their application partners, on the incredible work that has gotten them to this point, and we trust that Missouri innovation will win the day, potentially securing these NSF Engine designations for our state.”

    “We are proud that researchers at UMKC, S&T, and UMSL are among just 71 teams across the country invited to submit full proposals for the NSF Engines program,” University of Missouri President Mun Choi said. “Key to their success is Governor Parson and his incredible commitment to innovation, workforce development, and infrastructure growth. We are grateful for his strong support and for this opportunity to impact our state and region.”

    “WashU and our partner BioSTL are proud of our long-standing relationship with the NSF and pleased to be among the Missouri institutions invited to submit a full proposal for the engines competition,” WashU Chancellor Andrew Martin said. “We’re grateful to the NSF for its consideration, as well as to Governor Parson and our partners in Jefferson City whose support allows us to push the boundaries of what’s possible to benefit all Missourians. We’re excited for the opportunity to contribute to our regional workforce ecosystem with this potential federal funding.”

    “We are proud that these four institutions are proposing innovative approaches to meet emerging technological needs of key industries,” Dr. Bennett Boggs, Commissioner of the Missouri Department of Higher Education & Workforce Development, said. “Their creative efforts support our employers and present expanded opportunities for Missourians to access family-sustaining jobs.”

    The four Missouri proposals are listed below:

    • Missouri S&T – Engine for Midwest Mobility Innovation and Technology
    • UMKC – Critical Materials Crossroads Energy Materials Ecosystem
    • UMSL – Reshoring KSM and API Manufacturing Through Innovation
    • WashU – Neuroscience Engine to Unlock Regional Opportunity

    Under the current NSF Engines funding opportunity, organizations were required to submit a letter of intent to demonstrate their interest in applying. NSF published data from the letters in July 2024. Teams were then required to submit preliminary proposals by August 6, describing how their proposed NSF Engines aim to build partnerships that will advance use-inspired and translational research in key technology areas and address pressing challenges while creating new pathways for the workforce in their regions. The 71 NSF Engines teams that have advanced will submit full proposals by February 2025.

    The NSF Engines program aims to foster cross-sector connections, particularly engaging organizations that may not typically work together or submit to NSF funding opportunities. Nonprofits, foundations, state and local governments, tribal nations, community organizations and investors have all expressed interest in connecting with emerging NSF Engines. By publishing the 71 invited teams, NSF aims to create opportunities across the U.S. for additional individuals and organizations to connect with prospective submitters (within one’s region of service and beyond) to share expertise, exchange resources, provide capital and more.

    About NSF Engines

    Launched by the NSF Directorate for Technology, Innovation and Partnerships, the NSF Engines program envisions flourishing regional innovation ecosystems all across the country, providing a unique opportunity to accelerate technology development and spur economic growth in regions that have not fully participated in the technology boom of the past few decades. Each NSF Engine comprises robust partnerships rooted in scientific and technological innovation to positively impact the economy within a geographic region, address societal, national, and geostrategic challenges, and ultimately advance U.S. competitiveness and security.

    MIL OSI USA News –

  • MIL-OSI USA: Leader McConnell Comments on Gov. Beshear’s Call to Abolish Electoral College

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell
    LOUISVILLE, KY – U.S. Senate Republican Leader Mitch McConnell (R-KY) released the following statement regarding Kentucky Governor Andy Beshear’s comments today in support of abolishing the Electoral College:
    “I wish I could say I’m surprised by Governor Beshear’s latest calls to abolish the Electoral College – but I’m not. Democrats’ disregard – and borderline disdain – for the constitutional guardrails that safeguard our political system has lurked below the surface of their rhetoric for a long, long time.
    “No institution is too dear if it stands between a Democrat and their progressive ‘reforms’ to ‘preserve democracy’ – the standard euphemism for partisan power grabs on the Left. Those genuinely concerned about the future of our country should call for strengthening our constitutional guardrails, not obliterating them.
    “At its core, the Electoral College protects Americans from the whims of the majority, something I’m familiar with in the Senate. It’s what makes our democracy, and our sprawling nationwide elections, feasible. And it’s what compels presidents to govern nationally rather than pandering to the interests of New York and California. Without it, no presidential candidate would ever travel to a small state in Middle America, like Kentucky.”

    MIL OSI USA News –

  • MIL-OSI USA: Lummis, Calls Out Biden-Harris Administration’s Blatant Discrimination Against Starlink Internet Access 

    US Senate News:

    Source: United States Senator for Wyoming Cynthia Lummis

    November 1, 2024

    Washington, D.C—Today, U.S. Senator Cynthia Lummis (R-WY) joined Senators Ted Cruz (R-TX) and Marsha Blackburn (R-TN) in calling out the Biden-Harris administration for spreading misinformation about broadband connectivity in the U.S. in a letter to the U.S. Census Bureau and the National Telecommunications and Information Administration (NTIA). In their letter, the senators highlight how this administration is intentionally excluding from data on connectivity millions of households that rely on wireless and satellite technologies, particularly in our nation’s most rural and hard-to-reach areas, including many in Wyoming.

    “Many households across Wyoming rely on wireless and satellite technologies for connectivity in the most rural parts of our state, yet this administration’s decision to play politics continues to push our goal of bridging the digital divide further out of reach,” said Lummis. “By unnecessarily picking winners and losers, this administration has sabotaged bipartisan programs best equipped to provide connectivity to underserved areas and perpetuates misinformation about broadband in rural communities.”

    The Biden-Harris administration’s prioritization of politics over sound broadband policy has sabotaged the $42.45 billion Broadband Equity, Access and Deployment (BEAD) program, which was intended to help more Americans connect to high-speed internet.

    Read the full letter here. 

    MIL OSI USA News –

  • MIL-OSI USA: Kamlager-Dove Secures $1.8 Million for the City of LA to Improve Permanent Supportive Housing in Downtown LA

    Source: United States House of Representatives – Congresswoman Sydney Kamlager California (37th District)

    LOS ANGELES, CA — Today, Congresswoman Sydney Kamlager-Dove (CA-37) presented a $1,840,000 check to Mayor Karen Bass and the City of Los Angeles for improvements to The Prentice permanent supportive housing site in Downtown Los Angeles. The project is one of 15 community projects that Congresswoman Kamlager-Dove secured a total of $12.4 million for through Fiscal Year 2024 government funding legislation, of which $6.4 million will go toward addressing housing insecurity in Los Angeles. You can watch the full press conference here.

    This project will renovate The Prentice’s 40+ units of permanent supportive housing to create a safer and healthier environment for residents, many of whom have previously experienced homelessness. The funding secured by Congresswoman Kamlager-Dove will support capital improvements to the site, including: replacing light and plumbing fixtures, the existing roof, and all doors; ensuring all entryways meet accessibility requirements; repainting interior walls; renovating the storefront; upgrading the security system; and remodeling the community kitchen, bathrooms, and laundry rooms.

    “Building more affordable and public housing alone is not enough to solve the housing crisis—we must also improve our existing housing stock to ensure safe and comfortable living conditions for all residents,” said Congresswoman Kamlager-Dove. “This project is a continuation of our work to strengthen our current supportive housing supply and provide real, lasting housing security for our most vulnerable community members. Bringing federal housing resources, including this funding, back to the 37th District has been one of my greatest honors in Congress—I will continue working with the City to secure additional federal resources and ensure that all Angelenos have a safe place to call home.”

    “Thank you, Congresswoman Kamlager-Dove for leading this effort and locking arms with us to deliver for some of our most vulnerable Angelenos,” said Mayor Karen Bass. “The only way we can be successful in solving homelessness is by working with all levels of government and implementing a comprehensive approach that keeps people housed in a safe and healthy environment. Together, we will continue to break the status quo and confront this crisis in a way that shows sustained results.”

    ABOUT THE PRENTICE:
    The Prentice, built in 1914, is a three-story, 46-unit building with 44 Single Room Occupancy permanent supportive housing units and two staff units. Each dwelling is equipped with a wall-hung sink and mini fridge and comes fully furnished with a bed frame, mattress, table, chairs, nightstand, and a dresser. The building has shared bathrooms and showers, a community kitchen, community lounge, dining room, laundry facilities, and a small center courtyard.

    # # #

    MIL OSI USA News –

  • MIL-OSI Canada: New Sheriffs unit to enhance public safety

    Source: Government of Canada regional news

    [embedded content]

    Since 2023, Alberta’s government has invested more than $27 million to help fight crime throughout the province. Building on these efforts, the government is now expanding the Alberta Sheriffs’ Safer Communities and Neighbourhoods (SCAN) unit with the creation of a new team of investigators in Red Deer. The creation of the Red Deer SCAN team is the latest in a series of measures aimed at enhancing public safety and increasing the Alberta Sheriffs’ ability to support police throughout the province.

    The move puts more resources on the ground with a team of qualified experts who will investigate properties where illegal activity has been reported and shut them down through court orders when needed. The Red Deer SCAN team – made up of four Alberta Sheriffs – joins existing SCAN teams in Calgary, Edmonton, and Lethbridge, which have proven immensely effective in working alongside local police to shutter problem properties throughout the province.

    “Alberta’s government will always maintain a zero-tolerance stance toward crime of any kind, and the expansion of the Alberta Sheriffs’ SCAN unit reflects that. With the creation of a new SCAN team in Red Deer, we’re expanding the unit’s coverage even further and putting more boots on the ground where they’re needed. Let this be a message to all criminals: you are not welcome here. Communities in the Red Deer area have a right not to be plagued by drug and other criminal activity that create dangerous environments, and Alberta’s government will do whatever it takes to keep people safe.”

    Mike Ellis, Minister of Public Safety and Emergency Services

    The Sheriffs’ SCAN unit operates under the Safer Communities and Neighbourhoods Act, which uses legal sanctions and court orders to hold owners accountable for illegal activity happening on their property, such as drug trafficking, human trafficking and child exploitation. SCAN augments and supports local police to both investigate and close properties where evidence of criminal activity has been confirmed.

    “Ensuring safety for law-abiding Albertans is of utmost importance for Alberta’s government and requires a comprehensive approach to effectively combat and prevent criminal activity. This involves enhancing law-enforcement resources, fostering community engagement, implementing crime prevention programs, and promoting collaboration between Alberta Sheriffs and local police. This SCAN team is a game-changer in central Alberta and puts criminals on notice that they are not welcome here.”

    Jason Stephan, MLA for Red Deer-South

    “The Safer Communities and Neighbourhoods Act holds property owners accountable for activities on their property that threaten public safety. Alberta’s SCAN teams support policing efforts by addressing illegal activities on these properties. This additional team will enhance RCMP community safety programs.” 

    Assistant Commissioner Trevor Daroux, criminal operations officer, Alberta RCMP

    When a community member reports a problem property to SCAN, the unit begins an investigation. Once the investigation confirms the activity, investigators contact the property owner to try and resolve the issue informally. If informal efforts are unsuccessful, SCAN can apply to the courts for a community safety order to impose restrictions and conditions on the property and its owner, which could include closing the property for up to 90 days. Any criminal activity uncovered when dealing with these properties is turned over to the police to investigate.

    “Over the years, SCAN’s impact on community safety has been profound. More often than not, we see individuals in these problem properties carrying out drug operations and other criminal activities beside homes, schools, playgrounds and other places where Albertans’ safety should never be in question. Crime has no place in any Alberta neighbourhood, and we look forward to working with our policing partners in the Red Deer area to help keep central Alberta communities safe.”

    Mike Letourneau, superintendent, Alberta Sheriffs

    SCAN continues to see tremendous success, having closed problem properties in Lethbridge, Calgary, Spruce Grove and Medicine Hat in the last six months alone. Since May 2024, Alberta’s government has publicly announced the closure of seven problem properties by SCAN, including three in Calgary, two in Lethbridge, and one each in Spruce Grove and Medicine Hat.

    “Creating a safer environment for our citizens improves the overall quality of our community in Red Deer. I would like to take this opportunity to thank Alberta’s government, SCAN and all our law enforcement partners who work tirelessly every day to keep our communities safe. This is great news for the City of Red Deer, and together, we can make our community safer. I encourage residents to report any suspicious activity to the SCAN unit.”

    Ken Johnston, mayor, City of Red Deer

    The Red Deer SCAN team’s operational boundaries encompass the city of Red Deer and its surrounding communities and rural areas, providing coverage to the central area spanning Ponoka to the north and Olds to the south.

    Related news

    • New sheriff team established in southern Alberta (Nov. 15, 2023)
    • Fighting rural crime (March 24, 2023)

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI USA: Attorney General Bonta, Newsom Administration Reach Agreement with City of La Habra Heights on Compliance with State’s Housing Element Law

    Source: US State of California

    La Habra Heights to update housing plan by July 2025 for development of 244 additional housing units

    SACRAMENTO — California Attorney General Rob Bonta, California Governor Gavin Newsom, and California Department of Housing and Community Development (HCD) Director Gustavo Velasquez today announced a settlement that will bring the City of La Habra Heights into compliance with the state’s Housing Element Law. With dedicated technical support from the state, the city will adopt a housing plan no later than July 7, 2025, to allow for the development of 244 housing units, at least 164 of which must be affordable to low- and very low-income households. The agreement, which is in the form of a proposed stipulated judgment and must be approved by the court, is related to California’s sixth “housing element update cycle” for the 2021-2029 time period.   

    Under the state’s Housing Element Law, every city and county in California must periodically update its housing plan to meet its Regional Housing Needs Allocation (RHNA), or share of the regional and statewide housing needs. Located in Los Angeles County and home to a total population of 5,682 residents, La Habra Heights was required to update its housing plan by October 15, 2021, to accommodate its 172-unit RHNA target. However, because the city did not identify adequate sites for lower- and moderate-income units during the fifth cycle for the 2013-2021 time period, an additional 72 units were added for a total of 244 units. After receiving a notice of violation from HCD, the city and state conferred in good faith to chart a course for the city to attain compliance.   

    “The City of La Habra Heights has done the right thing. Instead of continuing to skirt California’s housing laws, it will finally be complying with its legal obligation to plan for 244 housing units,” said Attorney General Rob Bonta. “My office will not let up: no matter the size of the city or county, we will not rest until every local government in California plans for the future and does its part to tackle our housing crisis.” 

    “No more excuses — every community has a responsibility to create housing and to help reduce homelessness,” said Governor Gavin Newsom. “I am pleased that La Habra Heights has come to the table and agreed to meet their housing goals for a community that desperately needs more affordable homes.” 

    “This latest agreement is a key example of why it is so important that every city, big and small, is held accountable for doing its fair share to address the statewide housing need,” said HCD Director Gustavo Velasquez. “When La Habra Heights adopts a compliant housing element, it will — for the first time ever — make land available for multifamily and affordable housing, creating a path to opportunity for more families in this high-resource community.”

    Among other things, a compliant housing element must include an assessment of housing needs, an inventory of resources and constraints relevant to meeting those needs, and a program to implement the policies, goals, and objectives of the housing element. Once the housing element is adopted, it is implemented through zoning ordinances and other actions that put its objectives into effect and facilitate the construction of new homes for Californians at all income levels.  

    The housing element is a crucial tool for building housing for moderate-, low-, and very low-income Californians and redressing historical redlining and disinvestment. State income limits for what constitutes moderate-, low-, and very low-income Californians vary by county and can be found here. In Los Angeles County, the median income for a one-person household is $68,750. A one-person household that earns less than $77,700 is defined as low-income, and a one-person household that earns less than $48,550 is defined as very-low income.  

    Under the settlement:

    • La Habra Heights will take several required actions to adopt a compliant housing element by July 7, 2025. The housing element process is typically lengthy — for example, local governments must meet certain public participation requirements, and HCD must review every local government’s housing element to determine whether it complies with state law and provides written findings back to each local government — but La Habra Heights has agreed to an expedited timeline and ensuring the public’s participation.
    • La Habra Heights acknowledges that, until it has adopted a substantially compliant housing element, it may not deny certain low-, very low-, and moderate-income housing development projects based on the city’s current, outdated general plan and zoning code. This is known as the Builder’s Remedy. 
    • La Habra Heights could be subject to monetary penalties if it remains noncompliant 12 months after the effective date of the stipulated judgment.

    A copy of the petition and proposed judgment, which details the settlement terms and remains subject to court approval, can be found here and here, respectively.

    MIL OSI USA News –

  • MIL-OSI Video: PCAST: Discussion and Consideration for Approval of PCAST Letter & Reports to the President

    Source: United States of America – The White House (video statements)

    On November 1, 2024, the President’s Council of Advisors on Science and Technology (PCAST) will meet to discuss and consider for approval a letter to the President on The Value and Importance of Federal Research and Development as well as for the approval of reports to the President on A Review of the Networking and Information Technology Research and Development (NITRD) Program and Improving Groundwater Security in the U.S.

    For more information, please visit whitehouse.gov/PCAST/meetings.

    https://www.youtube.com/watch?v=ncQL9SyuTHs

    MIL OSI Video –

  • MIL-OSI Canada: Canada concludes the Ministerial Conference on the Human Dimension of Ukraine’s 10-Point Peace Formula

    Source: Government of Canada News

    The Honourable Mélanie Joly, Minister of Foreign Affairs, yesterday concluded the Ministerial Conference on the Human Dimension of Ukraine’s 10-Point Peace Formula, which she co-hosted in Montréal with Ukrainian Minister of Foreign Affairs Andrii Sybiha and Norwegian Minister of Foreign Affairs Espen Barth Eide.

    November 1, 2024 – Ottawa, Ontario – Global Affairs Canada

    The Honourable Mélanie Joly, Minister of Foreign Affairs, yesterday concluded the Ministerial Conference on the Human Dimension of Ukraine’s 10-Point Peace Formula, which she co-hosted in Montréal with Ukrainian Minister of Foreign Affairs Andrii Sybiha and Norwegian Minister of Foreign Affairs Espen Barth Eide.

    At the conference, the ministers announced the Montréal Pledge —concrete steps to help return prisoners of war, unlawfully detained civilians and deported children, including support as these people reintegrate into their daily lives. 

    Minister Joly hosted foreign ministers and high-level representatives from more than 70 countries and international organizations to advance Ukraine’s 10-Point peace formula, identify diplomatic approaches to address the human dimension of the war and strengthen the International Coalition for the Return of Ukrainian Children. The minister chaired a session on identifying strategies to increase the exchange of information on the locations, health statuses and legal statuses of prisoners of war, unlawfully detained civilians and deported children.

    The harrowing survivor testimonies — from a detained Ukrainian military medic, the wife of an imprisoned journalist and a former prisoner of war — shared during the conference served as powerful reminders of the human cost of Russia’s war against Ukraine.

    As co-chair of Working Group 4 and leader of the International Coalition for the Return of Ukrainian Children, Minister Joly thanked Qatar, South Africa and the Holy Sea for their offer to serve as intermediaries to support and negotiate the return of children. She also thanked the United Arab Emirates for the role they are continuing to play on mediating the exchanges of prisoners of war. Finally, she expressed her appreciation to Norway, Lithuania and Qatar, who have offered to provide a supportive environment for returning Ukrainians returning home.

    During the conference, Prime Minister Justin Trudeau welcomed the diverse group of states that came together to find diplomatic solutions and concrete actions to protect Ukrainian people.

    MIL OSI Canada News –

  • MIL-OSI: First National Corporation Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    STRASBURG, Va., Nov. 01, 2024 (GLOBE NEWSWIRE) — First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), reported unaudited consolidated net income of $2.2 million and basic and diluted earnings per common share of $0.36 for the third quarter of 2024 and adjusted net income(1) of $2.4 million and adjusted basic and diluted earnings per common share(1) of $0.39.

    (Dollars in thousands, except earnings per share)   Three Months Ended  
        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023  
    Net income   $ 2,248     $ 2,442     $ 3,121  
    Basic and diluted earnings per share   $ 0.36     $ 0.39     $ 0.50  
    Return on average assets     0.62 %     0.68 %     0.91 %
    Return on average equity     7.28 %     8.31 %     10.96 %
                             
    Non-GAAP Measures:                        
    Adjusted net income(1)   $ 2,448     $ 3,008     $ 3,121  
    Adjusted basic and diluted earnings per share(1)   $ 0.39     $ 0.48     $ 0.50  
    Adjusted return on average assets(1)     0.67 %     0.84 %     0.91 %
    Adjusted return on average equity(1)     7.93 %     10.23 %     10.96 %
    Adjusted pre-provision, pre-tax earnings(1)   $ 4,712     $ 4,092     $ 3,952  
    Adjusted pre-provision, pre-tax return on average assets(1)     1.29 %     1.14 %     1.16 %
    Net interest margin(1)     3.43 %     3.40 %     3.35 %
    Efficiency ratio(1)     67.95 %     70.65 %     70.67 %

    *See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliations” for additional information and detailed calculations of adjustments.

    “During the third quarter the company saw continued improvement in net interest margin thanks to proactive deposit pricing boosted by sticky noninterest-bearing deposits continuing to represent 31% of total deposits,” said Scott C. Harvard, President and CEO. “We also benefited from a 16% increase in ATM and check card fees and an 8% increase in wealth management fees in the quarter. During the quarter loans acquired from third party lenders continued to be a drag on what otherwise was excellent financial performance, with an adjusted pre-provision, pre-tax return on average assets of 1.29% for the period. We continue to be excited about the recent acquisition of Touchstone Bankshares, Inc., which closed on October 1, and look forward to integrating our two companies and building value for our shareholders.”

    THIRD QUARTER HIGHLIGHTS

    Key highlights of the three months ending September 30, 2024, are as follows. Comparisons are to the three-month period ending June 30, 2024, unless otherwise stated:

      ● Net interest margin(1) continued to improve to 3.43%
      ● Loan balances increased by 2%, annualized
      ● Noninterest-bearing deposits were stable at 31% of total deposits
      ● Noninterest income increased by 19%
      ● Adjusted ROA and ROE(1) of 0.67% and 7.93% respectively
      ● Tangible book value per share(1) increased to $19.37 from $17.38 one year ago


    MERGER WITH TOUCHSTONE BANKSHARES, INC.

    The Company completed the acquisition of Touchstone Bankshares, Inc. (“Touchstone”) with and into the Company, effective October 1, 2024 (the “Merger”). Immediately following the Merger, Touchstone Bank, the wholly owned subsidiary of Touchstone, was merged with and into First Bank. Pursuant to the previously announced terms of the Merger, each outstanding share of Touchstone common stock and preferred stock (on an as-converted, one-for-one basis, which shares of preferred stock converted automatically to common stock at the effective time of the Merger) received 0.8122 shares of the Company’s common stock.

    Following the Merger, the former branches of Touchstone Bank assumed in the Merger continued to operate in Virginia as Touchstone Bank, a division of First Bank, and, in North Carolina, as Touchstone Bank, a division of First Bank, Strasburg, Virginia, until the systems integration is completed in February 2025. With the addition of Touchstone, the Company would have had approximately $2.1 billion in assets, $1.5 billion in loans and $1.8 billion in deposits on a combined pro-forma basis as of September 30, 2024. The combined company delivers banking services through thirty-three branch offices in Virginia and North Carolina and three loan production offices, in addition to its full complement of online banking services. During the third quarter of 2024, the Company incurred pre-tax merger costs of approximately $219 thousand related to the Merger. Effective October 1, 2024, common stock outstanding of First National Corporation totaled 8,970,345.

    NET INTEREST INCOME

    Net interest income increased $255 thousand, or 2%, to $11.7 million for the third quarter of 2024 compared to the second quarter of 2024. Total interest income increased by $389 thousand, or 2%, and was partially offset by a $134 thousand, or 2%, increase in total interest expense. The net interest margin(1) increased to 3.43%, up from 3.40% for the second quarter.

    The $389 thousand increase in total interest income was attributable to a $475 thousand increase in interest and fees on loans, which was partially offset by a $43 thousand decrease in interest income on securities and a $41 thousand decrease in interest on deposits in banks. The increase in interest and fees on loans was attributable to a 9-basis point increase in the yield on the loan portfolio and a $9.2 million increase in the average balance of loans. The decrease in interest income on deposits in other banks was attributable to a $2.9 million decrease in average balances. The decrease in interest income on securities was attributable to a $1.7 million decrease in the average balance of total securities and an 8-basis point decrease in yield. The yield on total earning assets increased to 5.08% from 5.03% in the second quarter.

    The $134 thousand increase in total interest expense was primarily attributable to a $138 thousand increase in interest expense on deposits. The increase in interest expense on deposits resulted from a $933 thousand increase in the average balance of interest-bearing deposits and a 4-basis point increase in cost. The total cost of funds was 1.72% for the third quarter of 2024, which was a 3-basis point increase compared to the second quarter of 2024.
      
    NONINTEREST INCOME

    Noninterest income totaled $3.2 million for the third quarter of 2024, which was a $517 thousand, or 19%, increase from the second quarter of 2024 and was attributable to increases in all income categories. ATM and check card fees and fees for other customer services increased $125 thousand and $98 thousand, respectively. There were also increases in wealth management fees, service charges on deposit accounts, and brokered mortgage fees of $73 thousand, $63 thousand, and $60 thousand, respectively.

    NONINTEREST EXPENSE

    Noninterest expense totaled $10.5 million for the third quarter of 2024, which was a decrease of $200 thousand, or 2%, compared to the second quarter of 2024. The decrease was primarily attributable to a $528 thousand decrease in legal and professional fees, which was a result of lower merger-related expenses in the third quarter compared to the prior period. Merger expenses totaled $219 thousand for the third quarter of 2024 compared to $571 thousand in the second quarter of 2024.

    ASSET QUALITY

    Overview

    Loans that were past due greater than 30 days and still accruing interest as a percentage of total loans were 0.24% on September 30, 2024, 0.24% on June 30, 2024, and 0.18% on September 30, 2023. Nonperforming assets (“NPAs”) as a percentage of total assets decreased to 0.41% on September 30, 2024, compared to 0.59% on June 30, 2024, and increased from 0.23% on September 30, 2023. Annualized net charge-offs as a percentage of total loans were 0.63% for the third quarter of 2024, 0.19% for the second quarter of 2024 and 0.03% for the third quarter of 2023. The allowance for credit losses on loans totaled $12.7 million, or 1.28% of total loans on September 30, 2024, $12.6 million, or 1.27% of total loans on June 30, 2024, and $8.9 million, or 0.93% of total loans on September 30, 2023.

    Past Due Loans

    Loans past due greater than 30 days and still accruing interest totaled $2.4 million on September 30, 2024, $2.4 million on June 30, 2024, and $1.8 million on September 30, 2023. There were no loans greater than 90 days past due and still accruing on September 30, 2024 and June 30, 2024, compared to $370 thousand on September 30, 2023.

    Nonperforming Assets

    NPAs decreased to $6.0 million on September 30, 2024 from $8.5 million on June 30, 2024. NPA’s totaled $3.1 million on September 30, 2023. NPA’s represented 0.41%, 0.59%, and 0.23% of total assets, respectively. The NPAs were primarily comprised of commercial and industrial loans.

    Net Charge-offs

    Net charge-offs totaled $1.6 million for the third quarter of 2024, $482 thousand for the second quarter of 2024, and $83 thousand for the third quarter of 2023.

    Provision for Credit Losses

    The provision for credit losses totaled $1.7 million for the third quarter of 2024, $400 thousand for the second quarter of 2024, and $100 thousand in the third quarter of 2023. The provision in the third quarter of 2024 was comprised of a $1.7 million provision for credit losses on loans, a $5 thousand recovery of credit losses on held-to-maturity securities, and a $17 thousand recovery of credit losses on unfunded commitments. The provision for credit losses on loans in the third quarter of 2024 was primarily attributable to increases in specific reserves on commercial and industrial loans and an increase in the general reserve component of the allowance for credit losses on loans related to an increase in projected losses, which resulted from a higher projected unemployment rate when compared to the prior quarterly period.

    Allowance for Credit Losses on Loans

    The allowance for credit losses on loans totaled $12.7 million on September 30, 2024, $12.6 million on June 30, 2024, and $8.9 million on September 30, 2023. During the third quarter of 2024, the specific reserve component of the allowance decreased by $373 thousand, while the general reserve component of the allowance increased by $524 thousand. Net charge-offs increased in the third quarter and were primarily comprised of commercial and industrial loans with specific reserves that were established in prior periods.

    The following table provides the changes in the allowance for credit losses on loans for the three-month periods ended (dollars in thousands):

        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023  
    Allowance for credit losses on loans, beginning of period   $ 12,553     $ 12,603     $ 8,858  
    Net charge-offs     (1,572 )     (482 )     (83 )
    Provision for credit losses on loans     1,723       432       121  
    Allowance for credit losses on loans, end of period   $ 12,704     $ 12,553     $ 8,896  

    The allowance for credit losses on loans as a percentage of total loans totaled 1.28% on September 30, 2024, 1.27% on June 30, 2024, and 0.93% on September 30, 2023.

     Allowance for Credit Losses on Unfunded Commitments

    The allowance for credit losses on unfunded commitments totaled $370 thousand on September 30, 2024, $387 thousand on June 30, 2024 and $189 on September 30, 2023. There was a $17 thousand recovery of credit losses on unfunded commitments in the third quarter of 2024, a $26 thousand recovery of credit losses on unfunded commitments in the second quarter of 2024, and an $8 thousand recovery of credit losses on unfunded commitments in the third quarter of 2023.

    Allowance for Credit Losses on Securities 

    The allowance for credit losses on securities held-to-maturity (“HTM”) totaled $105 thousand on September 30, 2024, compared to $110 thousand on June 30, 2024, and $131 thousand on September 30, 2023. The recovery of credit losses on securities totaled $5 thousand for the third quarter of 2024, $7 thousand for the second quarter of 2024 and $12 thousand for the third quarter of 2023.

    LIQUIDITY

    Liquidity sources available to the Bank, including interest-bearing deposits in banks, unpledged securities available for sale, at fair value, unpledged securities held-to-maturity, at par, that were eligible to be pledged to the Federal Reserve Bank through its Bank Term Funding Program, and available lines of credit totaled $499.1 million on September 30, 2024, $533.3 million on June 30, 2024, and $532.1 million on September 30, 2023.

    The Bank maintains liquidity to fund loan growth and to meet potential demand from deposit customers. The estimated amount of uninsured customer deposits totaled $400.1 million on September 30, 2024, $419.4 million on June 30, 2024, and $346.9 million on September 30, 2023. Excluding municipal deposits, the estimated amount of uninsured customer deposits totaled $322.6 million on September 30, 2024, $324.6 million on June 30, 2024, and $268.4 million on September 30, 2023.

    BALANCE SHEET

    Assets totaled $1.5 billion on September 30, 2024, which was a $6.8 million, or 2% (annualized), decrease from June 30, 2024, and an $84.8 million, or 6%, increase from September 30, 2023. The decrease in total assets from the second quarter of 2024 was primarily due to a $9.1 million decrease in cash and cash equivalents and a $2.2 million decrease in other assets, which was partially offset by a $4.6 million increase in loans, net of allowance for credit losses. Total assets increased from September 30, 2023 primarily from a $76.4 million increase in cash and cash equivalents and a $38.4 million increase in loans, net of the allowance for credit losses on loans, which were partially offset by a $28.5 million decrease in securities held to maturity.

    On September 30, 2024, loans totaled $994.7 million, an increase of $4.7 million or 1.9% (annualized) from $990.0 million, on June 30, 2024. Quarterly average loans totaled $991.2 million, an increase of $9.2 million or 3.8% (annualized) from the second quarter of 2024. On September 30, 2024, loans increased $42.2 million, or 4%, from one year ago, and quarterly average loans increased $68.2 million, or 7%, when comparing the third quarter of 2024 to the same period in 2023.

    On September 30, 2024, securities totaled $269.6 million, a decrease of $875 thousand from June 30, 2024, and a decrease of $30.7 million from September 30, 2023. AFS securities totaled $146.0 million on September 30, 2024, $144.8 million on June 30, 2024, and $148.2 million on September 30, 2023. On September 30, 2024, total net unrealized losses on the AFS securities portfolio were $17.3 million, a decrease of $4.6 million from total net unrealized losses on AFS securities of $21.9 million on June 30, 2024. HTM securities are carried at cost and totaled $121.5 million on September 30, 2024, $123.6 million on June 30, 2024, and $150.0 million on September 30, 2023, and had net unrealized losses of $7.8 million on September 30, 2024, a decrease of $3.6 million compared to the prior quarter.

    On September 30, 2024, total deposits were $1.3 billion, a decrease of $12.5 million or approximately 4% (annualized) from June 30, 2024. Quarterly average deposits decreased from the second quarter of 2024 by $5.3 million or 2% (annualized). Total deposits increased $18.1 million or 1% from September 30, 2023, and quarterly average deposits for the third quarter of 2024 increased $31.2 million or 3% from the third quarter of 2023. Total deposits decreased from the prior quarter due to a $14.4 million decrease in noninterest-bearing deposits and a $1.3 million decrease in interest-bearing demand deposits, which were partially offset by a $3.1 million increase in time deposits.

    On September 30, 2024 and June 30, 2024, other borrowings totaled $50.0 million and were comprised of funds borrowed from the Federal Reserve Bank through their Bank Term Funding Program. On September 30, 2024, other borrowings had a fixed interest rate of 4.76% and a maturity date of January 15, 2025. The Bank benefited from the borrowings with a reduction in interest rate risk and an increase in net interest income. There were no other borrowings on September 30, 2023.

    The following table provides capital ratios at the periods ended:

        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023  
    Total capital ratio(2)     14.29 %     14.13 %     14.80 %
    Tier 1 capital ratio(2)     13.04 %     12.88 %     13.86 %
    Common equity Tier 1 capital ratio(2)     13.04 %     12.88 %     13.86 %
    Leverage ratio(2)     9.23 %     9.17 %     9.96 %
    Common equity to total assets(3)     8.62 %     8.23 %     8.20 %
    Tangible common equity to tangible assets(1)(3)     8.43 %     8.03 %     8.00 %

    During the third quarter of 2024, the Company declared and paid cash dividends of $0.15 per common share, which was consistent with the second quarter of 2024 and the third quarter of 2023. 

    NON-GAAP FINANCIAL MEASURES

    In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that the Company’s management believes provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this document include adjusted net income, adjusted basic and diluted earnings per share, adjusted return on average assets, adjusted return on average equity, pre-provision pre-tax earnings, adjusted pre-provision pre-tax earnings, fully taxable equivalent interest income, the net interest margin, the efficiency ratio, tangible book value per share, and tangible common equity to tangible assets.

    The Company believes certain non-GAAP financial measures enhance the understanding of its business, performance and financial position. Non-GAAP financial measures are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure is included at the end of this release.

    ABOUT FIRST NATIONAL CORPORATION

    First National Corporation (NASDAQ: FXNC) is the parent company and bank holding company of First Bank (the “Bank”), a community bank that first opened for business in 1907 in Strasburg, Virginia. The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, three loan production offices, a customer service center in a retirement community, and thirty-three bank branch office locations located throughout the Shenandoah Valley, the Roanoke Valley, the central and south-central regions of Virginia, the city of Richmond, and in northern North Carolina. In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management. The Bank also owns First Bank Financial Services, Inc., which owns an interest in an entity that provides title insurance services.

     FORWARD-LOOKING STATEMENTS

    Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s plans, objectives, expectations and intentions and other statements that are not historical facts, and other statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” and “projects,” as well as similar expression. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties. For details on factors that could affect expectations, future events, or results, see the risk factors and other cautionary language included in First National’s Annual Report on Form 10-K for the year ended December 31, 2023, and most recent Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission (the “SEC”).

    Additional risks and uncertainties may include, but are not limited to: (1) the risk that the cost savings and any revenue synergies from the Merger may not be realized or take longer than anticipated to be realized, including due to the state of the economy or other competitive factors in the areas in which the parties operate, (2) disruption from the Merger of customer, supplier, employee or other business partner relationships, including diversion of management’s attention from ongoing business operations and opportunities due to the Merger, (3) the possibility that the costs, fees, expenses and charges related to the Merger may be greater than anticipated, (4) reputational risk and the reaction of each of the parties’ customers, suppliers, employees or other business partners to the Merger, (5) the risks relating to the integration of Touchstone’s operations into the operations of First National, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (6) the risk of expansion into new geographic or product markets, (7) the dilution caused by First National’s issuance of additional shares of its common stock in the Merger, and (8) general competitive, economic, political and market conditions. All subsequent written and oral forward-looking statements concerning First National or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. First National does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

    CONTACTS

    Scott C. Harvard   M. Shane Bell
    President and CEO   Executive Vice President and CFO
    (540) 465-9121   (540) 465-9121
    sharvard@fbvirginia.com   sbell@fbvirginia.com

      
    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)
    (unaudited)

          As of or For the Three Months Ended     As of or For the Nine Months Ended  
        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Income Statement                                        
    Interest and dividend income                                        
    Interest and fees on loans   $ 14,479     $ 14,004     $ 12,640     $ 41,967     $ 36,038  
    Interest on deposits in banks     1,538       1,579       338       4,405       1,441  
    Taxable interest on securities     1,091       1,134       1,323       3,449       3,968  
    Tax-exempt interest on securities     303       306       304       914       917  
    Dividends     33       32       26       98       81  
    Total interest and dividend income   $ 17,444     $ 17,055     $ 14,631     $ 50,833     $ 42,445  
    Interest expense                                        
    Interest on deposits   $ 4,958     $ 4,820     $ 3,810     $ 14,549     $ 9,428  
    Interest on subordinated debt     69       69       69       207       207  
    Interest on junior subordinated debt     68       66       69       202       203  
    Interest on other borrowings     600       606       —       1,782       3  
    Total interest expense   $ 5,695     $ 5,561     $ 3,948     $ 16,740     $ 9,841  
    Net interest income   $ 11,749     $ 11,494     $ 10,683     $ 34,093     $ 32,604  
    Provision for credit losses     1,700       400       100       3,100       200  
    Net interest income after provision for credit losses   $ 10,049     $ 11,094     $ 10,583     $ 30,993     $ 32,404  
    Noninterest income                                        
    Service charges on deposit accounts   $ 675     $ 612     $ 733     $ 1,941     $ 2,062  
    ATM and check card fees     934       809       976       2,513       2,624  
    Wealth management fees     952       879       811       2,714       2,336  
    Fees for other customer services     276       178       122       649       538  
    Brokered mortgage fees     92       32       38       162       73  
    Income from bank owned life insurance     191       149       175       491       459  
    Net gains on securities available for sale     39       —       —       39       —  
    Other operating income     44       27       198       1,427       623  
    Total noninterest income   $ 3,203     $ 2,686     $ 3,053     $ 9,936     $ 8,715  
    Noninterest expense                                        
    Salaries and employee benefits   $ 5,927     $ 5,839     $ 5,505     $ 17,637     $ 16,040  
    Occupancy     585       548       534       1,668       1,586  
    Equipment     726       691       598       2,008       1,756  
    Marketing     262       273       204       730       720  
    Supplies     123       115       128       354       423  
    Legal and professional fees     596       1,124       439       2,172       1,204  
    ATM and check card expense     394       368       440       1,123       1,265  
    FDIC assessment     195       203       161       575       479  
    Bank franchise tax     262       261       262       785       778  
    Data processing expense     290       163       266       699       720  
    Amortization expense     4       5       5       13       14  
    Other real estate owned expense (income), net     10       —       15       10       (201 )
    Net losses on disposal of premises and equipment     2       —       —       50       —  
    Other operating expense     1,083       1,069       1,227       3,181       3,358  
    Total noninterest expense   $ 10,459     $ 10,659     $ 9,784     $ 31,005     $ 28,142  
    Income before income taxes   $ 2,793     $ 3,121     $ 3,852     $ 9,924     $ 12,977  
    Income tax expense     545       679       731       2,025       2,502  
    Net income   $ 2,248     $ 2,442     $ 3,121     $ 7,899     $ 10,475  

      
    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)
    (unaudited)

          For the Three Months Ended       For the Nine Months Ended  
        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Common Share and Per Common Share Data                                        
    Earnings per common share, basic   $ 0.36     $ 0.39     $ 0.50     $ 1.26     $ 1.67  
    Adjusted earnings per common share, basic (1)   $ 0.39       0.48       0.50     $ 1.38     $ 1.67  
    Weighted average shares, basic     6,287,997       6,278,113       6,256,663       6,278,668       6,266,707  
    Earnings per common share, diluted   $ 0.36     $ 0.39     $ 0.50     $ 1.26     $ 1.67  
    Adjusted earnings per common share, diluted (1)   $ 0.39       0.48       0.50     $ 1.38     $ 1.67  
    Weighted average shares, diluted     6,303,282       6,289,405       6,271,351       6,291,775       6,276,502  
    Shares outstanding at period end     6,296,705       6,280,406       6,260,934       6,296,705       6,260,934  
    Tangible book value per share at period end (1)   $ 19.37     $ 18.59     $ 17.38     $ 19.37     $ 17.38  
    Cash dividends   $ 0.15     $ 0.15     $ 0.15     $ 0.45     $ 0.45  
                                             
    Key Performance Ratios                                        
    Return on average assets     0.62 %     0.68 %     0.91 %     0.73 %     1.03 %
    Adjusted return on average assets (1)     0.67 %     0.84 %     0.91 %     0.80 %     1.03 %
    Return on average equity     7.28 %     8.31 %     10.96 %     8.84 %     12.57 %
    Adjusted return on average equity (1)     7.93 %     10.23 %     10.96 %     9.70 %     12.57 %
    Net interest margin(1)     3.43 %     3.40 %     3.35 %     3.36 %     3.44 %
    Efficiency ratio (1)     67.95 %     70.65 %     70.67 %     68.05 %     68.17 %
                                             
    Average Balances                                        
    Average assets   $ 1,449,185     $ 1,448,478     $ 1,355,113     $ 1,441,965     $ 1,360,154  
    Average earning assets     1,374,566       1,370,187       1,275,111       1,366,639       1,278,135  
    Average shareholders’ equity     122,802       118,255       112,987       119,303       111,460  
                                             
    Asset Quality                                        
    Loan charge-offs   $ 1,667     $ 521     $ 143     $ 2,601     $ 1,228  
    Loan recoveries     95       39       60       185       326  
    Net charge-offs     1,572       482       83       2,416       902  
    Non-accrual loans     5,929       8,549       3,116       5,929       3,116  
    Other real estate owned, net     56       —       —       56       —  
    Nonperforming assets (5)     5,985       8,549       3,116       5,985       3,116  
    Loans 30 to 89 days past due, accruing     2,358       2,399       1,395       2,358       1,395  
    Loans over 90 days past due, accruing     —       —       370       —       370  
    Special mention loans     516       1,380       —       516       —  
    Substandard loans, accruing     1,713       279       1,683       1,713       1,683  
                                             
    Capital Ratios (2)                                        
    Total capital   $ 148,477     $ 147,500     $ 146,163     $ 148,477     $ 146,163  
    Tier 1 capital     135,490       134,451       136,947       135,490       136,947  
    Common equity Tier 1 capital     135,490       134,451       136,947       135,490       136,947  
    Total capital to risk-weighted assets     14.29 %     14.13 %     14.80 %     14.29 %     14.80 %
    Tier 1 capital to risk-weighted assets     13.04 %     12.88 %     13.86 %     13.04 %     13.86 %
    Common equity Tier 1 capital to risk-weighted assets     13.04 %     12.88 %     13.86 %     13.04 %     13.86 %
    Leverage ratio     9.23 %     9.17 %     9.97 %     9.23 %     9.97 %

      
    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)
    (unaudited)

        For the Period Ended  
        Sept 30, 2024     Jun 30, 2024     Mar 31, 2024     Dec 31, 2023     Sept 30, 2023  
    Balance Sheet                                        
    Cash and due from banks   $ 18,197     $ 16,729     $ 14,476     $ 17,194     $ 17,168  
    Interest-bearing deposits in banks     108,319       118,906       124,232       69,967       32,931  
    Cash and cash equivalents   $ 126,516     $ 135,635     $ 138,708     $ 87,161     $ 50,099  
    Securities available for sale, at fair value     146,013       144,816       147,675       152,857       148,175  
    Securities held to maturity, at amortized cost (net of allowance for credit losses)     121,425       123,497       125,825       148,244       149,948  
    Restricted securities, at cost     2,112       2,112       2,112       2,078       2,077  
    Loans, net of allowance for credit losses     982,016       977,423       960,371       957,456       943,603  
    Other real estate owned, net     56       —       —       —       —  
    Premises and equipment, net     22,960       22,205       21,993       22,142       21,363  
    Accrued interest receivable     4,794       4,916       4,978       4,655       4,502  
    Bank owned life insurance     24,992       24,802       24,652       24,902       24,734  
    Goodwill     3,030       3,030       3,030       3,030       3,030  
    Core deposit intangibles, net     104       108       113       117       122  
    Other assets     16,698       18,984       17,738       16,653       18,567  
    Total assets   $ 1,450,716     $ 1,457,528     $ 1,447,195     $ 1,419,295     $ 1,366,220  
                                             
    Noninterest-bearing demand deposits   $ 383,400     $ 397,770     $ 384,092     $ 379,208     $ 403,774  
    Savings and interest-bearing demand deposits     663,925       665,208       677,458       662,169       646,980  
    Time deposits     205,930       202,818       197,587       192,349       184,419  
    Total deposits   $ 1,253,255     $ 1,265,796     $ 1,259,137     $ 1,233,726     $ 1,235,173  
    Other borrowings     50,000       50,000       50,000       50,000       —  
    Subordinated debt, net     4,999       4,998       4,998       4,997       4,997  
    Junior subordinated debt     9,279       9,279       9,279       9,279       9,279  
    Accrued interest payable and other liabilities     8,068       7,564       5,965       5,022       4,792  
    Total liabilities   $ 1,325,601     $ 1,337,637     $ 1,329,379     $ 1,303,024     $ 1,254,241  
                                             
    Preferred stock   $ —     $ —     $ —     $ —     $ —  
    Common stock     7,871       7,851       7,847       7,829       7,826  
    Surplus     33,409       33,116       33,021       32,950       32,840  
    Retained earnings     99,270       97,966       96,465       94,198       95,988  
    Accumulated other comprehensive (loss), net     (15,435 )     (19,042 )     (19,517 )     (18,706 )     (24,675 )
    Total shareholders’ equity   $ 125,115     $ 119,891     $ 117,816     $ 116,271     $ 111,979  
    Total liabilities and shareholders’ equity   $ 1,450,716     $ 1,457,528     $ 1,447,195     $ 1,419,295     $ 1,366,220  
                                             
    Loan Data                                        
    Mortgage real estate loans:                                        
    Construction and land development   $ 61,446     $ 60,919     $ 53,364     $ 52,680     $ 50,405  
    Secured by farmland     9,099       8,911       9,079       9,154       7,113  
    Secured by 1-4 family residential     351,004       346,976       347,014       344,369       340,773  
    Other real estate loans     440,648       440,857       436,006       438,118       426,065  
    Loans to farmers (except those secured by real estate)     633       349       332       455       667  
    Commercial and industrial loans (except those secured by real estate)     114,190       115,951       113,230       112,619       116,463  
    Consumer installment loans     5,396       5,068       4,808       4,753       4,596  
    Deposit overdrafts     253       365       251       222       368  
    All other loans     12,051       10,580       8,890       7,060       6,049  
    Total loans   $ 994,720     $ 989,976     $ 972,974     $ 969,430     $ 952,499  
    Allowance for credit losses     (12,704 )     (12,553 )     (12,603 )     (11,974 )     (8,896 )
    Loans, net   $ 982,016     $ 977,423     $ 960,371     $ 957,456     $ 943,603  


      
    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliations
    (in thousands, except share and per share data)
    (unaudited)

          For the Three Months Ended       For the Nine Months Ended  
        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Adjusted Net Income                                        
    Net income (GAAP)   $ 2,248     $ 2,442     $ 3,121     $ 7,899     $ 10,475  
    Add: Merger-related expenses     219       571       —       790       —  
    Subtract: Tax effect of adjustment (4)     (19 )     (5 )     —       (24 )     —  
    Adjusted net income (non-GAAP)   $ 2,448     $ 3,008     $ 3,121     $ 8,665     $ 10,475  
                                             
    Adjusted Earnings Per Share, Basic                                        
    Weighted average shares, basic     6,287,997       6,278,113       6,256,663       6,278,668       6,266,707  
    Basic earnings per share (GAAP)   $ 0.36     $ 0.39     $ 0.50     $ 1.26     $ 1.67  
    Adjusted earnings per share, basic (Non-GAAP)   $ 0.39     $ 0.48     $ 0.50     $ 1.38     $ 1.67  
                                             
    Adjusted Earnings Per Share, Diluted                                        
    Weighted average shares, diluted     6,303,282       6,289,405       6,271,351       6,291,775       6,276,502  
    Diluted earnings per share (GAAP)   $ 0.36     $ 0.39     $ 0.50     $ 1.26     $ 1.67  
    Adjusted diluted earnings per share (Non-GAAP)   $ 0.39     $ 0.48     $ 0.50     $ 1.38     $ 1.67  
                                             
    Adjusted Pre-Provision, Pre-Tax Earnings                                        
    Net interest income   $ 11,749     $ 11,494     $ 10,683     $ 34,093     $ 32,604  
    Total noninterest income     3,203       2,686       3,053       9,936       8,715  
    Net revenue   $ 14,952     $ 14,180     $ 13,736     $ 44,029     $ 41,319  
    Total noninterest expense     10,459       10,659       9,784       31,005       28,142  
    Pre-provision, pre-tax earnings   $ 4,493     $ 3,521     $ 3,952     $ 13,024     $ 13,177  
    Add: Merger expenses     219       571       –       790       –  
    Adjusted pre-provision, pre-tax, earnings   $ 4,712     $ 4,092     $ 3,952     $ 13,814     $ 13,177  
                                             
    Adjusted Performance Ratios                                        
    Average assets   $ 1,449,264     $ 1,448,478     $ 1,355,178     $ 1,441,996     $ 1,360,154  
    Return on average assets (GAAP)     0.62 %     0.68 %     0.91 %     0.73 %     1.03 %
    Adjusted return on average assets (Non-GAAP)     0.67 %     0.84 %     0.91 %     0.80 %     1.03 %
                                             
    Average shareholders’ equity   $ 122,802     $ 118,255       11,309     $ 119,303     $ 111,460  
    Return on average equity (GAAP)     7.28 %     8.31 %     10.96 %     8.87 %     12.57 %
    Adjusted return on average equity (Non-GAAP)     7.93 %     10.23 %     10.96 %     9.70 %     12.57 %
                                             
    Pre-provision, pre-tax return on average assets     1.23 %     0.98 %     1.16 %     1.21 %     1.30 %
    Adjusted pre-provision, pre-tax return on average assets     1.29 %     1.14 %     1.16 %     1.28 %     1.30 %
                                             
    Net Interest Margin                                        
    Tax-equivalent net interest income   $ 11,842     $ 11,587     $ 10,764     $ 34,360     $ 32,848  
    Average earning assets     1,374,566       1,370,187       1,275,111       1,366,639       1,278,136  
    Net interest margin     3.43 %     3.40 %     3.35 %     3.36 %     3.44 %
                                             

      
    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliations
    (in thousands, except share and per share data)
    (unaudited)

        For the Three Months Ended     For the Nine Months Ended  
        Sept 30, 2024     June 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Efficiency Ratio                                        
    Total noninterest expense   $ 10,459       $ 10,659     $ 9,784     $ 31,005     $ 28,142  
    Add: other real estate owned income, net     (10 )       —       (15 )     (10 )     201  
    Subtract: amortization of intangibles     (4 )       (4 )     (5 )     (13 )     (14 )
    Subtract: loss on disposal of premises and equipment, net     (2 )       —       —       (50 )     —  
    Subtract: merger expenses     (219 )       (571 )     —       (790 )     —  
    Subtotal   $ 10,224       $ 10,084     $ 9,764     $ 30,142     $ 28,329  
    Tax-equivalent net interest income   $ 11,842       $ 11,587     $ 10,764     $ 34,360     $ 32,848  
    Total noninterest income     3,203         2,686       3,053       9,936       8,715  
    Subtotal   $ 15,045       $ 14,273     $ 13,817     $ 44,296     $ 41,563  
                                             
    Efficiency ratio     67.95 %       70.65 %     70.67 %     68.05 %     68.16 %
    Tax-Equivalent Net Interest Income                                        
    GAAP measures:                                        
    Interest income – loans   $ 14,479     $ 14,004     $ 12,640     $ 41,967     $ 36,038  
    Interest income – investments and other     2,965       3,051       1,991       8,866       6,407  
    Interest expense – deposits     (4,958 )     (4,820 )     (3,810 )     (14,549 )     (9,428 )
    Interest expense – subordinated debt     (69 )     (69 )     (69 )     (207 )     (207 )
    Interest expense – junior subordinated debt     (68 )     (66 )     (69 )     (202 )     (203 )
    Interest expense – other borrowings     (600 )     (606 )     –       (1,782 )     (3 )
    Net interest income   $ 11,749     $ 11,494     $ 10,683     $ 34,093     $ 32,604  
    Non-GAAP measures:                                        
    Add: Tax benefit realized on non-taxable interest income – loans (4)   $ 13     $ 12     $ —     $ 25     $ —  
    Add: Tax benefit realized on non-taxable interest income – municipal securities (4)     80       81       81       242       244  
    Tax benefit realized on non-taxable interest income   $ 93     $ 93     $ 81     $ 267     $ 244  
    Tax-equivalent net interest income   $ 11,842     $ 11,587     $ 10,764     $ 34,360     $ 32,848  
                                             
                                             
    Tangible Common Equity and Tangible Assets                                        
    Total assets (GAAP)   $ 1,450,716     $ 1,457,528     $ 1,366,220     $ 1,451,032     $ 1,366,220  
    Subtract: goodwill     (3,030 )     (3,030 )     (3,030 )     (3,030 )     (3,030 )
    Subtract: core deposit intangibles, net     (104 )     (108 )     (122 )     (104 )     (122 )
    Tangible assets (Non-GAAP)   $ 1,447,582     $ 1,454,390     $ 1,363,068     $ 1,447,898     $ 1,363,068  
                                             
    Total shareholders’ equity (GAAP)   $ 125,115     $ 119,891     $ 111,979     $ 125,115     $ 111,979  
    Subtract: goodwill     (3,030 )     (3,030 )     (3,030 )     (3,030 )     (3,030 )
    Subtract: core deposit intangibles, net     (104 )     (108 )     (122 )     (104 )     (122 )
    Tangible common equity (Non-GAAP)   $ 121,981     $ 116,753     $ 108,827     $ 121,981     $ 108,827  
                                             
    Tangible common equity to tangible assets ratio     8.43 %     8.03 %     8.00 %     8.43 %     8.00 %
                                             

      
    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliations
    (in thousands, except share and per share data)
    (unaudited)

        For the Three Months Ended     For the Nine Months Ended  
        Sept 30, 2024     June 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Tangible Book Value Per Share                                        
    Tangible common equity   $ 121,981     $ 116,753     $ 108,827     $ 121,981     $ 108,827  
    Common shares outstanding, ending     6,296,705       6,280,406       6,260,934       6,296,705       6,260,934  
    Tangible book value per share   $ 19.37     $ 18.59     $ 17.38     $ 19.37     $ 17.38  
                                             

    (1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliations” for additional information and detailed calculations of adjustments.

    (2) Capital ratios are for First Bank.

    (3) Capital ratios presented are for First National Corporation.

    (4)  The tax rate utilized in calculating the tax benefit is 21%. Certain merger-related expenses are non-deductible.

    (5) Nonperforming assets are comprised of nonaccrual loans and other real estate owned.

    The MIL Network –

  • MIL-OSI USA: Murphy, Blumenthal, Larson, DeLauro Announce $250,000 To Prevent Pollution

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    November 01, 2024

    EAST HARTFORD—U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) and U.S. Representatives John Larson (D-Conn.-01) and Rosa DeLauro (D-Conn.-03) announced the Connecticut Department of Energy and Environmental Protection (CT DEEP) has been selected to receive $250,000 in federal grants to provide technical assistance to help Connecticut businesses develop and adopt pollution prevention practices in local communities.
    CT DEEP will partner with the Toxic Use Reduction Institute at University of Massachusetts Lowell to identify safer cleaning and sanitizing products for craft beverage manufacturers in Connecticutto reduce energy use and greenhouse gas emissions, solid and hazardous waste, water pollution and toxic chemicals. CT DEEP will also continue to work with other New England states to offer the BetterBev recognition program, which incentivizes businesses to carry out pollution reduction measures. Facilities in or adjacent to communities with environmental justice concerns will be prioritized.
    “We won’t achieve our climate goals unless everybody is involved in the fight, but small businesses often face greater barriers to making the upfront investments for cleaner practices. By providing direct technical support to Connecticut’s local craft beverage manufacturers, this $250,000 in federal funding from the Bipartisan Infrastructure Law will help small business owners across our state adopt more sustainable, cost-effective practices that reduce harmful emissions, strengthen our economy, and safeguard the health of our communities for generations to come,” said Murphy.
    “This investment in greener craft breweries and wineries will help them be even more successful as environmental stewards. With greater technical aid, beverage businesses can expand consumer appeal by reducing pollution and protecting natural resources. It’s a boost for our economy and environment,” said Blumenthal.
    “Addressing pollution at the source is key to protecting community health and taking on the threat of climate change,” said Larson. “I have been proud to work with the entire Connecticut Congressional delegation to deliver federal funding for projects to combat pollution and ensure all communities have access to clean air and water. This funding will support ongoing work at the state and local level to invest in innovative solutions that protect our environment, combat pollution, and help reduce energy bills.”
    “Thanks to the Infrastructure Investment and Jobs Act, CT DEEP can bolster its work with businesses across our state to reduce pollution,” said DeLauro. “These funds will help drive economic growth and ensure Connecticut leads the way in combatting pollution. The climate crisis is here, and it is an existential threat. We must do all we can to reduce pollution and protect our planet for generations to come.”
    “Every community deserves clean air, safe water, and a healthy environment—and pollution prevention grants help achieve that by reducing waste at the source. By adopting smarter and innovative practices that limit the use of toxic materials and conserve resources, these investments are helping our partners to support New England businesses to cut costs, grow sustainably, and protect the environment,” said EPA Regional Administrator David W. Cash. “Thanks to the Biden-Harris Administration, together we’re creating lasting benefits for local economies and ensuring that environmental progress and economic growth go hand in hand and reach all communities, including those that need it most. That’s Investing in America.”
    EPA’s Pollution Prevention Grant Program advances President Biden’s Justice40 Initiative, which set a goal to deliver 40% of the overall benefits from certain federal investments to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution. In total, EPA has announced 48 selectees across the country that will collectively receive nearly $19 million in grants to support states, Tribal Nations, and U.S. territories in providing technical assistance to businesses to develop and adopt pollution prevention (P2) practices in local communities. This includes any practice that reduces, eliminates, or prevents pollution at its source prior to recycling, treatment, or disposal. Thanks to President Biden’s Bipartisan Infrastructure Law, nearly half of the funds awarded this year were made available with no cost share/match requirement.
    Between 2011-2022, EPA’s Pollution Prevention program issued over 500 grants totaling more than $54 million, which have helped businesses identify, develop, and adopt P2 approaches. These approaches have resulted in 31.9 billion kWh in energy savings, eliminated 20.8 million metric tons of greenhouse gases, saved 52 billion gallons of water, reduced 1 billion pounds of hazardous materials, and saved businesses more than $2.3 billion.

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Connecticut Delegation Announce $77.8 Million In Home Energy Assistance Funding

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    November 01, 2024

    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Appropriations Committee, and U.S. Senator Richard Blumenthal (D-Conn.) on Friday joined U.S. Representatives John Larson (D-Conn.-01), Joe Courtney (D-Conn.-02), Rosa DeLauro (D-Conn.-03), Jim Himes (D-Conn.-04) and Jahana Hayes (D-Conn-05) to announce Connecticut will receive $77,834,656 from the Low-Income Home Energy Assistance Program (LIHEAP) to help reduce heating costs for low-income families in Connecticut ahead of the winter season. This is the first allocation of LIHEAP dollars this season.
    “For too many families in Connecticut, falling temperatures mean having to choose between heating your home or putting food on the table. This $77.8 million in LIHEAP funding will help ease that burden for households feeling the strain of rising energy costs this winter, and as a member of the Senate Appropriations Committee, I’ll keep working with our delegation to ensure Connecticut families continue to have the support they need so they don’t have to make those difficult choices,” said Murphy.
    “This home heating aid is desperately needed by families who face a frigid winter without fuel for basic warmth,” said Blumenthal. “With $77.8 million, many families will be assured this basic necessity. Every day, I see and speak to people struggling to make ends meet and worrying about financial hardships and challenges. I’ll fight for more federal support for LIHEAP and other programs that help them with essential needs.”
    “As we approach the winter months, we must ensure all families are able to heat their homes without breaking the bank,” said Larson. “Thanks to the steadfast leadership of Rep. Rosa DeLauro on the Appropriations Committee, I am thrilled to join the entire Connecticut delegation to announce $77.8 million in new funding to help families afford their energy bills. We will continue to work together to ensure Connecticut residents can get the assistance they need this season.” 
    “There’s no question high energy costs are pinching homeowners’ wallets. As we head into the colder months, this $77 million federal investment in heating and energy assistance will bring welcomed relief to Connecticut residents,”  said Courtney. 
    “High costs are spreading families thin,” said DeLauro. “No family should have to choose between keeping their home warm during the colder months, keeping their lights on, or putting food on the table. As Ranking Member of the House Appropriations Committee, I secured $77.8 million for the program to help Connecticut’s families keep warm this season. Every family deserves warmth. I am committed to ensuring no household goes cold this winter.”
    “Too many families have to worry about rising energy costs that make it increasingly difficult to pay their heating bills and keep their children warm in the coming months,” said Himes. “LIHEAP offers a lifeline to struggling Americans to ensure every home offers a reprieve from our cold New England winter. I am proud to help deliver nearly $78 million to Connecticut in federal funding, including over $4 million from President Biden’s Infrastructure Investment and Jobs Act.”
    “LIHEAP is a lifeline for many families faced with rising heating costs. I am delighted $77.8 million is coming back to Connecticut to help families stay warm this winter,” said Hayes. “This assistance will help to ease the burden of high heating costs. In Congress, I will continue to advocate for additional funding for this vital resource, which lowers utility costs and prevents shut offs across Connecticut.”
    The U.S. Department of Health and Human Services (HHS), through the Office of Community Services (OCS) at the Administration for Children and Families (ACF), announced the release of $3.6 billion in LIHEAP funding to all 50 states, the District of Columbia, three territories, and more than 125 tribes. This amount includes the regular block grant appropriation and an additional $100.1 million appropriated from President Biden’s Bipartisan Infrastructure Investment and Jobs Act (IIJA). 
    Connecticut was awarded a total of $77,834,656 to assist low-income families ahead of the winter season. This includes:
    $73,556,784 from the regular LIHEAP block grant funding
    $4,273,891 in funding appropriated for FY2025 from IIJA and $3,981 in LIHEAP dollars the state returned in FY23

    MIL OSI USA News –

  • MIL-OSI USA: SBA Administrator Guzman Celebrates National Veterans Small Business Week

    Source: United States Small Business Administration

    WASHINGTON ─ Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for more than 34 million small businesses nationwide, announced that the SBA will celebrate National Veterans Small Business Week (NVSBW) Nov. 11–15.

    “Each year during National Veterans Small Business Week, the SBA highlights the unique entrepreneurial spirit of veterans, service members, National Guard members, Reservists and military spouses,” said SBA Administrator Guzman. “America is the proud home of millions of veterans, service members, and military families. They are our neighbors and friends – and, in many cases, the owners and employees of local small businesses we love and support. Under the Biden-Harris Administration, the SBA is going further than ever to enhance and expand our support for veterans, particularly in rural and underserved areas – and it is a profound honor to serve those who have served our country, this week and every week.”

    During NVSBW, the public is invited to attend virtual and in-person events across the country  on critical topics, such as military-to-civilian transition assistance, entrepreneurial training, government contracting, disaster assistance, and access to capital resources. View the event calendar for a list of local, regional, and national events.

    In addition to local events hosted across the U.S., the SBA will host two national webinars for NVSBW. The Are You Lender Ready? For the Military Community webinar will be held on Nov. 13 at 1 p.m. ET. This two-hour virtual workshop will help veteran and military spouse entrepreneurs learn how to write a strong business loan application and hear tips directly from lenders. Register for the webinar.

    A second webinar, Certification Advantage for the Military Community, will be held on Nov. 14 at 1 p.m. ET. During this one-hour virtual workshop, business owners will discover how federal contracting certifications can boost their business growth and gain valuable insights to help them compete for government contracts. Register for the webinar.

    Additionally, as part of this year’s NVSBW celebration, five dedicated instructors who teach Boots to Business at various military installations and in local communities nationwide are being honored as Boots to Business Instructors of the Year. The honorees are:

    • Todd Bennett, 2024 Institute for Veterans and Military Families (IVMF) Boots to Business Instructor of the Year, OCONUS instructor, located in South Korea.
    • Manzel McGhee, 2024 SBDC Boots to Business Instructor of the Year, Abilene, Texas Small Business Development Center.
    • Mitchell Fitzpatrick, 2024 VBOC Boots to Business Instructor of the Year, St. Louis VetBiz Veterans Business Outreach Center.
    • David Terrell, 2024 SCORE Boots to Business Instructor of the Year, Southern Arizona SCORE.
    • Eric Phillips, 2024 SBA Boots to Business Instructor of the Year, SBA Colorado District Office.

    The Boots to Business Instructors of the Year recognition ceremony will be held virtually on Nov. 21 at 1 p.m. ET. Join the ceremony online or dial 206-413-7980 and enter conference ID 644 263 054#.

    ###

     

    About SBA’s Office of Veterans Business Development

    The SBA Office of Veterans Business Development (OVBD) works through SBA’s extensive resource partner network, which includes Small Business Development Centers, the SCORE mentoring program, Women’s Business Centers, and 31 VBOCs located throughout the nation. VBOCs are the leading partner in hosting the Boots to Business (B2B), Boots to Business Reboot, and Military Spouse Pathway to Business programs, which are courses on entrepreneurship offered on military installations, in local communities, and virtually. Since B2B’s inception in 2013, these programs have collectively trained and graduated more than 217,000 service members, veterans, National Guard and Reserve members, and military spouses. For more information on the resources available for veteran entrepreneurs, visit www.sba.gov/veterans.

    About the U.S. Small Business Administration

    The U.S. Small Business Administration (SBA) helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA equips entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses or recover from a declared disaster. The SBA delivers services through its extensive network of SBA field offices and via partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Cooper Provides Bereavement Leave for State Employees

    Source: US State of North Carolina

    Headline: Governor Cooper Provides Bereavement Leave for State Employees

    Governor Cooper Provides Bereavement Leave for State Employees
    mseets

    Today, Governor Roy Cooper issued an Executive Order providing bereavement leave for state employees who lose a family member or coworker.

    “Balancing work with family responsibilities can be challenging, and we want state employees to have time to grieve when they lose a loved one,” Governor Cooper said. “We continue to mourn those who lost their lives to Hurricane Helene, and this leave will be available to help state employees who lost family or coworkers to the storm.”

    Employees will be eligible for up to 40 hours of paid leave following the loss of an immediate family member, including a spouse, child, sibling, parent, or grandparent. Step, half, and in-law family members are included as well as any dependent living in the employee’s home.

    The bereavement leave covers the loss of a loved one for any reason and is retroactive to September 27, 2024 due to Hurricane Helene. Any eligible employee who suffered a loss after September 27, whether due to the storm or other causes, will have access to the leave. Eligible employees have up to six months after the death to take bereavement leave.

    Employees who lost a colleague will be eligible for up to eight hours of bereavement leave to attend a funeral or memorial service for their coworker.

    Executive Order No. 325 will automatically apply to Cabinet Agencies. All other state agencies and state universities are encouraged to adopt the policy. The Office of State Human Resources has developed a policy to implement the new bereavement leave.

    “Our people are our greatest resource and we’re pleased to add bereavement leave to the benefits we are able to offer state employees,” said Barbara Gibson, Director of the Office of State Human Resources.

    Governor Cooper’s administration has previously extended paid parental leave and personal observance leave to state employees. Additional types of leave are also available to state employees impacted by Hurricane Helene, including for those whose workplaces or homes were damaged by the storm. All state employees also have access to additional community service leave to volunteer with storm recovery efforts.

    Last week, Governor Cooper announced his budget recommendation to help Western North Carolina rebuild stronger. Governor Cooper recommends an initial $3.9 billion package to begin rebuilding critical infrastructure, homes, businesses, schools, and farms damaged during the storm. Initial damage estimates are $53 billion, roughly three times Hurricane Florence estimates in 2018 and the largest in state history.

    Read the Executive Order here.

    ###

    Nov 1, 2024

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Alan Wilson announces jury verdict of guilty in Kershaw Co. drug trafficking case; defendant sentenced to 25 years in prisonRead More

    Source: US State of South Carolina

    (COLUMBIA, S.C.) – South Carolina Attorney General Alan Wilson announces that a Lexington County man has been sentenced to 25 years in prison for trafficking cocaine in Kershaw County. On October 31, 2024, Walter Goad was found guilty of trafficking more than 200 grams of cocaine in Kershaw County.

    In August of 2016, agents started investigating a suspected cocaine distributor in Kershaw County. During their investigation into this individual, they became aware that his supplier was Walter Goad. On or about September 22, 2016, Goad was observed by law enforcement arriving at the residence of the suspected cocaine dealer on Ward Road in Lugoff. Goad remained there for a few minutes and then left. Agents followed Goad and visually identified him. At the same time, the suspected cocaine dealer called a law enforcement confidential informant and told him that he “just got his hands on” the cocaine he was waiting for. Within minutes, agents executed a search warrant on the Ward Road residence and recovered approximately ten ounces of cocaine. The suspected cocaine dealer implicated Goad as his supplier and told agents that Goad had just delivered the cocaine. The cocaine was still in its brick form when agents recovered it, and the packaging it had been delivered in was on the floor next to the cocaine.

    Agents utilized the suspected cocaine dealer to conduct a monitored and recorded phone call with Goad. In the phone call, Goad asked where his money was and referred to the cocaine he had delivered. Immediately after hanging up, Goad called back and asked if he needed to send people over to Kershaw County to put guns in people’s faces to make them pay their drug debts.

    On October 3, 2016, DEA agents along with the Lexington County Sheriff’s Office executed a search warrant at Goad’s home in Lexington County. During the search, a K9 Officer alerted to the odor of narcotics on a large black bin in the garage. Inside the bin, agents found industrial-sized packaging materials that matched the packaging of the cocaine, along with a very large digital scale. Agents also recovered a suspected drug ledger.

    After a four-day trial, a Kershaw County jury found Goad guilty of trafficking between 200 and 400 grams of cocaine. The Honorable Judge Jocelyn Newman sentenced Goad to 25 years in prison and imposed a $100,000 fine. Goad was given credit for the two days he spent in jail immediately following his arrest. Goad will be required to serve at least eighty-five percent of his sentence before he is eligible for parole.

    Following Goad’s conviction, Kershaw County Sheriff Lee Boan said, “We are always thankful to see drug traffickers get prosecuted and sentenced to prison. These crimes often get forgotten because drug trafficking can be seen as a victimless crime. It is not.”

    Assistant Attorneys General Christina Gatte and Jennifer McKellar of the State Grand Jury Section prosecuted the case for the State. The case was investigated by Michael Sellers, formerly of the Kershaw County Sheriff’s Office, Special Agent Adam Hardin of the DEA, the Kershaw County Sheriff’s Office, and the United States Drug Enforcement Agency, with assistance from the Lexington County Sheriff’s Office and the South Carolina Law Enforcement Division.

    MIL OSI USA News –

  • MIL-OSI USA: Heinrich, Luján, Leger Fernández Urge Hermit’s Peak/Calf Canyon Claims Office to Address Concerns with the Compensation Process, Help New Mexicans Get the Relief & Compensation Needed to Recover

    US Senate News:

    Source: US Senator for New Mexico Ben Ray Luján
    WASHINGTON – U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), and U.S. Representative Teresa Leger Fernández (D-N.M.) sent a letter urging the Federal Emergency Management Agency (FEMA) Director of the Hermit’s Peak/Calf Canyon Claims Office and the FEMA Director of the New Mexico Joint Recovery Office to address concerns from New Mexicans about the process for receiving compensation from the Claims Office.  
    Created by the Hermit’s Peak/Calf Canyon Fire Assistance Act in 2022 – legislation championed and passed by N.M. Congressional Democrats – the Hermit’s Peak/Calf Canyon Claims Office is responsible for processing New Mexicans’ claims that arose from the wildfire. Since the devastating wildfire, the N.M. Delegation has secured a total of $3.95 billion in federal funding for the Hermit’s Peak/Calf Canyon Fire recovery. 
    “The Hermit’s Peak/Calf Canyon Fire destroyed hundreds of homes and businesses in New Mexico. The fire and subsequent flooding displaced thousands of our constituents for months, wiped away generations of history, and uprooted families from their communities. And yet, over two years later, many New Mexicans continue to wait for the relief and compensation they are owed by the federal government,” the lawmakers wrote to Jay Mitchell, FEMA Director of the New Mexico Joint Recovery Office, and Michael Plostock, FEMA Director of the Hermit’s Peak/Calf Canyon Claims Office.  
    “After a significant delay in getting the Claims Office fully staffed and operational, and after further delays in dispersing funds, improvements to the Claims Office’s processes and best practices are still sorely needed. While we are encouraged by recent changes within the Claims Office, we have continued to hear concerns from our constituents about their experience with the process for receiving compensation from the Claims Office,” the lawmakers continued.  
    “The Claims Office must process claims faster, communicate with claimants on a regular and consistent basis, and pay fair compensation. We also ask that processes and formulas reflect unique aspects of New Mexico such as adobe, historic structures, and subsistence living where large cache of food are kept in freezers,” the lawmakers further continued. 
    To address these concerns and ensure that victims of the fire have all the information and tools they need to get compensation from the Claims Office, the lawmakers requested that Directors Mitchell and Plostock answer the following questions: 
    1. How is the Claims Office working to more consistently communicate with claimants through proactive communication and responding to claimant inquiries in a timely manner? 
    2. How is the Claims Office working to speed up the review of total loss claims in a way that ensures these claimants receive full compensation for culturally and structurally unique buildings, such as adobe? 
    3. How many claimants have total home losses? Of those, how many have been compensated to date (broken down between partial and full compensation)? And of those who lost homes, how many of those are living in a new home or are in the building process? 
    4. What steps is the Claims Office taking to ensure that claimants who do not possess traditional mortgage documentation or property deeds receive compensation quickly? 
    5. What are the policies and processes in place to ensure that claimants can retain their assigned navigator if they so choose? 
    6. When using standard rate calculators and tools from the insurance industry, how is the Claims Office working to make changes and updates to maximize the amount of compensation claimants are awarded? 
    7. How is the Claims Office working to reduce the amount of tax documentation required from claimants, rather than add to it, particularly in total loss, complex, and small business claims?  
    8. How is the Claims Office ensuring equity in food loss payments? If changes to Claims Office compensation policy are needed, is the Claims Office committed to updating policy such that claimants are not paid less than they would have previously received, and is the Claims Office committed to updating previously closed claims with the adjusted increased compensation?  
    9. How is the Claims Office ensuring equity in hourly labor rate reimbursement for repairs? 
    10. How is the Claims Office working to help claimants understand the review decisions by Subject Matter Experts (SMEs)? Does the Claims Office include the SME reports with annotated decisions in Letter of Determination?  
    11. How is the Claims Office working to reduce the number of separate assessments claimants are required to have on the same property? 
    12. When will the erosion estimate process be finalized? 
    13. How is the Claims Office working to ensure that business loss claimants can receive updates and work on their claims from any office location? 
    The text of the letter is here. 
    In September, Heinrich, Luján, and Leger Fernández secured an extension to the period that victims may file claims with the Hermit’s Peak Claims Office to December 20, 2024. 
    Last year, Heinrich, Luján, and Leger Fernández introduced the Hermit’s Peak/Calf Canyon Claims Extension Act, legislation that would extend the period a victim can file a claim with the Hermit’s Peak Claims Office.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Cuellar Announces Official Opening of New CBP Office in Laredo

    Source: United States House of Representatives – Congressman Henry Cuellar (TX-28)

    Rep. Cuellar Announces Official Opening of New CBP Office in Laredo

    Laredo, TX | Fernanda Nunez Cazares, District Press Assistant (619-209-1834), November 1, 2024

    LAREDO, TX – Today, U.S. Congressman Henry Cuellar, Ph.D. (TX-28) announced the official opening of the new Laredo Customs Trade Partnership Against Terrorism (CTPAT) Field Office at the World Trade Bridge (WTB) port of entry, in Laredo, Texas. Rep. Cuellar secured funding for this office through his support of CBP’s port of entry operations including robust staffing for the Office of Field Operations in the Fiscal Year 2024 Homeland Security Appropriations bill. 

    CTPAT is CBP’s flagship program public aimed at strengthening international supply chain security while at the same time facilitating legitimate low-risk cargo. Activities for the Laredo CTPAT office will include the review of CTPAT program applications, assessment of eligibility requirements, certification and validation of new members, and the continued maintenance of accounts and revalidation of CTPAT members in accordance with the SAFE Port Act of 2006. The area of responsibility (AOR) for the Laredo CTPAT office during its formation will include but is not limited to, the Laredo, Texas commuting area, and the cross-border cities within the state of Tamaulipas, Mexico.  

    “I am pleased to announce the official opening of this critical office,” said Dr. Henry Cuellar, Senior Member of the House Appropriations Subcommittee on Homeland Security. “Laredo is home to the nation’s number one port of entry, and we need every resource available to ensure it is not only secure but also able to process trade efficiently. That is why I fought hard to secure robust funding for CBP’s port of entry operations. I look forward to working with CBP to ensure this project is successful and that we continue to have the resources needed to keep our communities safe. I would like to thank JD Gonzalez, President of NCBFAA, as well as the Laredo trade community for their leadership and help in getting this done.” 

    ### 

    LAREDO, TX – Hoy, el congresista Henry Cuellar, Ph.D. (TX-28), anunció la apertura oficial de la nueva Oficina de Campo de la Alianza Comercial Aduanera contra el Terrorismo (CTPAT) en el puerto de entrada World Trade Bridge (WTB), en Laredo, Texas. El Rep. Cuellar aseguró la financiación de esta oficina a través de su apoyo a las operaciones de puerto de entrada de CBP, incluyendo una fuerte dotación de personal para la Oficina de Operaciones de Campo en el proyecto de ley de Asignaciones de Seguridad Nacional para el Año Fiscal 2024. 

    CTPAT es el programa insignia de CBP público destinado a reforzar la seguridad de la cadena de suministros internacionales y, al mismo tiempo, facilitar la carga legítima de bajo riesgo. Las actividades de la oficina CTPAT de Laredo incluirán la revisión de las solicitudes del programa CTPAT, la evaluación de los requisitos de elegibilidad, la certificación y validación de los nuevos miembros, y el mantenimiento continuo de las cuentas y la revalidación de los miembros CTPAT de conformidad con la Ley de Puertos Seguros de 2006. El área de responsabilidad (AOR) para la oficina CTPAT de Laredo durante su formación incluirá, pero no se limitará a, el área de Laredo, Texas, y las ciudades transfronterizas dentro del estado de Tamaulipas, México. 

    “Me alegra anunciar la apertura oficial de esta oficina fundamental,” declaró el Dr. Henry Cuellar, miembro principal del Subcomité de Asignaciones de la Cámara de Representantes para la Seguridad Nacional. “Laredo es el puerto de entrada número uno de la nación, y necesitamos todos los recursos disponibles para garantizar que no sólo es seguro, sino también capaz de procesar el comercio de manera eficiente. Es por eso que luché duro para asegurar una financiación sólida para las operaciones del puerto de entrada de CBP. Espero con interés trabajar con CBP para asegurar que este proyecto tenga éxito y que sigamos teniendo los recursos necesarios para mantener nuestras comunidades seguras. Me gustaría dar las gracias a JD González, Presidente de NCBFAA, así como a la comunidad comercial de Laredo por su liderazgo y ayuda para conseguir esto.” 

    MIL OSI USA News –

  • MIL-OSI Australia: Albanese Labor Government to make student loan repayments fairer

    Source: Australian Executive Government Ministers

    The Albanese Labor Government will raise the minimum repayment threshold for student loans and cut repayment rates to make the repayment system fairer for all Australians with a student debt – around 3 million people. 

    From 1 July next year, the Government will reduce the amount Australians with a student debt have to repay per year and raise the threshold when people need to start repaying.

    The reforms will apply to everyone who has a student debt, including all HELP, VET Student Loan, Australian Apprenticeship Support Loan and other student support loans.

    The Government will lift the minimum repayment threshold from around $54,000 in 2024-25 to $67,000 in 2025-26 and introduce a system where repayments are based on the portion of a person’s income above the new $67,000 threshold.

    For someone on an income of $70,000 this will mean they will pay around $1,300 less per year in repayments.

    This will deliver significant and immediate cost of living relief to Australians with student debt, allowing them to keep more of their hard-earned money at a time when many are looking to save for a house deposit or start a family.

    The move to a marginal repayment system is a recommendation of the Australian Universities Accord, and has been informed by the architect of the HELP system, Emeritus Professor Bruce Chapman.

    This reform addresses one of the many unfair changes the Liberal Party made when they were in government to lower repayment thresholds.

    The Government is reforming the student loan system to make it fairer for young Australians.

    We have already announced reforms to indexation that will make sure student debts don’t grow faster than average wages.

    This reform also builds on the Government’s substantial tertiary education reforms, including:

    • Delivering 500,000 Fee-Free TAFE places;
    • Doubling the number of University Study Hubs;
    • Introducing legislation to establish the Commonwealth Prac Payment, expand Fee-Free Uni Ready Courses; and
    • A commitment to introduce a new managed growth and needs-based funding model for universities, and establish an Australian Tertiary Education Commission.

    This change will be subject to the passage of legislation.

     

    MIL OSI News –

  • MIL-OSI USA: Governor Lamont Directs Flags To Half-Staff Monday in Honor of Botsford Fire Rescue Assistant Chief Pete Blomberg

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont today announced that he is directing U.S. and state flags in Connecticut lowered to half-staff from sunrise to sunset on Monday, November 4, 2024, in honor of Botsford Fire Rescue Assistant Chief Pete Blomberg, who died in the line of duty. A funeral service in First Assistant Chief Blomberg’s honor is scheduled to be held on Monday at St. Rose of Lima Roman Catholic Church in Newtown.

    “First Assistant Chief Pete Blomberg dedicated his career to fire prevention and the safety of our communities, and his line of duty death is an awful tragedy,” Governor Lamont said. “My prayers and condolences are with his family and friends, his fellow firefighters who serve with Botsford Fire Rescue, the entire Newtown community, and all first responders who selflessly serve the public.”

    “Our state mourns the loss of a dedicated leader and beloved community hero who never failed to do whatever he could to help,” Lt. Governor Susan Bysiewicz said. “Botsford Fire Rescue Assistant Chief Pete Blomberg devoted more than 50 years of his life to protecting and serving the community he loved so much. My heart breaks that his life was taken as he made his way to the annual Newtown Board of Fire Commissioners meeting. This is yet another tragic reminder that we must do more to take care of each other and to ensure that we all make it home safely. We must all strive to be safer drivers – go slower and be much more cautious. My thoughts are with Assistant Chief Blomberg’s loved ones and the Newtown firefighting community during this incredibly difficult time.”

    In accordance with the governor’s directive, flags will be at half-staff on the Connecticut State Capitol building and all other state-operated buildings, grounds, and facilities statewide. Individuals, businesses, schools, municipalities, and any other private entities and government subdivisions are encouraged to lower their flags for this same duration of time. Since no flag should fly higher than the U.S. flag, all other flags, including state, municipal, corporate, or otherwise, should also be lowered.

     

    MIL OSI USA News –

  • MIL-OSI USA: Statement from Governor Murphy on the Passing of Former Assembly Speaker Chuck Haytaian

    Source: US State of New Jersey

    “Tammy and I were saddened to hear of the passing of former Assembly Speaker Garabed ‘Chuck’ Haytaian. 

    “Through his storied career of service to New Jersey, including time as Speaker of the General Assembly, a U.S. Senate candidate, and Chairman of the New Jersey Republican State Committee, Chuck grew from the Bronx-born child of Armenian Genocide survivors to a household name across the Garden State. 

    “Our heartfelt prayers are with his family and friends during this difficult time.”

    MIL OSI USA News –

  • MIL-OSI USA: MTA Seeking Proposals to Redevelop Parking Lot

    Source: US State of New York

    Governor Kathy Hochul today announced that the Metropolitan Transportation Authority issued a Request for Proposals to transform a surface parking lot adjacent to the Beacon Metro-North Station into a residential development with about 300-units of mixed-income housing and replacement parking for commuters, the latest milestone in the Governor’s ongoing efforts to repurpose State-owned sites for new housing. The project aims to address the City of Beacon’s efforts to foster greater connectivity between the waterfront, the Beacon Station and its Main Street. Metro-North’s Hudson line connects Beacon to midtown Manhattan in just 78 minutes. The RFP is available on the Metropolitan Transportation Authority website. Proposals are due by Wednesday, Dec. 18, 2024.

    “Good quality housing for all New Yorkers is one of my top priorities as Governor, and I’m committed to doing all I can to make that a reality for everyone in this great state,” Governor Hochul said. “Along with the achievements made in my FY25 Enacted Budget, the MTA’s recent Request for Proposals to transform a surface parking lot adjacent to Beacon Metro-North Station not only increases housing stock, but also uplifts the local economy by attracting businesses and creates a healthier community.”

    MTA Chair and CEO Janno Lieber said, “The MTA has long been a leader in the movement for Transit-Oriented Development that creates dynamic, walkable communities. This project will not only enliven Beacon, it responds to Governor Hochul’s commitment to address the housing crisis.”

    MTA Construction & Development President Jamie Torres-Springer said, “New Yorkers deserve more housing near great transit options. This opportunity gets us a step closer to hundreds of new units in one of our state’s iconic towns, right near great Metro-North service.”

    MTA C&D Transit-Oriented Development Senior Vice President Robert Paley said, “MTA’s TOD team pursues development opportunities where MTA utilizes its assets to support thoughtful, contextual development that generates revenue for MTA’s Capital Program. All while increasing Metro-North ridership and advancing regional planning objectives. This RFP works towards that mission.”

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Creating homes near the Beacon Metro-North station will give hundreds of households a place to live while also enhancing the family-friendly community. Under Governor Hochul’s leadership, New York is prioritizing transit-oriented developments that address the housing crisis, boost the local economy and improve access to low-emission transportation.”

    Empire State Development President, CEO and Commissioner Hope Knight said, “This transit-oriented development project at Beacon Station exemplifies smart growth that connects housing with transportation infrastructure. By leveraging State resources through Governor Hochul’s RUSH initiative, we’re creating new housing opportunities while strengthening the economic ties between the Hudson Valley and New York City, demonstrating how strategic development can enhance both local communities and regional connectivity.”

    The RFP will facilitate the construction of as-of-right waterfront housing units in a community celebrated for its vibrancy and natural beauty, within walking distance to all the dining, entertainment and amenities that Beacon’s Main Street has to offer. It is one more example of MTA’s ongoing commitment to transit-oriented development. Working with the State, the City of Beacon, and the development community, the MTA is creatively leveraging an existing asset to generate new housing units, increase ridership and support the City’s economic development and land use goals.

    Governor Hochul and the MTA last summer opened Metro-North’s first TOD project, Avalon Harrison, at the Harrison Metro-North station. The development promotes downtown revitalization and improves the environment and healthy lifestyles by providing residents access to shops, amenities and rail stations within walking distance.

    Governor Hochul’s Housing Agenda
    Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives for Upstate communities, new incentives and zoning relief to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on State-owned property, including supporting the project at Beacon, an additional $600 million in funding to support a variety of housing development statewide and new protections for renters. These measures follow the historic funding the Governor secured in the FY23 Enacted Budget for a five-year, $25 billion Housing Plan to build and preserve 100,000 units of affordable housing across the State. The FY25 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro-Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. To date, more than 200 communities have been certified, including the City of Beacon.

    For specific questions related to the RFP, please contact Nicholas Roberts at [email protected].

    MIL OSI USA News –

  • MIL-OSI: PIMCO Closed-End Funds Declare Monthly Common Share Distributions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 01, 2024 (GLOBE NEWSWIRE) — The Boards of Trustees/Directors of the PIMCO closed-end funds below (each, a “Fund” and, collectively, the “Funds”) have declared a monthly distribution for each Fund’s common shares as summarized below. The distributions are payable on December 2, 2024 to shareholders of record on November 12, 2024, with an ex-dividend date of November 12, 2024.

        Monthly Distribution 
    Per Share
    Fund NYSE Symbol Amount Change From
    Previous
    Month    		 Percentage
    Change From
    Previous
    Month
    PIMCO Corporate & Income Strategy Fund (NYSE: PCN) $0.112500 – –
    PIMCO Corporate & Income Opportunity Fund (NYSE: PTY) $0.118800 – –
    PIMCO Global StocksPLUS® & Income Fund (NYSE: PGP) $0.069000 – –
    PIMCO High Income Fund (NYSE: PHK) $0.048000 – –
    PIMCO Strategic Income Fund, Inc. (NYSE: RCS) $0.051000 – –
    PCM Fund, Inc. (NYSE: PCM) $0.080000 – –
    PIMCO Income Strategy Fund (NYSE: PFL) $0.081400 – –
    PIMCO Income Strategy Fund II (NYSE: PFN) $0.071800 – –
    PIMCO Dynamic Income Fund (NYSE: PDI) $0.220500 – –
    PIMCO Dynamic Income Opportunities Fund (NYSE: PDO) $0.127900 – –
    PIMCO Municipal Income Fund (NYSE: PMF) $0.042000 – –
    PIMCO California Municipal Income Fund (NYSE: PCQ) $0.036000 – –
    PIMCO New York Municipal Income Fund (NYSE: PNF) $0.033500 – –
    PIMCO Municipal Income Fund II (NYSE: PML) $0.039500 – –
    PIMCO California Municipal Income Fund II (NYSE: PCK) $0.021500 – –
    PIMCO New York Municipal Income Fund II (NYSE: PNI) $0.029500 – –
    PIMCO Municipal Income Fund III (NYSE: PMX) $0.033000 – –
    PIMCO California Municipal Income Fund III (NYSE: PZC) $0.029500 – –
    PIMCO New York Municipal Income Fund III (NYSE: PYN) $0.024800 – –
    PIMCO Access Income Fund (NYSE: PAXS) $0.149400 – –
    PIMCO Dynamic Income Strategy Fund (NYSE: PDX) $0.113300 – –
             

    Fund Distribution Information as of September 30, 2024:

    Fund NYSE Symbol Current
    Amount    		 Annualized
    current
    distribution
    rate expressed
    as a
    percentage of
    NAV as of
    09/30/2024    		 Annualized
    current
    distribution rate
    expressed as a
    percentage of
    Market Price as
    of 09/30/2024
    PIMCO Corporate & Income Strategy Fund (NYSE: PCN) $0.112500 11.28% 9.51%
    PIMCO Corporate & Income Opportunity Fund (NYSE: PTY) $0.118800 12.15% 9.91%
    PIMCO Global StocksPLUS® & Income Fund (NYSE: PGP) $0.069000 10.26% 9.87%
    PIMCO High Income Fund (NYSE: PHK) $0.048000 12.13% 11.52%
    PIMCO Strategic Income Fund, Inc. (NYSE: RCS) $0.051000 13.48% 7.96%
    PCM Fund, Inc. (NYSE: PCM) $0.080000 14.95% 12.02%
    PIMCO Income Strategy Fund (NYSE: PFL) $0.081400 11.88% 11.40%
    PIMCO Income Strategy Fund II (NYSE: PFN) $0.071800 11.90% 11.31%
    PIMCO Dynamic Income Fund (NYSE: PDI) $0.220500 15.20% 13.05%
    PIMCO Dynamic Income Opportunities Fund (NYSE: PDO) $0.127900 11.52% 10.87%
    PIMCO Municipal Income Fund (NYSE: PMF) $0.042000 5.19% 4.88%
    PIMCO California Municipal Income Fund (NYSE: PCQ) $0.036000 4.02% 4.34%
    PIMCO New York Municipal Income Fund (NYSE: PNF) $0.033500 4.50% 4.84%
    PIMCO Municipal Income Fund II (NYSE: PML) $0.039500 5.26% 5.05%
    PIMCO California Municipal Income Fund II (NYSE: PCK) $0.021500 3.74% 4.11%
    PIMCO New York Municipal Income Fund II (NYSE: PNI) $0.029500 4.10% 4.49%
    PIMCO Municipal Income Fund III (NYSE: PMX) $0.033000 4.76% 4.79%
    PIMCO California Municipal Income Fund III (NYSE: PZC) $0.029500 4.45% 4.72%
    PIMCO New York Municipal Income Fund III (NYSE: PYN) $0.024800 4.33% 4.72%
    PIMCO Access Income Fund (NYSE: PAXS) $0.149400 11.48% 10.78%
    PIMCO Dynamic Income Strategy Fund (NYSE: PDX) $0.113300 5.31% 5.76%
             

    Distribution rates are not performance and are calculated by annualizing the current distribution per share announced in this press release and dividing by the NAV or Market Price, as applicable, as of the reported date. A Fund’s distribution rate may be affected by numerous factors, including changes in realized and projected market returns, Fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in a Fund’s distribution rate at a future time. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (“ROC”) of your investment in a Fund. Because the distribution rate may include a ROC, it should not be confused with yield or performance.

    Average Annual Total Returns Based on NAV and Market Price (“MKT”) of Common Shares as of
    September 30, 2024:

    Fund NYSE
    Symbol    		 Inception
    Date    		   1 Year 5 Year 10 Year Since
    Inception
    PIMCO Corporate & Income Strategy Fund (NYSE: PCN) 12/21/2001 NAV 23.51% 7.45% 8.44% 10.85%
    MKT 29.84% 4.85% 9.27% 10.72%
    PIMCO Corporate & Income Opportunity Fund (NYSE: PTY) 12/27/2002 NAV 26.15% 8.88% 9.91% 12.73%
    MKT 22.38% 5.99% 9.70% 12.33%
    PIMCO Global StocksPLUS® & Income Fund (NYSE: PGP) 5/31/2005 NAV 35.45% 7.99% 8.40% 10.74%
    MKT 41.62% 4.07% 1.98% 7.19%
    PIMCO High Income Fund (NYSE: PHK) 4/30/2003 NAV 23.03% 6.67% 8.67% 10.56%
    MKT 28.03% 2.60% 3.68% 7.94%
    PIMCO Strategic Income Fund, Inc. (NYSE: RCS) 2/24/1994 NAV 25.91% 3.96% 5.11% 7.70%
    MKT 60.73% 6.94% 8.09% 8.86%
    PCM Fund, Inc. (NYSE: PCM) 9/2/1993 NAV 17.12% 3.21% 6.11% 8.30%
    MKT 1.89% 3.96% 7.48% 8.30%
    PIMCO Income Strategy Fund (NYSE: PFL) 8/29/2003 NAV 22.55% 6.24% 6.95% 6.86%
    MKT 26.23% 5.41% 7.52% 6.71%
    PIMCO Income Strategy Fund II (NYSE: PFN) 10/29/2004 NAV 22.66% 5.75% 6.94% 6.14%
    MKT 30.66% 5.10% 7.79% 6.12%
    PIMCO Dynamic Income Fund (NYSE: PDI) 5/30/2012 NAV 22.25% 4.97% 7.38% 11.00%
    MKT 35.83% 3.89% 9.31% 11.54%
    PIMCO Dynamic Income Opportunities Fund (NYSE: PDO) 1/29/2021 NAV 25.12% – – 1.34%
    MKT 34.18% – – 2.67%
    PIMCO Municipal Income Fund (NYSE: PMF) 6/29/2001 NAV 19.11% -1.09% 3.02% 5.32%
    MKT 29.67% -2.20% 2.93% 4.95%
    PIMCO California Municipal Income Fund (NYSE: PCQ) 6/29/2001 NAV 19.49% -0.36% 3.28% 5.38%
    MKT 25.03% -8.48% 1.74% 4.43%
    PIMCO New York Municipal Income Fund (NYSE: PNF) 6/29/2001 NAV 17.33% -1.72% 2.44% 3.86%
    MKT 21.18% -6.10% 1.74% 3.31%
    PIMCO Municipal Income Fund II (NYSE: PML) 6/28/2002 NAV 18.92% -0.82% 3.28% 4.56%
    MKT 29.12% -4.55% 3.84% 4.40%
    PIMCO California Municipal Income Fund II (NYSE: PCK) 6/28/2002 NAV 20.62% -1.04% 3.17% 3.57%
    MKT 30.76% -3.83% 1.55% 2.60%
    PIMCO New York Municipal Income Fund II (NYSE: PNI) 6/28/2002 NAV 17.66% -1.62% 2.65% 3.94%
    MKT 28.89% -3.53% 1.69% 3.25%
    PIMCO Municipal Income Fund III (NYSE: PMX) 10/31/2002 NAV 19.57% -1.18% 3.35% 4.33%
    MKT 34.49% -3.45% 3.28% 3.91%
    PIMCO California Municipal Income Fund III (NYSE: PZC) 10/31/2002 NAV 19.28% -0.32% 3.30% 3.76%
    MKT 14.90% -3.22% 2.14% 3.12%
    PIMCO New York Municipal Income Fund III (NYSE: PYN) 10/31/2002 NAV 18.13% -1.41% 2.27% 2.65%
    MKT 24.76% -3.61% 1.28% 2.02%
    PIMCO Access Income Fund (NYSE: PAXS) 1/31/2022 NAV 21.95% – – 2.53%
    MKT 34.98% – – 5.21%
    PIMCO Dynamic Income Strategy Fund (NYSE: PDX) 02/01/2019 NAV 21.12% 14.33% – 11.89%
    MKT 25.42% 15.21% – 11.52%

    Performance for periods of more than one year is annualized.

    Past performance is not a guarantee or a reliable indicator of future results. There can be no assurance that a Fund or any investment strategy will achieve its investment objectives or structure its investment portfolio as anticipated. An investment in a Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Shares may be worth more or less than original purchase price. Due to market volatility, current performance may be lower or higher than average annual returns shown. Returns are calculated by determining the percentage change in net asset value (“NAV”) or market price (as applicable) of the Fund’s common shares in the specific period. The calculation assumes that all dividends and distributions, if any, have been reinvested. NAV and market price returns do not reflect broker sales charges or commissions in connection with the purchase or sales of Fund shares and includes the effect of any expense reductions. Returns for a period of less than one year are not annualized. Returns for a period of more than one year represent the average annual return. Performance at market price will differ from results at NAV. Although market price returns typically reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about a Fund, market conditions, supply and demand for a Fund’s shares or changes in Fund dividends and distributions.

    Additional Information

    Distributions from PMF, PML, PMX, PCQ, PCK, PZC, PNF, PNI and PYN are generally exempt from regular federal income taxes (i.e., excluded from gross income for federal income tax purposes but not necessarily exempt from the federal alternative minimum tax). In addition, distributions from PCQ, PCK and PZC are also generally exempt from California state income taxes, and distributions from PNF, PNI and PYN are generally exempt from New York State and city income taxes. There can be no assurance that all distributions paid by these Funds will be exempt from federal income taxes or applicable state or local income taxes.

    Distributions may include ordinary income, net capital gains and/or a return of capital. Generally, a return of capital occurs when the amount distributed by a Fund includes a portion of (or is comprised entirely of) your investment in the Fund in addition to (or rather than) your pro-rata portion of the Fund’s net income or capital gains. A Fund’s distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with “yield” or “income.” A return of capital is not taxable; rather it reduces a shareholder’s tax basis in his or her shares of a Fund.

    If a Fund estimates that a portion of a distribution may be comprised of amounts from sources other than net investment income, as determined in accordance with its internal accounting records and related accounting practices, the Fund will notify shareholders of the estimated composition of such distribution through a Section 19 Notice. For these purposes, a Fund estimates the source or sources from which a distribution is paid, to the close of the period as of which it is paid, in reference to its internal accounting records and related accounting practices. If, based on such accounting records and practices, it is estimated that a particular distribution does not include capital gains or paid-in surplus or other capital sources, a Section 19 Notice generally would not be issued. It is important to note that differences exist between a Fund’s daily internal accounting records and practices, the Fund’s financial statements presented in accordance with U.S. GAAP, and recordkeeping practices under income tax regulations. For instance, a Fund’s internal accounting records and practices may take into account, among other factors, tax-related characteristics of certain sources of distributions that differ from treatment under U.S. GAAP. Examples of such differences may include, among others, the treatment of paydowns on mortgage-backed securities purchased at a discount and periodic payments under interest rate swap contracts. Accordingly, among other consequences, it is possible that a Fund may not issue a Section 19 Notice in situations where the Fund’s financial statements prepared later and in accordance with U.S. GAAP and/or the final tax character of those distributions might later report that the sources of those distributions included capital gains and/or a return of capital. Please visit www.pimco.com for the most recent Section 19 Notice, if applicable, and most recent shareholder reports for additional information regarding the estimated composition of distributions. Final determination of a distribution’s tax character will be provided to shareholders when such information is available.

    The tax treatment and characterization of a Fund’s distributions may vary significantly from time to time because of the varied nature of the Fund’s investments. For example, a Fund may enter into opposite sides of multiple interest rate swaps or other derivatives with respect to the same underlying reference instrument (e.g., a 10-year U.S. treasury) that have different effective dates with respect to interest accrual time periods for the principal purpose of generating distributable gains (characterized as ordinary income for tax purposes) that are not part of the Fund’s duration or yield curve management strategies. In such a “paired swap transaction”, the Fund would generally enter into one or more interest rate swap agreements whereby the Fund agrees to make regular payments starting at the time the Fund enters into the agreements equal to a floating interest rate in return for payments equal to a fixed interest rate (the “initial leg”). The Fund would also enter into one or more interest rate swap agreements on the same underlying instrument, but take the opposite position (i.e., in this example, the Fund would make regular payments equal to a fixed interest rate in return for receiving payments equal to a floating interest rate) with respect to a contract whereby the payment obligations do not commence until a date following the commencement of the initial leg (the “forward leg”).

    A Fund may engage in investment strategies, including those that employ the use of derivatives, to, among other things, seek to generate current, distributable income, even if such strategies could potentially result in declines in the Fund’s NAV. A Fund’s income and gain-generating strategies, including certain derivatives strategies, may generate current income and gains taxable as ordinary income sufficient to support monthly distributions even in situations when the Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or non-U.S. equity markets or the Fund’s debt investments, or arising from its use of derivatives. Because some or all of these transactions may generate capital losses without corresponding offsetting capital gains, portions of a Fund’s distributions recognized as ordinary income for tax purposes (such as from paired swap transactions) may be economically similar to a taxable return of capital when considered together with such capital losses. The tax treatment of certain derivatives in which a Fund invests may be unclear and thus subject to recharacterization. Any recharacterization of payments made or received by a Fund pursuant to derivatives potentially could affect the amount, timing or character of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise.

    The common shares of the Funds trade on the New York Stock Exchange. As with any stock, the price of a Fund’s common shares will fluctuate with market conditions and other factors. If you sell your common shares of a Fund, the price received may be more or less than your original investment. Shares of closed-end investment management companies, such as the Funds, frequently trade at a discount from their net asset value and may trade at a price that is less than the initial offering price and/or the net asset value of such shares. Further, if a Fund’s shares trade at a price that is more than the initial offering price and/or the net asset value of such shares, including at a substantial premium and/or for an extended period of time, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to net asset value thereafter.

    The Funds’ daily New York Stock Exchange closing market prices, net asset values per share, as well as other information, including updated portfolio statistics and performance are available at pimco.com/closedendfunds or by calling the Funds’ shareholder servicing agent at (844) 33-PIMCO. Updated portfolio holdings information about a Fund will be available approximately 15 calendar days after such Fund’s most recent fiscal quarter end, and will remain accessible until such Fund files a shareholder report or a publicly available Form N-PORT for the period that includes the date of the information.

    A Fund’s shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not insured by the FDIC, the Federal Reserve Board or any other government agency. You may lose money by investing in a Fund. Certain risks associated with investing in a Fund are summarized below.

    An investor should consider, among other things, a Fund’s investment objectives, risks, charges and expenses carefully before investing. A Fund’s annual report contains (or will contain) this and other information about the Fund.

    A word about risk:
    Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and low interest rate environments increase this risk. Reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Mortgage and asset-backed securities may be sensitive to changes in interest rates, subject to early repayment risk, and their value may fluctuate in response to the market’s perception of issuer creditworthiness; while generally supported by some form of government or private guarantee there is no assurance that private guarantors will meet their obligations. Investing in foreign-denominated and/or -domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Corporate debt securities are subject to the risk of the issuer’s inability to meet principal and interest payments on the obligation and may also be subject to price volatility due to factors such as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity. Bank loans are often less liquid than other types of debt instruments and general market and financial conditions may affect the prepayment of bank loans, and as such the prepayments cannot be predicted with accuracy. There is no assurance that the liquidation of any collateral from a secured bank loan would satisfy the borrower’s obligation, or that such collateral could be liquidated. Contingent Convertible (“Coco”) Bonds are bonds that are converted into equity of the issuing company if a pre-specified trigger occurs. Co-cos are subject to a different type of risk from traditional bonds and may result in a partial or total loss of value or may be converted into shares of the issuing company which may also have suffered a loss in value. Collateralized Loan Obligations (CLOs) may involve a high degree of risk and are intended for sale to qualified investors only. Investors may lose some or all of the investment and there may be periods where no cash flow distributions are received. CLOs are exposed to risks such as credit, default, liquidity, management, volatility, interest rate, and credit risk. Convertible securities may be called before intended, which may have an adverse effect on investment objectives. Floating rate loans are not traded on an exchange and are subject to significant credit, valuation and liquidity risk. A Fund may invest without limit in below investment grade debt securities (commonly referred to as “high yield” securities or “junk bonds”), including securities of stressed and distressed issuers. High-yield, lower-rated, securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Real estate investment trusts (or REITs) are subject to risk, such as poor performance by the manager, adverse changes to tax laws or failure to qualify for tax-free pass-through of income. Investments in residential/commercial mortgage loans and commercial real estate debt are subject to risks that include prepayment, delinquency, foreclosure, risks of loss, servicing risks and adverse regulatory developments, which risks may be heightened in the case of non-performing loans. Investing in distressed loans and bankrupt companies is speculative and the repayment of default obligations contains significant uncertainties. Distressed and Defaulted Securities involve substantial risks, including the risk of default. Such investments may be in default at the time of investment. In addition, these securities may fluctuate more in price, and are typically less liquid. Commodities contain heightened risk, including market, political, regulatory and natural conditions, and may not be appropriate for all investors. Many energy sector master limited partnerships (or MLPs) and other companies in which PDX may invest operate natural gas, natural gas liquids, crude oil, refined products, coal, or other facilities within the energy sector and will be susceptible to adverse economic, environmental, or regulatory occurrences affecting the sector including sharp decreases in crude oil or natural gas prices. Energy Sector Risk. PDX will be concentrated in the energy sector, and will therefore be susceptible to adverse economic, environmental, or regulatory occurrences affecting that sector. Private credit involves an investment in non-publicly traded securities which may be subject to illiquidity risk. Portfolios that invest in private credit may be leveraged and may engage in speculative investment practices that increase the risk of investment loss. A Fund will also have exposure to such risks through its investments in mortgage and asset-backed securities, which are highly complex instruments that may be sensitive to changes in interest rates and subject to early repayment risk. Income from municipal bonds is exempt from federal income tax and may be subject to state and local taxes and at times the alternative minimum tax; a strategy concentrating in a single or limited number of states is subject to greater risk of adverse economic conditions and regulatory changes. Structured products such as collateralized debt obligations are also highly complex instruments, typically involving a high degree of risk; use of these instruments may involve derivative instruments that could lose more than the principal amount invested. Sovereign securities are generally backed by the issuing government, obligations of U.S. Government agencies and authorities are supported by varying degrees but are generally not backed by the full faith of the U.S. Government; portfolios that invest in such securities are not guaranteed and will fluctuate in value. Concentration of assets in one or a few sectors may entail greater risk than a fully diversified portfolio and should be considered as only part of a diversified portfolio. Investing in foreign-denominated and/or -domiciled securities may involve heightened risk due to currency fluctuations, and economic and political risks, which may be enhanced in emerging markets. Leveraging transactions, including borrowing, typically will cause a portfolio to be more volatile than if the portfolio had not been leveraged.  Leveraging transactions typically involve expenses, which could exceed the rate of return on investments purchased by a fund with such leverage and reduce fund returns.  The use of leverage may cause a portfolio to liquidate positions when it may not be advantageous to do so.  Leveraging transactions may increase a fund’s duration and sensitivity to interest rate movements. Derivatives may involve certain costs and risks, such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Each of PDO, PNF and PYN is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified Fund.

    Limited Term Risk. With respect to PDX, PDO and PAXS (each, for purposes of this paragraph only, a “Limited Term Fund”), unless the limited term provision of a Limited Term Fund’s Amended and Restated Agreement and Declaration of Trust (the “Declaration of Trust”) is amended by shareholders in accordance with the Declaration of Trust, or unless a Limited Term Fund completes a tender offer, as of a date within twelve months preceding the Dissolution Date (as defined below), to all common shareholders to purchase 100% of the then outstanding common shares of such Limited Term Fund at a price equal to the NAV per common share on the expiration date of the tender offer (an “Eligible Tender Offer”), and converts to perpetual existence, such Limited Term Fund will terminate. PDX will terminate on or about January 29, 2031; PDO will terminate on or about January 27, 2033; and PAXS will terminate on or about January 27, 2034 (each such termination date, a “Dissolution Date”). No Limited Term Fund is a “target term” fund whose investment objective is to return its original net asset value on the Dissolution Date or in an Eligible Tender Offer. Because the assets of each Limited Term Fund will be liquidated in connection with the dissolution, such Limited Term Fund will incur transaction costs in connection with dispositions of portfolio securities. The Limited Term Funds do not limit their investments to securities having a maturity date prior to the applicable Dissolution Date and may be required to sell portfolio securities when they otherwise would not, including at times when market conditions are not favorable, which may cause such Limited Term Fund to lose money. In particular, a Limited Term Fund’s portfolio may still have large exposures to illiquid securities as its Dissolution Date approaches, and losses due to portfolio liquidation may be significant. Beginning one year before the applicable Dissolution Date (the “Wind-Down Period”), a Limited Term Fund may begin liquidating all or a portion of its portfolio, and may deviate from its investment strategy and may not achieve its investment objectives. As a result, during the Wind-Down Period, a Limited Term Fund’s distributions may decrease, and such distributions may include a return of capital. A Limited Term Fund’s investment objectives and policies are not designed to seek to return investors’ original investment upon termination of such Limited Term Fund, and investors may receive more or less than their original investment upon termination of such Limited Term Fund. As the assets of a Limited Term Fund will be liquidated in connection with its termination, such Limited Term Fund may be required to sell portfolio securities when it otherwise would not, including at times when market conditions are not favorable, which may cause such Limited Term Fund to lose money.

    Closed-end funds, unlike open-end funds, are not continuously offered. After the initial public offering, shares are sold on the open market through a stock exchange. Closed-end funds may be leveraged and carry various risks depending upon the underlying assets owned by a fund. Investment policies, management fees and other matters of interest to prospective investors may be found in each closed-end fund annual and semi-annual report. For additional information, please contact your investment professional or call 1-844-337-4626.

    About PIMCO

    PIMCO was founded in 1971 in Newport Beach, California and is one of the world’s premier fixed income investment managers. Today we have offices across the globe and 3,000+ professionals united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.

    Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO’s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statement.

    This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. PIMCO Investments LLC, 1633 Broadway, New York, NY 10019, is a company of PIMCO. ©2024, PIMCO.

    For information on PIMCO Closed-End Funds:
    Financial Advisors: (800) 628-1237
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    The MIL Network –

  • MIL-OSI USA: Shaheen Visits Public Housing Development to Discuss Weatherization, Highlights Weatherization Installer Apprenticeship

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Berlin, NH) – Today, U.S. Senator Jeanne Shaheen (D-NH), a lead negotiator of the Bipartisan Infrastructure Law, visited a multi-unit public housing development undergoing weatherization installations to improve energy efficiency and lower monthly costs. During a tour of the complex, Shaheen discussed the benefits of weatherization with residents, as well as participants in the Tri-County Community Action Program’s Registered Apprenticeship for weatherization installers, which is the first of its kind in New Hampshire. As a lead negotiator of the Bipartisan Infrastructure Law, Shaheen helped secure $3.5 billion for weatherization assistance nationwide, including more than $18 million for New Hampshire. You can find photos from the event here.
    “Weatherizing homes is one of the best things we can do to reduce monthly energy costs, all while making progress toward our climate goals and keeping Granite Staters safe from extreme temperatures,” said Senator Shaheen. “I’m proud to have secured funding for New Hampshire’s weatherization efforts through the Bipartisan Infrastructure Law that is supporting this new apprenticeship program to expand the weatherization workforce. I’ll keep working in Congress to find ways to upgrade our infrastructure while saving money for Granite State households.”
    Weatherization Assistance Program (WAP) funding helps homes become more energy efficient through measures like installing insulation, updating heating and cooling systems and updating electrical appliances. For every dollar invested by WAP, $4.50 is generated in combined energy savings and non-energy benefits such as improved health and job creation, according to the U.S. Department of Energy. In addition to saving families money, energy efficient homes also help cut down on our carbon footprint, reducing the greenhouse gas emissions that cause climate change. If you think you may be eligible for WAP funding, apply through your local Community Action Agency at CAPNH.org and check out Senator Shaheen’s recently updated Federal Energy Guide for more ways Granite Staters can save money on their utility bills.
    As a lead negotiator of the Bipartisan Infrastructure Law, Shaheen helped secure $3.5 billion in additional funding for the Weatherization Assistance Program, including $18 million for New Hampshire. Shaheen has long-championed the  Weatherization Assistance Program to lower energy costs for low-income families in New Hampshire, as well as the State Energy Program, which assists states with the development of energy efficiency renewable projects. Last year, Shaheen helped introduce the Weatherization Assistance Program Improvements Act, a bipartisan bill that would strengthen the Weatherization Assistance Program and increase the number of homes the program is able to serve. Shaheen also introduced the bipartisan Investing in State Energy Act, legislation to ensure that annual funding for weatherization and the State Energy Program is released to states as quickly as possible.
    In response to a shortage of weatherization installers in New Hampshire, Tri-County Community Action Program (TCCAP) launched an apprenticeship program to train new workers in the field. TCCAP’s program is supported by Training and Technical Assistance funds from the Bipartisan Infrastructure Law and is the first program of its kind in New Hampshire.

    MIL OSI USA News –

  • MIL-OSI USA: Dr. Rand Paul Joins Call for POTUS to Engage on Stalled U.S.-China Adoptions

    US Senate News:

    Source: United States Senator for Kentucky Rand Paul

    FOR IMMEDIATE RELEASE:

    November 1, 2024

     Contact: Press_Paul@paul.senate.gov, 202-224-4343

    Dr. Rand Paul Joins Call for POTUS to Engage on Stalled U.S.-China Adoptions

    103 members of Congress amplify adoptive families’ plea to Biden: ‘Your leadership could be life altering for these families’

    WASHINGTON, D.C. – Today, Senator Rand Paul (R-KY) joined Senator Chuck Grassley (R-IA), and Senate Foreign Relations Committee Chairman Ben Cardin (D-MD) to urge President Biden to stand up for families navigating the People’s Republic of China’s (PRC) decision to end intercountry adoptions for those without Chinese familial ties. Representatives Erin Houchin (R-IN-9) and Val Hoyle (D-OR-4) are co-leading the bipartisan effort, which garnered a total of 103 bicameral signatories, in the House of Representatives.

    “We request that you act in the best interest of these children and families by urging the PRC to fulfill and uphold the commitment the country has made,” the lawmakers wrote, noting approximately 300 children in the PRC – some with various health conditions – are already paired with families in the United States. 

    “The American families that have been matched with their adoptive children are prepared to meet their long-term medical and emotional needs, and to give them the love and nurturing they need,” they continued. “Many of these children know that they have a home, which in many cases have been prepared for their arrival since the families were notified that they were matched and moving forward with the adoption process.”

    Dr. Paul and his colleagues also acknowledged the PRC may complete adoptions for families in some countries, per a State Department notice last week. They called on President Biden to ensure such an action would pertain to the United States, too.

    Read the full letter HERE. Cosigners include Senate Republican Leader Mitch McConnell (R-KY) and chairs of the Congressional Coalition on Adoption.

    MIL OSI USA News –

  • MIL-OSI USA: Dr. Rand Paul Files Bipartisan, Bicameral Amicus Brief Urging Supreme Court to Restore Federal Accountability in Wrong-House Raid Case

    US Senate News:

    Source: United States Senator for Kentucky Rand Paul

    FOR IMMEDIATE RELEASE:

    November 1, 2024

     Contact: Press_Paul@paul.senate.gov, 202-224-4343

    WASHINGTON, D.C. – Today, U.S. Senators Rand Paul (R-KY), Ron Wyden (D-OR), and Cynthia Lummis (R-WY), alongside Representatives Harriet Hageman (R-WY), Nikema Williams (D-GA-5), Thomas Massie (R-KY-4), and Dan Bishop (R-NC-8) filed a bipartisan, bicameral amicus brief, urging the U.S. Supreme Court to hear Martin v. United States and address the alarming gap in federal accountability created by the Eleventh Circuit’s ruling in this case.

    This case centers around a mistaken, forceful raid by federal agents who entered the wrong home in the early hours of the morning. The family inside was jolted awake by a flashbang grenade exploding within their walls. This raid left the family not only traumatized but physically harmed. Despite the evident toll on these innocent individuals and the assault that they suffered, the Eleventh Circuit’s ruling currently bars them from any avenue for recourse under the FTCA, even though Congress designed this law in the wake of several wrong house raids to ensure accountability for federal overreach. This brief asserts that the Eleventh Circuit’s interpretation of the FTCA contradicts the FTCA’s legislative intent and threatens Americans’ protections against federal overreach.

    “Congress specifically designed the Federal Tort Claims Act (FTCA) to ensure that individuals harmed by government overreach—such as the wrongful raiding of an innocent person’s home—have a means of recourse. By blocking Trina Martin’s right to seek redress, the Eleventh Circuit’s decision not only undermines Congress’ intent and the FTCA’s fundamental purpose but also establishes troubling precedent that places government actions beyond accountability, compromising Americans’ rights. We must ensure that when the government makes a mistake, citizens can hold it accountable and seek justice. This case is a critical step in preserving that protection,” said Dr. Rand Paul.

    “Through the Federal Tort Claims Act, Congress provided a remedy for federal wrong-house raids, but the Eleventh Circuit has taken it away,” explained Patrick Jaicomo, a Senior Attorney at the Institute for Justice, which represents the innocent family. “The brief filed by members of Congress today confirms the availability of that federal remedy, and that the constitutional role of the courts is to enforce—not revoke—the remedy Congress has provided.”

    In Martin v. United States, the Eleventh Circuit ruled that victims of the wrong-house raid could not recover damages due to the Supremacy Clause, despite the FTCA’s purpose to hold federal law enforcement accountable for wrongful actions. Congress introduced the FTCA’s law enforcement provision specifically to protect citizens harmed in cases like these, yet the Eleventh Circuit’s stance nullifies that protection, leaving innocent citizens vulnerable.

    The Supremacy Clause was intended to assert the primacy of federal statutes—not to obstruct claims explicitly permitted by Congress. The bipartisan, bicameral brief makes it clear that if the Eleventh Circuit’s interpretation is upheld, it will fundamentally undermine the FTCA’s role in federal accountability, allowing agents to act with impunity and without fear of recourse from innocent citizens.

    By granting review and overturning the Eleventh Circuit’s decision, the Supreme Court would reinforce the FTCA as Congress intended—empowering Americans to hold federal agents accountable for intentional harms, particularly in cases like these that carry such personal and constitutional significance.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: NMDC Celebrates Vigilance Awareness Week- 2024

    Source: Government of India

    Posted On: 01 NOV 2024 8:21PM by PIB Delhi

    NMDC, India’s largest iron ore producer, concluded Vigilance Awareness Week 2024 with a valedictory function that underscored the importance of integrity and ethical practices. A three-month-long awareness campaign, which started on August 16 2024 and runs until November 15, by conducting various events at project sites and headquarters. The Vigilance Awareness Week commenced on 28th October 2024, concluded at headquarters with a keynote session by Shri Mahesh M. Bhagwat, IPS, Addl. DGP (L&O) Hyderabad, on ‘Culture of Integrity for Nation’s prosperity’ followed by unveiling of the in-house vigilance magazine “Subodh” and prize distribution for the children, employees & stakeholders who have taken part in various activities.

    The valedictory event was attended by senior leadership of NMDC, including Amitava Mukherjee, CMD (Addl. Charge), Shri Vinay Kumar, Director (Technical) and (Personnel, Addl. Charge), NMDC, and Shri B. Vishwanath, Chief Vigilance Officer, along with NMDC employees.

    Chief guest Shri Mahesh M. Bhagwat, IPS, Addl. DGP (L&O) Hyderabad, spoke on the significance of integrity, transparency, commitment, and dedication. He shared insights on how integrity is bedrock to operations, citing theory of Sigmund Freud on the developmental stages that shape adult behavior. He encouraged employees to develop the habit of being vigilant apart from their duty; to share responsibility of creating a fair and trustworthy workplace.

    Addressing the gathering, Amitava Mukherjee, CMD (Addl. Charge) commended the vigilance team for their efforts throughout the year. “The vigilance organization is more than a fault-finding body. NMDC has made remarkable strides in capacity building as we aim for our 100 MnT goal. This is a quantum leap forward, requiring us to make systematic, informed decisions. Correct digital interventions enhance transparency and efficiency. Preventive Vigilance leads to refinement and codification of processes which limits reliance on individual discretion in decision making” he remarked. He urged participants to actively engage in preventive vigilance activities, strengthen systems for transparency, and adhere to standardized procurement practices in line with government guidelines.

    Shri B. Vishwanath, Chief Vigilance Officer, emphasized the role of the CVC’s guidelines in achieving fair, ethical, and sustainable processes within the organization. He highlighted the success of capacity-building initiatives, stating, “Vigilance awareness programs were conducted in more than 28 schools and colleges across Hyderabad, Bailadila, Jagdalpur, Nagarnar, Panna, and Donimalai, reaching over 1,800 students. In Hyderabad, we included 1,000 students in various skits and activities.”

    The fourth edition of the in-house vigilance magazine, “Subodh,” was launched during the event, serving as a valuable resource for employees and stakeholders.

    Throughout Vigilance Awareness Week, various events were organized at different projects, including quiz competitions, slogan writing, elocution, essay writing, and best housekeeping initiatives. Winners of these competitions were recognized during the valedictory session, celebrating their contributions to promoting ethical practices within the organization.

    One day prior to the above program, NMDC had organised a ‘Run for Unity’ on October 31, 2024, in honor of Sardar Vallabhbhai Patel’s birth anniversary during this week. The event was flagged off by Chief Vigilance Officer Shri B. Vishwanath and CGM Smt. Priyadarshini. NMDC employees, along with students from various schools, participated enthusiastically, paying tribute to the Iron Man of India and reinforcing the spirit of unity and integrity that the week embodies.

    *****

     

    MG/SK

    (Release ID: 2070242) Visitor Counter : 52

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: New Jersey Resident Pleads Guilty to Helping Russia’s Defense Sector Evade U.S. Export Controls

    Source: Federal Bureau of Investigation FBI Crime News (b)

    Defendant Facilitated Russia’s Acquisition of Millions of Dollars of U.S.-Made Dual-Use Electronics Used in Radar, Surveillance, and Military Research and Development

    Vadim Yermolenko, 43, a dual U.S.-Russian national and resident of New Jersey, pleaded guilty to conspiracy to violate the Export Control Reform Act, conspiracy to commit bank fraud, and conspiracy to defraud the United States for his role in a transnational procurement and money laundering network that sought to acquire sensitive dual-use electronics for Russian military and intelligence services.

    “This defendant joins the nearly two dozen other criminals that our Task Force KleptoCapture has brought to justice in American courtrooms over the past two and a half years for enabling Russia’s military aggression,” said Attorney General Merrick B. Garland. “This defendant admitted to playing a central role in a now-disrupted scheme with Russian intelligence services to smuggle sniper rifle ammunition and U.S. military grade equipment into Russia. The Justice Department will never stop working to aggressively disrupt and prosecute both the criminal networks and the individuals responsible for bolstering the Russian war machine.”

    “The illegal export of sensitive, dual-use technologies in support of Russia’s war effort poses a significant threat to the United States and its allies and must not be tolerated,” said FBI Director Christopher Wray. “The defendant in this case played a key role in exporting U.S. technology that in the hands of our adversaries could pose great danger to our national security. The FBI and its partners will continue to focus on protecting strategic innovation at home and hold accountable anyone who facilitates illegal transfers to hostile nations like Russia.”

    “To facilitate the Russian war machine, the defendant played a critical role in exporting sensitive, dual-use technologies to Russia, facilitating shipping and the movement of millions of dollars through U.S. financial institutions,” said U.S. Attorney Breon Peace for the Eastern District of New York. “This plea highlights my Office and our law enforcement partners continued commitment to use all tools available to prosecute those who unlawfully procure U.S. technology to send to Russia.”

    According to court documents, the defendant was affiliated with Serniya Engineering and Sertal LLC, Moscow-based companies that operate under the direction of Russian intelligence services to procure advanced electronics and sophisticated testing equipment for Russia’s military industrial complex and research and development sector. Serniya and Sertal operated a vast network of shell companies and bank accounts throughout the world, including the United States, that were used in furtherance of the scheme to conceal the involvement of the Russian government and the true Russian end users of U.S.-origin equipment.

    The defendant and his co-conspirators unlawfully purchased and exported highly sensitive, export controlled electronic components, some of which can be used in the development of nuclear and hypersonic weapons, quantum computing and other military applications. Following Russia’s invasion of Ukraine in February 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce (DOC) Bureau of Industry and Security (BIS) levied sanctions and imposed additional export restrictions on Serniya, Sertal, and several individuals and companies used in the scheme, calling them “instrumental to the Russian Federation’s war machine.”

    Sertal was licensed to conduct highly sensitive and classified procurement activities by Russia’s Federal Security Service (FSB), Russia’s principal security agency and the main successor agency to the Soviet Union’s KGB. The Serniya network’s Russian clients included State Corporation Rostec, the state-owned defense conglomerate; State Atomic Energy Corporation Rosatom (Rosatom); the Ministry of Defense; the Foreign Intelligence Service (SVR); and various components of the FSB, including the Department of Military Counterintelligence and the Directorate for Scientific and Technological Intelligence, commonly known as “Directorate T.”

    To carry out the scheme, the defendant helped set up numerous shell companies and dozens of bank accounts in the U.S. to illicitly move money and export-controlled goods. During the period charged in the indictment, more than $12 million passed through accounts owned or controlled by the defendant. These funds were used in part to purchase sensitive equipment used in radar, surveillance and military research and development. In one instance, money from one of the defendant’s accounts was used to purchase export-controlled sniper bullets, which were intercepted in Estonia before they could be smuggled into Russia.

    Co-defendant Alexey Brayman previously pleaded guilty to conspiracy to defraud the United States and is awaiting sentence. The case against co-defendant Vadim Konoshchenok, a suspected FSB operative, was dismissed after Konoshchenok was removed from the United States as part of a prisoner exchange negotiated between the United States and Russia. Defendant Nikolaos Bogonikolos’ case remains pending. Defendants Boris Livshits, Alexey Ippolitov, Svetlana Skvortsova, and Yevgeniy Grinin remain at large.        

    The FBI, BIS, and IRS are investigating the case.

    The U.S. Customs and Border Protection, Department of Justice’s Office of International Affairs, and Estonian authorities provided valuable assistance.

    Assistant U.S. Attorneys Artie McConnell, Andrew D. Reich, and Matthew Skurnik for the Eastern District of New York are prosecuting the case, with assistance from Trial Attorney Scott A. Claffee of the National Security Division’s Counterintelligence and Export Control Section.

    Today’s actions were coordinated through the Justice Department’s Task Force KleptoCapture and the Justice and Commerce Departments’ Disruptive Technology Strike Force. Task Force KleptoCapture is an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export restrictions and economic countermeasures that the United States has imposed, along with its allies and partners, in response to Russia’s unprovoked military invasion of Ukraine. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains and prevent critical technology from being acquired by authoritarian regimes and hostile nation states.

    MIL Security OSI –

  • MIL-OSI: HOME FEDERAL BANCORP, INC. OF LOUISIANA ANNOUNCES APPROVAL OF STOCK REPURCHASE PROGRAM

    Source: GlobeNewswire (MIL-OSI)

    SHREVEPORT, LA, Nov. 01, 2024 (GLOBE NEWSWIRE) —

    For Immediate Release

    Home Federal Bancorp, Inc. of Louisiana (the “Company”) (NASDAQ: HFBL), the holding company for Home Federal Bank, announced today that its Board of Directors on October 31, 2024, approved the Company’s thirteenth stock repurchase program. The new repurchase program provides for the repurchase of up to 100,000 shares, or approximately 3.0% of the Company’s outstanding common stock from time to time, in open market or privately negotiated transactions. The stock repurchase program does not have an expiration date.

    Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its ten full-service banking offices and home office in northwest Louisiana.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” We undertake no obligation to update any forward-looking statements.

    The MIL Network –