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Category: Pandemic

  • MIL-OSI USA: SCHUMER: SAVE OUR SMALL BUSINESSES FROM TRUMP’S TARIFF WAR; STANDING AT ALBANY’S YONO’S RESTAURANT WITH CAPITAL REGION BUSINESSES THAT ARE SEEING MAJOR PRICE INCREASES HURTING FAMILIES & LOCAL JOBS,…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Albany’s Renowned Yono’s Restaurant Is In Panic Over Trump’s Tariffs That Threaten Their Business, And Small Businesses & Manufacturers In Capital Region Like Latham Pool Are Already Seeing Costs Spike From Trade War With Canada
    Senator Says 14,000 NY-ers In The Capital Region Work In Industries Directly Impacted By Tariffs, And Albany Families Could See Prices Rise Nearly $5,000 More A Year
    Schumer: We Need To Save Our Restaurants & Small Businesses From Trump’s Tariff War That Is Raising Prices And Killing Jobs
    To kickstart National Cost of Living Week of Action, with Trump’s tariff war hammering Albany’s restaurants and small businesses, U.S. Senator Chuck Schumer today stood at Albany’s renowned Yono’s Restaurant with Capital Region small business leaders who are feeling major hits to their bottom line due to tariffs. The senator said this chaotic, self-destructive tariff war has Upstate NY restaurants, local businesses, and working- and middle-class families footing the bill, with the average family in the Capital Region estimated to be hit with nearly $5,000 in higher prices per year.
    Schumer said every day this chaos continues it risks more than 14,000 jobs in the Capital Region in industries impacted by the tariffs and even more jobs in Upstate NY’s vital recreation and tourism industries. Schumer said enough is enough, and announced that when the Senate returns he will force a vote to end Trump’s trade war.
    “Albany and the Capital Region are on the frontlines of Trump’s destructive tariff war. Let’s be clear: these tariffs are a tax increase on Upstate NY. Family restaurants are the heart and soul of the Capital Region and the backbone of Main Streets across Upstate New York. They are still recovering from the pandemic. They can’t afford to eat price increases when Trump slaps them with tariffs and neither can their customers. Small businesses and manufacturers have already seen costs skyrocket, and some are being hit with a double whammy as tourism & business from Canada dries up from Trump’s actions. No small business or restaurant in Upstate NY or anywhere in America can operate with this kind of uncertainty,” said Senator Schumer. “We need to save our restaurants & small businesses from Trump’s tariff war. That’s why when the Senate returns, I will force a vote to end this reckless trade war. This is a vital ingredient to protect restaurants and families throughout the Capital Region and across Upstate New York.”
    Schumer explained Capital Region restaurants were already hit hard by the pandemic and many are still trying to recover. Schumer explained that restaurants operate on some of the slimmest margins – typically 3 to 5 percent – which could shrink more as tariffs go into effect. Since ingredients are perishable, restaurants don’t have the option of stockpiling materials and they can’t change suppliers on a whim. With the threat of tariffs looming, prices across the board have increased and restaurant owners are worried that customers can’t afford to go out to eat anymore. Without business, they might not be able to recover and would be forced to lay off staff, or worse, close their doors.
    A New York Times analysis found that over 14,000 New Yorkers across the Capital Region including 4,400 in Albany County work in industries targeted by Trump’s tariffs, which does not even account for all the related jobs, including in the tourism and recreation industries, that are also being impacted by the damage of this trade war. According to the Main Street Alliance, a network of small businesses, 81.5% of small business respondents to a recent survey indicated they would raise prices for consumers due to tariffs and 31.5% indicated they would lay off employees as a result of the increased costs from tariffs.
    The tariffs are also creating uncertainty for families and jobs and are expected to increase costs for the average American family by nearly $5,000 a year, while families are struggling to plan for the future without assurances about their jobs.
    Yono’s Restaurant has Indonesian influences and relies on spices and fruits that are not widely produced domestically, such as coconut milk, lemongrass, kaffir lime leaves, palm sugar, chilies, and galangal. Without knowing how much they will cost, it is impossible for Yono’s to plan its menu, which they often shift seasonally, and now they do not know which products they can maintain a consistent, affordable supply of. In addition, as the market has shifted to more takeout and delivery options, Yono’s has relied on imported containers and bags that are already more expensive and could get more expensive with tariffs in effect.
    The senator said unpredictability makes it difficult for local restaurants to plan for tomorrow, especially when they are already operating on such small margins. For example, when asked about catering orders, owners aren’t sure how to quote orders and are faced with the option of facing sky-high prices when planned events roll around, or even needing to turn down customers. These added challenges make it more difficult for small restaurants to survive against larger chain restaurants.
    “Here at Yono’s we support an immense amount of USA grown meats, vegetables, cheeses, beer, spirits and wine. However our guests appreciate a broad amount of options. We use coconut milk, lemongrass, kaffir lime leaves, palm sugar, chilies, galangal, and pandan. These items are not able to be grown in the USA, let alone in the amounts we need. We also import lamb from New Zealand and Australia. Of course, he biggest items imported that affect us will be coffee (99.5% of the coffee consumed in the USA is imported). We can only grow coffee in Hawaii in this county. Even our fine wine glasses come from Austria,” said Dominick Purnomo, of Yono’s Restaurant.
    Schumer added, “If this tariff war continues, it could devastate Upstate NY’s economy in ways we haven’t seen since the height of the pandemic. Our local restaurants and other small businesses are already operating on razor thin margins and now they’re being forced into difficult decisions, including if the increase in costs means they will need to raise prices for customers, lay off staff, or even close their business altogether. That is unacceptable.”
    “New York State restaurants have faced immense challenges in recent years. From the hardships caused by the COVID-19 pandemic to the soaring price increases driven by inflation and the rising cost of living, many restaurants have fought to stay afloat. The implementation of these new tariffs is yet another blow to an already struggling industry. Tariffs on food and beverages will place an additional strain on restaurants, ultimately leading to higher prices that will be passed on to consumers. Restaurants are not only a cornerstone of New York State’s economy but also serve as essential gathering places for communities to come together and enjoy each other’s company. Simply put, the tariffs are just an unnecessary burden on an industry barely hanging on. We urge the Administration to control consumer price increases as much as possible by exempting food and beverage items from future tariffs,” said Melissa Fleischut, President and CEO of the New York State Restaurant Association.
    Other businesses across industries are also facing uncertainty. Latham Pool, the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand, has called the Capital Region its home for nearly 70 years. Latham Pool has 1,500 employees including 300 in New York State, mostly in the Capital Region. Tariffs on foreign goods – especially aluminum and steel – are impacting Latham Pool’s ability to serve its customers and his company along with so many others are deeply fearful of customers pulling back. We are already seeing these fears manifest across America as consumer confidence is cratering and is the lowest it has been in years due to tariffs.
    Latham Pool estimates that 15-20% of their materials are sourced from overseas and will be impacted by the tariffs. Worse, they are impacted by the devolving trade relationship with Canada, where the Canadian reciprocal tariff now disadvantages their products for sale in Canada, which has been a strong market for them.
    The whiplash and uncertainty over tariffs have also sent the economy into a tailspin. Trump previously delayed the start of his tariffs twice and canceled across-the-board tariffs six days after implementing them. Uncertainty is causing the stock market to fall, causing chaos for restaurants to operate, and shaking the job market.
    Schumer said the Senate has a plan to end this dangerous trade war and protect Upstate NY businesses. Earlier this month, the Senate passed a bipartisan resolution to end tariffs on Canada and urged the House to pass it as well. Schumer also said when the Senate returns, he will force a vote to reverse these new taxes of 10% on all imported goods and end the looming threat of additional tariffs of up to 49% on products Americans buy from other countries. Schumer said ending this costly trade war is key to protecting New York from price increases and job losses as a result of tariffs on Canada.
    Schumer concluded, “I am all for addressing trade imbalances—I have always been a China hawk and have long fought against unfair trade practices, but these sweeping, ill-conceived tariffs are creating chaos and undermining those goals. Rather than uniting the world against China, Trump has united them against us! No matter which way you slice it, costs are going to skyrocket for our local restaurants and consumers. If you’re in Upstate New York, you’ll feel it first, and worse than just about anywhere in the country. We need everyone, especially NY Republicans, to stand up against Trump’s senseless, job-killing, cost-increasing tax on Upstate New Yorkers.”
    When the Senate returns, it will vote on a bipartisan resolution that would terminate the emergency declared by Trump to authorize his global tariffs. If the resolution is enacted into law, the tariffs would be rescinded. The Senate also previously passed a bipartisan resolution terminating Trump’s national emergency that is justifying his destructive tariffs on Canada, which Schumer said the House needs to vote on. Schumer has been a vocal supporter of both resolutions.

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER: SAVE OUR RESTAURANTS & SMALL BUSINESSES FROM TRUMP’S TARIFF WAR, STANDING WITH CENTRAL NY BUSINESSES SEEING MAJOR PRICE INCREASES HURTING FAMILIES & LOCAL JOBS, SENATOR ANNOUNCES SENATE DEMS…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Syracuse’s Renowned Emerald Cocktail Kitchen Is In Panic Over Trump’s Tariffs That Threaten Their Business, And Small Businesses & Manufacturers Across Central NY Are Already Seeing Costs Spike From Trade War With Canada
    Senator Says 16,000 NY-ers In Central NY Work In Industries Directly Impacted By Tariffs, And Syracuse Families Could See Prices Rise Nearly $5,000 More A Year
    Schumer: We Need To Save Our Restaurants & Small Businesses From Trump’s Tariff War That Is Raising Prices And Killing Jobs
    To kickstart National Cost of Living Week of Action, with Trump’s tariff war hammering Syracuse’s restaurants and small businesses, U.S. Senator Chuck Schumer today stood at Syracuse’s renowned Emerald Cocktail Kitchen with Central NY small business leaders who are feeling major hits to their bottom line due to tariffs. The senator said this chaotic, self-destructive tariff war has Upstate NY restaurants, local businesses, and working- and middle-class families footing the bill, with the average family in Central NY estimated to be hit with nearly $5,000 in higher prices per year.
    Schumer said every day this chaos continues it risks more than 16,000 jobs in Central NY in industries impacted by the tariffs and even more jobs in Upstate NY’s vital recreation and tourism industries. Schumer said enough is enough, and announced that when the Senate returns he will force a vote to end Trump’s trade war.
    “Syracuse and Central New York are on the frontlines of Trump’s destructive tariff war. Let’s be clear: these tariffs are a tax increase on Upstate NY. Family restaurants are the heart and soul of Central New York and the backbone of Main Streets across Upstate New York. They are still recovering from the pandemic. They can’t afford to eat price increases when Trump slaps them with tariffs and neither can their customers. Small businesses and manufacturers have already seen costs skyrocket, and some are being hit with a double whammy as tourism & business from Canada dries up from Trump’s actions. No small business or restaurant in Upstate NY or anywhere in America can operate with this kind of uncertainty,” said Senator Schumer. “We need to save our restaurants & small businesses from Trump’s tariff war. That’s why when the Senate returns, I will force a vote to end this reckless trade war. This is a vital ingredient to protect restaurants and families throughout Central New York and across Upstate New York.”
    Schumer explained Central NY restaurants were already hit hard by the pandemic and many are still trying to recover. Schumer explained that restaurants operate on some of the slimmest margins – typically 3 to 5 percent – which could shrink more as tariffs go into effect. Since ingredients are perishable, restaurants don’t have the option of stockpiling materials and they can’t change suppliers on a whim. With the threat of tariffs looming, prices across the board have increased and restaurant owners are worried that customers can’t afford to go out to eat anymore. Without business, they might not be able to recover and would be forced to lay off staff, or worse, close their doors.
    A New York Times analysis found that over 16,000 New Yorkers across Central NY including 10,000 in Onondaga County work in industries targeted by Trump’s tariffs, which does not even account for all the related jobs, including in the tourism and recreation industries, that are also being impacted by the damage of this trade war. According to the Main Street Alliance, a network of small businesses, 81.5% of small business respondents to a recent survey indicated they would raise prices for consumers due to tariffs and 31.5% indicated they would lay off employees as a result of the increased costs from tariffs.
    The tariffs are also creating uncertainty for families and jobs and are expected to increase costs for the average American family by nearly $5,000 a year, while families are struggling to plan for the future without assurances about their jobs.
    At the Emerald Cocktail Kitchen, co-founded by local businesswomen Michelle and Nora Roesch, Trump’s tariffs have already begun to take root and are among the Roesch’s chief concerns moving forward, with some of their liquor and wine being imported from Canada and other countries. On the food side of the house, Emerald’s culinary experts use cheeses like feta and gouda, imported from Greece and the Netherlands, as key ingredients in their burgers, pizzas and salads. They also use fruits and other products imported from Canada and Mexico.
    In addition to the wide ranging impact that tariffs will have on Emerald Cocktail Kitchen’s menu, they are driving increased costs across the board, which in turn are driving down consumer discretionary spending. As a result, Emerald Cocktail Kitchen customers have started spending less money on an average visit and opting to save by skipping an appetizer or desert. With customers spending less, the business brings in less and employees receive less in tips on smaller checks. Altogether, Trump’s tariffs have left small businesses like Emerald Cocktail Kitchen exposed to significant impacts, uncertain about how to proceed, and uneasy about what could be next. 
    The senator said unpredictability makes it difficult for local restaurants to plan for tomorrow, especially when they are already operating on such small margins. For example, when asked about catering orders, owners aren’t sure how to quote orders and are faced with the option of facing sky-high prices when planned events roll around, or even needing to turn down customers. These added challenges make it more difficult for small restaurants to survive against larger chain restaurants.
    “Imported goods like tequila, gin, prosecco, Aperol, avocados, limes, feta, gouda, and more – all of which are staples behind our bar and in our kitchen – have surged in price as a result of recent United States tariff policy decisions. In Central New York, small businesses like ours depend on steady customer traffic and predictable costs to survive. Unfortunately, the administration’s back-and-forth approach to tariff implementation has made long-term planning feel impossible,” said Michelle Roesch, Co-owner of Emerald Cocktail Kitchen. “For small Syracuse businesses like ours, Trump’s tariffs have created the same kind of stress and uncertainty we felt during COVID – except this time, it’s self-inflicted. As a result, customers are watching their wallets, staff are taking home smaller tips, and we’ve had to cut back on bulk orders. We need trade policies that lift up small and local businesses, not weigh them down. That is why I am proud to stand in support of Senator Schumer as he fights to force a vote Trump’s trade war in support of small businesses here in Syracuse and all across Upstate NY.”
    Schumer added, “If this tariff war continues, it could devastate Upstate NY’s economy in ways we haven’t seen since the height of the pandemic. Our local restaurants and other small businesses are already operating on razor thin margins and now they’re being forced into difficult decisions, including if the increase in costs means they will need to raise prices for customers, lay off staff, or even close their business altogether. That is unacceptable.”
    Other businesses across industries are also facing uncertainty. In the City of Syracuse alone, tariffs are among the top concerns at restaurants and artisanal food shops like The Wedge and the Curd Nerd, veteran-owned businesses like Talking Cursive Brewing Company, and local food vendors like Firecracker Thai Kitchen at Salt City Market. Elsewhere in Central New York, 5th generation family and employee-owned northern hardwood lumber producer, Gutchess Lumber, and it’s 500 employee-owners are also bracing for negative impacts to their business.  
    In the North Country, Trump’s tariffs and trade war with Canada have already taken a toll on craft breweries like 1812 Brewing Company in Watertown, manufacturing companies like AmTech Yarns in Massena, and transportation authorities like the Ogdensburg Bridge & Port Authority. In addition, Alcoa, an aluminum producer based in the North Country, predicts tariffs will cost the company an additional $90 million this quarter alone.
    In the Mohawk Valley, local coffee shops like Character Coffee in the City of Utica, and trendy fast-casual restaurants like Laffa’s Mediterranean Grill in the Town of New Hartford have both started to feel the impact of tariffs.
    “New York State restaurants have faced immense challenges in recent years. From the hardships caused by the COVID-19 pandemic to the soaring price increases driven by inflation and the rising cost of living, many restaurants have fought to stay afloat. The implementation of these new tariffs is yet another blow to an already struggling industry. Tariffs on food and beverages will place an additional strain on restaurants, ultimately leading to higher prices that will be passed on to consumers. Restaurants are not only a cornerstone of New York State’s economy but also serve as essential gathering places for communities to come together and enjoy each other’s company. Simply put, the tariffs are just an unnecessary burden on an industry barely hanging on. We urge the Administration to control consumer price increases as much as possible by exempting food and beverage items from future tariffs,” said Melissa Fleischut, President and CEO of the New York State Restaurant Association.
    “At a small business like Firecracker Thai, we feel the impact of tariffs and increased costs on every single order and with every single purchase. We plan to increase menu prices by 10-15% to help offset rising costs, but our prices can only go so high before we risk pricing out customers. Unfortunately, our planned 10-15% increase is not enough to cover all of our increased costs, so the remainder will take a bite out of our bottom line,” said Sarah Tong-Ngork, Owner of Firecracker Thai Kitchen. “In addition, tariffs have made it more difficult to find authentic, imported ingredients like Jasmine Rice and Rice Noodles at local markets. After the devastating impact that COVID had on the food service industry, the last thing we need is to increase prices and disrupt supply chains. I would like to thank Senator Schumer for coming to Syracuse to fight for small businesses like Firecracker Thai and small business owners like me.”
    “As a small craft brewery in Central New York, Talking Cursive Brewing Company faces significant challenges due to tariffs. We rely on imported aluminum cans from Canada, as well as hops and grain from the EU, Australia, and New Zealand. These tariffs, coupled with their ripple effects on the global economy, have been compounded by other actions from the current administration that are reshaping travel, tourism, and consumer behavior. While we experienced a brief uptick in business at the end of 2024 and into January, February and March of this year have seen a sharp decline, with customer counts and sales dropping more than 25% year-over-year. This marks the first time in our seven years of operation that we’ve faced such a downturn in the first quarter,” said Andrew Brooks, Co-Owner of Talking Cursive Brewing Company. “Tourism is a vital part of our business, especially in the summer when 15-20% of our customers are tourists, including about 7% from Canada. Many Canadians I know that travel here often have expressed that they feel disrespected by the current administration, and no longer plan to visit the U.S. in the near future. This decline in tourism directly impacts the revenue of both our tasting room and accounts that we distribute to across New York, including several in the Thousands Islands Region that depend on Canadian tourists. We anticipate a significant loss of sales in that region and will need to reassess the viability of distributing there. I appreciate the efforts that Senator Schumer is taking to help support small businesses like ours during these challenging times.”
    “Over the last 24 month, 1812 Brewing Company has invested hundreds of man hours and significant capital to gain entry into the Ontario, Canada market.  Because of recently implemented tariffs, the Provincial Government of Ontario has put a stop on the purchase of all American-made craft beer, including our gold medal winning War of 1812 Amber Ale. This will immediately cut off around 10% of our sales,” said Thomas W. Scozzafava, Chairman & CEO of 1812 Brewing Company. “Although relatively small, 1812 Brewing Company and its employees will be hurt by an escalating Trade War with Canada, which could ultimately result in the loss of jobs in our local plant. I hope that those deciding these policies – on both sides of the aisle – understand the true human impact of sudden and dramatic changes to the parameters of trade with our Canadian partners. I thank Senator Schumer for sticking up for small businesses like 1812 and always fighting to protect New York State’s craft breweries.”
    “As the owner of Character Coffee in Utica, I rely on specialty roasters who are already feeling the impact of new tariffs. Coffee isn’t grown in the U.S. — so by design, our industry depends on farmers around the world. Even more concerning, these tariffs are piling onto an already fragile supply chain, strained by climate shifts and a year of poor harvests. It’s not just the coffee we have to worry about, but everything from cups and lids to delivery fees,” said Katie Aiello, Owner of Character Coffee. “When costs rise, customers pull back — starting with discretionary spending like grabbing a cup of coffee. The uncertainty is costly too. It’s hard to plan, price, or grow when every week brings new instability in the market. Independent cafes aren’t faceless corporations. We’re local businesses trying to offer good jobs, contribute to the community, and serve something meaningful. These tariffs threaten that. We urgently need thoughtful trade policy that protects American small businesses, and that is why I am proud to stand alongside Senator Schumer in Syracuse today to join in his fight for to safeguard locals businesses like mine.”
    “Since we opened in 2021, rising costs have been one of our biggest challenges, and we’ve had no choice but to pass some of that burden onto our customers just to stay open. With tariffs on the horizon, we’re already seeing price hikes on ingredients we depend on, like kalamata olives, tahini, and feta,” said Elias Zeina, Owner of Lafa Mediterranean. “It’s heartbreaking—we’re trying to protect our team and our guests, but I worry about how much more our customers can take. Small business owners like me are feeling squeezed, and our customers are the ones paying the price.
    The whiplash and uncertainty over tariffs have also sent the economy into a tailspin. Trump previously delayed the start of his tariffs twice and canceled across-the-board tariffs six days after implementing them. Uncertainty is causing the stock market to fall, causing chaos for restaurants to operate, and shaking the job market.
    Schumer said the Senate has a plan to end this dangerous trade war and protect Upstate NY businesses. Earlier this month, the Senate passed a bipartisan resolution to end tariffs on Canada and urged the House to pass it as well. Schumer also said when the Senate returns, he will force a vote to reverse these new taxes of 10% on all imported goods and end the looming threat of additional tariffs of up to 49% on products Americans buy from other countries. Schumer said ending this costly trade war is key to protecting New York from price increases and job losses as a result of tariffs on Canada.
    Schumer concluded, “I am all for addressing trade imbalances—I have always been a China hawk and have long fought against unfair trade practices, but these sweeping, ill-conceived tariffs are creating chaos and undermining those goals. Rather than uniting the world against China, Trump has united them against us! No matter which way you slice it, costs are going to skyrocket for our local restaurants and consumers. If you’re in Upstate New York, you’ll feel it first, and worse than just about anywhere in the country. We need everyone, especially NY Republicans, to stand up against Trump’s senseless, job-killing, cost-increasing tax on Upstate New Yorkers.”
    When the Senate returns, it will vote on a bipartisan resolution that would terminate the emergency declared by Trump to authorize his global tariffs. If the resolution is enacted into law, the tariffs would be rescinded. The Senate also previously passed a bipartisan resolution terminating Trump’s national emergency that is justifying his destructive tariffs on Canada, which Schumer said the House needs to vote on. Schumer has been a vocal supporter of both resolutions.

    MIL OSI USA News –

  • MIL-OSI USA: Kean Secures Reinstated Non-Profit Status for Flemington Fire Department

    Source: US Representative Tom Kean, Jr. (NJ-07)

    (April 21, 2025) Flemington, NJ – Congressman Tom Kean, Jr. (NJ-07) announced today that, after persistent advocacy from his office, the Flemington Fire Department has officially regained its non-profit status from the Internal Revenue Service (IRS).

    Former Chief and President Robert Motzel contacted the Congressman’s office seeking help with a years-long effort to reinstate the Fire Department’s tax-exempt status. Despite prior attempts to resolve the issue through other channels, the Department had faced repeated delays and setbacks. Thanks to the sustained efforts of Congressman Kean and his casework team, the IRS notified the Department in April 2025 that its non-profit status had finally been restored.

    The Flemington Fire Department, a 100% volunteer organization serving the Borough of Flemington and the surrounding communities since 1842, first lost its non-profit designation due to a clerical error. The resulting six-year delay—including during the COVID-19 pandemic—severely impacted the Department’s ability to secure vital grants, loans, and matching funds. These limitations hindered the Department’s capacity to purchase critical first responder equipment and maintain operations.

    “I am pleased that we have secured a long-overdue victory for the Flemington Fire Department,” said Congressman Tom Kean, Jr. “This organization has served its community with honor and dedication for over 175 years, and the restoration of its non-profit status will ensure it can continue protecting residents with the resources it needs. I applaud the brave men and women of the Department for their unwavering service, and I’m grateful my office could play a role in delivering this critical result.”

    “I’d just like to say thank you in assisting us in the process. I thought this issue would never ever get resolved,” said Former Chief Robert Motzel. “I have to say, this is such a huge relief for the dedicated volunteers of Flemington Fire Department and our community. Knowing our congressional liaisons like you and representatives like Congressman Kean Jr. are truly helping their constituents is very much appreciated and does not go unnoticed.”

    “Our volunteers fire department is critical to Flemington Borough,” said Flemington Mayor Marcia Karrow. “Congressman Kean’s help in reinstating their charitable not for profit status is key in their ability to apply for important grants for fire fighting equipment that both save lives and taxpayers dollars. The Borough is very grateful for his assistance.”

    Since opening in January 2023, Congressman Kean’s office has closed over 3,500 constituent cases, helping return more than $18 million to residents of New Jersey’s 7th Congressional District.

    ###

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: India’s DBT: Boosting Welfare Efficiency

    Source: Government of India

    India’s DBT: Boosting Welfare Efficiency

    Report Reveals ₹3.48 Lakh Crore in Savings and 16-Fold Increase in Beneficiaries

    Posted On: 21 APR 2025 5:01PM by PIB Delhi

    Introduction

    India’s Direct Benefit Transfer (DBT) system has helped the country save an estimated ₹3.48 lakh crore till 2024 by plugging leakages in welfare delivery, according to a new quantitative assessment by the BlueKraft Digital Foundation. The report also finds that subsidy allocations have been halved from 16 percent to 9 percent of total government expenditure since the implementation of DBT, reflecting a major improvement in the efficiency of public spending.

    The assessment evaluates data from 2009 to 2024 to examine the impact of DBT on budgetary efficiency, subsidy rationalisation, and social outcomes. It shows how the shift from paper-based disbursals to direct digital transfers has ensured that public funds reach the people they are meant for. One of the key features of DBT is the use of the JAM trinity, which stands for Jan Dhan bank accounts, Aadhaar unique ID numbers and mobile phones. This framework has enabled targeted and transparent transfers on a massive scale.

    To capture the full extent of its impact, the report introduces a Welfare Efficiency Index. This index combines fiscal outcomes such as savings and reduced subsidies with social indicators like the number of beneficiaries reached, offering a clear picture of how well the system is working. The index has risen nearly threefold from 0.32 in 2014 to 0.91 in 2023, reflecting a sharp increase in both effectiveness and inclusion.

    At a time when governments across the world are rethinking how to strengthen social protection, the DBT model presents valuable lessons in aligning financial prudence with equitable governance.

    Key Findings

    Budgetary Allocation Trends

    The data on subsidy allocations reveals a significant shift post-DBT implementation, highlighting improvements in fiscal efficiency despite a surge in beneficiary coverage.

    • Pre-DBT Era (2009–2013): Subsidies averaged 16% of total expenditure, amounting to ₹2.1 lakh crore annually, with considerable leakages in the system.
    • Post-DBT Era (2014–2024): Subsidy expenditure decreased to 9% of total expenditure in 2023-24, while beneficiary coverage surged 16-fold from 11 crore to 176 crore.
    • COVID-19 Outlier: A temporary spike in subsidies occurred during the 2020–21 fiscal year due to emergency fiscal measures. However, efficiency rebounded following the pandemic, further validating the system’s long-term effectiveness.

     

     

    Subsidy Allocation Trends (2009-2024)

    The reduction in subsidy burden, despite a significant increase in coverage, underscores DBT’s role in optimising fiscal allocations. By eliminating ghost beneficiaries and middlemen, the system redirected funds to genuine recipients without proportional increases in the budget.

    Sectoral Analysis

    A detailed breakdown of sector-specific impacts shows how DBT has particularly benefited high-leakage programmes.

     

    • Food Subsidies (PDS): ₹1.85 lakh crore saved, accounting for 53% of total DBT savings. This was largely due to Aadhaar-linked ration card authentication.
    • MGNREGS: 98% of wages were transferred timely, saving ₹42,534 crore through DBT-driven accountability.
    • PM-KISAN: ₹22,106 crore saved by deleting 2.1 crore ineligible beneficiaries from the scheme.
    • Fertilizer Subsidies: Sales of 158 lakh MT of fertiliser were reduced, saving ₹18,699.8 crore through targeted disbursement.

     

    Sectoral Impact Analysis

    These sector-specific savings highlight DBT’s disproportionate impact on high-leakage programs, such as food subsidies and wage schemes like MGNREGS. The system’s role in biometric authentication and direct transfers has been crucial in improving efficiency and curbing misuse.

    Correlation and Causality Findings

    The correlation analysis further underscores the effectiveness of DBT in improving welfare delivery.

    • Strong Positive Correlation (0.71): There is a strong positive correlation between beneficiary coverage and DBT savings, signifying that as coverage expanded, savings increased.
    • v Negative Correlation (-0.74): There is a significant negative correlation between subsidy expenditure as a percentage of total expenditure and welfare efficiency, highlighting the reduction in waste and leakages facilitated by DBT.

     

    Heat-map showing correlation between key variables

    The heat-map analysis quantifies the relationship between budget allocations, DBT savings, and welfare efficiency. As DBT savings increased, subsidy allocations decreased, demonstrating that DBT improved targeting while reducing leakages. This enabled the government to expand welfare programs, reaching more beneficiaries without increasing fiscal outlays. The inverse relationship between subsidy expenditure and efficiency challenges critiques of “declining welfare spending” and affirms DBT’s role as a powerful tool for fiscal optimisation.

     

    Welfare Efficiency Index (WEI)

    As part of the methodology for assessing the impact of the Direct Benefit Transfer (DBT) system, the Welfare Efficiency Index (WEI) was developed as a composite metric to measure efficiency gains across various dimensions. The WEI comprises three weighted components:

     

    1. DBT Savings (50% weight): This component captures the direct reduction in leakage, normalised against the maximum observed savings of ₹3.48 lakh crore.

     

    1. Subsidy Reduction (30% weight): Measures the decline in subsidy expenditure as a percentage of the total national budget.

     

    1. Beneficiary Growth (20% weight): Assesses the expansion in the number of beneficiaries, adjusted for population growth.

     

    The rise in the WEI from 0.32 in 2014 to 0.91 in 2023 quantifies systemic improvements, emphasising that efficiency gains stem from multi-dimensional factors—not merely budget cuts. This index provides a replicable model for global policymakers to evaluate welfare reforms.

    The WEI surged, driven by:

    • DBT Savings (50% weight): ₹3.48 lakh crore cumulative leakage reduction.
    • Subsidy Reduction (30% weight): A decline from 16% to 9% of total expenditure.
    • Beneficiary Growth (20% weight): A 16-fold expansion in coverage.

     

    Conclusion

    The Direct Benefit Transfer (DBT) system has proven to be a transformative tool for India’s welfare delivery, significantly enhancing the efficiency of public spending and expanding the reach of social benefits. Over the past decade, DBT has not only reduced fiscal leakages by ₹3.48 lakh crore but also ensured that subsidies are better targeted, with a marked decline in subsidy allocations as a percentage of total expenditure. The rise in the Welfare Efficiency Index (WEI) underscores the success of DBT in optimizing fiscal resources while broadening coverage for millions of beneficiaries. The sectoral savings, particularly in high-leakage programs like food subsidies, MGNREGS, and PM-KISAN, illustrate how the system’s integration of Aadhaar and mobile-based transfers has addressed inefficiencies and curbed misuse.

    As per the report by the BlueKraft Digital Foundation, this data-driven assessment demonstrates that fiscal prudence and inclusivity can go hand-in-hand, offering valuable insights for policymakers worldwide looking to refine their own social protection models. As governments grapple with balancing fiscal constraints and social equity, India’s experience with DBT presents a compelling case for the efficacy of direct transfers in fostering both economic and social development. The lessons learned from this success story can guide global efforts to make welfare systems more efficient, transparent, and inclusive.

    Reference:

     

    Click here to see in PDF

    Santosh Kumar/ Sheetal Angral/ Saurabh Kalia

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    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Former Newtown Resident Charged with Child Exploitation Offenses

    Source: Office of United States Attorneys

    Marc H. Silverman, Acting United States Attorney for the District of Connecticut, and Michael J. Krol, Special Agent in Charge of Homeland Security Investigations (HSI), New England, today announced that a federal grand jury in Hartford has returned a four-count indictment charging DONALD S. HAMMALIAN, JR, 50, last residing in Newtown, with child exploitation offenses.

    The indictment was returned on April 10, 2025, and Hammalian appeared today before U.S. District Judge Robert A. Richardson in Hartford and pleaded not guilty to the charges.  He has been detained on a violation of supervised release since November 16, 2023.

    As alleged in court documents and statements made in court, in January 2010, Hammalian was sentenced in the Middle District of Florida to 48 months of imprisonment and 20 years of supervised release for possession of child pornography.  In 2015, Hammalian’s supervision was transferred to the District of Vermont where he moved after his release from prison.  In June 2018, Hammalian pleaded guilty to violating his supervised release by again possessing child pornography and was sentenced to 72 months of imprisonment and 20 years of supervised release.  In May 2020, during the COVID-19 pandemic, a federal judge in Vermont reduced Hammalian’s sentence to time served and Hammalian was released from prison.

               It is alleged that on November 13, 2023, the U.S. Probation Office searched Hammalian’s residence and found five unapproved internet capable devices, including three smartphones and two tablets, two of which contained child sex abuse material.  The investigation revealed that Hammalian was managing about a dozen social media accounts and had more than 100,000 followers, and he was using the accounts to communicate with minors, sometimes posing as a 16-year-old boy.

    The indictment alleges that between July 2022 and November 2023, Hammalian received child pornography.  The indictment further alleges that between July 2022 and February 2023, Hammalian enticed a minor to send him child pornography, that he transferred obscene material to a minor, and that he committed these offenses while a registered sex offender.

    The indictment charges Hammalian with receipt of child pornography, which, based on Hammalian’s criminal history, carries a mandatory minimum term of imprisonment of 15 years and a maximum term of imprisonment of 40 years; coercion and enticement of a minor, which carries a mandatory minimum term of imprisonment of 10 years and a maximum term of imprisonment of life; transfer of obscene material to a minor, which carries a maximum term of imprisonment of 10 years; and commission of a felony offense involving a minor by a registered sex offending; which carries a mandatory consecutive term of imprisonment of 10 years.  Hammalian faces additional penalties if he is found to have violated the conditions of his supervised release.

    Acting U.S. Attorney Silverman stressed that an indictment is not evidence of guilt.  Charges are only allegations, and the defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.

    This investigation is being conducted by Homeland Security Investigations (HSI) and the case is being prosecuted by Assistant U.S. Attorneys Angel M. Krull and Nancy V. Gifford through the U.S. Department of Justice’s Project Safe Childhood Initiative, which is aimed at protecting children from sexual abuse and exploitation. For more information about Project Safe Childhood, please visit www.justice.gov/psc.

    To report cases of child exploitation, please visit www.cybertipline.com.

    MIL Security OSI –

  • MIL-OSI USA: Padilla, Lieu, Carbajal Announce Transformative Legislation to Address Affordable Housing and Homelessness Crises

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla, Lieu, Carbajal Announce Transformative Legislation to Address Affordable Housing and Homelessness Crises

    Housing for All Act would invest in proven solutions to address affordable housing shortages and provide historic level of federal funding for existing programs and innovative solutions to keep people housed and reduce homelessness
    CALIFORNIA — Today, U.S. Senator Alex Padilla (D-Calif.) and Representatives Ted Lieu (D-Calif.-36) and Salud Carbajal (D-Calif.-24) announced the reintroduction of the Housing for All Act, a comprehensive approach to address the homelessness and affordable housing crises in California and across the nation. The legislation would invest in proven solutions to address affordable housing shortages and provide a historic level of federal funding for both existing programs to reduce homelessness and innovative, locally developed solutions to help vulnerable populations experiencing homelessness.
    As the Trump Administration undermines and defunds critical housing services across the country — including illegal staff cuts at the Department of Housing and Urban Development (HUD) and potential closures of nearly two-thirds of HUD field offices nationwide — investments to boost the affordable housing stock and reduce homelessness are essential. The investments in the Housing for All Act would build on the creative solutions that cities and states across California have successfully developed to help combat the housing and homelessness crises.
    “Housing is a basic human right, not a privilege. As the Trump Administration callously cuts essential housing programs and resources that Americans across the country depend on, our Housing for All Act is a blueprint for building upon locally developed solutions and providing necessary federal investments to finally treat the homelessness and affordable housing crises with the seriousness they deserve,” said Senator Padilla. “For far too long, the lack of affordable housing has hurt Americans nationwide and disproportionately harmed low-income communities and communities of color. Community leaders across California know that we have the tools to end homelessness and lower the cost of housing for Americans, but we need significant federal investments to scale up creative and effective housing solutions. I won’t stop this fight until every person has a place to call home.”
    “Housing and homelessness are two significant crises we face today,” said Representative Lieu. “There is not enough affordable housing in California and across this country. Everyday Americans can work more than one job, and it’s still not enough to afford safe and stable housing. This is unacceptable. It’s time we finally invest in the proven, community-driven solutions that combat homelessness and create more affordable housing. I’m pleased to partner with Senator Padilla and Congressman Carbajal to introduce legislation that meets the urgency of this moment and helps get more people into homes.”
    “Homes have been too expensive for far too long,” said Representative Carbajal. “While we have the tools to address this crisis, the challenge has always been scale. The Housing For All Act will make historic investments in programs addressing housing and homelessness–including my Safe Parking legislation–to ensure every American has a roof over their head.”
    The lack of affordable housing access and the population of individuals experiencing homelessness are growing crises impacting Americans nationwide, disproportionately hurting communities of color and low-income communities. In the United States, over 770,000 individuals and families experience homelessness annually, and significantly more Americans face housing insecurity. According to the National Low Income Housing Coalition’s recent Out of Reach 2024 Report, no state or county exists where a person working 40 hours a week and earning the state or local minimum wage can afford to rent a modest two-bedroom apartment. In fact, the average minimum wage earner would need to work 113 hours per week — nearly three full-time jobs — to afford a two-bedroom rental home.
    The Housing for All Act would take an all-hands-on-deck approach to combat these crises, including investments from the federal government in housing solutions. Specifically, the bill would:
    Address the affordable housing shortage by investing in the National Housing Trust Fund, the HOME Investment Partnerships program, the Section 202 Supportive Housing for the Elderly Program, and the Section 811 Supportive Housing for People with Disabilities;
    Address the homelessness crisis by investing in Housing Choice Vouchers, Project-Based Rental Assistance, the emergency solutions grant program (which helps with street outreach, rapid re-housing assistance, emergency shelter, and homelessness prevention), and Continuums of Care;
    Support innovative, locally developed approaches to these crises by investing in hotel and motel conversions to permanent supportive housing with supportive services, the Eviction Protection Grant Program to support experienced legal service providers in providing legal assistance to low-income tenants at risk of or subject to eviction, mobile crisis intervention teams to help those with medical or psychological needs get the care that they need, programs that offer a safe place to park overnight and facilitate access to rehousing services and essential services, library programs that support people experiencing homelessness, inclusive transit-oriented development and infill development, and improved coordination of culturally competent, trauma-informed behavioral health and homelessness services.
    Senators Cory Booker (D-N.J.), Martin Heinrich (D-N.M.), Mazie Hirono (D-Hawaii), Ben Ray Luján (D-N.M.), Edward J. Markey (D-Mass.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), and Ron Wyden (D-Ore.) are cosponsoring the bill in the Senate.
    Representatives Yassamin Ansari (D-Ariz.-03), Nanette Barragán (D-Calif.-44), Sheila Cherfilus-McCormick (D-Fla.-20), Cleo Fields (D-La.-06), Jimmy Gomez (D-Calif.-34), Hank Johnson (D-Ga.-04), Seth Magaziner (D-R.I.-02), LaMonica Mclver (D-N.J.-10), Eleanor Holmes Norton (D-D.C.-AL), Jimmy Panetta (D-Calif.-19), Delia Ramirez (D-Ill.-03), Jan Schakowsky (D-Ill.-09), Lateefah Simon (D-Calif.-12), and Shri Thanedar (D-Mich.-13) are cosponsoring the bill in the House.
    The Housing for All Act of 2025 has been endorsed by organizations and stakeholders including the National Alliance to End Homelessness; National Low Income Housing Coalition (NLIHC); LeadingAge; National Rural Housing Coalition; UnidosUS; US Conference of Mayors; Corporation for Supportive Housing; Covenant House; Liberation in a Generation; American Library Association; Self-Help Enterprises; California Housing Partnership; California League of Cities; California State Association of Counties; County Welfare Directors Association of California; Center for Law and Social Policy; California Business, Consumer Services and Housing (BCSH) Agency; and more.
    “At a time when more households than ever are struggling to make ends meet, and the number of people experiencing homelessness has reached record levels, we must keep up the fight for the resources needed to ensure everyone has a safe, stable, affordable, and accessible place to call home,” said NLIHC Interim President and CEO Renee Willis. “I applaud Senator Padilla for his leadership on the ‘Housing for All Act,’ which would provide bold, long-term solutions required to address the nation’s affordable housing and homelessness crisis at its root.” 
    “Senator Padilla’s Housing for All Act recognizes the extraordinary work performed by local homelessness systems and would provide them with robust resources, including significant new investments in the Continuum of Care and Emergency Solutions Grants programs as well as Housing Choice Vouchers and Project-Based Rental Assistance,” said Steve Berg, Chief Policy Officer at the National Alliance to End Homelessness. “In addition to providing resources, Senator Padilla’s legislation would promote innovative policies like using motels and hotels for permanent supportive housing and specific efforts to help house the growing numbers of individuals and families experiencing vehicular homelessness. In introducing the Housing for All Act, the Senator is meeting the moment–and his legislation should inspire policymakers in the legislative and executive branches.”
    “The Housing for All Act is a common sense, critically needed response to our country’s shortage of affordable homes—particularly for low-income older adults,” said Katie Smith Sloan, President & CEO, LeadingAge, the Association of Nonprofit Providers of Aging Services. “Our nonprofit members have years-long waiting lists—which means that many low-income older adults die before receiving relief in the form of an available, federally assisted house. The programs and policies supported by Senator Padilla’s bill will reverse course on record levels of housing unaffordability: for example, its authorization of $2.5 billion for the U.S. Department of Housing and Urban Development’s Section 202 Supportive Housing for the Elderly program would build new, service-connected affordable homes for older adults with average annual incomes below $17,000 a year. For these older adults, the private market alone has not, cannot, and will not solve the affordable housing shortage. As Senator Padilla makes clear, public resources are critically needed. LeadingAge enthusiastically supports the Housing for All Act.”
    “The California Housing Partnership enthusiastically supports Senator Padilla’s Housing for All Act providing expanded federal resources to counteract the acute shortage of affordable homes, which in California has been pushing families and individuals into overcrowded situations and risking homelessness amidst the pandemic,” said Matt Schwartz, President and CEO of the California Housing Partnership.
    “Now is the time to strengthen the commitment to programs that are successful in preventing and reducing homelessness as well as increase collaboration between federal, state, county, and city governments,” said Jeff Griffiths, Inyo County Supervisor and California State Association of Counties (CSAC) President. “Senator Padilla’s Housing for All Act would accomplish these goals. CSAC and California’s counties strongly support this legislation, and are grateful for his leadership.”
    “The County Welfare Directors Association of California (CWDA) is proud to once again stand in support of Senator Padilla’s Housing For All legislation,” said Carlos Marquez III, CWDA Executive Director. “Every day, California’s 58 county human services agencies work to stabilize and rapidly rehouse older adults, former foster youth, families experiencing poverty, and others at high risk of homelessness, but our efforts are limited by a lack of investment in affordable housing and in evidence-based strategies that get people off the street. Senator Padilla’s Housing For All legislation will enable counties to scale what works and provide immediate solutions to our housing crisis.”
    “Cal Cities is proud to support the Housing for All Act, which would provide critical funding to connect our unhoused residents to services and keep Californians in their homes,” said League of California Cities Executive Director and CEO Carolyn Coleman. “We all know there’s more work to be done to address the housing and homelessness crisis in our state and that every level of government has a role to play in finding a meaningful path forward. Senator Padilla’s bill will strengthen the partnership between all levels of government by investing in the diversity of solutions that cities throughout the state are carrying out to support vulnerable residents.”
    “We’re grateful for Senator Padilla’s leadership in advancing legislation that would provide comprehensive resources to address the housing and homelessness challenges facing California and across the country,” said Business, Consumer Services and Housing Agency Secretary Tomiquia Moss. “California has made significant investments, but we know real, sustained progress will require every level of government working together.”
    Senator Padilla believes everyone deserves access to affordable and safe housing and recognizes the need to drastically increase the affordable housing stock to address the homelessness crisis facing California and the country. Last week, Padilla introduced the bipartisan Housing Unhoused Disabled Veterans Act to ensure veterans experiencing homelessness and receiving disability payments maintain access to crucial housing support. In the aftermath of the Los Angeles fires, Padilla introduced the bipartisan Disaster Housing Reform for American Families Act to expedite, expand, and improve temporary housing available to victims of disasters like wildfires and storms.
    Padilla has fought against the Trump Administration’s proposals to cut HUD staff and field offices who help provide crucial housing services. Padilla and U.S. Representative Emanuel Cleaver, II (D-Mo.-05) recently led more than 100 Democrats in the Senate and House in condemning staffing cuts and potential closures of HUD field offices across the country. Earlier this year, Senator Padilla sounded the alarm that these wide-ranging cuts would hamper HUD’s ability to support vulnerable communities and address the housing and homelessness crises.
    A one-pager on the bill is available here. 
    A section-by-section summary of the bill is available here.
    Full text of the bill is available here.

    MIL OSI USA News –

  • MIL-OSI Global: Canada’s federal election must grapple with the limits of neoliberal economics

    Source: The Conversation – Canada – By Daniel Horen Greenford, Lecturer and postdoctoral researcher in Ecological Economics and Climate Policy, Department of Geography, Planning and Environment, Concordia University

    With a federal election on the horizon, economic policy is once again taking centre stage. Yet missing from the national debate is a serious reckoning with the failures of neoliberalism and the urgent need for alternatives.

    A continued adherence to neoliberal policy, and the fiscal austerity it entails, risks deepening social divides and strengthening the electoral prospects of the far right (absent a compelling populist left). To meet today’s challenges, parties must explore more progressive schools of economic thought like modern monetary theory.

    Liberal Leader Mark Carney, with his experience across banking and global finance, is one figure who could potentially steer that shift. Carney’s career, spanning Morgan Stanley, the Bank of Canada, the Bank of England and Brookfield Asset Management, has exemplified his competence within the bounds of economic orthodoxy.

    As the Bank of Canada’s governor, Carney pre-emptively cut interest rates to cushion the blow of the 2008 financial crisis. Standard measures like interest rate cuts and quantitative easing are meant to keep economies afloat during downturns. While necessary, these steps remained squarely within the bounds of conventional economic thinking.

    Today, however, those old tricks aren’t enough. The twin crises of climate collapse and socioeconomic inequality demand bolder policy and braver leadership from policymakers.

    The case for modern monetary theory

    Modern monetary theory (MMT) offers a more ambitious economic toolkit to policymakers than current approaches do.

    MMT scholars argue that countries that issue their own currency, like Canada, have monetary sovereignty. These governments don’t need to rely on bond markets for funding; instead, they can create money directly through public spending. And, when they do sell debt, there’s never a shortage of demand for it.



    Read more:
    Explainer: what is modern monetary theory?

    From this perspective, the real constraint isn’t money, but productive capacity: materials, energy and labour. Public debt is neither inherently dangerous, nor is it “owed” to anyone.

    MMT also argues the “tax and spend” perspective is backwards — taxes are not needed to fund public spending. In its view, governments spend first, then tax to remove money from circulation to keep inflation under control.

    Inflation risk stems not from government spending, but from economic over-demand or supply constraints. During periods of low growth, spending is not just safe — it’s essential, as we saw during the COVID-19 pandemic.

    Inflation during the pandemic was driven predominantly by supply chain disruptions and gas price spikes, not overspending. Strategic taxation can be used to curb demand and reduce inequality when inflation emerges.

    MMT’s job guarantee

    The hallmark policy of MMT is a job guarantee — a public option for employment that would employ anyone wanting to work. This would effectively end structural unemployment while improving conditions for those employed in the private sector through competition.

    Such an initiative would help unlock productivity needed to revitalize and decarbonize housing, transport, energy and other critical infrastructure.

    Yet instead of embracing such ideas, centrist parties like the Canadian Liberal Party and United Kingdom’s Labour Party cling to outdated concerns over “fiscal responsibility,” echoing debates that have been outdated since the end of the gold standard in the 1970s.

    The cost of playing it safe

    Carney appears to have retreated into political caution and has avoided challenging fiscal conservatism in any substantive way. Immediately upon taking office, he capitulated to misleading narratives promoted by politicians like Conservative Leader Pierre Poilievre, and cut the consumer carbon price.

    Carney also is cancelling a proposed hike to the amount of capital gains subject to tax to avoid penalizing Canada’s “builders.” But who are the real “builders”? Not hedge fund managers, but the workers who actually produce goods and services.

    According to the government’s own analysis, only the top 0.13 per cent of Canadians stood to lose from a modest increase in the inclusion rate for taxing unearned income.

    Like Poilievre, Carney has expressed support for new oil and gas projects, including pipelines — despite the scientific consensus that any new fossil fuel infrastructure is incompatible with avoiding climate catastrophe. Poilievre and Carney’s positions contradict the urgent need for a rapid energy transition — which begins with no new fossil fuel projects.



    Read more:
    Canada needs to set its businesses up for success in the clean energy transition

    During the Liberal leadership race, Carney advocated for using public investment to attract private capital during a CBC News interview. Sidestepping a direct answer about whether he’d balance the overall budget, he instead committed to balancing “operational spending.” When pressed, he said he would run deficits when necessary to “invest [in] and grow Canada’s economy.”

    Carney’s approach frames public spending as a way to mobilize private capital, rather than as a driver of public-led economic transformation. True to his background, his language casts the government as a shrewd investor, not a driver of structural change.

    Carney also framed public investment as “borrowing,” which MMT clarifies is a misnomer: unlike a household or a business, a currency-issuing government doesn’t need to borrow in the traditional sense and faces no risk of running out of its own currency.

    A bolder path forward is needed

    Canada needs more than cautious tweaks to the status quo. A climate jobs program, like a Youth Climate Corps, could guarantee well-paid, meaningful work in communities across the country for anyone ready to contribute. Public opinion is already there: more than half of Canadians support a climate corps.

    Public-sector competition in industries like housing and renewable energy could keep private firms efficient and accountable. During World War II, engineer and businessman C.D. Howe became Minister of the Department of Munitions and Supply and oversaw the creation of 28 Crown corporations that drove wartime production.

    That same spirit of pragmatic, state-led investment could help address the ongoing climate and economic crises, instead of being used to buy more pipelines.



    Read more:
    Canada’s federal election doesn’t seem like it’s about climate change, but it actually is

    Towards more affordable housing

    Canada already has a Crown corporation mandated to support affordable housing: the Canada Mortgage and Housing Corporation. This agency could be expanded to not only finance, but also tender contracts and build housing. It could be a federal landlord, with long-term goals of community management and ownership.

    The more affordable units kept out of an increasingly profit-driven market, the more accessible housing will be. This would stabilize the market and provide a floor (and roof) for affordability.

    Some MMT scholars and social movements have even called for a homes guarantee — a federally-funded program to guarantee a place to live for anyone squeezed out of the housing market.

    Critics might say bold investment is politically infeasible. But is it? Or could one of Canada’s federal parties champion policies that inspire instead of capitulate? Traditionally, the NDP would pick up this mantle, but they ceded their place as the progressive vanguard after former NDP Leader Tom Mulcair promised to balance the budget in 2015.

    The real risk isn’t ambitious reform, but relying on outdated tricks in a world that demands new solutions.

    Daniel Horen Greenford receives funding from the Social Sciences and Humanities Research Council.

    – ref. Canada’s federal election must grapple with the limits of neoliberal economics – https://theconversation.com/canadas-federal-election-must-grapple-with-the-limits-of-neoliberal-economics-254364

    MIL OSI – Global Reports –

  • MIL-OSI USA: Annual Report to the Nation: Cancer deaths continue to decline

    Source: US Department of Health and Human Services – 2

    Media Advisory
    Monday, April 21, 2025

    Overall death rates from cancer declined steadily among both men and women from 2001 through 2022.

    What
    Overall death rates from cancer declined steadily among both men and women from 2001 through 2022, even during the first two years of the COVID-19 pandemic, according to the 2024 Annual Report to the Nation on the Status of Cancer. Among men, overall cancer incidence, measured as the rate of new cancer diagnoses, decreased from 2001 through 2013 and then stabilized through 2021. Among women, overall cancer incidence increased slightly every year from 2003 through 2021, with the exception of 2020. The report appeared April 21, 2025, in Cancer.
    Progress in reducing cancer deaths overall is largely the result of declines in both incidence and death rates for lung cancer and several other smoking-related cancers, the researchers noted. New diagnoses and deaths from lung cancer, for example, have declined in both men and women over the past 20 years. Meanwhile, the incidence of cancers associated with obesity has been rising. These include female breast, uterus, colon and rectum, pancreas, kidney, and liver cancers.
    The report also shows that new diagnoses of breast cancer gradually increased over the study period, but the overall breast cancer death rate decreased. Cancer death rates in children declined steadily over the study period; those for adolescents and young adults also declined until recently, when the decline slowed and stabilized. From 2018 to 2022, cancer deaths decreased for each major racial and ethnic population group. From 2017 to 2021 (excluding 2020), cancer incidence was stable among men in each major racial and ethnic population group but increased among women in each major racial and ethnic population group. During the same time period, among men, incidence was highest in non-Hispanic Black men, whereas among women, incidence was highest in American Indian and Alaska Native women. 
    The report also included an analysis of the COVID-19 pandemic’s impact on observed cancer incidence in individual states, the District of Columbia, and Puerto Rico for the first two years of the pandemic. Cancer incidence declined sharply in 2020, likely due to pandemic-related disruptions in health care, but returned to pre-pandemic levels by 2021. The magnitude of the 2020 decline was similar across states, despite variations in COVID-19 policy restrictions. The researchers noted that these findings underscore the importance of providing access to health care, even during public health emergencies, to ensure the timely diagnosis of cancer.
    The Annual Report to the Nation on the Status of Cancer is a collaborative effort among the National Cancer Institute (NCI), part of the National Institutes of Health; the Centers for Disease Control and Prevention (CDC); the American Cancer Society (ACS); and the North American Association of Central Cancer Registries (NAACCR).The report provides annual updates on cancer trends in the United States.
    The report is based on cancer incidence data from population-based cancer registries, funded by CDC and NCI and compiled by NAACCR, and on cancer death data from the National Center for Health Statistics’ National Vital Statistics System.
    For more about the report, see: https://seer.cancer.gov/report_to_nation/.
    Who

    NAACCR: Recinda L. Sherman, Ph.D., M.P.H.
    ACS: Ahmedin Jemal, D.V.M., Ph.D.
    CDC: Jane Henley, M.S.P.H., and Lisa C. Richardson, M.D., M.P.H.
    NIH: Serban Negoita, M.D., Dr.P.H., and Kathleen A. Cronin, Ph.D., M.P.H.

    The Study
    “Annual Report to the Nation on the Status of Cancer, Featuring State-Level Statistics after the Onset of the COVID-19 Pandemic” appears April 21, 2025, in Cancer.
    About the National Cancer Institute (NCI): NCI leads the National Cancer Program and NIH’s efforts to dramatically reduce the prevalence of cancer and improve the lives of cancer patients and their families, through research into prevention and cancer biology, the development of new interventions, and the training and mentoring of new researchers. For more information about cancer, please visit the NCI website at cancer.gov or call NCI’s contact center, the Cancer Information Service, at 1-800-4-CANCER (1-800-422-6237).
    About the American Cancer Society (ACS): The American Cancer Society is a global grassroots force of 1.5 million volunteers dedicated to saving lives, celebrating lives, and leading the fight for a world without cancer. For more than 100 years, the American Cancer Society has been the preeminent cancer-fighting organization in the United States through research, education, advocacy, and patient services. We have helped lead the evolution in the way the world prevents, detects, treats, and thinks about cancer. For more information go to www.cancer.org.
    About the Centers for Disease Control and Prevention (CDC): Whether diseases start at home or abroad, are curable or preventable, chronic or acute, or from human activity or deliberate attack, CDC’s world-leading experts protect lives and livelihoods, national security and the U.S. economy by providing timely, commonsense information, and rapidly identifying and responding to diseases, including outbreaks and illnesses. CDC drives science, public health research, and data innovation in communities across the country by investing in local initiatives to protect everyone’s health. For more information, see www.cdc.gov.
    About the North American Association of Central Cancer Registries (NAACCR): The North American Association of Central Cancer Registries, Inc., is a professional organization that develops and promotes uniform data standards for cancer registration; provides education and training; certifies population-based registries; aggregates and publishes data from central cancer registries; and promotes the use of cancer surveillance data and systems for cancer control and epidemiologic research, public health programs, and patient care to reduce the burden of cancer in North America. For more, see naaccr.org.
    About the National Institutes of Health (NIH): NIH, the nation’s medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.
    NIH…Turning Discovery Into Health®
    ###

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General James Secures Major Reforms to Protect Mental Health Patients at Westchester Medical Center

    Source: US State of New York

    EW YORK – New York Attorney General Letitia James today announced a landmark settlement with Westchester County Health Care Corporation (WMC) and HealthAlliance, Inc. (HealthAlliance), collectively known as WMCHealth, that will expand access to inpatient psychiatric care in the Hudson Valley and overhaul how the hospital system treats patients experiencing mental health crises. An Office of the Attorney General (OAG) investigation found that three WMCHealth hospitals in the Hudson Valley – Westchester Medical Center in Valhalla (WMC-Valhalla), MidHudson Regional Hospital in Poughkeepsie, and HealthAlliance Hospital in Kingston – put vulnerable patients at risk by discharging them without adequate mental health crisis evaluation or stabilization and improperly left much-needed inpatient psychiatric beds closed for years. Under the settlement, WMCHealth has agreed to restore inpatient psychiatric beds that were closed during the COVID-19 pandemic and implement extensive reforms to better serve emergency room patients experiencing mental health and substance use challenges.

    “For too long, vulnerable New Yorkers experiencing mental health or substance use crises have been met with inadequate care when they went to an emergency room for help,” said Attorney General James. “Mental health care is medical care, and mental health crises must be treated as the emergencies they are. This settlement should serve as a patient care model for hospitals in every corner of our great state. My office will continue to fight to ensure all New Yorkers have access to quality, compassionate emergency mental health care.”

    This is the first settlement in the nation reached by an attorney general for an investigation of a hospital’s inadequate treatment of mental health and substance use disorder patients under the Emergency Medical Treatment and Labor Act (EMTALA), which requires hospitals to screen and stabilize any patient who presents with an emergency medical condition. The OAG investigation also found violations of the New York Public Health Law, the New York Mental Hygiene Law, and state regulations that provide minimum standards for treatment of patients in emergency departments and prohibit hospitals from taking licensed inpatient psychiatric beds offline without state approval.

    The OAG launched an investigation in 2022 after hearing and receiving powerful testimony at Attorney General James’ Mental Health Hearings, which highlighted the serious impact of inpatient psychiatric bed closures at HealthAlliance Hospital and raised questions about inadequate care of young children in mental health crisis at WMC-Valhalla. The ensuing investigation uncovered troubling lapses in patient care at the three hospitals, including:

    • Discharging patients with active suicidal ideation or other emergency psychiatric conditions without proper stabilization;
    • Improperly medicating agitated children without sufficiently attempting to de-escalate their behavior or documenting those efforts;
    • Failing to follow protocols to protect vulnerable patients from leaving the hospital before being properly discharged, leading to preventable tragedies;
    • Failing to obtain vital input from family members and community providers; and
    • Maintaining incomplete or inaccurate medical records and violating WMCHealth’s own policies. 

    The investigation revealed that many patients who sought care at WMCHealth emergency rooms were discharged prematurely or received inadequate care or supervision. For example:

    • In one instance, an adolescent who had recently attempted suicide was deemed actively suicidal and recommended for inpatient care by a WMCHealth psychiatrist. Instead, she was discharged without properly reassessing and monitoring her behavior to ensure she was stable enough for discharge.
    • In another case, a teenager in acute distress was physically restrained and heavily medicated within minutes of arrival. Although she was so agitated that staff administered medications twice more, she was discharged quickly thereafter, without adequate time for monitoring to ensure her condition had stabilized and with insufficient documentation that emergency room staff first tried non-invasive interventions or de-escalation techniques.
    • In a third instance, an emergency room psychiatrist ordered constant monitoring for a patient, noting that he had recently left a treatment facility against medical advice. Despite this, the patient remained unsupervised, necessary precautions were not taken, and the patient successfully left the hospital without discharge, tragically passing away shortly thereafter.

    The OAG investigators also found that WMCHealth kept an inpatient psychiatric unit at HealthAlliance Hospital closed for far longer than allowed by the state, forcing patients in crisis to travel longer distances for care and filling up local emergency rooms with mental health or substance use patients awaiting beds. In March 2020, HealthAlliance Hospital closed the 40-bed unit to increase capacity for COVID-19 patients – but the beds were never ultimately used to treat any COVID patients, and the beds remained out of service long after June 2021, when pre-COVID regulatory requirements went back into effect.

    Declining capacity for inpatient psychiatric beds has harmed communities across the state, especially in the Hudson Valley, where there are very few other hospitals in the region that provide this service. As one WMCHealth nurse testified at Attorney General James’ 2022 Mental Health Hearing, the continued closure of HealthAlliance Hospital’s psychiatric unit “eliminated all in-patient psych beds in Ulster County” and forced patients to instead travel up to 90 minutes for care. Another mental health provider called the loss of beds “horrible for the patients” and said, “85 percent of the patients I used to see on a regular basis are gone and I have no idea where they are.” The provider testified that as a result of the lost capacity, “patients are spending more time in the ER than they should,” and that people were “stuck for days waiting for a bed,” often sleeping on stretchers in hallways, and that the emergency room was “just not set up to hold patients for longer periods.”

    Following OAG’s investigation, WMCHealth finally reopened 20 of the psychiatric beds at HealthAlliance Hospital in December 2024 and has announced plans to construct an additional 20-bed psychiatric unit at MidHudson Regional Hospital. These additions will finally restore pre-COVID inpatient psychiatric capacity across the three hospitals, and as part of today’s settlement, WMCHealth cannot close any of its reopened inpatient beds for the next three years. For the two years thereafter, the health system must consult with OAG before making any changes to inpatient capacity.

    As a result of the investigation, WMCHealth must implement extensive reforms at its emergency rooms in Valhalla, Poughkeepsie, and Kingston. For one, the hospital must modify its policies and procedures to ensure adequate screening for suicide risk, substance use disorders, violence risk, and elopement safety risk for all patients who come to the emergency room. The settlement requires WMCHealth hospitals try to gather information about patients’ conditions from past medical records, family members, treatment providers, or other sources, and to consider this information when making determinations about the patients’ treatment plans. WMCHealth must also establish relationships and open lines of communication with community behavioral health agencies and residential facilities that frequently send patients to the emergency room – making it easier to coordinate care and ensure all relevant providers are connected to best treat the patient.

    To set patients with complex needs (including patients who repeatedly visit the emergency room for mental health conditions) up for success post-discharge, staff will be required to evaluate whether patients may struggle to transition to community-based care after being discharged. For these patients, WMCHealth must develop individualized discharge plans to ensure patients have access to necessary follow-up mental health care and, where appropriate, develop care plans to improve treatment for patients upon any return visit to the emergency room.

    In addition, WMCHealth must develop new protocols for using restraints and medication to treat agitated patients, particularly children – meaning emergency room staff will be required to clearly and thoroughly document all uses of restraints or medication to treat agitation, provide adequate clinical justification for use, and demonstrate and document specific efforts to use less restrictive alternatives to deescalate the patients’ behavior.  

    To guarantee these changes are made, Attorney General James and WMCHealth have agreed to robust oversight measures. WMCHealth will develop a training protocol to enact the settlement requirements and appoint an internal compliance administrator, who will ensure all three hospitals adhere to the agreement and submit compliance reports to OAG every six months for at least two years. WMCHealth must pay $400,000 in penalties and fees and/or costs to New York state and, if it fails to comply with the terms of the agreement, it will be liable for an additional $10,000 penalty per violation.

    WMCHealth has also committed to making new and meaningful investments in implementing a new behavioral health service, such as deploying peer counselors in the emergency room, making mental health providers available at its primary care clinics, expanding substance use disorder treatment at the HealthAlliance Hospital and MidHudson Regional Hospital emergency rooms, and enacting an evidence-based procedure to make post-discharge follow-up calls to patients who are screened for moderate or high-risk of suicide.

    “Children experiencing serious psychiatric distress were put in danger by inadequate hospital protocol and procedures. Now, thanks to Attorney General James, the children in our care and many others in Westchester will be able to get the emergency care they need,” said Ron Richter, CEO of JCCA. “We are grateful to AG James for listening – and responding – to our struggles trying to get the right urgent care for our kids. She is a true partner in making New York a better place for all. It does take a village, including our state’s hospital system, to ensure the safety of our kids and all community members.”

    “After the death of my son Harris by accidental overdose, I founded the Harris Project to drive systemic change for young people, and their loved ones, impacted by co-occurring mental health and substance use disorders,” said Stephanie Marquesano, Founder of The Harris Project. “This settlement acknowledges the real harm caused by fragmented care and creates a powerful opportunity to reimagine emergency departments as compassionate, clinically competent entry points to healing. With restored psychiatric beds, stronger protocols, and meaningful oversight, we can increase access to care, implement quality co-occurring services, and rebuild trust across Westchester and the Mid-Hudson region. Through our Co-Occurring System of Care Committee, we’re bringing people together to listen, learn, and lead—and we welcome Westchester County Health Care Corporation to be part of creating lasting change.”

     “We want to thank New York State Attorney General Letitia James for her steadfast commitment to supporting mental health services in Westchester County,” said Westchester County Executive Ken Jenkins. “When our residents are experiencing a mental health or substance use crisis, it is often a matter that must be attended to immediately, and the care these patients receive at Westchester Medical Center is of utmost importance. Ultimately, this settlement means that vulnerable patients who are admitted will not be put at risk or discharged prematurely without adequate mental health crisis intervention. By requiring WMCHealth Hospitals to gather more detailed information about patients’ conditions before determining their treatment, we are ensuring higher quality, more compassionate care.”

    “I deeply appreciate this thorough and detailed investigation by Attorney General James into the inadequate treatment of patients experiencing mental health crises,” said Ulster County Executive Jen Metzger. “The findings on past practices are unacceptable and deeply concerning, and the settlement’s requirements for extensive reforms of policies and procedures, from intake through treatment and release, will ensure that our residents receive the proper mental health care they need and deserve. Ulster County will soon open an around-the-clock Crisis Support Center just blocks from the hospital, and we look forward to partnering with both HealthAlliance and the Office of the Attorney General as we all collectively work to strengthen our system of care for residents struggling with mental health and substance use.” 

    “Too many families in the Hudson Valley have watched loved ones fall through the cracks of a broken mental health system,” said Senator Nathalia Fernandez. “This agreement marks a turning point in how we treat and value psychiatric care. I commend Attorney General James for stepping in and securing reforms that put patient safety, accountability, and compassion back at the center of care.”

    “For years, our Ulster County community has been sounding the alarm about the devastating loss of local mental health and substance use disorder care in Kingston,” said Senator Michelle Hinchey. “We’re grateful that Attorney General Letitia James has joined us in this fight, leading to new service protections and patient-centered care that will be implemented at Kingston HealthAlliance and across all WMCHealth hospitals so our neighbors have greater access to the life-saving services they deserve.”

    “Today’s announcement by New York Attorney General Letitia James marks a significant milestone in tackling the mental health crisis in New York,” said Senator Shelley B. Mayer. “This settlement establishes a robust precedent, ensuring that individuals in crisis receive the essential care they need and rightfully deserve. I commend Attorney General James for her unwavering commitment to the people of New York and for her leadership in driving all hospitals and psychiatric units to make substantial improvements in delivering dignified and high-quality mental healthcare.”

    “Comprehensive psychiatric care is not just vital for the safety and well-being of individuals, but for all of society,” said Senator James Skoufis. “Our communities, schools, and families are safer when patients get the care they need. I’m very grateful for Attorney General James’ successful efforts here in the Hudson Valley.”

    “This settlement, the first of its kind in the nation, is incredibly welcome news,” said New York Assemblymember Dana Levenberg. “The expansion of access to psychiatric evaluation and care at Westchester Medical Center will save lives in my district. I applaud our Attorney General for her tireless efforts on behalf of New Yorkers, which are truly appreciated.”

    “This settlement represents a vital step forward in treating mental health with the urgency, dignity, and care it deserves,” said New York Assemblymember Nader Sayegh. “I commend Attorney General James for holding institutions accountable and ensuring that no patient in crisis is turned away, neglected, or left without a path to healing. This agreement offers not just reform, but hope for families, youth, and individuals who need to know that their lives and well-being matter.”

    “Congress passed EMTALA in 1986 to ensure that individuals experiencing mental health crises receive the full, stabilizing care they need,” said Assemblymember MaryJane Shimsky. “I am happy that the parties involved here have arrived at this robust settlement, which should restore and improve acute mental health care for Hudson Valley residents. We in state government are well aware New York must keep building its capacity for these critical, and often complex, cases. To that end I will continue to support greater investments in psychiatric and mental health care in the 2025-2026 State Budget and in subsequent budgets—including training and incentives for more mental health professionals to enter the field as providers of inpatient and outpatient services.”

    This matter was handled by Assistant Attorney General Michael Reisman and Assistant Attorney General and Special Assistant to the First Deputy Gina Bull, under the supervision of Health Care Bureau Chief Sudarsana Srinivasan. The Health Care Bureau is part of the Division for Social Justice, which is led by Chief Deputy Attorney General Meghan Faux and overseen by First Deputy Attorney General Jennifer Levy.

    MIL OSI USA News –

  • MIL-OSI Global: Endowments aren’t blank checks – but universities can rely on them more heavily in turbulent times

    Source: The Conversation – USA – By Ellen P. Aprill, Senior Scholar in Residence at the UCLA Law School’s Lowell Milken Center For Philanthropy And Nonprofit Law, University of California, Los Angeles

    The Trump administration is demanding that at least 60 U.S. colleges and universities change their policies or lose out on billions of dollars in federal funding.

    In Harvard University’s case, the government has accused the Ivy league school – so far without providing any specific evidence – of violating some students’ civil rights by allowing other students to engage in what the authorities characterize as antisemitic speech. The government has demanded broad oversight of Harvard’s admissions policies, along with changes in its hiring processes and campus culture.

    Harvard stands to lose out on more than US$2.2 billion. It may seem to be better insulated from this pressure than many other schools because it has the nation’s largest educational endowment – a reservoir of stocks, bonds and other financial assets that helps fund its operations, research and scholarships. Harvard’s endowment totaled more than $53 billion in 2024.

    As a nonprofit law scholar, who served in the Treasury Department’s Office of Tax Policy in the 1980s, I study and write about both state and federal law as it applies to nonprofit organizations. I believe that the law permits most colleges and universities to increase spending from their endowments in light of the financial pressures so many of them are facing.

    Precedents for boosting endowment spending

    Not all endowments are alike.

    They tend to be composed of an array of smaller funds, some of which are subject to legal restrictions that make it impossible for the schools they support to freely use those assets.

    Universities must respect the limits donors put on their gifts, such as tying them to specific scholarships, funding jobs held by certain kinds of professors or supporting the construction or maintenance of a particular building.

    It’s up to a university’s governing board to decide how much of the school’s endowment will be spent in a given year.

    As Harvard’s financial report for its 2024 fiscal year puts it: “There is a common misconception that endowments, including Harvard’s, can easily be accessed like checking accounts.” That is definitely not the case.

    Nonetheless, some college and university boards did allow increased endowment spending at the height of the COVID-19 pandemic and the Great Recession, which lasted from late 2007 until mid-2009.

    During that downturn and the financial crisis that precipitated it, the value of endowments, along with most financial assets, plummeted.

    About 80% of Harvard’s 14,000 separate endowment funds are reserved for “specific programs, departments or purposes.” But others are less restricted, Harvard has stated in the financial reports it makes available to the public.

    While it’s always important to proceed with care when spending money reserved for use on a rainy day or to ensure the long-term existence of a revered institution, most colleges and universities are freer to dip into their endowments than they may realize when conditions get stormy.

    Leeway in an important law

    In all states except Pennsylvania, U.S. endowments are subject to a 2006 model law known as the Uniform Prudent Management of Institutional Funds Act.

    Under this law, managing and investing an endowment requires the university to consider its charitable purposes and financial needs, while respecting the intentions of the donors who provided its assets. These are state laws, not federal statutes. In most states, a university may spend as much of an endowment fund as it deems “prudent.”

    Exercising that prudence requires the consideration of several factors.

    They include the purposes of the institution as a whole and the particular endowment fund, prevailing economic conditions, and what other financial resources the institution can tap. However, in almost one-third of states, including California and New York, annually spending more than 7% of an endowment’s fair market value, measured by a three-year average, is presumed to be imprudent.

    But that isn’t a legal maximum because the model law’s drafters noted that “circumstances in a particular year” could easily void that presumption. Based on my study of nonprofit law, including the laws that apply to higher education, I’m confident that this caveat could easily apply to the Trump administration’s education-related spending cuts in 2025, just as it did during the pandemic and the Great Recession.

    What’s more, endowment spending rate by universities in 2024 was 4.8%. As a result, many universities, including those in states with a 7% cap on prudent spending, will likely be able to increase their use of endowment funds to maintain their budgets at prior levels.

    In addition, living donors can release any restriction they placed on the funds they gave universities that are still held in their endowments. Even when those funds are from donors who have died, a university can ask a court to release restrictions that have become impractical or wasteful.

    The Uniform Prudent Management of Institutional Funds Act also permits institutions to lift restrictions on all endowment funds that are more than 20 years old and relatively small. This amount varies from state to state and typically ranges between $25,000 and $100,000

    Archon Fung, a John F. Kennedy School of Government professor, addresses students, faculty and other members of the Harvard University community on April 17, 2025.
    AP Photo/Charles Krupa

    A bias toward accumulating

    In addition to Harvard, other examples of the largest higher education endowments include Yale with $41 billion, Princeton with $34 billion and Columbia, which has some $15 billion. All three are among the 60 schools the Education Department is investigating for allegedly failing to “protect Jewish students on campus.”

    Why do the boards of even these universities tend to hesitate to dip deeply into their endowments when their revenue declines?

    One explanation is that because endowments can enhance a university’s prestige, its leaders and endowment donors have a bias toward accumulating rather than spending. Another is that board members have an obligation to protect their institutions’ long-term viability. Boards also bear a responsibility to preserve funds for a future rainy day, no matter how severe the current turbulence may be, how large the endowment has become or how successful the school’s current fundraising efforts are.

    That may explain why Harvard is reportedly in talks with investment banks about issuing $750 million in bonds that will allow the school to meet its spending needs without dipping so deeply into its endowment.

    More attacks could be on the way

    At the same time, the Trump administration’s trade, fiscal and other policies may continue to roil financial markets, reducing the value of university endowments, for months or years to come.

    The federal government is reportedly looking into whether it can revoke Harvard’s tax-exempt status, a drastic move that would have no comparable precedents.

    In mid-April 2025, Harvard began to push back on the Trump administration’s demands, saying that they violate the free speech rights protected by the Constitution’s First Amendment and “invade university freedoms long recognized by the Supreme Court.” Harvard’s donors have responded to the resistance of the school’s leaders with a flurry of new gifts.

    In my view, it’s reasonable for colleges and universities to consider stepping up their endowment spending due to the Trump administration’s actions that could interfere with higher education revenue. Increasing endowment payouts now could ease, although not fully solve, the mounting crises that colleges and universities of all kinds now face.

    The John F. Kennedy School of Government, commonly referred to as Harvard Kennedy School, is a member of The Conversation U.S.

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

    – ref. Endowments aren’t blank checks – but universities can rely on them more heavily in turbulent times – https://theconversation.com/endowments-arent-blank-checks-but-universities-can-rely-on-them-more-heavily-in-turbulent-times-254909

    MIL OSI – Global Reports –

  • MIL-OSI: Capital City Bank Group, Inc. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    TALLAHASSEE, Fla., April 21, 2025 (GLOBE NEWSWIRE) — Capital City Bank Group, Inc. (NASDAQ: CCBG) today reported net income attributable to common shareowners of $16.9 million, or $0.99 per diluted share, for the first quarter of 2025 compared to $13.1 million, or $0.77 per diluted share, for the fourth quarter of 2024, and $12.6 million, or $0.74 per diluted share, for the first quarter of 2024.

    QUARTER HIGHLIGHTS (1stQuarter 2025 versus 4thQuarter 2024)

    Income Statement

    • Tax-equivalent net interest income totaled $41.6 million compared to $41.2 million for the prior quarter
      • Net interest margin increased five basis points to 4.22% (earning asset yield up one basis point and total deposit cost down four basis points to 82 basis points)
    • Improved credit quality metrics – net loan charge-offs were nine basis points (annualized) of average loans – allowance coverage ratio increased to 1.12% at March 31, 2025
    • Noninterest income increased $1.1 million, or 6.1%, and reflected a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management fees
    • Noninterest expense decreased $3.1 million, or 7.4%, primarily due to a $3.1 million decrease in other expense which included a higher level of gains from the sale of banking facilities, namely the sale of our operations center building in the first quarter

    Balance Sheet

    • Loan balances decreased $11.5 million, or 0.4% (average), and increased $9.2 million, or 0.4% (end of period)
    • Deposit balances increased by $65.1 million, or 1.8% (average), and increased $111.9 million, or 3.0% (end of period), largely due to the seasonal increase in our public fund balances
    • Tangible book value per diluted share (non-GAAP financial measure) increased $0.94, or 4.0%

    “I am pleased with our first quarter performance, which reflects strong core fundamentals and strategic execution driven by a 2.6% increase in revenues, solid growth in deposit balances, and improvement in credit quality metrics,” said William G. Smith, Jr., Capital City Bank Group Chairman, President, and CEO. “First quarter earnings also included a $0.17 per diluted share gain from the sale of our operations center building. Our strong balance sheet and revenue diversification provides us with the flexibility to navigate ongoing uncertainty in market and economic conditions.”

    Discussion of Operating Results

    Net Interest Income/Net Interest Margin

    Tax-equivalent net interest income for the first quarter of 2025 totaled $41.6 million, compared to $41.2 million for the fourth quarter of 2024, and $38.4 million for the first quarter of 2024. Compared to both prior periods, the increase was driven by higher investment securities interest due to new investment purchases at higher yields, in addition to lower deposit interest expense, partially offset by lower loan interest due to lower average loan balances and interest rates. Two less calendar days also contributed to the decline in loan interest compared to the fourth quarter of 2024. Higher overnight funds interest also contributed to the increase over the first quarter of 2024 reflective of a higher level of average earning assets.

    Our net interest margin for the first quarter of 2025 was 4.22%, an increase of five basis points over the fourth quarter of 2024 and an increase of 21 basis points over the first quarter of 2024. For the month of March 2025, our net interest margin was 4.22%. The increase in net interest margin over the fourth quarter of 2024 reflected a higher yield in the investment portfolio driven by new purchases during the quarter and a lower cost of deposits, partially offset by a lower overnight funds rate. The increase over the first quarter of 2024 reflected favorable investment repricing, a lower cost of deposits, and a higher overnight funds rate, partially offset by lower average loan balances for both prior periods.   For the first quarter of 2025, our cost of funds was 84 basis points, a decrease of four basis points from the fourth quarter of 2024 and the first quarter of 2024. Our cost of deposits (including noninterest bearing accounts) was 82 basis points, 86 basis points, and 85 basis points, respectively, for the same periods.

    Provision for Credit Losses

    We recorded a provision expense for credit losses of $0.8 million for the first quarter of 2025 compared to $0.7 million for the fourth quarter of 2024 and $0.9 million for the first quarter of 2024. For the first quarter of 2025, we recorded a provision expense of $1.1 million for loans held for investment (“HFI”) and a provision benefit of $0.3 million for unfunded loan commitments, which was comparable to the fourth quarter of 2024. We discuss the various factors that impacted our provision expense in detail below under the heading Allowance for Credit Losses.  

    Noninterest Income and Noninterest Expense

    Noninterest income for the first quarter of 2025 totaled $19.9 million compared to $18.8 million for the fourth quarter of 2024 and $18.1 million for the first quarter of 2024. The $1.1 million, or 6.1%, increase over the fourth quarter of 2024 was primarily due to a $0.7 million increase in mortgage banking revenues and a $0.5 million increase in wealth management fees, partially offset by a $0.1 million decrease in deposits fees.   The increase in mortgage revenues was driven by an increase in rate locks and a higher gain on sale margin. The increase in wealth management fees was attributable to a $0.5 million increase in insurance commission revenue.   Compared to the first quarter of 2024, the $1.8 million, or 10.0%, increase was driven by a $1.1 million increase in wealth management fees and a $0.9 million increase in mortgage banking revenues, partially offset by a $0.2 million decrease in deposit fees.   The increase in wealth management fees reflected higher retail brokerage fees of $0.6 million, insurance commission revenue of $0.3 million, and trust fees of $0.2 million. The increase in mortgage revenues was driven by an increase in loan fundings and a higher gain on sale margin.     

    Noninterest expense for the first quarter of 2025 totaled $38.7 million compared to $41.8 million for the fourth quarter of 2024 and $40.2 million for the first quarter of 2024.   The $3.1 million, or 7.4%, decrease from the fourth quarter of 2024, reflected a $3.1 million decrease in other expense, a $0.1 million decrease in occupancy expense, and a $0.1 million increase in compensation expense. The decrease in other expense was driven by a $3.5 million decrease in other real estate expense which reflected higher gains from the sale of banking facilities, primarily the sale of our operations center building in the first quarter of 2025, partially offset by a $0.5 million increase in charitable contribution expense. The slight decrease in occupancy expense was due to lower maintenance/repairs for buildings and furniture/fixtures. The slight net decrease in compensation expense reflected a $0.2 million increase in salary expense offset by a $0.1 million decrease in associate benefit expense.

    Income Taxes

    We realized income tax expense of $5.1 million (effective rate of 23.3%) for the first quarter of 2025 compared to $4.2 million (effective rate of 24.3%) for the fourth quarter of 2024 and $3.5 million (effective rate of 23.0%) for the first quarter of 2024. Compared to the fourth quarter of 2024, the decrease in our effective tax rate was primarily due to a discrete item in the first quarter of 2025 related to an excess tax benefit for stock compensation.   Absent discrete items, we expect our annual effective tax rate to approximate 24% for 2025.

    Discussion of Financial Condition

    Earning Assets

    Average earning assets totaled $3.994 billion for the first quarter of 2025, an increase of $72.0 million, or 1.8%, over the fourth quarter of 2024, and an increase of $144.3 million, or 3.7%, over the first quarter of 2024. The increase over both prior periods was driven by higher deposit balances (see below – Deposits).   Compared to the fourth quarter of 2024, the change in the earning asset mix reflected a $67.1 million increase in investment securities and a $22.7 million increase in overnight funds sold partially offset by a $11.5 million decrease in loans HFI and a $6.3 million decrease in loans held for sale (“HFS”).   Compared to the first quarter of 2024, the change in the earning asset mix reflected a $180.5 million increase in overnight funds and a $29.1 million increase in investment securities that was partially offset by a $62.7 million decrease in loans HFI and a $2.6 million decrease in HFS.

    Average loans HFI decreased $11.5 million, or 0.4%, from the fourth quarter of 2024 and decreased $62.7 million, or 2.3%, from the first quarter of 2024. Compared to the fourth quarter of 2024, the decrease was primarily attributable to declines in construction loans of $8.6 million, commercial loans of $5.7 million, and consumer loans of $2.1 million, partially offset by a $6.6 million increase in home equity loans.   Compared to the first quarter of 2024, the decline was driven by decreases in consumer loans (primarily indirect auto) of $58.8 million, commercial loans of $32.9 million, and commercial real estate mortgage loans of $23.1 million, partially offset by increases in residential real estate loans of $28.9 million, construction loans of $11.5 million, and home equity loans of $10.4 million.

    Loans HFI at March 31, 2025 increased $9.2 million, or 0.3%, over December 31, 2024 and decreased $70.4 million, or 2.6%, from March 31, 2024. Compared to December 31, 2024, the increase was primarily attributable to increases in commercial real estate mortgage loans of $27.8 million and residential real estate loans of $12.1 million, consumer loans (primarily indirect auto) of $6.7 million, and home equity loans of $5.9 million, partially offset by decreases in construction loans of $27.7 million, commercial loans of $4.8 million, and other loans of $10.8 million.   Compared to the first quarter of 2024, the decline was driven by decreases in consumer loans (primarily indirect auto) of $48.0 million, commercial loans of $33.9 million, commercial real estate mortgage loans of $16.7 million, and construction loans of $10.4 million, partially offset by increases in residential real estate loans of $27.8 million and home equity loans of $11.4 million.

    Allowance for Credit Losses

    At March 31, 2025, the allowance for credit losses for loans HFI totaled $29.7 million compared to $29.3 million at December 31, 2024 and $29.3 million at March 31, 2024. Activity within the allowance is provided on Page 9. The increase in the allowance over December 31, 2024 reflected higher loan balances and higher loan loss rates, partially offset by a lower level of net loan charge-offs.   The increase in the allowance over March 31, 2024 was primarily due to higher loss rates. Net loan charge-offs were nine basis points of average loans for the first quarter of 2025 versus 25 basis points for the fourth quarter of 2024 and 22 basis points for the first quarter of 2024. At March 31, 2025, the allowance represented 1.12% of loans HFI compared to 1.10% at December 31, 2024, and 1.07% at March 31, 2024.

    Credit Quality

    Nonperforming assets (nonaccrual loans and other real estate) totaled $4.4 million at March 31, 2025 compared to $6.7 million at December 31, 2024 and $6.8 million at March 31, 2024. At March 31, 2025, nonperforming assets as a percent of total assets was 0.10%, compared to 0.15% at December 31, 2024 and 0.16% at March 31, 2024. Nonaccrual loans totaled $4.3 million at March 31, 2025, a $2.0 million decrease from December 31, 2024 and a $2.5 million decrease from March 31, 2024. Further, classified loans totaled $19.2 million at March 31, 2025, a $0.7 million decrease from December 31, 2024 and a $3.1 million decrease from March 31, 2024.

    Deposits

    Average total deposits were $3.665 billion for the first quarter of 2025, an increase of $65.1 million, or 1.8%, over the fourth quarter of 2024 and an increase of $89.0 million, or 2.5%, over the first quarter of 2024.   Compared to the fourth quarter of 2024, the increase was primarily attributable to higher NOW account balances largely due to the seasonal increase in our public fund balances.   The increase over the first quarter of 2024 reflected growth in NOW, money market and certificate of deposit account balances which was mainly due to a combination of balances migrating from savings and noninterest bearing accounts, in addition to receiving new deposits from existing and new clients via various deposit strategies.     

    At March 31, 2025, total deposits were $3.784 billion, an increase of $111.9 million, or 3.0%, over December 31, 2024, and an increase of $129.1 million, or 3.5%, over March 31, 2024.   The increase over December 31, 2024 was due to higher balances in all deposit categories. The increase over March 31, 2024 was primarily due to higher NOW account balances, largely due to the seasonal increase in public funds and increases in money market and certificates of deposit, partially offset by lower savings account balances. Total public funds balances were $648.0 million at March 31, 2025, $660.9 million at December 31, 2024, and $615.0 million at March 31, 2024.

    Liquidity

    The Bank maintained an average net overnight funds (i.e., deposits with banks plus FED funds sold less FED funds purchased) sold position of $320.9 million in the first quarter of 2025 compared to $298.3 million in the fourth quarter of 2024 and $140.5 million in the first quarter of 2024. Compared to both prior periods, the increase reflected higher average deposits (primarily seasonal public funds) and lower average loans.
        
    At March 31, 2025, we had the ability to generate approximately $1.540 billion (excludes overnight funds position of $446 million) in additional liquidity through various sources including various federal funds purchased lines, Federal Home Loan Bank borrowings, the Federal Reserve Discount Window, and brokered deposits.  

    We also view our investment portfolio as a liquidity source as we have the option to pledge securities in our portfolio as collateral for borrowings or deposits, and/or to sell selected securities in our portfolio.  Our portfolio consists of debt issued by the U.S. Treasury, U.S. governmental agencies, municipal governments, and corporate entities.  At March 31, 2025, the weighted-average maturity and duration of our portfolio were 2.64 years and 2.10 years, respectively, and the available-for-sale portfolio had a net unrealized after-tax loss of $15.4 million.    

    Capital

    Shareowners’ equity was $512.6 million at March 31, 2025 compared to $495.3 million at December 31, 2024 and $448.3 million at March 31, 2024. For the first three months of 2025, shareowners’ equity was positively impacted by net income attributable to shareowners of $16.9 million, a net $3.6 million decrease in the accumulated other comprehensive loss, the issuance of stock of $2.4 million, and stock compensation accretion of $0.4 million. The net favorable change in accumulated other comprehensive loss reflected a $4.1 million decrease in the investment securities loss that was partially offset by a $0.5 million decrease in the fair value of the interest rate swap related to subordinated debt. Shareowners’ equity was reduced by a common stock dividend of $4.1 million ($0.24 per share) and net adjustments totaling $1.9 million related to transactions under our stock compensation plans.

    At March 31, 2025, our total risk-based capital ratio was 19.20% compared to 18.64% at December 31, 2024 and 16.84% at March 31, 2024. Our common equity tier 1 capital ratio was 16.08%, 15.54%, and 13.82%, respectively, on these dates. Our leverage ratio was 11.17%, 11.05%, and 10.45%, respectively, on these dates. At March 31, 2025, all our regulatory capital ratios exceeded the thresholds to be designated as “well-capitalized” under the Basel III capital standards. Further, our tangible common equity ratio (non-GAAP financial measure) was 9.61% at March 31, 2025 compared to 9.51% and 8.53% at December 31, 2024 and March 31, 2024, respectively. If our unrealized held-to-maturity securities losses of $12.1 million (after-tax) were recognized in accumulated other comprehensive loss, our adjusted tangible capital ratio would be 9.33%.

    About Capital City Bank Group, Inc.

    Capital City Bank Group, Inc. (NASDAQ: CCBG) is one of the largest publicly traded financial holding companies headquartered in Florida and has approximately $4.5 billion in assets. We provide a full range of banking services, including traditional deposit and credit services, mortgage banking, asset management, trust, merchant services, bankcards, securities brokerage services and financial advisory services, including the sale of life insurance, risk management and asset protection services. Our bank subsidiary, Capital City Bank, was founded in 1895 and now has 62 banking offices and 105 ATMs/ITMs in Florida, Georgia and Alabama. For more information about Capital City Bank Group, Inc., visit www.ccbg.com.

    FORWARD-LOOKING STATEMENTS

    Forward-looking statements in this Press Release are based on current plans and expectations that are subject to uncertainties and risks, which could cause our future results to differ materially. The words “may,” “could,” “should,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “target,” “vision,” “goal,” and similar expressions are intended to identify forward-looking statements. The following factors, among others, could cause our actual results to differ: the effects of and changes in trade and monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; inflation, interest rate, market and monetary fluctuations; local, regional, national, and international economic conditions and the impact they may have on us and our clients and our assessment of that impact; the costs and effects of legal and regulatory developments, the outcomes of legal proceedings or regulatory or other governmental inquiries, the results of regulatory examinations or reviews and the ability to obtain required regulatory approvals; the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) and their application with which we and our subsidiaries must comply; the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as other accounting standard setters; the accuracy of our financial statement estimates and assumptions; changes in the financial performance and/or condition of our borrowers; changes in the mix of loan geographies, sectors and types or the level of non-performing assets and charge-offs; changes in estimates of future credit loss reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; changes in our liquidity position; the timely development and acceptance of new products and services and perceived overall value of these products and services by users; changes in consumer spending, borrowing, and saving habits; greater than expected costs or difficulties related to the integration of new products and lines of business; technological changes; the cost and effects of cyber incidents or other failures, interruptions, or security breaches of our systems or those of our customers or third-party providers; acquisitions and integration of acquired businesses; impairment of our goodwill or other intangible assets; changes in the reliability of our vendors, internal control systems, or information systems; our ability to increase market share and control expenses; our ability to attract and retain qualified employees; changes in our organization, compensation, and benefit plans; the soundness of other financial institutions; volatility and disruption in national and international financial and commodity markets; changes in the competitive environment in our markets and among banking organizations and other financial service providers; government intervention in the U.S. financial system; the effects of natural disasters (including hurricanes), widespread health emergencies (including pandemics), military conflict, terrorism, civil unrest, climate change or other geopolitical events; our ability to declare and pay dividends; structural changes in the markets for origination, sale and servicing of residential mortgages; any inability to implement and maintain effective internal control over financial reporting and/or disclosure control; negative publicity and the impact on our reputation; and the limited trading activity and concentration of ownership of our common stock. Additional factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and our other filings with the SEC, which are available at the SEC’s internet site (http://www.sec.gov). Forward-looking statements in this Press Release speak only as of the date of the Press Release, and we assume no obligation to update forward-looking statements or the reasons why actual results could differ, except as may be required by law.

    For Information Contact:

    Jep Larkin
    Executive Vice President and Chief Financial Officer
    850.402. 8450

    USE OF NON-GAAP FINANCIAL MEASURES
    Unaudited

    We present a tangible common equity ratio and a tangible book value per diluted share that removes the effect of goodwill and other intangibles resulting from merger and acquisition activity. We believe these measures are useful to investors because it allows investors to more easily compare our capital adequacy to other companies in the industry.

    The GAAP to non-GAAP reconciliations are provided below.

    (Dollars in Thousands, except per share data) Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024
    Shareowners’ Equity (GAAP)   $ 512,575   $ 495,317   $ 476,499   $ 460,999   $ 448,314  
    Less: Goodwill and Other Intangibles (GAAP)     92,733     92,773     92,813     92,853     92,893  
    Tangible Shareowners’ Equity (non-GAAP) A   419,842     402,544     383,686     368,146     355,421  
    Total Assets (GAAP)     4,461,233     4,324,932     4,225,316     4,225,695     4,259,922  
    Less: Goodwill and Other Intangibles (GAAP)     92,733     92,773     92,813     92,853     92,893  
    Tangible Assets (non-GAAP) B $ 4,368,500   $ 4,232,159   $ 4,132,503   $ 4,132,842   $ 4,167,029  
    Tangible Common Equity Ratio (non-GAAP) A/B   9.61%     9.51%     9.28%     8.91%     8.53%  
    Actual Diluted Shares Outstanding (GAAP) C   17,072,330     17,018,122     16,980,686     16,970,228     16,947,204  
    Tangible Book Value per Diluted Share (non-GAAP) A/C $ 24.59   $ 23.65   $ 22.60   $ 21.69   $ 20.97  
     
    CAPITAL CITY BANK GROUP, INC.
    EARNINGS HIGHLIGHTS
    Unaudited
                   
        Three Months Ended  
    (Dollars in thousands, except per share data)   Mar 31, 2025   Dec 31, 2024   Mar 31, 2024  
    EARNINGS              
    Net Income Attributable to Common Shareowners $ 16,858 $ 13,090 $ 12,557 $
    Diluted Net Income Per Share $ 0.99 $ 0.77 $ 0.74 $
    PERFORMANCE              
    Return on Average Assets (annualized)   1.58 % 1.22 % 1.21 %
    Return on Average Equity (annualized)   13.32   10.60   11.07  
    Net Interest Margin   4.22   4.17   4.01  
    Noninterest Income as % of Operating Revenue   32.39   31.34   32.06  
    Efficiency Ratio   62.93 % 69.74 % 71.06 %
    CAPITAL ADEQUACY              
    Tier 1 Capital   18.01 % 17.46 % 15.67 %
    Total Capital   19.20   18.64   16.84  
    Leverage   11.17   11.05   10.45  
    Common Equity Tier 1   16.08   15.54   13.82  
    Tangible Common Equity (1)   9.61   9.51   8.53  
    Equity to Assets   11.49 % 11.45 % 10.52 %
    ASSET QUALITY              
    Allowance as % of Non-Performing Loans   692.10 % 464.14 % 431.46 %
    Allowance as a % of Loans HFI   1.12   1.10   1.07  
    Net Charge-Offs as % of Average Loans HFI   0.09   0.25   0.22  
    Nonperforming Assets as % of Loans HFI and OREO   0.17   0.25   0.25  
    Nonperforming Assets as % of Total Assets   0.10 % 0.15 % 0.16 %
    STOCK PERFORMANCE              
    High $ 38.27 $ 40.86 $ 31.34 $
    Low   33.00   33.00   26.59  
    Close $ 35.96 $ 36.65 $ 27.70 $
    Average Daily Trading Volume   24,486   27,484   31,023  
                   
    (1) Tangible common equity ratio is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5.
                   
    CAPITAL CITY BANK GROUP, INC.
    CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
    Unaudited
                         
      2025     2024  
    (Dollars in thousands) First Quarter   Fourth Quarter   Third Quarter   Second Quarter   First Quarter
    ASSETS                    
    Cash and Due From Banks $ 78,521   $ 70,543   $ 83,431   $ 75,304   $ 73,642  
    Funds Sold and Interest Bearing Deposits   446,042     321,311     261,779     272,675     231,047  
    Total Cash and Cash Equivalents   524,563     391,854     345,210     347,979     304,689  
                         
    Investment Securities Available for Sale   461,224     403,345     336,187     310,941     327,338  
    Investment Securities Held to Maturity   517,176     567,155     561,480     582,984     603,386  
    Other Equity Securities   2,315     2,399     6,976     2,537     3,445  
    Total Investment Securities   980,715     972,899     904,643     896,462     934,169  
                         
    Loans Held for Sale (“HFS”):   21,441     28,672     31,251     24,022     24,705  
                         
    Loans Held for Investment (“HFI”):                    
    Commercial, Financial, & Agricultural   184,393     189,208     194,625     204,990     218,298  
    Real Estate – Construction   192,282     219,994     218,899     200,754     202,692  
    Real Estate – Commercial   806,942     779,095     819,955     823,122     823,690  
    Real Estate – Residential   1,040,594     1,028,498     1,023,485     1,012,541     1,012,791  
    Real Estate – Home Equity   225,987     220,064     210,988     211,126     214,617  
    Consumer   206,191     199,479     213,305     234,212     254,168  
    Other Loans   3,227     14,006     461     2,286     3,789  
    Overdrafts   1,154     1,206     1,378     1,192     1,127  
    Total Loans Held for Investment   2,660,770     2,651,550     2,683,096     2,690,223     2,731,172  
    Allowance for Credit Losses   (29,734 )   (29,251 )   (29,836 )   (29,219 )   (29,329 )
    Loans Held for Investment, Net   2,631,036     2,622,299     2,653,260     2,661,004     2,701,843  
                         
    Premises and Equipment, Net   80,043     81,952     81,876     81,414     81,452  
    Goodwill and Other Intangibles   92,733     92,773     92,813     92,853     92,893  
    Other Real Estate Owned   132     367     650     650     1  
    Other Assets   130,570     134,116     115,613     121,311     120,170  
    Total Other Assets   303,478     309,208     290,952     296,228     294,516  
    Total Assets $ 4,461,233   $ 4,324,932   $ 4,225,316   $ 4,225,695   $ 4,259,922  
    LIABILITIES                    
    Deposits:                    
    Noninterest Bearing Deposits $ 1,363,739   $ 1,306,254   $ 1,330,715   $ 1,343,606   $ 1,361,939  
    NOW Accounts   1,292,654     1,285,281     1,174,585     1,177,180     1,212,452  
    Money Market Accounts   445,999     404,396     401,272     413,594     398,308  
    Savings Accounts   511,265     506,766     507,604     514,560     530,782  
    Certificates of Deposit   170,233     169,280     164,901     159,624     151,320  
    Total Deposits   3,783,890     3,671,977     3,579,077     3,608,564     3,654,801  
                         
    Repurchase Agreements   22,799     26,240     29,339     22,463     23,477  
    Other Short-Term Borrowings   14,401     2,064     7,929     3,307     8,409  
    Subordinated Notes Payable   52,887     52,887     52,887     52,887     52,887  
    Other Long-Term Borrowings   794     794     794     1,009     265  
    Other Liabilities   73,887     75,653     71,974     69,987     65,181  
    Total Liabilities   3,948,658     3,829,615     3,742,000     3,758,217     3,805,020  
                         
    Temporary Equity   –     –     6,817     6,479     6,588  
    SHAREOWNERS’ EQUITY                    
    Common Stock   171     170     169     169     169  
    Additional Paid-In Capital   38,576     37,684     36,070     35,547     34,861  
    Retained Earnings   476,715     463,949     454,342     445,959     435,364  
    Accumulated Other Comprehensive Loss, Net of Tax   (2,887 )   (6,486 )   (14,082 )   (20,676 )   (22,080 )
    Total Shareowners’ Equity   512,575     495,317     476,499     460,999     448,314  
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,461,233   $ 4,324,932   $ 4,225,316   $ 4,225,695   $ 4,259,922  
    OTHER BALANCE SHEET DATA                    
    Earning Assets $ 4,108,969   $ 3,974,431   $ 3,880,769   $ 3,883,382   $ 3,921,093  
    Interest Bearing Liabilities   2,511,032     2,447,708     2,339,311     2,344,624     2,377,900  
    Book Value Per Diluted Share $ 30.02   $ 29.11   $ 28.06   $ 27.17   $ 26.45  
    Tangible Book Value Per Diluted Share(1)   24.59     23.65     22.60     21.69     20.97  
    Actual Basic Shares Outstanding   17,055     16,975     16,944     16,942     16,929  
    Actual Diluted Shares Outstanding   17,072     17,018     16,981     16,970     16,947  
     
    (1) Tangible book value per diluted share is a non-GAAP financial measure. For additional information, including a reconciliation to GAAP, refer to Page 5.
     
    CAPITAL CITY BANK GROUP, INC.
    CONSOLIDATED STATEMENT OF OPERATIONS
    Unaudited                    
                         
        2025   2024
    (Dollars in thousands, except per share data)   First Quarter   Fourth Quarter   Third Quarter   Second Quarter   First Quarter
    INTEREST INCOME                    
    Loans, including Fees $ 40,478 $ 41,453   $ 41,659 $ 41,138 $ 40,683
    Investment Securities   5,808   4,694     4,155   4,004   4,244
    Federal Funds Sold and Interest Bearing Deposits   3,496   3,596     3,514   3,624   1,893
    Total Interest Income   49,782   49,743     49,328   48,766   46,820
    INTEREST EXPENSE                    
    Deposits   7,383   7,766     8,223   8,579   7,594
    Repurchase Agreements   164   199     221   217   201
    Other Short-Term Borrowings   117   83     52   68   39
    Subordinated Notes Payable   560   581     610   630   628
    Other Long-Term Borrowings   11   11     11   3   3
    Total Interest Expense   8,235   8,640     9,117   9,497   8,465
    Net Interest Income   41,547   41,103     40,211   39,269   38,355
    Provision for Credit Losses   768   701     1,206   1,204   920
    Net Interest Income after Provision for Credit Losses   40,779   40,402     39,005   38,065   37,435
    NONINTEREST INCOME                    
    Deposit Fees   5,061   5,207     5,512   5,377   5,250
    Bank Card Fees   3,514   3,697     3,624   3,766   3,620
    Wealth Management Fees   5,763   5,222     4,770   4,439   4,682
    Mortgage Banking Revenues   3,820   3,118     3,966   4,381   2,878
    Other   1,749   1,516     1,641   1,643   1,667
    Total Noninterest Income   19,907   18,760     19,513   19,606   18,097
    NONINTEREST EXPENSE                    
    Compensation   26,248   26,108     25,800   24,406   24,407
    Occupancy, Net   6,793   6,893     7,098   6,997   6,994
    Other   5,660   8,781     10,023   9,038   8,770
    Total Noninterest Expense   38,701   41,782     42,921   40,441   40,171
    OPERATING PROFIT   21,985   17,380     15,597   17,230   15,361
    Income Tax Expense   5,127   4,219     2,980   3,189   3,536
    Net Income   16,858   13,161     12,617   14,041   11,825
    Pre-Tax (Income) Loss Attributable to Noncontrolling Interest   –   (71 )   501   109   732
    NET INCOME ATTRIBUTABLE TO
    COMMON SHAREOWNERS    		 $ 16,858 $ 13,090   $ 13,118 $ 14,150 $ 12,557
    PER COMMON SHARE                    
    Basic Net Income $ 0.99 $ 0.77   $ 0.77 $ 0.84 $ 0.74
    Diluted Net Income   0.99   0.77     0.77   0.83   0.74
    Cash Dividend $ 0.24 $ 0.23   $ 0.23 $ 0.21 $ 0.21
    AVERAGE SHARES                    
    Basic   17,027   16,946     16,943   16,931   16,951
    Diluted   17,044   16,990     16,979   16,960   16,969
     
    CAPITAL CITY BANK GROUP, INC.
    ALLOWANCE FOR CREDIT LOSSES (“ACL”)
    AND CREDIT QUALITY
    Unaudited                    
                         
        2025     2024  
    (Dollars in thousands, except per share data)   First Quarter   Fourth Quarter   Third Quarter   Second Quarter   First Quarter
    ACL – HELD FOR INVESTMENT LOANS                    
    Balance at Beginning of Period $ 29,251   $ 29,836   $ 29,219   $ 29,329   $ 29,941  
    Transfer from Other (Assets) Liabilities   –     –     –     –     (50 )
    Provision for Credit Losses   1,083     1,085     1,879     1,129     932  
    Net Charge-Offs (Recoveries)   600     1,670     1,262     1,239     1,494  
    Balance at End of Period $ 29,734   $ 29,251   $ 29,836   $ 29,219   $ 29,329  
    As a % of Loans HFI   1.12 %   1.10 %   1.11 %   1.09 %   1.07 %
    As a % of Nonperforming Loans   692.10 %   464.14 %   452.64 %   529.79 %   431.46 %
    ACL – UNFUNDED COMMITMENTS                    
    Balance at Beginning of Period   2,155   $ 2,522   $ 3,139   $ 3,121   $ 3,191  
    Provision for Credit Losses   (323 )   (367 )   (617 )   18     (70 )
    Balance at End of Period(1)   1,832     2,155     2,522     3,139     3,121  
    ACL – DEBT SECURITIES                    
    Provision for Credit Losses $ 8   $ (17 ) $ (56 ) $ 57   $ 58  
    CHARGE-OFFS                    
    Commercial, Financial and Agricultural $ 168   $ 499   $ 331   $ 400   $ 282  
    Real Estate – Construction   –     47     –     –     –  
    Real Estate – Commercial   –     –     3     –     –  
    Real Estate – Residential   8     44     –     –     17  
    Real Estate – Home Equity   –     33     23     –     76  
    Consumer   865     1,307     1,315     1,061     1,550  
    Overdrafts   570     574     611     571     638  
    Total Charge-Offs $ 1,611   $ 2,504   $ 2,283   $ 2,032   $ 2,563  
    RECOVERIES                    
    Commercial, Financial and Agricultural $ 75   $ 103   $ 176   $ 59   $ 41  
    Real Estate – Construction   –     3     –     –     –  
    Real Estate – Commercial   3     33     5     19     204  
    Real Estate – Residential   119     28     88     23     37  
    Real Estate – Home Equity   9     17     59     37     24  
    Consumer   481     352     405     313     410  
    Overdrafts   324     298     288     342     353  
    Total Recoveries $ 1,011   $ 834   $ 1,021   $ 793   $ 1,069  
    NET CHARGE-OFFS (RECOVERIES) $ 600   $ 1,670   $ 1,262   $ 1,239   $ 1,494  
    Net Charge-Offs as a % of Average Loans HFI(2)   0.09 %   0.25 %   0.19 %   0.18 %   0.22 %
    CREDIT QUALITY                    
    Nonaccruing Loans $ 4,296   $ 6,302   $ 6,592   $ 5,515   $ 6,798  
    Other Real Estate Owned   132     367     650     650     1  
    Total Nonperforming Assets (“NPAs”) $ 4,428   $ 6,669   $ 7,242   $ 6,165   $ 6,799  
                         
    Past Due Loans 30-89 Days $ 3,735   $ 4,311   $ 9,388   $ 5,672   $ 5,392  
    Classified Loans   19,194     19,896     25,501     25,566     22,305  
                         
    Nonperforming Loans as a % of Loans HFI   0.16 %   0.24 %   0.25 %   0.21 %   0.25 %
    NPAs as a % of Loans HFI and Other Real Estate   0.17 %   0.25 %   0.27 %   0.23 %   0.25 %
    NPAs as a % of Total Assets   0.10 %   0.15 %   0.17 %   0.15 %   0.16 %
                         
    (1)Recorded in other liabilities
    (2)Annualized
                         
    CAPITAL CITY BANK GROUP, INC.
    AVERAGE BALANCE AND INTEREST RATES
    Unaudited
                                                                           
        First Quarter 2025     Fourth Quarter 2024     Third Quarter 2024     Second Quarter 2024     First Quarter 2024  
    (Dollars in thousands)   Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		     Average
    Balance    		   Interest   Average
    Rate    		  
    ASSETS:                                                                      
    Loans Held for Sale $ 24,726   $ 490   8.04 % $ 31,047   $ 976   7.89 % $ 24,570   $ 720   7.49 % $ 26,281     517   5.26 % $ 27,314   $ 563   5.99 %
    Loans Held for Investment(1)   2,665,910     40,029   6.09     2,677,396     40,521   6.07     2,693,533     40,985   6.09     2,726,748     40,683   6.03     2,728,629     40,196   5.95  
                                                                           
    Investment Securities                                                                      
    Taxable Investment Securities   981,485     5,802   2.38     914,353     4,688   2.04     907,610     4,148   1.82     918,989     3,998   1.74     952,328     4,238   1.78  
    Tax-Exempt Investment Securities(1)   845     9   4.32     849     9   4.31     846     10   4.33     843     9   4.36     856     10   4.34  
                                                                           
    Total Investment Securities   982,330     5,811   2.38     915,202     4,697   2.04     908,456     4,158   1.82     919,832     4,007   1.74     953,184     4,248   1.78  
                                                                           
    Federal Funds Sold and Interest Bearing Deposits   320,948     3,496   4.42     298,255     3,596   4.80     256,855     3,514   5.44     262,419     3,624   5.56     140,488     1,893   5.42  
                                                                           
    Total Earning Assets   3,993,914   $ 49,826   5.06 %   3,921,900   $ 49,790   5.05 %   3,883,414   $ 49,377   5.06 %   3,935,280   $ 48,831   4.99 %   3,849,615   $ 46,900   4.90 %
                                                                           
    Cash and Due From Banks   73,467               73,992               70,994               74,803               75,763            
    Allowance for Credit Losses   (30,008 )             (30,107 )             (29,905 )             (29,564 )             (30,030 )          
    Other Assets   297,660               293,884               291,359               291,669               295,275            
                                                                           
    Total Assets $ 4,335,033             $ 4,259,669             $ 4,215,862             $ 4,272,188             $ 4,190,623            
                                                                           
    LIABILITIES:                                                                      
    Noninterest Bearing Deposits $ 1,317,425             $ 1,323,556             $ 1,332,305             $ 1,346,546             $ 1,344,188            
    NOW Accounts   1,249,955   $ 3,854   1.25 %   1,182,073   $ 3,826   1.29 %   1,145,544   $ 4,087   1.42 %   1,207,643   $ 4,425   1.47 %   1,201,032   $ 4,497   1.51 %
    Money Market Accounts   420,059     2,187   2.11     422,615     2,526   2.38     418,625     2,694   2.56     407,387     2,752   2.72     353,591     1,985   2.26  
    Savings Accounts   507,676     176   0.14     504,859     179   0.14     512,098     180   0.14     519,374     176   0.14     539,374     188   0.14  
    Time Deposits   170,367     1,166   2.78     167,321     1,235   2.94     163,462     1,262   3.07     160,078     1,226   3.08     138,328     924   2.69  
    Total Interest Bearing Deposits   2,348,057     7,383   1.28     2,276,868     7,766   1.36     2,239,729     8,223   1.46     2,294,482     8,579   1.50     2,232,325     7,594   1.37  
    Total Deposits   3,665,482     7,383   0.82     3,600,424     7,766   0.86     3,572,034     8,223   0.92     3,641,028     8,579   0.95     3,576,513     7,594   0.85  
    Repurchase Agreements   29,821     164   2.23     28,018     199   2.82     27,126     221   3.24     26,999     217   3.24     25,725     201   3.14  
    Other Short-Term Borrowings   7,437     117   6.39     6,510     83   5.06     2,673     52   7.63     6,592     68   4.16     3,758     39   4.16  
    Subordinated Notes Payable   52,887     560   4.23     52,887     581   4.30     52,887     610   4.52     52,887     630   4.71     52,887     628   4.70  
    Other Long-Term Borrowings   794     11   5.68     794     11   5.57     795     11   5.55     258     3   4.31     281     3   4.80  
    Total Interest Bearing Liabilities   2,438,996   $ 8,235   1.37 %   2,365,077   $ 8,640   1.45 %   2,323,210   $ 9,117   1.56 %   2,381,218   $ 9,497   1.60 %   2,314,976   $ 8,465   1.47 %
                                                                           
    Other Liabilities   65,211               73,130               73,767               72,634               68,295            
                                                                           
    Total Liabilities   3,821,632               3,761,763               3,729,282               3,800,398               3,727,459            
    Temporary Equity   –               6,763               6,443               6,493               7,150            
                                                                           
    SHAREOWNERS’ EQUITY:   513,401               491,143               480,137               465,297               456,014            
                                                                           
    Total Liabilities, Temporary Equity and Shareowners’ Equity $ 4,335,033             $ 4,259,669             $ 4,215,862             $ 4,272,188             $ 4,190,623            
                                                                           
    Interest Rate Spread     $ 41,591   3.69 %     $ 41,150   3.59 %     $ 40,260   3.49 %     $ 39,334   3.38 %     $ 38,435   3.43 %
                                                                           
    Interest Income and Rate Earned(1)       49,826   5.06         49,790   5.05         49,377   5.06         48,831   4.99         46,900   4.90  
    Interest Expense and Rate Paid(2)       8,235   0.84         8,640   0.88         9,117   0.93         9,497   0.97         8,465   0.88  
                                                                           
    Net Interest Margin     $ 41,591   4.22 %     $ 41,150   4.17 %     $ 40,260   4.12 %     $ 39,334   4.02 %     $ 38,435   4.01 %
                                                                           
    (1)Interest and average rates are calculated on a tax-equivalent basis using a 21% Federal tax rate.
    (2)Rate calculated based on average earning assets.

    The MIL Network –

  • MIL-OSI: HBT Financial, Inc. Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Highlights

    • Net income of $19.1 million, or $0.60 per diluted share; return on average assets (“ROAA”) of 1.54%; return on average stockholders’ equity (“ROAE”) of 13.95%; and return on average tangible common equity (“ROATCE”)(1) of 16.20%
    • Adjusted net income(1) of $19.3 million; or $0.61 per diluted share; adjusted ROAA(1) of 1.55%; adjusted ROAE(1) of 14.08%; and adjusted ROATCE(1) of 16.36%
    • Asset quality remained exceptional with nonperforming assets to total assets of 0.11% and net charge-offs to average loans of 0.05%, on an annualized basis
    • Net interest margin increased 16 basis points to 4.12% and net interest margin (tax-equivalent basis)(1)increased 15 basis point to 4.16%

    BLOOMINGTON, Ill., April 21, 2025 (GLOBE NEWSWIRE) — HBT Financial, Inc. (NASDAQ: HBT) (the “Company” or “HBT Financial” or “HBT”), the holding company for Heartland Bank and Trust Company, today reported net income of $19.1 million, or $0.60 diluted earnings per share, for the first quarter of 2025. This compares to net income of $20.3 million, or $0.64 diluted earnings per share, for the fourth quarter of 2024, and net income of $15.3 million, or $0.48 diluted earnings per share, for the first quarter of 2024.

    J. Lance Carter, President and Chief Executive Officer of HBT Financial, said, “We are off to a great start in 2025 with strong first quarter results. Despite the economic outlook recently becoming more uncertain, leading to interest rate volatility and stock market declines, we still believe that 2025 will be a solid year for HBT. Our credit discipline, strong profitability and solid balance sheet give us confidence that we are prepared for a variety of economic environments.

    We continued to report solid profitability with adjusted net income(1) of $19.3 million, or $0.61 per diluted share, an adjusted ROAA(1) of 1.55% and an adjusted ROATCE(1) of 16.36%. Our net interest margin on a tax-equivalent basis(1) increased by 15 basis points, with 5 basis points of that increase related to higher nonaccrual interest recoveries and loan fees, as average loan balances were higher, loans and securities continued to reprice higher, and deposits repriced lower. Our strong profitability coupled with an improvement in our accumulated other comprehensive income due to lower interest rates, resulted in a $0.63 increase in our tangible book value per share(1) to $15.43. Tangible book value per share increased by 4.3% for the quarter and 17.0% over the last year.

    Our balance sheet remains strong with all capital ratios increasing during the quarter and asset quality improving with nonperforming assets to total assets declining to only 0.11%. Loans at quarter-end were down only slightly while average loans for the quarter were up 2.2%. Deposits were up 1.5% at quarter-end and average deposits for the quarter were up 1.1%. Deposit growth was aided by moving most of our repurchase agreements into interest-bearing demand deposits. Our capital levels and operational structure support attractive acquisition opportunities should the right opportunity arise and markets stabilize.”
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    Adjusted Net Income

    In addition to reporting GAAP results, the Company believes non-GAAP measures such as adjusted net income and adjusted earnings per share, which adjust for acquisition expenses, branch closure expenses, gains (losses) on closed branch premises, realized gains (losses) on sales of securities, mortgage servicing rights fair value adjustments, and the tax effect of these pre-tax adjustments, provide investors with additional insight into its operational performance. The Company reported adjusted net income of $19.3 million, or $0.61 adjusted diluted earnings per share, for the first quarter of 2025. This compares to adjusted net income of $19.5 million, or $0.62 adjusted diluted earnings per share, for the fourth quarter of 2024, and adjusted net income of $18.1 million, or $0.57 adjusted diluted earnings per share, for the first quarter of 2024 (see “Reconciliation of Non-GAAP Financial Measures” tables below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures).

    Net Interest Income and Net Interest Margin

    Net interest income for the first quarter of 2025 was $48.7 million, an increase of 2.8% from $47.4 million for the fourth quarter of 2024. The increase was primarily attributable to higher average loan balances, a decrease in deposit costs, and higher yields on loans and debt securities. Additionally, a $0.6 million increase in nonaccrual interest recoveries and loan fees contributed to the increase in net interest income.

    Relative to the first quarter of 2024, net interest income increased 4.3% from $46.7 million. The increase was primarily attributable to higher average loan balances, a decrease in deposit costs, and higher yields on debt securities. Also contributing was a $0.7 million increase in nonaccrual interest recoveries and loan fees.

    Net interest margin for the first quarter of 2025 was 4.12%, compared to 3.96% for the fourth quarter of 2024, and net interest margin (tax-equivalent basis)(1) for the first quarter of 2025 was 4.16%, compared to 4.01% for the fourth quarter of 2024. The increase was primarily attributable to higher yields on interest-earning assets, which increased 9 basis points to 5.34%, and lower funding costs, which decreased 7 basis points to 1.32%. Additionally, an increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 5 basis points of the increase in net interest margin.

    Relative to the first quarter of 2024, net interest margin increased 18 basis points from 3.94% and net interest margin (tax-equivalent basis)(1) increased 17 basis points from 3.99%. These increases were primarily attributable to higher yields on interest-earning assets, a decrease in funding costs, and an increase in nonaccrual interest recoveries and loan fees. Additionally, an increase in the contribution of nonaccrual interest recoveries and loan fees accounted for 6 basis points of the increase in net interest margin.
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    Noninterest Income

    Noninterest income for the first quarter of 2025 was $9.3 million, a 20.0% decrease from $11.6 million for the fourth quarter of 2024. The decrease was primarily attributable to changes in the mortgage servicing rights (“MSR”) fair value adjustment, with a $0.3 million negative MSR fair value adjustment included in the first quarter 2025 results compared to a $1.3 million positive MSR fair value adjustment included in the fourth quarter 2024 results. Further contributing to the decrease was a $0.3 million decrease in wealth management fees, primarily driven by a seasonal decrease in farm management income, a $0.3 million decrease in income on bank owned life insurance, primarily due to the absence of a $0.2 million gain on life insurance proceeds included in the fourth quarter 2024 results, and a $0.2 million decrease in card income. Partially offsetting these decreases was the absence of a $0.3 million realized loss on sale of debt securities included in the fourth quarter 2024 results.

    Relative to the first quarter of 2024, noninterest income increased 65.4% from $5.6 million. The increase was primarily attributable to the absence of $3.4 million in realized losses on the sale of debt securities included in the first quarter 2024 results.

    Noninterest Expense

    Noninterest expense for the first quarter of 2025 was $31.9 million, a 3.3% increase from $30.9 million for the fourth quarter of 2024. The increase was primarily attributable to a $1.3 million increase in salaries expense, primarily driven by seasonal variations in vacation accruals and annual merit increases which took effect in early March, and a $0.6 million increase in employee benefits expense, primarily attributable to higher medical benefit costs. Partially offsetting these increases were a $0.3 million decrease in other noninterest expense and a $0.3 million decrease in data processing expense.

    Relative to the first quarter of 2024, noninterest expense increased 2.1% from $31.3 million. The increase was primarily attributable to a $0.5 million increase in employee benefits expense, primarily driven by increased medical benefit costs, and a $0.4 million increase in salaries expense. Partially offsetting these increases was a $0.2 million decrease in data processing expense.

    Income Taxes

    During the first quarter of 2025 our effective tax rate decreased to 25.2% when compared to 26.0% during the fourth quarter of 2024. This decrease was primarily related to a $0.2 million tax benefit from stock-based compensation that vested during the quarter. Additionally, during the second quarter of 2025, we expect to recognize an additional $0.3 million of tax expense related to the reversal of a stranded tax effect included in accumulated other comprehensive income in connection with the maturity of a derivative designated as a cash flow hedge.

    Loan Portfolio

    Total loans outstanding, before allowance for credit losses, were $3.46 billion at March 31, 2025, compared with $3.47 billion at December 31, 2024, and $3.35 billion at March 31, 2024. Total loans as of March 31, 2025 were nearly unchanged when compared to December 31, 2024 with a $23.2 million increase in grain elevator lines of credit in the commercial and industrial segment, due to seasonally higher line utilization, partially offset by a $12.0 million reduction on two lines of credit that funded shortly before and paid off after December 31, 2024, as noted in the previous quarter’s earnings release. Larger payoffs in the one-to-four family residential, multi-family, and commercial real estate – non-owner occupied segments were partially offset by draws on existing loans in the construction and development segment and new originations in the municipal, consumer, and other segment. Additionally, average loan balances increased $73.4 million, or 2.2%, from the fourth quarter of 2024 to the first quarter of 2025.

    Deposits

    Total deposits were $4.38 billion at March 31, 2025, compared with $4.32 billion at December 31, 2024, and $4.36 billion at March 31, 2024. The $66.3 million increase from December 31, 2024 was primarily attributable to higher balances maintained in existing retail accounts. Additionally, the vast majority of repurchase agreement account balances at December 31, 2024 were transitioned to reciprocal interest-bearing demand deposit accounts during the first quarter of 2025.

    Asset Quality

    Nonperforming assets totaled $5.6 million, or 0.11% of total assets, at March 31, 2025, compared with $8.0 million, or 0.16% of total assets, at December 31, 2024, and $9.9 million, or 0.20% of total assets, at March 31, 2024. Additionally, of the $5.1 million of nonperforming loans held as of March 31, 2025, $1.4 million is either wholly or partially guaranteed by the U.S. government. The $2.5 million decrease in nonperforming assets from December 31, 2024 was primarily attributable to the pay-off of a $1.6 million nonaccrual commercial real estate – non-owner occupied credit.

    The Company recorded a provision for credit losses of $0.6 million for the first quarter of 2025. The provision for credit losses primarily reflects a $0.8 million increase in required reserves resulting from changes in qualitative factors; a $0.1 million increase in required reserves driven by changes within the portfolio; and a $0.3 million decrease in specific reserves.

    The Company had net charge-offs of $0.4 million, or 0.05% of average loans on an annualized basis, for the first quarter of 2025, compared to net charge-offs of $0.7 million, or 0.08% of average loans on an annualized basis, for the fourth quarter of 2024, and net recoveries of $0.2 million, or 0.02% of average loans on an annualized basis, for the first quarter of 2024.

    The Company’s allowance for credit losses was 1.22% of total loans and 825% of nonperforming loans at March 31, 2025, compared with 1.21% of total loans and 549% of nonperforming loans at December 31, 2024. In addition, the allowance for credit losses on unfunded lending-related commitments totaled $3.2 million as of March 31, 2025, compared with $3.1 million as of December 31, 2024.

    Capital

    As of March 31, 2025, the Company exceeded all regulatory capital requirements under Basel III as summarized in the following table:

        March 31, 2025   For Capital
    Adequacy Purposes
    With Capital
    Conservation Buffer
             
    Total capital to risk-weighted assets   16.85 %   10.50 %
    Tier 1 capital to risk-weighted assets   14.77     8.50  
    Common equity tier 1 capital ratio   13.48     7.00  
    Tier 1 leverage ratio   11.64     4.00  
                 

    The ratio of tangible common equity to tangible assets(1) increased to 9.73% as of March 31, 2025, from 9.42% as of December 31, 2024, and tangible book value per share(1) increased by $0.63 to $15.43 as of March 31, 2025, when compared to December 31, 2024.

    During the first quarter of 2025, the Company did not repurchase shares of its common stock under its stock repurchase program. The Company’s Board of Directors has authorized the repurchase of up to $15.0 million of HBT Financial common stock under its stock repurchase program, which is in effect until January 1, 2026. As of March 31, 2025, the Company had $15.0 million remaining under the stock repurchase program.
    ____________________________________
    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.

    About HBT Financial, Inc.

    HBT Financial, Inc., headquartered in Bloomington, Illinois, is the holding company for Heartland Bank and Trust Company, and has banking roots that can be traced back to 1920. HBT Financial provides a comprehensive suite of financial products and services to consumers, businesses, and municipal entities throughout Illinois and eastern Iowa through 66 full-service branches. As of March 31, 2025, HBT Financial had total assets of $5.1 billion, total loans of $3.5 billion, and total deposits of $4.4 billion.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with GAAP. These non-GAAP financial measures include adjusted net income, adjusted earnings per share, adjusted ROAA, pre-provision net revenue, pre-provision net revenue less charge-offs (recoveries), adjusted pre-provision net revenue, adjusted pre-provision net revenue less charge-offs (recoveries), net interest income (tax-equivalent basis), net interest margin (tax-equivalent basis), efficiency ratio (tax-equivalent basis), adjusted efficiency ratio (tax-equivalent basis), the ratio of tangible common equity to tangible assets, tangible book value per share, adjusted ROAE, ROATCE, and adjusted ROATCE. Our management uses these non-GAAP financial measures, together with the related GAAP financial measures, in its analysis of our performance and in making business decisions. Management believes that it is a standard practice in the banking industry to present these non-GAAP financial measures, and accordingly believes that providing these measures may be useful for peer comparison purposes. These disclosures should not be viewed as substitutes for the results determined to be in accordance with GAAP; nor are they necessarily comparable to non-GAAP financial measures that may be presented by other companies. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the “Reconciliation of Non-GAAP Financial Measures” tables.

    Forward-Looking Statements

    Readers should note that in addition to the historical information contained herein, this press release contains, and future oral and written statements of the Company and its management may contain, “forward-looking statements” within the meanings of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “will,” “propose,” “may,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “continue,” or “should,” or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: (i) the strength of the local, state, national and international economies and financial markets (including effects of inflationary pressures and supply chain constraints); (ii) effects on the U.S. economy resulting from the threat or implementation of, or changes to, existing policies and executive orders including tariffs, immigration policy, regulatory or other governmental agencies, foreign policy and tax regulations; (iii) the economic impact of any future terrorist threats and attacks, widespread disease or pandemics, acts of war or other threats thereof (including the Russian invasion of Ukraine and ongoing conflicts in the Middle East), or other adverse events that could cause economic deterioration or instability in credit markets, and the response of the local, state and national governments to any such adverse external events; (iv) new and revised accounting policies and practices, as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board or the Public Company Accounting Oversight Board; (v) changes in local, state and federal laws, regulations and governmental policies concerning the Company’s general business and any changes in response to the bank failures in 2023; (vi) the imposition of tariffs or other governmental policies impacting the value of products produced by the Company’s commercial borrowers; (vii) changes in interest rates and prepayment rates of the Company’s assets; (viii) increased competition in the financial services sector, including from non-bank competitors such as credit unions and fintech companies, and the inability to attract new customers; (ix) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (x) unexpected results of acquisitions, which may include failure to realize the anticipated benefits of acquisitions and the possibility that transaction costs may be greater than anticipated; (xi) the loss of key executives and employees, talent shortages and employee turnover; (xii) changes in consumer spending; (xiii) unexpected outcomes or costs of existing or new litigation or other legal proceedings and regulatory actions involving the Company; (xiv) the economic impact on the Company and its customers of climate change, natural disasters and of exceptional weather occurrences such as tornadoes, floods and blizzards; (xv) fluctuations in the value of securities held in our securities portfolio, including as a result of changes in interest rates; (xvi) credit risks and risks from concentrations (by type of borrower, geographic area, collateral and industry) within our loan portfolio (including commercial real estate loans) and large loans to certain borrowers; (xvii) the overall health of the local and national real estate market; (xviii) the ability to maintain an adequate level of allowance for credit losses on loans; (xix) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and who may withdraw deposits to diversify their exposure; (xx) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact the Company’s cost of funds; (xxi) the level of nonperforming assets on our balance sheet; (xxii) interruptions involving our information technology and communications systems or third-party servicers; (xxiii) the occurrence of fraudulent activity, breaches or failures of our third-party vendors’ information security controls or cybersecurity-related incidents, including as a result of sophisticated attacks using artificial intelligence and similar tools or as a result of insider fraud; (xxiv) the effectiveness of the Company’s risk management framework, and (xxv) the ability of the Company to manage the risks associated with the foregoing as well as anticipated. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission.

    CONTACT:
    Peter Chapman
    HBTIR@hbtbank.com
    (309) 664-4556

         
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
         
        As of or for the Three Months Ended
    (dollars in thousands, except per share data)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Interest and dividend income   $ 63,138     $ 62,798     $ 61,961  
    Interest expense     14,430       15,397       15,273  
    Net interest income     48,708       47,401       46,688  
    Provision for credit losses     576       725       527  
    Net interest income after provision for credit losses     48,132       46,676       46,161  
    Noninterest income     9,306       11,630       5,626  
    Noninterest expense     31,935       30,908       31,268  
    Income before income tax expense     25,503       27,398       20,519  
    Income tax expense     6,428       7,126       5,261  
    Net income   $ 19,075     $ 20,272     $ 15,258  
                 
    Earnings per share – diluted   $ 0.60     $ 0.64     $ 0.48  
                 
    Adjusted net income (1)   $ 19,253     $ 19,546     $ 18,073  
    Adjusted earnings per share – diluted (1)     0.61       0.62       0.57  
                 
    Book value per share   $ 17.86     $ 17.26     $ 15.71  
    Tangible book value per share (1)     15.43       14.80       13.19  
                 
    Shares of common stock outstanding     31,631,431       31,559,366       31,612,888  
    Weighted average shares of common stock outstanding, including all dilutive potential shares     31,711,671       31,702,864       31,803,187  
                 
    SUMMARY RATIOS            
    Net interest margin *     4.12 %     3.96 %     3.94 %
    Net interest margin (tax-equivalent basis) * (1)(2)     4.16       4.01       3.99  
                 
    Efficiency ratio     53.85 %     51.16 %     58.41 %
    Efficiency ratio (tax-equivalent basis) (1)(2)     53.35       50.68       57.78  
                 
    Loan to deposit ratio     78.95 %     80.27 %     76.73 %
                 
    Return on average assets *     1.54 %     1.61 %     1.23 %
    Return on average stockholders’ equity *     13.95       14.89       12.42  
    Return on average tangible common equity * (1)     16.20       17.40       14.83  
                 
    Adjusted return on average assets * (1)     1.55 %     1.56 %     1.45 %
    Adjusted return on average stockholders’ equity * (1)     14.08       14.36       14.72  
    Adjusted return on average tangible common equity * (1)     16.36       16.77       17.57  
                 
    CAPITAL            
    Total capital to risk-weighted assets     16.85 %     16.51 %     15.79 %
    Tier 1 capital to risk-weighted assets     14.77       14.50       13.77  
    Common equity tier 1 capital ratio     13.48       13.21       12.44  
    Tier 1 leverage ratio     11.64       11.51       10.65  
    Total stockholders’ equity to total assets     11.10       10.82       9.85  
    Tangible common equity to tangible assets (1)     9.73       9.42       8.40  
                 
    ASSET QUALITY            
    Net charge-offs (recoveries) to average loans *     0.05 %     0.08 %     (0.02) %
    Allowance for credit losses to loans, before allowance for credit losses     1.22       1.21       1.22  
    Nonperforming loans to loans, before allowance for credit losses     0.15       0.22       0.29  
    Nonperforming assets to total assets     0.11       0.16       0.20  

    ____________________________________

    *   Annualized measure.

    (1)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.  

       
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
    Consolidated Statements of Income
       
      Three Months Ended
    (dollars in thousands, except per share data) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    INTEREST AND DIVIDEND INCOME          
    Loans, including fees:          
    Taxable $ 53,369     $ 52,587     $ 51,926  
    Federally tax exempt   1,168       1,199       1,094  
    Debt securities:          
    Taxable   6,936       6,829       6,204  
    Federally tax exempt   469       482       597  
    Interest-bearing deposits in bank   1,065       1,520       1,952  
    Other interest and dividend income   131       181       188  
    Total interest and dividend income   63,138       62,798       61,961  
    INTEREST EXPENSE          
    Deposits   12,939       13,672       13,593  
    Securities sold under agreements to repurchase   22       179       152  
    Borrowings   109       115       125  
    Subordinated notes   470       470       470  
    Junior subordinated debentures issued to capital trusts   890       961       933  
    Total interest expense   14,430       15,397       15,273  
    Net interest income   48,708       47,401       46,688  
    PROVISION FOR CREDIT LOSSES   576       725       527  
    Net interest income after provision for credit losses   48,132       46,676       46,161  
    NONINTEREST INCOME          
    Card income   2,548       2,797       2,616  
    Wealth management fees   2,841       3,138       2,547  
    Service charges on deposit accounts   1,944       2,080       1,869  
    Mortgage servicing   990       1,158       1,055  
    Mortgage servicing rights fair value adjustment   (308 )     1,331       80  
    Gains on sale of mortgage loans   252       409       298  
    Realized gains (losses) on sales of securities   —       (315 )     (3,382 )
    Unrealized gains (losses) on equity securities   8       (83 )     (16 )
    Gains (losses) on foreclosed assets   13       7       87  
    Gains (losses) on other assets   54       2       (635 )
    Income on bank owned life insurance   164       415       164  
    Other noninterest income   800       691       943  
    Total noninterest income   9,306       11,630       5,626  
    NONINTEREST EXPENSE          
    Salaries   17,053       15,784       16,657  
    Employee benefits   3,285       2,649       2,805  
    Occupancy of bank premises   2,625       2,773       2,582  
    Furniture and equipment   445       460       550  
    Data processing   2,717       2,998       2,925  
    Marketing and customer relations   1,144       948       996  
    Amortization of intangible assets   695       709       710  
    FDIC insurance   562       557       560  
    Loan collection and servicing   383       653       452  
    Foreclosed assets   5       31       49  
    Other noninterest expense   3,021       3,346       2,982  
    Total noninterest expense   31,935       30,908       31,268  
    INCOME BEFORE INCOME TAX EXPENSE   25,503       27,398       20,519  
    INCOME TAX EXPENSE   6,428       7,126       5,261  
    NET INCOME $ 19,075     $ 20,272     $ 15,258  
               
    EARNINGS PER SHARE – BASIC $ 0.60     $ 0.64     $ 0.48  
    EARNINGS PER SHARE – DILUTED $ 0.60     $ 0.64     $ 0.48  
    WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING   31,584,989       31,559,366       31,662,954  
                           
               
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
    Consolidated Balance Sheets
               
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    ASSETS          
    Cash and due from banks $ 25,005     $ 29,552     $ 19,989  
    Interest-bearing deposits with banks   186,586       108,140       240,223  
    Cash and cash equivalents   211,591       137,692       260,212  
               
    Interest-bearing time deposits with banks   —       —       515  
    Debt securities available-for-sale, at fair value   706,135       698,049       669,020  
    Debt securities held-to-maturity   490,398       499,858       517,472  
    Equity securities with readily determinable fair value   3,323       3,315       3,324  
    Equity securities with no readily determinable fair value   2,629       2,629       2,622  
    Restricted stock, at cost   5,086       5,086       5,155  
    Loans held for sale   2,721       1,586       3,479  
               
    Loans, before allowance for credit losses   3,461,778       3,466,146       3,345,962  
    Allowance for credit losses   (42,111 )     (42,044 )     (40,815 )
    Loans, net of allowance for credit losses   3,419,667       3,424,102       3,305,147  
               
    Bank owned life insurance   24,153       23,989       24,069  
    Bank premises and equipment, net   67,272       66,758       64,755  
    Bank premises held for sale   190       317       317  
    Foreclosed assets   460       367       277  
    Goodwill   59,820       59,820       59,820  
    Intangible assets, net   17,148       17,843       19,972  
    Mortgage servicing rights, at fair value   18,519       18,827       19,081  
    Investments in unconsolidated subsidiaries   1,614       1,614       1,614  
    Accrued interest receivable   22,735       24,770       23,117  
    Other assets   38,731       46,280       60,542  
    Total assets $ 5,092,192     $ 5,032,902     $ 5,040,510  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Liabilities          
    Deposits:          
    Noninterest-bearing $ 1,065,874     $ 1,046,405     $ 1,047,074  
    Interest-bearing   3,318,716       3,271,849       3,313,500  
    Total deposits   4,384,590       4,318,254       4,360,574  
               
    Securities sold under agreements to repurchase   2,698       28,969       31,864  
    Federal Home Loan Bank advances   7,209       13,231       12,725  
    Subordinated notes   39,573       39,553       39,494  
    Junior subordinated debentures issued to capital trusts   52,864       52,849       52,804  
    Other liabilities   40,201       35,441       46,368  
    Total liabilities   4,527,135       4,488,297       4,543,829  
               
    Stockholders’ Equity          
    Common stock   329       328       328  
    Surplus   297,024       297,297       296,054  
    Retained earnings   329,169       316,764       278,353  
    Accumulated other comprehensive income (loss)   (38,446 )     (46,765 )     (56,048 )
    Treasury stock at cost   (23,019 )     (23,019 )     (22,006 )
    Total stockholders’ equity   565,057       544,605       496,681  
    Total liabilities and stockholders’ equity $ 5,092,192     $ 5,032,902     $ 5,040,510  
    SHARES OF COMMON STOCK OUTSTANDING   31,631,431       31,559,366       31,612,888  
                           
               
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
               
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    LOANS          
    Commercial and industrial $ 441,261   $ 428,389   $ 402,206
    Commercial real estate – owner occupied   321,990     322,316     294,967
    Commercial real estate – non-owner occupied   891,022     899,565     890,251
    Construction and land development   376,046     374,657     345,991
    Multi-family   424,096     431,524     421,573
    One-to-four family residential   455,376     463,968     485,948
    Agricultural and farmland   292,240     293,375     287,205
    Municipal, consumer, and other   259,747     252,352     217,821
    Total loans $ 3,461,778   $ 3,466,146   $ 3,345,962
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    DEPOSITS          
    Noninterest-bearing deposits $ 1,065,874   $ 1,046,405   $ 1,047,074
    Interest-bearing deposits:          
    Interest-bearing demand   1,143,677     1,099,061     1,139,172
    Money market   812,146     820,825     802,685
    Savings   575,558     566,533     602,739
    Time   787,335     785,430     713,142
    Brokered   —     —     55,762
    Total interest-bearing deposits   3,318,716     3,271,849     3,313,500
    Total deposits $ 4,384,590   $ 4,318,254   $ 4,360,574
                     
       
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
       
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    (dollars in thousands) Average
    Balance    		   Interest   Yield/Cost *   Average
    Balance    		   Interest   Yield/Cost *   Average
    Balance    		   Interest   Yield/Cost *
                                       
    ASSETS                                  
    Loans $ 3,460,906     $ 54,537   6.39 %   $ 3,387,541     $ 53,786   6.32 %   $ 3,371,219     $ 53,020   6.33 %
    Debt securities   1,204,424       7,405   2.49       1,208,404       7,311   2.41       1,213,947       6,801   2.25  
    Deposits with banks   120,014       1,065   3.60       149,691       1,520   4.04       167,297       1,952   4.69  
    Other   12,677       131   4.19       12,698       181   5.68       12,986       188   5.82  
    Total interest-earning assets   4,798,021     $ 63,138   5.34 %     4,758,334     $ 62,798   5.25 %     4,765,449     $ 61,961   5.23 %
    Allowance for credit losses   (42,061 )             (40,942 )             (40,238 )        
    Noninterest-earning assets   276,853               277,074               278,253          
    Total assets $ 5,032,813             $ 4,994,466             $ 5,003,464          
                                       
    LIABILITIES AND STOCKHOLDERS’ EQUITY                                  
    Liabilities                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand $ 1,120,608     $ 1,453   0.53 %   $ 1,088,082     $ 1,351   0.49 %   $ 1,127,684     $ 1,311   0.47 %
    Money market   807,728       4,397   2.21       787,768       4,444   2.24       812,684       4,797   2.37  
    Savings   569,494       370   0.26       562,833       389   0.27       611,224       443   0.29  
    Time   784,099       6,719   3.48       796,494       7,439   3.72       664,498       5,925   3.59  
    Brokered   —       —   —       3,261       49   5.96       82,150       1,117   5.47  
    Total interest-bearing deposits   3,281,929       12,939   1.60       3,238,438       13,672   1.68       3,298,240       13,593   1.66  
    Securities sold under agreements to repurchase   8,754       22   1.02       31,624       179   2.26       32,456       152   1.89  
    Borrowings   12,890       109   3.41       13,370       115   3.42       13,003       125   3.87  
    Subordinated notes   39,563       470   4.82       39,543       470   4.73       39,484       470   4.78  
    Junior subordinated debentures issued to capital trusts   52,856       890   6.83       52,841       961   7.23       52,796       933   7.11  
    Total interest-bearing liabilities   3,395,992     $ 14,430   1.72 %     3,375,816     $ 15,397   1.81 %     3,435,979     $ 15,273   1.79 %
    Noninterest-bearing deposits   1,045,733               1,041,471               1,036,402          
    Noninterest-bearing liabilities   36,373               35,644               37,107          
    Total liabilities   4,478,098               4,452,931               4,509,488          
    Stockholders’ Equity   554,715               541,535               493,976          
    Total liabilities and stockholders’ equity $ 5,032,813             $ 4,994,466             $ 5,003,464          
                                       
    Net interest income/Net interest margin (1)     $ 48,708   4.12 %       $ 47,401   3.96 %       $ 46,688   3.94 %
    Tax-equivalent adjustment (2)       545   0.04           562   0.05           575   0.05  
    Net interest income (tax-equivalent basis)/
    Net interest margin (tax-equivalent basis) (2) (3)    		     $ 49,253   4.16 %       $ 47,963   4.01 %       $ 47,263   3.99 %
    Net interest rate spread (4)         3.62 %           3.44 %           3.44 %
    Net interest-earning assets (5) $ 1,402,029             $ 1,382,518             $ 1,329,470          
    Ratio of interest-earning assets to interest-bearing liabilities   1.41               1.41               1.39          
    Cost of total deposits         1.21 %           1.27 %           1.26 %
    Cost of funds         1.32             1.39             1.37  

    ____________________________________

    *   Annualized measure.

    (1)   Net interest margin represents net interest income divided by average total interest-earning assets.
    (2)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state income tax rate of 9.5%.
    (3)   See “Reconciliation of Non-GAAP Financial Measures” below for reconciliation of non-GAAP financial measures to their most closely comparable GAAP financial measures.
    (4)   Net interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (5)   Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.

               
    HBT Financial, Inc.
    Unaudited Consolidated Financial Summary
               
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    NONPERFORMING ASSETS          
    Nonaccrual $ 5,102     $ 7,652     $ 9,657  
    Past due 90 days or more, still accruing   4       4       —  
    Total nonperforming loans   5,106       7,656       9,657  
    Foreclosed assets   460       367       277  
    Total nonperforming assets $ 5,566     $ 8,023     $ 9,934  
               
    Nonperforming loans that are wholly or partially guaranteed by the U.S. Government $ 1,350     $ 1,573     $ 2,676  
               
    Allowance for credit losses $ 42,111     $ 42,044     $ 40,815  
    Loans, before allowance for credit losses   3,461,778       3,466,146       3,345,962  
               
    CREDIT QUALITY RATIOS          
    Allowance for credit losses to loans, before allowance for credit losses   1.22 %     1.21 %     1.22 %
    Allowance for credit losses to nonaccrual loans   825.38       549.45       422.65  
    Allowance for credit losses to nonperforming loans   824.74       549.16       422.65  
    Nonaccrual loans to loans, before allowance for credit losses   0.15       0.22       0.29  
    Nonperforming loans to loans, before allowance for credit losses   0.15       0.22       0.29  
    Nonperforming assets to total assets   0.11       0.16       0.20  
    Nonperforming assets to loans, before allowance for credit losses, and foreclosed assets   0.16       0.23       0.30  
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    ALLOWANCE FOR CREDIT LOSSES          
    Beginning balance $ 42,044     $ 40,966     $ 40,048  
    Provision for credit losses   496       1,771       560  
    Charge-offs   (665 )     (1,086 )     (227 )
    Recoveries   236       393       434  
    Ending balance $ 42,111     $ 42,044     $ 40,815  
               
    Net charge-offs (recoveries) $ 429     $ 693     $ (207 )
    Average loans   3,460,906       3,387,541       3,371,219  
               
    Net charge-offs (recoveries) to average loans *   0.05 %     0.08 %     (0.02) %

    ____________________________________

    *   Annualized measure.

      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    PROVISION FOR CREDIT LOSSES          
    Loans $ 496   $ 1,771     $ 560  
    Unfunded lending-related commitments   80     (1,046 )     (33 )
    Total provision for credit losses $ 576   $ 725     $ 527  
                         
    Reconciliation of Non-GAAP Financial Measures –
    Adjusted Net Income and Adjusted Return on Average Assets
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Net income $ 19,075     $ 20,272     $ 15,258  
    Less: adjustments          
    Gains (losses) on closed branch premises   59       —       (635 )
    Realized gains (losses) on sales of securities   —       (315 )     (3,382 )
    Mortgage servicing rights fair value adjustment   (308 )     1,331       80  
    Total adjustments   (249 )     1,016       (3,937 )
    Tax effect of adjustments (1)   71       (290 )     1,122  
    Total adjustments after tax effect   (178 )     726       (2,815 )
    Adjusted net income $ 19,253     $ 19,546     $ 18,073  
               
    Average assets $ 5,032,813     $ 4,994,466     $ 5,003,464  
               
    Return on average assets *   1.54 %     1.61 %     1.23 %
    Adjusted return on average assets *   1.55       1.56       1.45  

    ____________________________________

    *   Annualized measure.

    (1)   Assumes a federal income tax rate of 21% and a state tax rate of 9.5%.  

    Reconciliation of Non-GAAP Financial Measures –
    Adjusted Earnings Per Share — Basic and Diluted
      Three Months Ended
    (dollars in thousands, except per share amounts) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Numerator:          
    Net income $ 19,075   $ 20,272   $ 15,258
               
    Adjusted net income $ 19,253   $ 19,546   $ 18,073
               
    Denominator:          
    Weighted average common shares outstanding   31,584,989     31,559,366     31,662,954
    Dilutive effect of outstanding restricted stock units   126,682     143,498     140,233
    Weighted average common shares outstanding, including all dilutive potential shares   31,711,671     31,702,864     31,803,187
               
    Earnings per share – basic $ 0.60   $ 0.64   $ 0.48
    Earnings per share – diluted $ 0.60   $ 0.64   $ 0.48
               
    Adjusted earnings per share – basic $ 0.61   $ 0.62   $ 0.57
    Adjusted earnings per share – diluted $ 0.61   $ 0.62   $ 0.57
                     
    Reconciliation of Non-GAAP Financial Measures –
    Pre-Provision Net Revenue, Pre-Provision Net Revenue Less Net Charge-offs (Recoveries),
    Adjusted Pre-Provision Net Revenue, and Adjusted Pre-Provision Net Revenue Less Net Charge-offs (Recoveries)
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Net interest income $ 48,708     $ 47,401     $ 46,688  
    Noninterest income   9,306       11,630       5,626  
    Noninterest expense   (31,935 )     (30,908 )     (31,268 )
    Pre-provision net revenue   26,079       28,123       21,046  
    Less: adjustments          
    Gains (losses) on closed branch premises   59       —       (635 )
    Realized gains (losses) on sales of securities   —       (315 )     (3,382 )
    Mortgage servicing rights fair value adjustment   (308 )     1,331       80  
    Total adjustments   (249 )     1,016       (3,937 )
    Adjusted pre-provision net revenue $ 26,328     $ 27,107     $ 24,983  
               
    Pre-provision net revenue $ 26,079     $ 28,123     $ 21,046  
    Less: net charge-offs (recoveries)   429       693       (207 )
    Pre-provision net revenue less net charge-offs $ 25,650     $ 27,430     $ 21,253  
               
    Adjusted pre-provision net revenue $ 26,328     $ 27,107     $ 24,983  
    Less: net charge-offs (recoveries)   429       693       (207 )
    Adjusted pre-provision net revenue less net charge-offs $ 25,899     $ 26,414     $ 25,190  
                           
    Reconciliation of Non-GAAP Financial Measures –
    Net Interest Income (Tax-equivalent Basis) and Net Interest Margin (Tax-equivalent Basis)
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Net interest income (tax-equivalent basis)          
    Net interest income $ 48,708     $ 47,401     $ 46,688  
    Tax-equivalent adjustment (1)   545       562       575  
    Net interest income (tax-equivalent basis) (1) $ 49,253     $ 47,963     $ 47,263  
               
    Net interest margin (tax-equivalent basis)          
    Net interest margin *   4.12 %     3.96 %     3.94 %
    Tax-equivalent adjustment * (1)   0.04       0.05       0.05  
    Net interest margin (tax-equivalent basis) * (1)   4.16 %     4.01 %     3.99 %
               
    Average interest-earning assets $ 4,798,021     $ 4,758,334     $ 4,765,449  

    ____________________________________

    *   Annualized measure.

    (1)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

    Reconciliation of Non-GAAP Financial Measures –
    Efficiency Ratio (Tax-equivalent Basis) and Adjusted Efficiency Ratio (Tax-equivalent Basis)
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Total noninterest expense $ 31,935     $ 30,908     $ 31,268  
    Less: amortization of intangible assets   695       709       710  
    Noninterest expense excluding amortization of intangible assets $ 31,240     $ 30,199     $ 30,558  
               
    Net interest income $ 48,708     $ 47,401     $ 46,688  
    Total noninterest income   9,306       11,630       5,626  
    Operating revenue   58,014       59,031       52,314  
    Tax-equivalent adjustment (1)   545       562       575  
    Operating revenue (tax-equivalent basis) (1)   58,559       59,593       52,889  
    Less: adjustments to noninterest income          
    Gains (losses) on closed branch premises   59       —       (635 )
    Realized gains (losses) on sales of securities   —       (315 )     (3,382 )
    Mortgage servicing rights fair value adjustment   (308 )     1,331       80  
    Total adjustments to noninterest income   (249 )     1,016       (3,937 )
    Adjusted operating revenue (tax-equivalent basis) (1) $ 58,808     $ 58,577     $ 56,826  
               
    Efficiency ratio   53.85 %     51.16 %     58.41 %
    Efficiency ratio (tax-equivalent basis) (1)   53.35       50.68       57.78  
    Adjusted efficiency ratio (tax-equivalent basis) (1)   53.12       51.55       53.77  

    ____________________________________
    (1)   On a tax-equivalent basis assuming a federal income tax rate of 21% and a state tax rate of 9.5%.

    Reconciliation of Non-GAAP Financial Measures –
    Ratio of Tangible Common Equity to Tangible Assets and Tangible Book Value Per Share
    (dollars in thousands, except per share data) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Tangible Common Equity          
    Total stockholders’ equity $ 565,057     $ 544,605     $ 496,681  
    Less: Goodwill   59,820       59,820       59,820  
    Less: Intangible assets, net   17,148       17,843       19,972  
    Tangible common equity $ 488,089     $ 466,942     $ 416,889  
               
    Tangible Assets          
    Total assets $ 5,092,192     $ 5,032,902     $ 5,040,510  
    Less: Goodwill   59,820       59,820       59,820  
    Less: Intangible assets, net   17,148       17,843       19,972  
    Tangible assets $ 5,015,224     $ 4,955,239     $ 4,960,718  
               
    Total stockholders’ equity to total assets   11.10 %     10.82 %     9.85 %
    Tangible common equity to tangible assets   9.73       9.42       8.40  
               
    Shares of common stock outstanding   31,631,431       31,559,366       31,612,888  
               
    Book value per share $ 17.86     $ 17.26     $ 15.71  
    Tangible book value per share   15.43       14.80       13.19  
                           
    Reconciliation of Non-GAAP Financial Measures –
    Return on Average Tangible Common Equity,
    Adjusted Return on Average Stockholders’ Equity and Adjusted Return on Average Tangible Common Equity
      Three Months Ended
    (dollars in thousands) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
               
    Average Tangible Common Equity          
    Total stockholders’ equity $ 554,715     $ 541,535     $ 493,976  
    Less: Goodwill   59,820       59,820       59,820  
    Less: Intangible assets, net   17,480       18,170       20,334  
    Average tangible common equity $ 477,415     $ 463,545     $ 413,822  
               
    Net income $ 19,075     $ 20,272     $ 15,258  
    Adjusted net income   19,253       19,546       18,073  
               
    Return on average stockholders’ equity *   13.95 %     14.89 %     12.42 %
    Return on average tangible common equity *   16.20       17.40       14.83  
               
    Adjusted return on average stockholders’ equity *   14.08 %     14.36 %     14.72 %
    Adjusted return on average tangible common equity *   16.36       16.77       17.57  

    ____________________________________

    *   Annualized measure.

    The MIL Network –

  • MIL-OSI United Kingdom: Scots must act now to protect our democracy.

    Source: Scottish National Party

    Scots must act now to protect our democracy and shared values from the rise of the far right.

    Since becoming your First Minister I have made it my business to bring people together.

    There is a lot that I want to achieve for Scotland – whether that’s eradicating the scourge of child poverty, improving public services like our NHS, raising living standards, or facing the climate emergency head-on.

    I know we have all the ingredients we need to be a thriving country, and I want us to pull together. Fundamentally I want to build a Scotland that faces the future with confidence, where everyone feels they have a stake, and where we have the powers we need to reach our potential.

    But it’s not hard to see why, for many, the future doesn’t currently feel so bright. We have been living through a global pandemic and are experiencing an unprecedented squeeze on living standards. It feels like society is becoming ever more polarised, and the world around us ever more uncertain.

    There have always been those who seek to exploit such fear and anxiety to sow hatred, to demonise minority groups, to spread disinformation and even undermine democracy itself.

    None of this anxiety is unique to Scotland. The far right is on the rise across the West – we must not sit back and assume it cannot happen here.

    Many organisations across Scotland are on the front line of protecting the rights of individuals, building community cohesion and improving democratic participation – be that our faith groups, trade unions, universities, or charitable organisations.

    I want us to pool their knowledge, so this week I will bring them together at a gathering in Glasgow to chart a way forward.

    Alongside other political leaders, I want to strengthen our democratic society.

    How do we – together – combat inequality and discrimination? How can we tackle disinformation? How do we enhance trust in politics and increase accountability? And how do we improve participation in democracy.

    This gathering is the start of an ongoing discussion and I hope it marks a turning point.

    It is about us collectively making a stand, reminding ourselves of who we are, and reaffirming that there is far more that unites us than divides us.

    If we don’t act now to protect our democracy, and our shared values, then I think we will regret that in the years to come. That’s why I will be bringing people together in Glasgow this week.

    Easter reminds us of the triumph of light over darkness

    I hope you have all had a peaceful holiday weekend and I am so grateful to everyone who worked to keep us all safe and supported during that time.

    The core message of Easter is precious to me – it is about the triumph of light over darkness. In world events in 2025, feeling that light can overcome darkness is perhaps more important than ever.

    But it also matters in our individual lives. We can all face tough times. I do. And the feeling that light will overcome darkness helps me, and I hope helps you, to deal with tough times.

    Over Easter, it was good to be able to spend some more time than I normally can as First Minister with my family.

    During the school holidays, Matthew has added golf to the sports he is keen to play. He already enjoys tennis, cricket and hockey. So – I suppose you could say – golf is just another sport with a club and a ball.

    Elizabeth and I watched with admiration as Matthew picked it all up.

    It was a reminder to me that in all the comings and goings of political life, nothing is more reassuring than seeing your child happy and thriving.

    This article was first published in the Daily Record on the 21st of April 2025.

    MIL OSI United Kingdom –

  • MIL-OSI China: US film academy president: China’s cultural voice is rising

    Source: China State Council Information Office 3

    Janet Yang, president of the Academy of Motion Picture Arts and Sciences, recently discussed China’s growing cultural impact and expressed optimism about cultural exchange between China and the United States.

    Janet Yang, president of the Academy of Motion Picture Arts and Sciences, speaks at a forum during the 15th Beijing International Film Festival, Beijing, April 19, 2025. [Photo courtesy of BJIFF Organizing Committee]

    Yang, the first Asian American president to lead the film academy, is currently attending the 15th Beijing International Film Festival, which opened on April 18. The nonprofit academy behind the Oscars remains the world’s premier organization for film artists with nearly 11,000 members.

    The New York-born producer and daughter of Chinese immigrants has long been a significant figure in Hollywood’s Asian American community. Her career rose to prominence through her collaboration with Steven Spielberg on “Empire of the Sun,” which was filmed in Shanghai. Her subsequent film and television credits include “The Joy Luck Club,” “The People vs. Larry Flynt,” “Dark Matter” and “Over the Moon.”

    “My personal and professional experiences tell me that film has a unique power to bring people together,” she said at a forum during the film festival on April 19. “That is why I remain perpetually optimistic about cultural exchange between not only our two nations, but among everyone everywhere in the world.”

    She explained global film collaboration matters because filmmaking is inherently collaborative. Exchanging ideas and techniques enriches creativity and builds universal narratives that drive economic success. As new technologies break barriers, cross-border collaboration becomes indispensable.

    “Strategies in today’s competitive market for Chinese filmmakers with such a rich cultural legacy, embracing collaboration with international artists, particularly those with an interest in the culture, have amplified Chinese storytelling and created significant financial opportunities. In essence, global collaboration is both a pathway to cultural innovation and a strategic economic advantage that benefits us all,” she said.

    Yang noted audiences now strongly respond to original, emotionally true and culturally specific stories, citing “Parasite,” 2020’s historic non-English Oscar best picture winner, and this year’s winner “Anora,” a small, intimate film with deep humanity. Asian diaspora stories are also gaining major award recognition, she observed, with films like “Everything Everywhere All at Once” — a Chinese American independent absurdist sci-fi comedy-drama — winning seven Oscars including best picture in 2023. Independent Chinese cinema, such as Guan Hu’s “Black Dog,” which was nominated for a film independent spirit award after its Cannes premiere, proves budget constraints do not limit humanistic force.

    “These films prove that audiences don’t need to fully understand the culture to be moved by it,” she said. “For Chinese filmmakers, this is an amazing opportunity to go global, to get films out into the international marketplace.”

    Yang’s own journey stands as a powerful testament to the value of film as a cultural bridge. She recalled how a 1972 trip to China, where she witnessed her parents’ emotional reunion with relatives after 35 years apart, inspired her to study Chinese and later work in Beijing. Immersed in Chinese cinema, she found stories that helped shape her identity and career path. She launched her career by running North America’s first Chinese film distribution company, bringing fifth-generation cinema to Western audiences. She facilitated the making of “Empire of the Sun,” and continues to help forge bonds between Hollywood and China. Following China’s rapid cinematic rise after the 2008 Olympics, she pioneered U.S.-China film summits and co-productions like “Shanghai Calling” and a localized “High School Musical” adaptation.

    She noted challenges confronting world cinemas, including lower box office numbers following the pandemic and the new realities of artificial intelligence. While recognizing AI as a powerful tool, she warned of potential risks like job losses and films becoming technically proficient but emotionally hollow.

    “Too often, decisions in our business are driven by profit rather than cultural value. We absolutely need a healthy industry to sustain the art form. We also need to protect what makes cinema meaningful — its ability to move us, to challenge us and to reflect our shared humanity,” Yang said.

    The president noted that millions of overseas Chinese long to see their culture reflected and better understood worldwide. “I believe the world is beginning to listen,” she said. 

    Just this past year, remarkable signs showed China’s culture gaining global momentum — from the success of video game “Black Myth: Wukong” and adaptations of “The Three-Body Problem” novel to the record-shattering achievement of animated movie “Ne Zha 2” — demonstrating the country’s growing cultural influence. Social platforms like TikTok, Xiaohongshu and IShowSpeed’s recent livestreams in China further showcase Chinese life, while AI tools like DeepSeek extend this reach.

    “This phenomenon alone has become a powerful cultural moment in its own right — a terribly exciting milestone,” she said. “These are all signals of something larger. China’s cultural voice is rising. It’s claiming its rightful place on the world stage.”

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses 17th Civil Services Day

    Source: Government of India

    Prime Minister Shri Narendra Modi addresses 17th Civil Services Day

    The policies we are working on today, the decisions we are making, are going to shape the future of the next thousand years: PM

    India’s aspirational society – youth, farmers, women – their dreams are soaring to unprecedented heights,To fulfil these extraordinary aspirations, extraordinary speed is essential: PM

    Real progress does not mean small changes but full-scale impact; Clean water in every home, quality education for every child, financial access for every entrepreneur and benefits of digital economy for every village, this is Holistic Development: PM

    Quality in governance is determined by how deeply schemes reach the people and their real impact on the ground: PM

    In the past 10 years, India has moved beyond incremental change to witness impactful transformation: PM

    India is setting new benchmarks in governance, transparency and innovation: PM

    The approach of ‘Janbhagidari’ turned the G20 into a people’s movement and the world acknowledged,India is not just participating, it is leading: PM

    In the age of technology, governance is not about managing systems, it is about multiplying possibilities: PM

    We have to increase the competence of civil servants so that we can prepare a future-ready civil service; That is why I consider both Mission Karmayogi and Civil Service Capacity Building Programme very important: PM

    Posted On: 21 APR 2025 1:14PM by PIB Delhi

    The Prime Minister, Shri Narendra Modi addressed Civil Servants on the occasion of 17th Civil Services Day at Vigyan Bhawan in New Delhi today. He also conferred the Prime Minister’s Awards for Excellence in Public Administration. Addressing the gathering, the Prime Minister congratulated everyone on the occasion of Civil Services Day and highlighted the significance of this year’s celebration, as it marks the 75th year of the Constitution and the 150th birth anniversary of Sardar Vallabhbhai Patel. Recounting Sardar Patel’s iconic statement on April 21, 1947, where he referred to civil servants as the ‘Steel Frame of India’, Shri Modi emphasized Patel’s vision of a bureaucracy that upholds discipline, honesty, and democratic values, serving the nation with utmost dedication. He underscored the relevance of Sardar Patel’s ideals in the context of India’s resolve to become a Viksit Bharat and paid a heartfelt tribute to Sardar Patel’s vision and legacy.

    Reflecting on his earlier statement from the Red Fort, emphasizing the need to strengthen the foundation of India for the next thousand years, Shri Modi noted that 25 years have already passed in this millennium, marking the 25th year of the new century and the new millennium. “The policies we are working on today, the decisions we are making, are going to shape the future of the next thousand years”, he highlighted. Quoting ancient scriptures, he said just as a chariot cannot move with a single wheel, success cannot be achieved solely by relying on fate without effort. Underscoring the importance of collective effort and determination in achieving the goal of a developed India, he urged everyone to work tirelessly, every day and every moment, towards this shared vision.

    Mentioning the rapid changes occurring globally, noting how even within families, interactions with younger generations can make one feel outdated due to the fast pace of change, the Prime Minister highlighted the swift evolution of gadgets every two to three years and how children are growing up amidst these transformations. He emphasized that India’s bureaucracy, work processes, and policymaking cannot operate on outdated frameworks. He remarked on the significant transformation initiated in 2014, describing it as a grand endeavor to adapt to the fast-paced changes. He highlighted the aspirations of India’s society, youth, farmers, and women, stating that their dreams have reached unprecedented heights and stressed the need for extraordinary speed to fulfill these extraordinary aspirations. The Prime Minister outlined India’s ambitious goals for the coming years, including energy security, clean energy, advancements in sports, and achievements in space exploration, emphasizing the importance of raising India’s flag high in every sector. Underscoring the immense responsibility on civil servants to ensure that India becomes the world’s third-largest economy at the earliest, he urged them to prevent any delays in achieving this critical objective.

    Expressing happiness over the theme of this year’s Civil Services Day, ‘Holistic Development of India’, Shri Modi emphasized that this is not just a theme but a commitment and a promise to the people of the nation. “Holistic development of India means ensuring that no village, no family, and no citizen is left behind”, he stressed, remarking that true progress is not about small changes but about achieving a full-scale impact. He outlined the vision of holistic development, which includes clean water for every household, quality education for every child, financial access for every entrepreneur, and the benefits of the digital economy for every village. He highlighted that quality in governance is not determined by the mere launch of schemes but by how deeply these schemes reach the people and their real impact. The Prime Minister noted the visible impact in districts like Rajkot, Gomati, Tinsukia, Koraput, and Kupwara, where significant progress has been made, from increasing school attendance to adopting solar power. He congratulated the districts and individuals associated with these initiatives, acknowledging their excellent work and the awards received by several districts.

    Highlighting that over the past 10 years, India has progressed from incremental change to impactful transformation, the Prime Minister emphasized that the country’s governance model is now focused on Next Generation Reforms, leveraging technology and innovative practices to bridge the gap between the government and citizens. He noted that the impact of these reforms is evident in rural, urban, and remote areas alike. He remarked on the success of Aspirational Districts and emphasized the equally remarkable achievements of Aspirational Blocks. He recalled that the program was launched in January 2023 and has shown unprecedented results in just two years, highlighting significant progress in indicators such as health, nutrition, social development, and basic infrastructure across these blocks. Citing examples of transformational changes, he said that in the Peeplu Block of Tonk district, Rajasthan, measurement efficiency for children in Anganwadi centers increased from 20% to over 99%, while in the Jagdishpur Block of Bhagalpur, Bihar, registration of pregnant women during the first trimester surged from 25% to over 90%. He further added that in the Marwah Block of Jammu & Kashmir, institutional deliveries rose from 30% to 100% and in the Gurdih Block of Jharkhand, tap water connections grew from 18% to 100%. He emphasized that these are not just statistics but evidence of the government’s resolve for last-mile delivery. “With the right intent, planning, and execution, transformation is possible even in remote areas”, he added.

    Underlining India’s achievements over the past decade, emphasizing transformative changes and the nation’s attainment of new heights, Shri Modi remarked, “India is now recognized not merely for its growth but for setting new benchmarks in governance, transparency, and innovation”. He identified India’s G20 Presidency as a significant example of these advancements, noting that, for the first time in G20’s history, over 200 meetings were held across more than 60 cities, creating a broad and inclusive footprint. He underscored how the approach of public participation transformed the G20 into a people’s movement. “The world has acknowledged India’s leadership; India is not just participating, it is leading”, he affirmed.

    The Prime Minister highlighted the growing discussions around government efficiency, emphasizing that India is 10-11 years ahead of other nations in this regard. He remarked on the efforts made over the past 11 years to eliminate delays, introduce new processes, and reduce turnaround time through technology. He noted that over 40,000 compliances have been removed, and more than 3,400 legal provisions have been decriminalized to promote ease of business. He recalled the resistance faced during these reforms, with critics questioning the need for such changes. However, he emphasized that the government did not succumb to pressure, asserting that new approaches are essential for achieving new results. He further highlighted the improvement in India’s Ease of Doing Business Rankings as a result of these efforts and noted the global enthusiasm for investing in India. The Prime Minister urged the need to capitalize on this opportunity by eliminating red tape at the state, district, and block levels to achieve set goals effectively.

    “The successes of the past 10-11 years have laid a strong foundation for a developed India”, said Shri Modi, remarking that the nation is now beginning to construct the grand edifice of a developed India on this solid base but acknowledged the significant challenges ahead. He noted that India has become the most populous country in the world, emphasizing the prioritization of saturation in basic amenities. He urged a strong focus on last-mile delivery to ensure inclusivity in development. He highlighted the evolving needs and aspirations of the citizens, remarking that the Civil Service must adapt to contemporary challenges to remain relevant. Shri Modi stressed the need for setting new benchmarks, moving beyond comparisons with previous benchmarks. He urged measuring progress against the vision for a developed India by 2047, examining whether the current pace of achieving goals in every sector is adequate, and accelerating efforts wherever necessary. He underscored the advancements in technology available today and called for leveraging its power. Highlighting the accomplishments of the past decade, Shri Modi mentioned the construction of 4 crore houses for the poor, with a target of building 3 crore more, connecting over 12 crore rural households to tap water within 5-6 years, with the aim of ensuring every village household has a tap connection soon. He further mentioned the building of over 11 crore toilets for the underprivileged in the past 10 years, while targeting new goals in waste management and providing free treatment up to ₹5 lakh for millions of underprivileged individuals. Shri Modi emphasized the need for renewed commitments to improve nutrition for citizens and declared that the ultimate goal must be 100% coverage and 100% impact. He highlighted that this approach has lifted 25 crore people out of poverty in the past decade and expressed confidence that it will lead to a poverty-free India.

    Reflecting on the past role of bureaucracy as a regulator that controlled the pace of industrialization and entrepreneurship, the Prime Minister emphasized that the nation has moved beyond this mindset and is now fostering an environment that promotes enterprise among citizens and helps them overcome barriers. “Civil Services must transform into an enabler, expanding its role from merely being the keeper of rule books to becoming a facilitator of growth”, he said. Citing the example of the MSME sector, he highlighted the importance of Mission Manufacturing and how the success of this mission is heavily reliant on MSMEs. The Prime Minister pointed out that amidst global changes, MSMEs, startups, and young entrepreneurs in India have an unprecedented opportunity. He stressed the necessity of becoming more competitive in the global supply chain and noted that MSMEs face competition not just from smaller entrepreneurs but also globally. He remarked that if a small country provides better ease of compliances to its industries, it could outpace Indian startups. Thus, he emphasized the need for India to continuously evaluate its position in global best practices. The Prime Minister asserted that while the goal of Indian industries is to create globally best products, the goal of India’s bureaucracy must be to provide the world’s best ease of compliance environment.

    Emphasising the need for civil servants to acquire skills that not only help them understand technology but also enable its use for smart and inclusive governance, Shri Modi remarked, “In the age of technology, governance is not about managing systems; it is about multiplying possibilities.” He stressed the importance of becoming tech-savvy to make policies and schemes more efficient and accessible through technology. He highlighted the need for expertise in data-driven decision-making to ensure accurate policy design and implementation. Observing the rapid advancements in Artificial Intelligence and Quantum Physics, predicting a forthcoming revolution in technology that will surpass the digital and information age, Shri Modi urged civil servants to prepare for this technological revolution to deliver the best services and fulfill citizens’ aspirations. Underscoring the importance of enhancing the capabilities of civil servants to build a future-ready civil service, he highlighted the significance of Mission Karmayogi and the Civil Service Capacity Building Program in achieving this goal.

    The Prime Minister stressed the need to closely monitor global challenges in rapidly changing times, highlighting that food, water, and energy security remain major issues, particularly for the Global South, where ongoing conflicts are exacerbating difficulties, impacting daily lives and livelihoods. He further stressed the importance of understanding the growing interconnection between domestic and external factors. He identified climate change, natural disasters, pandemics, and cybercrime threats as critical areas requiring proactive action, urging India to stay ten steps ahead in addressing these challenges. He underlined the need to develop localized strategies and build resilience to effectively tackle these emerging global issues.

    Reiterating the concept of “Panch Pran” introduced from the Red Fort, emphasizing the resolve for a developed India, liberation from the mindset of servitude, pride in heritage, the power of unity, and the honest fulfillment of duties, Shri Modi remarked that civil servants are the key carriers of these principles. He stated, “Every time you prioritize integrity over convenience, innovation over inertia, or service over status, you propel the nation forward.” He expressed his complete trust in the civil servants. Addressing young officers embarking on their professional journeys, he highlighted the societal contributions to individual success. He remarked that everyone seeks to give back to society in their own capacity. He emphasized the privilege civil servants have in being able to contribute significantly to society, urging them to make the most of this opportunity provided by the nation and its people.

    The Prime Minister emphasized the need to reimagine reforms for civil servants, calling for an accelerated pace and expanded scale of reforms across sectors. He highlighted key areas such as infrastructure, renewable energy goals, internal security, terminating corruption, social welfare schemes, and targets related to sports and the Olympics, urging the implementation of new reforms in every domain. He remarked that the achievements so far must be surpassed manifold, setting higher benchmarks for progress. The Prime Minister stressed the importance of human judgment in a technology-driven world, urging civil servants to remain sensitive, listen to the voices of the underprivileged, understand their struggles, and prioritize resolving their issues. Concluding his address, he invoked the principle of “Nagrik Devo Bhava,” likening it to the ethos of “Atithi Devo Bhava,” and called on civil servants to see themselves not just as administrators but as architects of a developed India, fulfilling their responsibilities with dedication and compassion.

    Union Minister of State for Ministry of Personnel, Public Grievances and Pensions, Dr Jitendra Singh, Principal Secretary – 2 to Prime Minister, Shri Shaktikanta Das, Cabinet Secretary, Shri T V Somanathan and Secretary, Department of Administrative Reforms & Public Grievances, Shri V Srinivas were present on the occasion. 

    Background

    Prime Minister has always encouraged Civil Servants across India to dedicate themselves to the cause of citizens, be committed to public service and strive towards excellence in their work. This year, 16 awards were given by the Prime Minister in the categories of Holistic Development of Districts, Aspirational Blocks Programme and Innovation to civil servants. They were recognised for work done for the welfare of common citizens through this.

     

     

    ***

    MJPS/SR

    (Release ID: 2123113) Visitor Counter : 39

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Historic Women Representation in Civil Services: Dr. Jitendra Singh Hails Largest-Ever Representation of 74 Women IAS Officers in a Batch of 180, Nearly 41 Percent

    Source: Government of India

    Historic Women Representation in Civil Services: Dr. Jitendra Singh Hails Largest-Ever Representation of 74 Women IAS Officers in a Batch of 180, Nearly 41 Percent

    Union Minister Interacts with IAS Officer Trainees of 2023 batch; Highlights India’s Administrative Transformation and Vision for Viksit Bharat @ 2047

    Interaction was part of the ongoing Assistant Secretary programme, wherein the IAS Officer Trainees are attached to 46 Central Ministries for a period of 8 weeks

    This batch of IAS officers is not only the youngest and most diverse—but also the most representative of New India’s aspirations: Dr. Singh

    Posted On: 20 APR 2025 4:47PM by PIB Delhi

    In a thought-provoking and motivating interaction with the Officer Trainees (OTs) of the 2023 IAS batch, Dr Jitendra Singh, Union Minister of State (Independent Charge) for Science & Technology, Earth Sciences, PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space hailed the largest women representation in the history of Indian Administrative Services, with 74 women officers, making up 41 percent of the current batch of 180 officers.

    The interaction was part of the ongoing Assistant Secretary programme, wherein the IAS Officer Trainees are attached to 46 Central Ministries for a period of 8 weeks from April 1 to May 30, 2025, giving them early exposure to policy formulation and the workings of the Central Government.

    Dr. Jitendra Singh attributed this landmark development to the visionary leadership of Prime Minister Shri Narendra Modi, under whose tenure women-led initiatives have gained unprecedented momentum. “The Prime Minister has always been a champion of women empowerment. This record representation is a testament to his unwavering support for inclusive and progressive governance,” the Minister said.

    The Minister reflected on the inception of the Assistant Secretary Programme in 2015, calling it Prime Minister Modi’s brainchild to give young officers real-time governance exposure at the beginning of their careers. “The programme has brought a resurgence of confidence among officers. During the pandemic, many of these officers performed remarkably when called upon for district-level crisis management,” Dr. Jitendra Singh added.

    As the initiative marks its 10th anniversary, Dr. Jitendra Singh noted its outstanding impact on nurturing capable and confident civil servants. He also celebrated the democratisation of Civil Services, with increasing representation from states like Punjab, Haryana, and the North-East, regions that earlier saw fewer selections.

    The Minister took pride in the academic and professional diversity of the batch, mentioning that 99 officers hail from engineering backgrounds, along with many from medicine and other technical fields. “For years, I wondered why technocrats joined the civil services. But now, I realize the technical nature of flagship Government programmes—from Digital India to Smart Cities—makes their presence a national asset,” he said.

    Dr. Jitendra Singh praised the young average age (22–26 years) of the batch, which provides a long-span career trajectory to contribute to the nation. He urged the officers to stay technologically ahead and make full use of the iGOT Karmayogi platform, a digital learning ecosystem offering continuously updated capacity-building modules.

    “You are fortunate to be in the best of times, when India is rapidly moving towards becoming Viksit Bharat @2047,” he emphasized.

    In an open-floor dialogue with the young officers, Dr. Jitendra Singh expressed support for a more dynamic and flexible civil service ecosystem, where officers may be allowed to gain exposure outside government for a few years and return as domain specialists—a model that he termed “a win-win for both the officer and the government.”

    On the issue of bridging the digital divide, the Minister called technology a great leveller, citing examples like the Swamitva Mission, which eliminates the need for revenue officials by leveraging drone-based property mapping. “This has democratised access to land records and decentralised service delivery at the grassroots,” he said.

    Dr. Jitendra Singh also stressed the importance of grievance redressal mechanisms, urging the trainees to study the CPGRAMS platform, which he described as a global benchmark. “Nearly 26 lakh grievances have been disposed of with a 98% resolution rate, most within 13 days,” he shared.

    Yet, he reminded the officers that human intelligence and empathy must complement technology. “Despite resolving grievances technically, many citizens still feel emotionally dissatisfied. That’s why we have created a ‘human desk’ to provide emotional closure, proving that governance is not just administrative but deeply human,” he remarked.

    In a moving exchange, one of the Officer Trainees quoted Dr. Singh’s past speech “One retires from service, not from citizenship.” Responding to this, Dr. Singh spoke about initiatives to involve retired civil servants through a Digital Repository of Expertise, allowing India to harness their knowledge. He also highlighted the Anubhav Awards, which encourage retiring officers to document their experiences for the benefit of future generations.

    As the interaction concluded, Dr. Jitendra Singh urged the young civil servants to uphold the highest standards of integrity, accountability, and service, aligning their efforts with the spirit of Antyodaya—working for the last man standing.

    “This batch of IAS officers is not only the youngest and most diverse—but also the most representative of New India’s aspirations. Let your work reflect the hopes of a billion people.” said Dr. Jitendra Singh.

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    NKR/PSM

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    MIL OSI Asia Pacific News –

  • MIL-OSI Global: Women are steadier leaders in times of crisis, but they are still being overlooked

    Source: The Conversation – Canada – By Ivona Hideg, Associate Professor and Ann Brown Chair in Organization Studies, York University, Canada

    One persistent gender stereotype is the belief that women are ‘too emotional’ to be effective leaders. This misconception continues to undermine their chances of being considered for leadership roles in the first place. (Shutterstock)

    Please fill out your disclosure statement (red button to the right under your name) when you have a chance

    As Canadians prepare to vote in a federal election during a period of global instability marked by trade disruptions, economic uncertainty, and armed conflict, the country’s political leadership remains notably traditional in one key respect: gender.

    All of Canada’s major political parties are currently led by men, and Canada has never elected a woman as prime minister. Kim Campbell briefly held the office in 1993 after Brian Mulroney’s resignation as leader of the Progressive Conservative Party. Her short tenure ended with a historic electoral defeat for the Conservatives.

    With global tensions rising and Canada facing unprecedented uncertainties, it may seem easy to overlook the lack of women on election ballots. But strong, inclusive leadership is a practical necessity in these uncertain times.

    A growing body of research and real-world examples are challenging longstanding assumptions about what makes an effective leader. In times of crisis, traditional leadership styles marked by dominance and rigidity — usually associated with men — often fall short.

    Instead, leadership styles marked by empathy, flexibility, and open communication — usually associated with women — are proving to be both effective and essential. This kind of leadership helps steady teams when emotions run high and the path forward is unclear — exactly the kind of qualities Canada may need in the near future.

    Leadership during COVID-19

    One persistent gender stereotype is the belief that women are “too emotional” to be effective leaders. This misconception continues to undermine women’s chances of being considered for leadership roles in the first place.

    However, our research findings challenge this assumption and suggest it’s actually men who are more likely to let emotions drive their behaviour during periods of uncertainty.



    Read more:
    The world needs more women leaders — during COVID-19 and beyond

    Our recently published research examined how gender influenced the behaviour of leaders during the COVID-19 pandemic. We analyzed survey responses from a sample of 137 supervisor-subordinate pairs working in the Netherlands during 2020.

    We focused on two dominant emotions during the pandemic — anxiety and hope — as they are both common responses to uncertainty. Anxiety reflects a sense of lost control, while hope suggests some belief in regaining it. These emotions, we predicted, would would shape leaders’ actions.

    Women less likely to be driven by emotion

    Our study found that men leaders who experienced higher levels of hope were more likely to engage in family friendly supervision, which refers to leaders providing support for employees’ non-work demands. This was especially critical during the COVID-19 pandemic.

    However, when men leaders experienced higher levels of anxiety, they were more likely to act out via abusive supervision. This included snapping at employees, making unreasonable demands, or behaving in a punitive way.

    In contrast, the behaviour of women leaders was not influenced by feelings of anxiety or hope. Regardless of how they felt, women were more likely to show consistent, family-supportive behaviours that helped staff manage work-life challenges. They also refrained from lashing out abusively when anxious.

    These findings aligned with our expectations. We anticipated women would be less likely to act on their emotions than men, as women are often conditioned to put the needs of others above their own, especially in times of stress.

    As a result, we expected — and observed — that women leaders would be less affected by their emotions and more likely to consider others.

    The danger of the glass cliff

    Our research highlights the importance of humanising leadership rooted in communal values. One particularly effective approach that does this is transformational leadership, which focuses on inspiring, supporting, and empowering others.

    Studies show that women are more likely to adopt this leadership style. Yet research also reveals a troubling gap: when women lead this way, they are less likely to be recognized or rewarded for it, compared to men. In many cases, women might behave the same as their men counterparts, yet they are judged differently — not based on what they do, but who they are.

    Women are also more likely to be appointed to leadership roles in times of crisis or decline. This phenomenon, known as the “glass cliff,” places women in precarious positions with limited chances of success.

    Consider the case of Campbell, who became party leader just months before an election her party was widely expected to lose. It could be argued she faced a glass cliff. Rather than a fair shot at leadership, she was handed a near-certain defeat.

    These patterns reflect how deeply embedded gender bias is, and how it continues to influence who gets to lead and under what conditions.



    Read more:
    The ‘glass cliff’ is steep for Canada’s female politicians

    The case for caring leadership

    In the face of ongoing U.S. tariffs, threats on Canada’s sovereignty, and other global issues, Canada needs effective leadership more than ever. But in times of crisis, reacting impulsively to strong emotions can be costly.

    The leadership style that appears most effective during turbulent times is based on communal values of care, rather than impulsively reacting to one’s emotions. As our research shows, this approach is more closely aligned with how women often lead, despite persistent stereotypes suggesting that women are overly emotional.



    Read more:
    Growing threats faced by women candidates undermine our democracy

    Yet, women remain underrepresented in leadership positions, especially in politics. Despite this gap, public conversation on the issue remain noticeably silent.

    Although we can’t rewrite the past, we can reflect on what might be missing from leadership today. When we consistently overlook those who lead with compassion, we risk losing out on exactly the kind of leadership that could help our country navigate the turbulent waters ahead.

    Ivona Hideg’s research has received funding from the Social Sciences and Humanities Research Council of Canada (SSHRC).

    Winny Shen receives funding from the Social Sciences and Humanities Research Council of Canada (SSHRC).

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

    – ref. Women are steadier leaders in times of crisis, but they are still being overlooked – https://theconversation.com/women-are-steadier-leaders-in-times-of-crisis-but-they-are-still-being-overlooked-254676

    MIL OSI – Global Reports –

  • MIL-OSI USA: Congresswoman Maxine Waters Condemns Trump Administration Plans to Slash Health Department Funding

    Source: United States House of Representatives – Congresswoman Maxine Waters (43rd District of California)

    Washington, D.C. – Today, Congresswoman Maxine Waters (CA-43) released a statement in response to reports that the Trump administration plans to slash $40 billion from the budget of the Department of Health and Human Services in Fiscal Year 2026, which is about one-third of the department’s current budget. Her statement follows:

    I was absolutely appalled to learn of the Trump administration’s plans to slash $40 billion from the budget of the Department of Health and Human Services.

    Far from making America healthy again, this cruel and senseless budget would dismantle the life-saving programs that enable Americans to stay healthy – from medical research by the National Institutes of Health to disease prevention by the Centers for Disease Control – from substance use treatment by the Substance Abuse and Mental Health Services Administration to the training of our nation’s future health care workforce. This budget will undermine our ability to prevent future pandemics like COVID, influenza, bird flu, and measles, and shut down research to find cures for life-threatening conditions like diabetes, heart disease, cancer, and HIV/AIDS.

    Trump’s plan to dismantle our nation’s HIV/AIDS programs is especially outrageous. The budget would slash funding for the Ryan White program and completely eliminate the CDC’s Division of HIV Prevention, the Ending the HIV Epidemic Initiative, and all funding for the Minority AIDS Initiative within the CDC, SAMHSA, and the Office of the Secretary. 

    I created the Minority AIDS Initiative back in 1998 – with the help of the Clinton Administration and my congressional colleagues – and I am proud that bipartisan majorities in Congress have continued to support this critical initiative for more than two decades. The Minority AIDS Initiative is essential because minorities represent the majority of new HIV diagnoses, people living with HIV/AIDS, and deaths among people with HIV/AIDS.

    Dismantling our nation’s HIV/AIDS programs will have catastrophic consequences for public health, particularly in the most vulnerable communities. HIV prevention programs play a critical role in reducing new infections, promoting testing and early diagnosis, and connecting individuals to life-saving treatment. The decision to zero out prevention funding will destroy the very programs that serve as the first line of defense in our battle against HIV, putting millions of Americans at heightened risk and causing transmission rates to soar. Meanwhile, slashing funding for the Ryan White program will leave thousands of Americans who are living with HIV unable to access comprehensive care and treatment for their infection. 

    This budget is not just reckless – it is deadly. By decimating HIV/AIDS funding, lives will be lost. People who depend on prevention services will be left unprotected. People who rely on outreach programs for testing will go undiagnosed. Health systems that have worked tirelessly to combat this epidemic will be overwhelmed with preventable cases and no federal funding to treat their patients. This is an unconscionable abdication of responsibility by the federal government.

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    MIL OSI USA News –

  • MIL-OSI Asia-Pac: President Lai meets US delegation led by Senator Pete Ricketts

    Source: Republic of China Taiwan

    Details
    2025-04-17
    President Lai meets New Zealand delegation from All-Party Parliamentary Group on Taiwan  
    On the morning of April 17, President Lai Ching-te met with a delegation from New Zealand’s All-Party Parliamentary Group on Taiwan. In remarks, President Lai thanked the government of New Zealand for reiterating the importance of peace and stability across the Taiwan Strait on multiple occasions since last year. He also stated that this year, the Taiwan-New Zealand economic cooperation agreement (ANZTEC) is being implemented in its complete form. The president expressed hope that deeper collaboration in such fields as smart agriculture, food manufacturing, biomedicine, the digital economy, and clean energy, as well as exchanges among our indigenous peoples, will allow our economies and industries to continue evolving as they adapt to the challenges arising from global changes. A translation of President Lai’s remarks follows: I extend a warm welcome to all of our guests. New Zealand’s All-Party Parliamentary Group on Taiwan was established in 2023, marking a significant milestone in the deepening of Taiwan-New Zealand relations. I would like to thank Members of Parliament Stuart Smith and Tangi Utikere for leading this delegation, and thank all our guests for demonstrating support for Taiwan through action. We currently face a rapidly changing international landscape. Authoritarian regimes continue to converge and expand. Democracies must actively cooperate and jointly safeguard peace, stability, and the prosperous development of the Indo-Pacific region. Since last year, the government of New Zealand has on multiple occasions reiterated the importance of peace and stability across the Taiwan Strait. On behalf of the people of Taiwan, I would like to express our sincere gratitude for these statements and demonstrations of support. This year, ANZTEC is being implemented in its complete form. We look forward to exploring even more diverse markets with New Zealand. Deeper collaboration in such fields as smart agriculture, food manufacturing, biomedicine, the digital economy, and clean energy, as well as exchanges among indigenous peoples, will allow our economies and industries to continue evolving as they adapt to the challenges arising from global changes. Taiwan and New Zealand share the universal values of democracy, freedom, and respect for human rights, and parliamentary diplomacy is a tradition practiced by democracies around the world. Looking ahead, our parliamentary exchanges and mutual visits are bound to become more frequent. This will enable us to explore even more opportunities for cooperation and further deepen and solidify the democratic partnership between Taiwan and New Zealand. Thank you once again for making the long journey to visit us. I wish you a fruitful and successful trip. I also hope that everyone can take time to see more of Taiwan, try our local cuisine, and learn more about our culture. I hope our guests will fall in love with Taiwan. MP Smith then delivered remarks, saying that it is a great pleasure and an honor to be received by President Lai. The MP, noting that President Lai already covered many of the points he planned to make, went on to say that New Zealand and Taiwan share many values. He indicated that both are trading nations that rely on easy access for imports and exports, and that is why freedom of navigation is so important. That is why New Zealand had a naval vessel sail through the Taiwan Strait, he said, to underline the importance of freedom of navigation and our mutual security. MP Smith said that they look forward to building stronger relationships and enhancing the trade between our two nations. He added that New Zealand has much to offer in the field of geothermal energy to assist Taiwan, and mentioned that New Zealand is third largest in terms of the number of rocket launchers for satellites, which could assist Taiwan with communications in the future. New Zealand has other products as well, he said, but looks for assistance from Taiwan’s technology and technological sector. Lastly, MP Smith stated that he looks forward to a long and prosperous relationship between Taiwan and New Zealand. MP Utikere then delivered remarks, indicating that like Taiwan, New Zealand is a nation that is surrounded by ocean, which means that they rely on strong partnerships with communities of interest all around the globe. He said that the all-party parliamentary friendship group that was established and that they are a part of goes a long way in ensuring that a secure relationship between our two parliaments can continue to prosper. The MP also thanked Taiwan’s Representative to New Zealand Joanne Ou (歐江安) and her team for their work, which has ensured the success of the delegation’s visit. He said that the delegation experienced meetings with ministers in Taiwan’s government, members of the legislature, and those from the non-government organization sector as well. He also said that they enjoyed the opportunity to visit Wulai, and that the strength of the connections between the indigenous peoples of Taiwan and the indigenous peoples of Aotearoa New Zealand is something that certainly landed with members of the delegation. MP Utikere noted that he will take up President Lai’s offer on experiencing more of Taiwan, and will spend a few extra days in Tainan, which he understands has a very special place in the president’s heart, adding that he looks forward to his time and experiences there. The MP concluded his remarks by saying that this will be a relationship that continues to go from strength to strength. After their remarks, the New Zealand delegation sang the Māori song “Tutira Mai Nga Iwi” to extend best wishes to Taiwan. Also in attendance at the meeting were New Zealand Members of Parliament Jamie Arbuckle, Greg Fleming, Hamish Campbell, Cameron Luxton, and Helen White.  

    Details
    2025-04-15
    President Lai meets delegation led by Tuvalu Deputy Prime Minister Panapasi Nelesone 
    On the afternoon of April 15, President Lai Ching-te met with a delegation led by Tuvalu Deputy Prime Minister and Minister of Finance and Economic Development Panapasi Nelesone and his wife. In remarks, President Lai thanked Tuvalu for its staunch and long-term backing of Taiwan’s international participation. The president said he looks forward to our nations deepening bilateral ties in such areas as agriculture, medicine, education, and information and communications technology and working together toward greater peace, prosperity, and development in the Pacific region. A translation of President Lai’s remarks follows: I extend a very warm welcome to Deputy Prime Minister Nelesone and Madame Corinna Ituaso Laafai as they lead this delegation to Taiwan. Our distinguished guests are the first delegation from Tuvalu that I have received at the Presidential Office this year. During my visit to Tuvalu last year, I met and exchanged views with Deputy Prime Minister Nelesone and the ministers present. I am delighted to meet you again today and thank you once again for the hospitality you accorded my delegation. The culture of Tuvalu and the warmth of its people are not easily forgotten. Tuvalu’s support for Taiwan has also touched us deeply. I want to take this opportunity to thank Tuvalu for staunchly backing Taiwan’s international participation over the past several decades. Our two countries have supported each other like family and have together made contributions in the international arena. Last Tuesday, I received the credentials of Ambassador Lily Tangisia Faavae and expressed my hope for Taiwan and Tuvalu continuing to deepen bilateral relations. This visit by Deputy Prime Minister Nelesone is an important step in that regard. Our two countries will be signing a labor cooperation agreement and an agreement concerning the recognition of training and certification of seafarers. This will expand bilateral cooperation at multiple levels and bring our relations even closer. Taiwan and Tuvalu are maritime nations and share the values of democracy and freedom. Our two countries have stood shoulder to shoulder to protect marine resources and address the challenges posed by climate change and authoritarianism, and we aspire to work toward greater peace, prosperity, and development in the Pacific region. Our nations have produced fruitful results in such areas as agriculture, medicine, education, and information and communications technology. I anticipate that, with the support of Deputy Prime Minister Nelesone and our distinguished guests, we can continue to employ a more diverse range of strategies to begin a new chapter in our diplomatic partnership. Together, we can make even greater and more concrete contributions to regional development. Deputy Prime Minister Nelesone then delivered remarks, first thanking President Lai for his kind words of welcome and the warm hospitality extended to his delegation. On behalf of the government and people of Tuvalu, he conveyed their gratitude to the president and the people of Taiwan for the generous support, as well as for the enduring friendship we share. He said that Taiwan’s steadfast commitment to our bilateral relationship has been instrumental in advancing our shared values of democracy, resilience, and sustainable development. From vital development assistance to cooperation in health, education, and climate change resilience, he added, Taiwan’s contributions have made a significant impact on the lives of the people of Tuvalu.  For Taiwan’s recent generous donation of shoes for Tuvaluan primary school students, Deputy Prime Minister Nelesone expressed thanks to President Lai. He commented that these gifts, which underscore a deep commitment to the welfare of their youth, transcend mere material support; they are symbols of care, friendship, and hope for the future generations. Noting that our bilateral relationship is built on mutual respect, shared values, and a common vision for sustainable development in the Pacific, he expressed confidence that this partnership will continue to flourish and will serve as a beacon of cooperation and solidarity within our region.  The delegation also included Tuvalu Minister of Foreign Affairs, Labour, and Trade Paulson Panapa; Minister of Public Works, Infrastructure Development and Water Ampelosa Tehulu, and was accompanied to the Presidential Office by Tuvalu Ambassador Faavae.

    Details
    2025-04-10
    President Lai pens Bloomberg News article on Taiwan’s response to US reciprocal tariffs
    On April 10, an article penned by President Lai Ching-te entitled “Taiwan Has a Roadmap for Deeper US Trade Ties” was published by Bloomberg News, explaining to a global audience Taiwan’s strategy on trade with the United States, as well as how Taiwan will engage in dialogue with the aim of removing bilateral trade barriers, increasing investment between Taiwan and the US, and reducing tariffs to zero. The following is the full text of President Lai’s article: Last month, the first of Taiwan’s 66 new F-16Vs rolled off the assembly line in Greenville, South Carolina. Signed during President Donald Trump’s first term, the $8 billion deal stands as a testament to American ingenuity and leadership in advanced manufacturing. Beyond its economic impact – creating thousands of well-paying jobs across the US – it strengthens the foundations of peace and stability in the Indo-Pacific.  This deal is emblematic of the close interests shared between Taiwan and the US. Our bond is forged by an unwavering belief in freedom and liberty. For decades, our two countries have stood shoulder-to-shoulder in deterring communist expansionism. Even as Beijing intensifies its air force and naval exercises in our vicinity, we remain resolute. Taiwan will always be a bastion of democracy and peace in the region. This partnership extends well beyond the security realm. Though home to just 23 million people, Taiwan has in recent years become a significant investor in America. TSMC recently announced it will raise its total investment in the US to $165 billion – an initiative that will create 40,000 construction jobs and tens of thousands more in advanced chip manufacturing and R&D. This investment will bolster the emergence of a new high-tech cluster in Arizona. Taiwan is committed to strengthening bilateral cooperation in manufacturing and innovation. As a trade-dependent economy, our long-term success is built on trade relationships that are fair, reciprocal and mutually beneficial. Encouraging Taiwanese businesses to expand their global footprint, particularly in the US, is a vital part of this strategy. Deepening commercial ties between Taiwanese and American firms is another. These core principles will guide our response to President Trump’s reciprocal tariffs. First, we will seek to restart trade negotiations with a common objective of reducing all tariffs between Taiwan and the US. While Taiwan already maintains low tariffs, with an average nominal rate of 6%, we are willing to further cut this rate to zero on the basis of reciprocity with the US. By removing the last vestiges to free and fair trade, we seek to encourage greater trade and investment flows between our two countries. Second, Taiwan will rapidly expand procurement of American goods. Over the past five years, rising demand for semiconductors and AI-related components has increased our trade surplus. In response to these market trends, Taiwan will seek to narrow the trade imbalance through the procurement of energy, agriculture and other industrial goods from the US. These efforts will create thousands of new jobs across multiple sectors.  We’ll also pursue additional arms procurements that are vital to our self-defense and contribute to peace and stability over the Taiwan Strait. During President Trump’s first term, we secured $18 billion in arms deals, including advanced fighter jets, tanks and anti-ship missiles. Future purchases, which are not reflected in trade balances, build on our economic and security partnership while being essential to Taiwan’s “Peace Through Strength” approach. Third, new investments will be made across the US. Already, Taiwanese firms support 400,000 jobs throughout all 50 states. Beyond TSMC, we also see emerging opportunities in electronics, ICT, energy and petrochemicals. We will establish a cross-agency “US Investment Team” to support bilateral trade and investment – and we hope that efforts will be reciprocated by the Trump administration. Fourth, we are committed to removing non-tariff trade barriers. Taiwan will take concrete steps to resolve persistent issues that have long impeded trade negotiations. And finally, we will strongly address US concerns over export controls and improper transshipment of low-cost goods through Taiwan. These steps form the basis of a comprehensive roadmap for how Taiwan will navigate the shifting trade landscape, transforming challenges in the Taiwan-US economic relationship into new opportunities for growth, resilience and strategic alignment. At a time of growing global uncertainty, underpinned by growing Chinese assertiveness, closer trade ties are more than sound economics; they are a critical pillar of regional security. Our approach is long-term and principled, grounded in a lasting commitment to our friendship with the US, a firm belief in the benefits of fair and reciprocal trade, and an unwavering dedication to peace and stability across the Taiwan Strait. We are confident that our shared economic and security interests will not only overcome turbulence in the international trade environment – they will define the future of a free and open Indo-Pacific.

    Details
    2025-04-08
    President Lai receives credentials from new Tuvalu Ambassador Lily Tangisia Faavae  
    On the morning of April 8, President Lai Ching-te received the credentials of new Ambassador Extraordinary and Plenipotentiary of Tuvalu to the Republic of China (Taiwan) Lily Tangisia Faavae. In remarks, President Lai welcomed the ambassador to her new post and thanked Tuvalu for its long-term support for Taiwan’s international participation. The president also noted that joint efforts between our two countries have produced fruitful results in such areas as medicine and public health, agricultural and fisheries technology, and information and communications technology. He expressed his hope that we will continue to deepen our bilateral relations so as to generate even greater well-being for our peoples and promote peace, stability, and prosperity in the Pacific region. A translation of President Lai’s remarks follows: It is a great pleasure today to receive the credentials of Ambassador Extraordinary and Plenipotentiary of Tuvalu Lily Tangisia Faavae. On behalf of the Republic of China (Taiwan), I extend my warmest welcome to you. Last year, the Republic of China (Taiwan) and Tuvalu celebrated 45 years of diplomatic relations. Prime Minister Feleti Teo visited Taiwan in May last year for the inauguration of myself and Vice President Bi-khim Hsiao and again in October for our National Day celebrations. When I visited Tuvalu last December, I was warmly received by the government and people of Tuvalu, and I deeply felt that our two countries were like family. Ambassador Faavae’s posting to Taiwan demonstrates the importance Prime Minister Teo places on our ties. Widely recognized for her exceptional talent, Ambassador Faavae is an outstanding official with extensive experience in public service. Moreover, during her term as Permanent Secretary of the Ministry of Health and Social Welfare, she voiced support for Taiwan at the World Health Assembly. I believe that with her assistance, our two nations will further advance cooperation and exchanges. I want to thank the government of Tuvalu for long supporting Taiwan’s international participation. Furthermore, joint efforts between our two countries have produced fruitful results in such areas as medicine and public health, agricultural and fisheries technology, and information and communications technology. Last year, Prime Minister Teo and I signed a joint communiqué on advancing the comprehensive partnership between Taiwan and Tuvalu. Going forward, we will stand together in tackling the challenges we face, including climate change and expanding authoritarianism. And we will continue to deepen our bilateral relations so as to generate even greater well-being for our peoples and promote peace, stability, and prosperity in the Pacific region. Once again, I warmly welcome Ambassador Faavae to her new post in Taiwan. Please convey warmest regards from Taiwan to Prime Minister Teo and all of our friends in Tuvalu. I wish you all the best in work and life during your term in Taiwan. Ambassador Faavae then delivered remarks, saying that it is a great honor and privilege to meet with President Lai today as the new Ambassador Extraordinary and Plenipotentiary of Tuvalu to Taiwan, and to present to him her letter of credence. She then extended, on behalf of the government and people of Tuvalu, her warmest greetings and deep respect to the president and people of Taiwan. The letter of credence, she noted, signifies the trust and confidence that her government and governor-general have placed in her to represent their nation and to foster and strengthen the bonds of friendship and cooperation between our countries. Ambassador Faavae said that our two countries have enjoyed a longstanding relationship of 45 years based on mutual respect, cooperation, and shared values. She added that we have collaborated, and continue to do so, in such fields as education, health, climate change adaptation and sea level rise mitigation, agriculture, clean energy, and internet connectivity.  Ambassador Faavae pointed out that Tuvalu remains committed to deepening ties with Taiwan and that it values people-to-people connections and our shared Austronesian heritage. She noted that the people of Tuvalu, a small developing nation, have greatly benefited from Taiwan’s advanced technical expertise and diverse financial assistance. She said she believes Tuvalu and Taiwan share a common interest and are united in our efforts and commitment to upholding democracy, peace, stability, and prosperity for our people and making the world better and safer.  Ambassador Faavae stated that as ambassador of Tuvalu to Taiwan, she pledges to work diligently and respectfully to enhance our bilateral relations, promote mutual understanding, and facilitate collaboration in areas of shared concern. The ambassador said she looks forward to collaborating closely with the Taiwan government and other stakeholders to achieve our common objectives and to continue building a more prosperous and harmonious future for our nations. In closing, she thanked President Lai for the opportunity to serve and to further the enduring friendship between our two countries.  

    Details
    2025-03-28
    President Lai meets British Office Taipei Representative Ruth Bradley-Jones
    On the afternoon of March 28, President Lai Ching-te met with British Office Taipei Representative Ruth Bradley-Jones. In remarks, President Lai welcomed Representative Bradley-Jones as she takes up her post in Taiwan, and thanked the United Kingdom government and parliament for demonstrating staunch support for Taiwan. The president indicated that Taiwan and the UK enjoy close economic and trade ties, and our industries complement each other well, with great potential for collaboration in such fields as semiconductors, AI, unmanned vehicles, and medium- and low-orbit satellites. He stated that he looks forward to expanding exchanges with the UK across all domains so as to enhance democratic and economic resilience, jointly advancing the prosperous development of the Indo-Pacific region and economic security around the world. A translation of President Lai’s remarks follows: It is a pleasure to meet Representative Bradley-Jones here at the Presidential Office for this exchange. I understand that she has proactively called at many government agencies since taking up her post last month. On behalf of the people of Taiwan, I extend a warm welcome. Taiwan and the UK are partners that share the values of freedom and democracy. In recent years, our bilateral relations have continued to deepen. With the efforts of Representative Bradley-Jones and our respective governments, I look forward to the expansion of dialogue and cooperation between Taiwan and the UK. This will further elevate our bilateral ties. Especially in the face of expanding authoritarianism, the UK is not only playing an important role in crafting a unified European response; it is also demonstrating staunch support for Taiwan through various channels. For example, joint statements released after the Australia-UK ministerial consultations, as well as the G7 foreign ministers’ meeting, underlined a high level of concern for peace and stability across the Taiwan Strait. The UK government has publicly expressed support for Taiwan’s international participation on multiple occasions. And last November, the UK House of Commons passed a motion clearly asserting that United Nations General Assembly Resolution 2758 does not mention Taiwan. These actions attest to the UK’s belief in supporting democracy and peace, and have further solidified our countries’ friendship. I would like to convey my deepest gratitude to the UK government and parliament.  Currently, the UK is Taiwan’s fourth largest trading partner in Europe and second largest source of investment from Europe. We enjoy close economic and trade ties, and our industries complement each other well. There is also great potential for collaboration in such fields as semiconductors, AI, unmanned vehicles, and medium- and low-orbit satellites. We look forward to expanding exchanges with the UK across all domains so as to enhance democratic and economic resilience. We also hope the UK will continue to support Taiwan’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership so that together, we can work with more like-minded partners, jointly advancing the prosperous development of the Indo-Pacific region and economic security around the world. Once again, I welcome Representative Bradley-Jones to Taiwan and wish her all the best with her work. I anticipate that Taiwan-UK relations will continue to steadily advance through our joint efforts. Representative Bradley-Jones then delivered remarks, first saying in Mandarin that she is honored to meet with President Lai to discuss topics of mutual concern and jointly deepen Taiwan-UK relations, promoting mutual understanding, respect, and cooperation. She went on to say that she came to Taiwan last August to study Mandarin, and began her post as British Office Taipei representative in February this year, noting that every day she learns more about and gains a deeper understanding of Taiwan. Last year, she said, she visited Tainan and Wanli, and found Tainan’s wetlands and the scenery in Wanli very impressive. She added that she has also tried many different Taiwanese foods, and is looking forward to experiencing even more of Taiwan’s local culture and customs over the next four years. Continuing her remarks in English, Representative Bradley-Jones stated that since taking up her post, she has borne witness to the strength of the relationship between Taiwan and the UK and the potential for it to continue to grow. She said that on trade and investment, there is significant complementarity between Taiwan’s Five Trusted Industry Sectors and the UK’s Industrial Strategy, particularly in areas such as digital technologies, advanced manufacturing, and clean energy. Both governments are also together supporting Taiwan and UK businesses through our Enhanced Trade Partnership and annual trade talks, she said. Representative Bradley-Jones went on to say that on science and technology, Taiwan and the UK can and should do more together. She noted that the UK has the third largest tech sector in the world and is valued at over US$1.1 trillion, while Taiwan is the center of the semiconductor and AI hardware world. Given our complementary strengths, especially in areas such as semiconductors, space, and communications technology, she said, the UK has stepped up its level of activity in Taiwan, including by regularly hosting a UK Pavilion at SEMICON and funding 18 joint R&D programs through our new collaborative R&D fund, and looks forward to doing more together in the future.  In support of Taiwan’s whole-of-society resilience, the representative said, the UK is supporting valuable exchanges, co-hosting GCTF (Global Cooperation and Training Framework) workshops, sharing lessons on financial sector resilience, and reaching out to mayors and community leaders across Taiwan. From financial resilience to cyber resilience, she said, the UK’s public sector and private industries have plenty to share and learn. Representative Bradley-Jones stated that on people-to-people links, parliamentarians, civil society, and academics are continuing to deepen contact, and that she is particularly excited by a new smart parliament partnership agreed upon by the Taiwan Foundation for Democracy and the UK’s Westminster Foundation for Democracy, which aims to facilitate cross-party, cross-society, and cross-border exchanges on issues such as democratic governance, AI, inclusive policy-making, and public safety. The representative indicated that the examples she mentioned just scratch the surface of the full potential of the Taiwan-UK relationship. She said that the UK’s longstanding policy remains unchanged, and fundamentally, that is because we share a common set of values and interests. We are together focused on how to make our societies safer and more prosperous tomorrow than they are today, she said, and as like-minded democracies, innovative economies, and practical partners, the sincere and pragmatic cooperation between Taiwan and the UK is bringing material benefits to the prosperity and well-being of our people every day. 

    Details
    2025-04-06
    President Lai delivers remarks on US tariff policy response
    On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions.  However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods:  1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age.  4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: GLSC Invasive Sea Lamprey, COVID-Pause Study Highlighted in Great Lakes Fishery Commission Press Release and Detroit Free Press Article

    Source: US Geological Survey

    A recent study led by GLSC’s Ben Marcy-Quay (Millersburg, MI), published on March 25, 2025, in Fisheries (https://doi.org/10.1093/fshmag/vuaf020), quantifies the effect of reduced sea lamprey control effort in 2020-2021 during the COVID-19 pandemic. The multi-agency team, which included Sean Lewandoski (GLSC, Millersburg, MI), Brian O’Malley (GLSC, Oswego, NY), and Nick Johnson, (GLSC, Millersburg, MI), as well as scientists from the U.S. Fish and Wildlife Service, Department of Fisheries and Oceans Canada, New York State Department of Environmental Conservation, Ontario Ministry of Natural Resources, and the Great Lakes Fishery Commission, analyzed a multi-decade suite of lamprey wounding and adult lamprey abundance index data. Results indicate that when sea lamprey control is relaxed, sea lamprey abundance and wounding rates increase substantially (more than 10-fold in some circumstances). The Great Lakes Fishery Commission highlighted the work in an April 10, 2025 press release: Noxious Sea Lampreys Took Advantage of Covid-19 Pandemic, New Study Finds and Ben was interviewed regarding the work by Keith Matheny from the Detroit Free Press for an article published the following day: Sea lamprey control efforts slowed during COVID-19: It let the Great Lakes invaders flourish.

    MIL OSI USA News –

  • MIL-OSI Russia: Saving Lives Together: Donor Day Held at GUU

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    The traditional Donor Day was held at the State University of Management.

    Dozens of children came to donate blood to give a chance for recovery to those who especially need it.

    The traditional voluntary action of the State University of Management to collect donor blood has been held at our university since 2013.

    Before the break due to safety measures during the COVID-19 coronavirus pandemic, the event was held twice a year and consistently attracted between 50 and 200 people at different times.

    Since the pandemic, the campaign has been held once a year, excluding extraordinary collections related to emergency situations.

    GUU thanks everyone who responded on this day. Together we helped people who vitally needed it!

    Subscribe to the TG channel “Our GUU” Date of publication: 04/18/2025

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

    MIL OSI Russia News –

  • MIL-OSI Global: With federal funding in question, artists can navigate a perilous future by looking to the past

    Source: The Conversation – USA – By Johanna K. Taylor, Associate Professor, The Design School, Arizona State University

    Keith Haring paints a mural in New York City on Aug. 20, 1987. Mark Hinjosa/Newsday RM via Getty Images

    In a February 2025 Truth Social post, President Donald Trump declared a “Golden Age in Arts and Culture.”

    So far, this “golden age” has entailed an executive order calling for the federal agency that funds local museums and libraries to be dismantled, with most grants rescinded. The Trump administration has forbidden federal arts funding from going to artists who promote what the administration calls “gender ideology”. There’s been a purge of the board of the Kennedy Center for the Performing Arts, with Trump appointing himself chair. And the administration has canceled National Endowment for the Humanities grants.

    Suffice it to say, many artists and arts organizations across the U.S. are worried: Will government arts funding dry up? Do these cuts signal a new war on arts and culture? How do artists make it through this period of change?

    As scholars who study the arts, activism and policy, we’re watching the latest developments with apprehension. But we think it’s important to point out that while the U.S. government has never been a global leader of arts funding, American artists have always been innovative, creative and scrappy during times of political turmoil.

    A rocky relationship with the arts

    For much of the country’s early history, government funding for the arts was rarely guaranteed or stable.

    After the Civil War, the Second Industrial Revolution facilitated massive concentrations of wealth, in what became known as the the Gilded Age. Private arts funding soared during this period, with some titans of industry, such as Andrew Carnegie and John D. Rockefeller, seeing it as their duty to build museums, theaters and libraries for the public. The heavy reliance on private funding for the arts troubled some Americans, who feared these institutions would become too exposed to the whims of the wealthy.

    In response, Progressive Era activists and politicians argued that it was the government’s responsibility to build arts spaces accessible to all Americans.

    The Federal Theatre Project was shuttered after a production of ‘Revolt of the Beavers’ in 1937.
    Heritage Art/Heritage Images via Getty Images

    Efforts to fund the arts expanded with the election of Franklin D. Roosevelt in 1932, as the country was reeling from the Great Depression. From 1935 to 1943, the Works Progress Administration provided jobs with stable wages for artists through the Federal Art Project. However, Congress famously terminated the program in response to a 1937 production of “The Revolt of the Beavers,” which conservative politicians denounced for containing overt Marxist themes.

    Nonetheless, over the ensuing decades, the federal government generally signaled its support for the arts.

    Congress established the National Endowment for the Arts and the National Endowment for the Humanities in 1965 to fund arts organizations and artists. And since 1972, the General Services Administration has commissioned public art for federal buildings and organized a registry of prospective artists.

    The NEA gave US$8.4 million in direct funding to artists in 1989 via fellowships and grants. This might be considered the high-water mark for unrestricted government funding for individual artists.

    Andres Serrano’s ‘Piss Christ’ spurred calls to restrict public funding of the arts.
    Fairfax Media/Getty Images

    By the 1980s, sexuality, drugs and American morality had become hot-button political issues. The arts, from music to theater, were at the center of this culture war. Pressure escalated in 1989 when conservative leaders contested two NEA-funded exhibitions featuring work by Andres Serrano and Robert Mapplethorpe, which they deemed homoerotic and anti-Christian. In 1990, Congress instated a “decency clause” guiding all future NEA work. When Republicans regained control of Congress in 1994, they slashed direct funding for the arts.

    With direct funding to artists largely eliminated, today’s artists can indirectly receive federal government support through federal arts agency grants, which are given to arts organizations that then dole out a portion to artists. Local and state government agencies also provide small amounts of direct support for artists.

    The stage of democracy

    Artists and arts organizations have a long legacy of persistence and strategic organizing during periods of political and economic upheaval.

    In the pre-Revolutionary colonies, representatives of the British government banned theatrical performances to discourage revolutionary action. In response, activist playwrights organized underground parlor dramas and informal dramatic readings to keep arts-based activism alive.

    William Wells Brown wrote antislavery plays in the antebellum period.
    Hulton Archive/Getty Images

    Activist theater continued into the antebellum period for the purposes of promoting the abolitionist cause.

    These dramas, often organized by women, would take place in living rooms, outside of public view. The clandestine staged readings – the most famous of which was written by one of the earliest Black American playwrights, William Wells Brown – seeded enthusiasm and solidarity for the antislavery cause. These privately staged readings took place alongside public performances and lectures.

    Craft the world you want

    Dozens of experimental schools like the Highlander Folk School in Tennessee and Commonwealth College in Arkansas were founded in the 1920s and 1930s to train activists.

    Supporting adult learners of all ages – but specifically young adults – they initially focused on arts-based techniques for training workers in labor activism. For example, students wrote short plays based on their experiences of factory work. In their rehearsals and performances, they imagined endings in which workers triumphed over cruel bosses.

    Many programs were residential, rural and embraced early versions of mutual aid, where artists and activists support one another directly through pooling money and resources. Tuition was minimal and generally provided directly from labor organizations and allies, including the American Fund for Public Service. Most teachers were volunteers, and the learning communities often farmed to cover basic necessities.

    Although these institutions faced perpetual threats from local governments and even the FBI, these communal schools became testing grounds for social change. Some programs even became training sites for civil rights activists.

    Curate the world you need

    Black artists have long created spaces for community connection and career development. The Great Migration brought many Black American artists and thinkers to New York City, famously spurring the Harlem Renaissance, which lasted from the end of World War I through the 1920s. During this period, the neighborhood became a fountain of culture, with Black artists producing countless plays, books, music and other visionary works.

    This legacy continued at Just Above Midtown, or JAM, a gallery and arts laboratory led by Linda Goode Bryant from 1974 through 1986 on West 57th Street in Manhattan.

    At the time, arts organizations primarily supported artwork by white men. In response, Goode Bryant launched JAM to create a space that supported and celebrated artists of color. JAM provided arts business workshops, cultivated collaborations and launched the careers of Black artists such as David Hammons and Lorraine O’Grady.

    Linda Goode Bryant attends the opening reception of an exhibition honoring Just Above Midtown at the Museum of Modern Art in New York City on Oct. 3, 2022.
    Eugene Gologursky/Getty Images for The Museum of Modern Art

    The future is now

    Whether or not they realize it, many artists and arts organizations today are integrating lessons from the past.

    In recent years, they’ve promoted the unionization of museum workers and created local mutual aid networks such as the Museum Workers Relief Fund, which was one of many groups fundraising for arts workers during the COVID-19 pandemic. They’re building networks of financial support to share space and money with other artists and arts organizations. And they’re forming cultural land trusts, which create land cooperatives where artists can work and live with one another.

    What’s more, new philanthropic models are reshaping arts funding by elevating the perspectives of artists, rather than those of wealthy funders. CAST in San Francisco helps arts organizations find affordable gallery and performance spaces. The Community and Cultural Power Fund uses a trust-based philanthropy model that allows artists and community members to decide who receives future grants. The Ruth Foundation for the Arts makes artists the decision-makers in giving grants to arts organizations.

    While the current challenges are unprecedented – and funding threats will likely reshape arts organizations and further limit direct support for artists – we’re confident that the arts will persist with or without government support.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. With federal funding in question, artists can navigate a perilous future by looking to the past – https://theconversation.com/with-federal-funding-in-question-artists-can-navigate-a-perilous-future-by-looking-to-the-past-252453

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump’s attacks on central bank threaten its independence − and that isn’t good news for sound economic stewardship (or battling inflation)

    Source: The Conversation – USA – By Cristina Bodea, Professor of Political Science, Michigan State University

    Nearly every country in the world has a central bank – a public institution that manages a country’s currency and its monetary policy. And these banks have an extraordinary amount of power. By controlling the flow of money and credit in a country, they can affect economic growth, inflation, employment and financial stability.

    These are powers that many politicians – including, currently, U.S. President Donald Trump – would seemingly like to control or at least manipulate. That’s because monetary policy can provide governments with economic boosts at key times, such as around elections or during periods of falling popularity.

    The problem is that short-lived, politically motivated moves may be detrimental to the long-term economic well-being of a nation. They may, in other words, saddle the economy with problems further down the line.

    That is why central banks across the globe tend to receive significant leeway to set interest rates independently and free from the electoral wishes of politicians.

    In fact, monetary policymaking that is data-driven and technocratic, rather than politically motivated, has since the early 1990s been seen as the gold standard of governance of national finances. By and large, this arrangement, in which central bankers keep politicians at arm’s length, has achieved its main purpose: Inflation has been relatively low and stable in countries with independent central banks, such as Switzerland or Sweden – certainly until the pandemic and war in Europe began pushing up prices globally.

    In comparison, countries such as Lebanon and Egypt, where independence was never extended, or Argentina and Turkey, where it has been curtailed, have experienced more bouts of high inflation.

    But despite independence being seen to work, central banks over the past decade have come under increased pressure from politicians. They hope to keep interest rates low and reap voter gratitude for a humming economy and cheap loans.

    Trump is one recent example. In his first term as president, he criticized his own choice to head the U.S. Federal Reserve and demanded lower interest rates. After Fed Chair Jerome Powell warned that tariffs are “highly likely” to trigger inflation, Trump lashed out on April 17, 2025, in an online post in which he accused Powell of being “TOO LATE AND WRONG” on interest rate cuts, while suggesting that the central banker’s “termination cannot come fast enough!”

    As political economists, we are not surprised to see politicians try to exert influence on central banks. Monetary policy, even with independence, has always been political. For one thing, central banks remain part of the government bureaucracy, and independence granted to them can always be reversed – either by changing laws or backtracking on established practices.

    Moreover, the reason politicians may want to interfere in monetary policy is that low interest rates remain a potent, quick method to boost an economy. And while politicians know that there are costs to besieging an independent central bank – financial markets may react negatively or inflation may flare up – short-term control of a powerful policy tool can prove irresistible.

    Legislating independence

    If monetary policy is such a coveted policy tool, how have central banks held off politicians and stayed independent? And is this independence being eroded?

    Broadly, central banks are protected by laws that offer long tenures to their leadership, allow them to focus policy primarily on inflation, and severely limit lending to the rest of the government.

    Of course, such legislation cannot anticipate all future contingencies, which may open the door for political interference or for practices that break the law. And sometimes central bankers are unceremoniously fired.

    However, laws do keep politicians in line. For example, even in authoritarian countries, laws protecting central banks from political interference have helped reduce inflation and restricted central bank lending to the government.

    In our own research, we have detailed the ways that laws have insulated central banks from the rest of the government, but also the recent trend of eroding this legal independence.

    Politicizing appointees

    Around the world, appointments to central bank leadership are political – elected politicians select candidates based on career credentials, political affiliation and, importantly, their dislike or tolerance of inflation.

    But lawmakers in different countries exercise different degrees of political control.

    A 2025 study shows that the large majority of central bank leaders – about 70% – are appointed by the head of government alone or with the intervention of other members of the executive branch. This ensures that the preferences of the central bank are closer to the government’s, which can boost the central bank’s legitimacy in democratic countries, but at the risk of permeability to political influence.

    Alternatively, appointments can involve the legislative power or even the central bank’s own board. In the U.S., while the president nominates members of the Federal Reserve Board, the Senate can and has rejected unconventional or incompetent candidates.

    Moreover, even if appointments are political, many central bankers stay in office long after the people who appointed them have been voted out. By the end of 2023, the most common length of the governors’ appointment is five years, and in 41 countries the legal mandate was six years or longer. Powell is set to stay on as Fed chair until his term expires in 2026. The Fed chair position has traditionally been protected by law, as Powell himself acknowledged in November 2024: “We’re not removable except for cause. We serve very long terms, seemingly endless terms. So we’re protected into law. Congress could change that law, but I don’t think there’s any danger of that.” But Trump’s firing of leaders of other independent federal agencies has set up a legal challenge that could affect the Fed, too.

    In the 2000s, several countries shortened the tenure of their central banks’ governors to four or five years. Sometimes, this was part of broader restrictions in central bank independence, as was the case in Iceland in 2001, Ghana in 2002 and Romania in 2004.

    The low inflation objective

    As of 2023, all but six central banks globally had low inflation as their main goal. Yet many central banks are required by law to try to achieve additional and sometimes conflicting goals, such as financial stability, full employment or support for the government’s policies.

    This is the case for 38 central banks that either have the explicit dual mandate of price stability and employment or more complex goals. In Argentina, for example, the central bank’s mandate is to provide “employment and economic development with social equity.”

    Poor monetary policy can lead to rising prices in Argentina.
    AP Photo/Natacha Pisarenko

    Conflicting objectives can open central banks to politicization. In the U.S. the Federal Reserve has a dual mandate of stable prices and maximum sustainable employment. These goals are often complementary, and economists have argued that low inflation is a prerequisite for sustainable high levels of employment.

    But in times of overlapping high inflation and high unemployment, such as in the late 1970s or when the COVID-19 crisis was winding down in 2022, the Fed’s dual mandate has become active territory for political wrangling.

    Since 2000, at least 23 countries have expanded the focus of their central banks beyond just inflation.

    Limits on government lending

    The first central banks were created to help secure finance for governments fighting wars. But today, limiting lending to governments is at the core of protecting price stability from unsustainable fiscal spending.

    History is dotted with the consequences of not doing so. In the 1960s and 1970s, for example, central banks in Latin America printed money to support their governments’ spending goals. But it resulted in massive inflation while not securing growth or political stability.

    Today, limits on lending are strongly associated with lower inflation in the developing world. And central banks with high levels of independence can reject a government’s financing requests or dictate the terms of loans.

    Yet over the past two decades, almost 40 countries have made their central banks less able to limit central government funding. In the more extreme examples – such as in Belarus, Ecuador or even New Zealand – they have turned the central bank into a potential financier for the government.

    Scapegoating central bankers

    In recent years, governments have tried to influence central banks by pushing for lower interest rates, making statements criticizing bank policy or calling for meetings with central bank leadership.

    At the same time, politicians have blamed the same central bankers for a number of perceived failings: not anticipating economic shocks such as the 2007-09 financial crisis; exceeding their authority with quantitative easing; or creating massive inequality or instability while trying to save the financial sector.

    And since mid-2021, major central banks have struggled to keep inflation low, raising questions from populist and antidemocratic politicians about the merits of an arm’s-length relationship.

    But chipping away at central bank independence, as Trump appears to be doing with his open criticism of the Fed chair and implicit threats of dismissal, is a historically sure way to high inflation.

    This is an updated version of an article that was originally published by The Conversation on June 14, 2024.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Trump’s attacks on central bank threaten its independence − and that isn’t good news for sound economic stewardship (or battling inflation) – https://theconversation.com/trumps-attacks-on-central-bank-threaten-its-independence-and-that-isnt-good-news-for-sound-economic-stewardship-or-battling-inflation-254870

    MIL OSI – Global Reports –

  • MIL-OSI Global: Crime is nonpartisan and the blame game on crime in cities is wrong – on both sides

    Source: The Conversation – USA – By Justin de Benedictis-Kessner, Associate Professor of Public Policy, Harvard Kennedy School

    Neither party – Democrats nor Republicans – is doing a better job at fixing crime. Carl Ballou – iStock/Getty Images Plus

    Following George Floyd’s death at the hands of police in Minneapolis in 2020, the U.S. has undergone a national reckoning over crime prevention and police reform.

    Across the country, calls went out from activists to rethink the scope and role of the police. Some on the left vowed to “defund” the police. Others on the right promised to instead “back the blue” and maintain or increase police funding.

    This rhetorical tug-of-war unfolded while many cities across the country grappled with spiking crime rates during the first months of the COVID-19 pandemic.

    Blaming crime on Democratic city leaders was a centerpiece of Donald Trump’s 2024 presidential campaign. He repeatedly made claims about crime spikes in recent years without evidence or context.

    More recently, Republican congressional leaders have called several Democratic mayors from across the country to testify before Congress about their sanctuary city policies that are aimed at protecting noncitizens from deportation. These congressional politicians have asserted that these Democratic mayors – Brandon Johnson of Chicago, Mike Johnston of Denver, Michelle Wu of Boston, and Eric Adams of New York – have “created a public safety nightmare” in their cities by allowing immigrants without legal authorization to stay there.

    Journalists and politicians on both sides of the aisle have claimed that local election results over the past four years in places like San Francisco and Los Angeles reflect a widespread frustration with Democratic policies on crime in cities.

    Under this argument, Democratic city leaders need to change their approach on crime to satisfy voters. It’s become a political axiom of sorts that policies championed largely by Democratic city leaders over the past half decade have resulted in rising crime levels.

    As researchers of politics and public policy, we wanted to figure out if that was true.

    A New York Times headline from June 8, 2022, linking crime rates and the Democratic Party.
    The New York Times

    Neither party does a better job

    As any student of introductory statistics learns, correlation doesn’t imply causation. Looking at increases or decreases in crime rates in Republican or Democratic cities and claiming either party is to blame would be making exactly this error: confusing correlation with causation.

    We put to the test the argument that one side or the other is better at fighting crime in our research published in January 2025. By employing three decades of data on mayoral elections from across the country, we were able to disentangle city leaders’ partisanship from other features of cities.

    Contrary to much of the political rhetoric and media coverage aimed at most Americans, our results show that neither party is doing a better job at actually causing crime to decrease.

    In Dallas, Mayor Eric Johnson has claimed that Democratic leaders aren’t taking public safety seriously and that the Democratic Party is “with the criminals.” Johnson switched from being a Democrat to a Republican in 2023 and attributes his decision at least partially to this partisan difference on crime and policing and the seriousness with which he takes this policy issue.

    But our research shows that Johnson’s and others’ claims about Democratic cities becoming more dangerous just aren’t true: Mayors from the Democratic Party aren’t making cities any more – or less – dangerous than mayors from the Republican Party.

    Nor, it turns out, is there any support for claims by some progressive Democrats that they would reduce the role – and enormous budgets – of police departments in cities across the country.

    When we examined the number of sworn police officers in cities and how much money those cities spend on the police, Democratic and Republican mayors alike have had surprisingly little influence on police department budgets or sizes.

    In other words, Democrats aren’t cutting police budgets, nor are Republicans increasing police budgets. Most cities have increased police budgets in the past few years, possibly due to pressure from police unions.

    Dallas Mayor Eric Johnson speaks during the second day of the 2024 Republican National Convention in Milwaukee on July 16, 2024.
    Andrew Caballero-Reynolds/AFP via Getty Images

    ‘Crime is nonpartisan’

    It turns out that campaign promises from both sides of the partisan aisle about crime and policing have little bearing on what’s happening on the ground in most cities and police departments across the country.

    Neither party is doing a better job at reducing crime. Nor is either party actually addressing the ballooning financial cost of local police forces in the U.S., nor the long-term reputational costs from police misconduct for trust in the police and government more broadly.

    As others have said: crime is nonpartisan.

    Crime has decreased across the U.S. during the past three decades overall, and the isolated cities where crime has increased recently can reverse these temporary trends.

    Partisan blame narratives do little to actually lower crime and make neighborhoods safer, though.

    There are real evidence-backed policies that reduce crime – such as youth jobs programs in Chicago and Boston. Other policies reduce racial disparities in the criminal justice system – such as alternative 911 response programs that use unarmed behavioral health workers to respond to some types of emergencies.

    These policies and interventions might not be as slogan-worthy as “defund the police” or “back the blue.” Nor is implementing these policies as politically convenient as blaming sanctuary city mayors. But research shows that they work and can move cities toward the shared goal of improved public safety for their residents.

    Justin de Benedictis-Kessner has previously received funding from the Bloomberg Center for Cities, the MIT Election Data + Science Lab, the Massachusetts Department of Transportation, and the Boston Area Research Initiative.

    Christopher S. Warshaw receives funding from the MIT Election Data + Science Lab, the Russell Sage Foundation, and Democracy Fund.

    – ref. Crime is nonpartisan and the blame game on crime in cities is wrong – on both sides – https://theconversation.com/crime-is-nonpartisan-and-the-blame-game-on-crime-in-cities-is-wrong-on-both-sides-252218

    MIL OSI – Global Reports –

  • MIL-OSI USA: Governor Newsom responds to DOGE’s dismantling of AmeriCorps: ‘Middle finger to volunteers. We will sue’

    Source: US State of California 2

    Apr 17, 2025

    What you need to know: DOGE’s actions to dismantle AmeriCorps threaten vulnerable Californians, disaster response and recovery, and economic opportunities. California is suing — and ramping up efforts to recruit for the state’s service corps program.

    SACRAMENTO – Today, Governor Gavin Newsom announced that as the Trump Administration dismantles the AmeriCorps service program, California will both challenge the illegal action in court and accelerate recruitment for the California Service Corps program — already the largest service corps in the nation, surpassing the size of the Peace Corps.

    We’ve gone from the New Deal, the New Frontier, and the Great Society to a federal government that gives the middle finger to volunteers serving their fellow Americans. We will sue to stop this.

    Governor Gavin Newsom

    When the devastating fires struck Los Angeles earlier this year, AmeriCorps members were on the ground, distributing supplies and supporting families. As recently as this week, AmeriCorps members were on the ground assisting in recovery. The agency’s shutdown hamstrings these efforts.

    “DOGE’s actions aren’t about making government work better — it’s about making communities weaker,” said GO-Serve Director Josh Fryday. “These actions will dismantle vital lifelines in communities across California. AmeriCorps members are out in the field teaching children to read, supporting seniors and helping families recover after disasters. AmeriCorps is not bureaucracy; it’s boots on the ground.”

    JFK’s America:

    “For I stand tonight facing west on what was once the last frontier. The pioneers… were not ‘every man for himself’ — but ‘all for the common cause.’ They were determined to make that new world strong and free, to overcome its hazards and its hardships…

    “We stand today on the edge  of a New Frontier, a frontier of unknown opportunities and perils, a frontier of unfulfilled hopes and threats.”

    “The New Frontier of which I speak is not a set of promises — it is a set of challenges. It sums up not what I intend to offer the American people, but what I intend to ask of them. It appeals to their pride, not to their pocketbook, it holds out the promise of more sacrifice instead of more security…”

    “I am asking each of you to be pioneers on that New Frontier. My call is to the young in heart, regardless of age — to all who respond to the Scriptural call: ‘Be strong and of a good courage; be not afraid, neither be thou dismayed.’ For courage, not complacency, is our need today.”

    Today: 

    Go f*** yourself. You’re on your own.

    California Service Corps is the largest service force in the nation, consisting of four paid service programs:   

    Combined, it is a force larger than the Peace Corps and is mobilized at a time when California is addressing post-pandemic academic recovery, rebuilding from the LA fires and planning for the future of the state’s workforce. The federal government provides more than half of the funding for California Climate Action Corps and about 5% of College Corps, while the state fully funds the Youth Service Corps.

    In the 2023-24 service year, 6,264 AmeriCorps members in California: 

    • Provided 4,397,674 hours of service
    • Tutored/mentored 73,833 students
    • Supported 17,000 foster youth with education and employment  
    • Planted 39,288 trees

    Members helped 26,000 households impacted by the LA fires and packed 21,000 food boxes.

    Press Releases, Recent News

    Recent news

    Apr 17, 2025

    News What you need to know: Governor Newsom has made the recovery of Los Angeles his highest priority – directing a whole-of-government response to support communities and survivors. LOS ANGELES – On the 100 day milestone since the Eaton and Palisades fires ignited,…

    Apr 17, 2025

    News Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring April 2025, as Arab American Heritage Month. The text of the proclamation and a copy can be found below: PROCLAMATIONThe Arab American community, comprising over 20 nationalities…

    Apr 17, 2025

    News What you need to know: Following Governor Newsom’s state of emergency proclamation to protect communities from catastrophic wildfire, a new online fast-track process now makes it faster to get state-level approvals – in as little as 30 days – for critical forest…

    MIL OSI USA News –

  • MIL-OSI USA: After Los Angeles Wildfires Destroyed 16,000 Homes, Reps. Chu, Sherman Introduce Legislation to Provide Needed Mortgage Relief

    Source: United States House of Representatives – Representative Judy Chu (CA2-27)

    WASHINGTON, D.C. – Today, Reps. Judy Chu (CA-28) and Brad Sherman (CA-32) introduced the Mortgage Relief for Disaster Survivors Act, which would provide homeowners in presidentially declared disaster areas who have a federally backed mortgage with 180 days of mortgage forbearance, with the option of extending for an additional 180 days and without any interest, penalties, or fees accruing. 

    While present law allows for a significant amount of variance across federal mortgage providers to provide relief, this legislation would standardize a baseline of mortgage relief for survivors of any federally declared disaster all across the country. In response to the COVID-19 pandemic, the bipartisan CARES Act, which was signed into law by President Trump in 2020 and which received near unanimous support in both the House and Senate, provided 180 days of mortgage forbearance, with the option of extending for an additional 180 days, for all homeowners with federally backed mortgages. The Mortgage Relief for Disaster Survivors Act is modeled after the mortgage forbearance provisions of that bipartisan law. 

    “Disaster survivors – like thousands of my constituents still reeling from the devastating Eaton Fire – should not have to worrying about missing a mortgage payment in the immediate aftermath of natural disasters,” said Rep. Chu. “Our legislation was drafted after countless conversations with constituents who reached out in the days after the fire worried about making their next mortgage payment. Congress has already worked with President Trump during the coronavirus crisis to provide bipartisan and near unanimous support for such relief for pandemic victims, and the Los Angeles wildfires have made clear to us that all natural disaster victims should receive that relief as well.” 

    “I’m proud to join Congresswoman Chu in working to ensure wildfire victims have the financial relief and stability they need to rebuild,” said Congressman Brad Sherman. “The devastating January wildfires in Los Angeles caused widespread economic harm, and just as we acted with urgency and compassion during the COVID-19 pandemic, we must now adapt the forbearance rules to meet the scale of this disaster.”

    Reps. Chu and Sherman are joined as cosponsors by: Reps. Linda Sánchez (CA-38), Laura Friedman (CA-30), Cleo Fields (LA-06), Jimmy Gomez (CA-34), Lou Correa (CA-46), Ayanna Pressley (MA-07), Jill Tokuda (HI-02), Shri Thanedar (MI-13), Jared Huffman (CA-02), Joe Neguse (CO-02), and Sylvia Garcia (TX-29).

    Click here for the bill text.

    MIL OSI USA News –

  • MIL-OSI: RBB Bancorp Declares Quarterly Cash Dividend of $0.16 Per Common Share

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, April 17, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ: RBB) and its subsidiaries, Royal Business Bank (“the Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as “the Company”, announced that its Board of Directors has declared a quarterly cash dividend of $0.16 per common share. The dividend is payable on May 12, 2025 to common shareholders of record as of April 30, 2025.

    Corporate Overview

    RBB Bancorp is a bank holding company headquartered in Los Angeles, California. As of December 31, 2024, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominantly to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its finance and operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

    Contacts

    Lynn Hopkins, EVP/Chief Financial Officer, (657) 255-3282

    Safe Harbor

    Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the U.S. federal budget or debt or turbulence or uncertainly in domestic of foreign financial markets; the strength of the United States economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; our ability to attract and retain deposits and access other sources of liquidity; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, such as the recent California wildfires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East and increasing tensions between China and Taiwan, which could impact business and economic conditions in the United States and abroad; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system; the impact of future or recent changes in Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate of the rules and regulations related to the calculation of the FDIC insurance assessment amount; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including Accounting Standards Update 2016-13 (Topic 326, “Measurement of Current Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses Model, which changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; market disruption and volatility; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuances of preferred stock; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation (“DFPI”); our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2024, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

    The MIL Network –

  • MIL-OSI Security: Leader and Money Launderer for the KDY Drug Trafficking Crew Sentenced to 160 Months in Federal Prison

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    WASHINGTON – Kenneth Amedola Olugbenga, 29, a leader of and money launderer for the violent Kennedy Street Crew (KDY), was sentenced today to 160 months in federal prison for his role in a massive drug trafficking organization that operated open-air markets in Northwest Washington D.C.

                The sentencing was announced by U.S. Attorney Edward R. Martin, Jr., Chief Pamela Smith of the Metropolitan Police Department (MPD), Agent in Charge Ibrar A. Mian of the Drug Enforcement Administration (DEA) Washington Division, Special Agent in Charge Kareem Carter, of the Internal Revenue Service – Criminal Investigation Washington D.C. Field Office , and ATF Special Agent in Charge Anthony Spotswood of the Bureau of Alcohol, Tobacco, Firearms, and Explosives – Washington Field Division.

                Olugbenga, of Washington D.C., pleaded guilty Sept. 20, 2024, to a two-count Superseding Information, charging him with conspiracy to distribute 500 grams or more of cocaine, cocaine base, and marijuana and for possessing a firearm in furtherance of a drug trafficking offense. In addition to the 160-month prison sentence, U.S. District Judge Beryl A. Howell ordered Olugbenga to serve four years of supervised release. Judge Howell also ordered Olugbenga to forfeit $374,598.00 as part of his sentence.

                KDY members operated open-air drug markets on an 11-block stretch of Kennedy Street in Northwest Washington, D.C., as well as surrounding streets. Like many drug trafficking organizations (DTOs), KDY armed itself with fire power to facilitate the drug trade defend its territory from rival crews and commit other violent crimes. Olugbenga was arrested in June 2023 as part of a coordinated arrest operation in this case and has remained in federal custody since his arrest.

                According to court documents, and by his own admission, Olugbenga served as an organizer and leader of the Kennedy Street Crew. Olugbenga was one of the originators of KDY’s drug trafficking operation via commercial flights from California. He served as the lead money launderer for the crew, establishing phony companies that included an auto detailing business to project an illusion of legitimacy for the crew’s drug trafficking. From 2019 until the date of his arrest, Olugbenga also used a local casino to launder $1.8 million in illegal proceeds from drug trafficking. In addition, Olugbenga used one of the phony businesses to apply for and receive a forgivable Economic Injury Disaster Loan (EIDL) from the Small Business Administration during the COVID-19 pandemic. He used the SBA funds to buy more bulk narcotics.

                Olugbenga took nearly six dozen roundtrip flights to the West Coast over the course of the four-year conspiracy and spent more than $21,000 on one-way airline tickets in one year alone.

                Olugbenga was a bulk supplier of cocaine, both powdered and crack, along with marijuana. He regularly referred customers to other KDY drug trafficking operations when they sought pills or other narcotics that he himself was unable to readily access. He tracked drug expenses and debts within the crew, pooling resources and noting law enforcement seizures over the course of the four-year conspiracy.

                He also engaged in drug activity on KDY turf. Within the open-air drug market in Kennedy Street territory, MPD officers conducted 15 controlled purchases from Olugbenga totaling 52.3 grams of cocaine base.

                On February 20, 2023, in the 500 block of Emerson Street NW, the MPD’s Fourth District Crime Suppression Team observed a Ford Econoline van driving recklessly as it swerved into oncoming traffic to pass a bicyclist. This van was the same vehicle that Olugbenga had been seen using around the open-air drug market on Kennedy Street since the beginning of the investigation. MPD officers attempted to stop the van, chasing it as it fled. The vehicle eventually stopped near the intersection of 7th and Longfellow Streets NW. Olugbenga abandoned the van and fled on foot. The van was subsequently searched, and law enforcement recovered distribution quantities of crack cocaine and marijuana, a loaded Glock handgun, a drug ledger, and a brochure for one of Olugbenga’s shell companies.

                On June 27, 2023, law enforcement arrested Olugbenga and served search warrants at two residences associated with him. At his residence in KDY territory, officers recovered five kilos of marijuana, nearly a kilo of cocaine, and various scales. 

               Of the 17 KDY members charged in connection with the investigation, 16 have now been sentenced. Co-defendant Jovan Williams, aka Chewy, will be sentenced tomorrow, April 18.

               This investigation was conducted under the auspices of the Organized Crime Drug Enforcement Task Force. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

               This case was investigated by the Metropolitan Police Department, the DEA’s Washington Division, the IRS Criminal Investigation Washington, D.C. Field Office, and ATF’s Washington Field Division.

               The matter is being prosecuted by Assistant U.S. Attorneys Matthew W. Kinskey and Sitara Witanachchi, of the of the Violence Reduction and Trafficking Offenses Section of the U.S. Attorney’s Office for the District of Columbia. 

    KDY DEFENDANTS

    NAME

    AGE

    CHARGES/SENTENCES
    Kenneth Ademola Olugbenga 29 Sentenced March 17, 2025, to 360 Months in Prison after Pleading Guilty to Conspiracy to Distribute and Possess with the Intent to Distribute 500 Grams or more of Cocaine Base, and a Detectable Amount of Marijuana; and Possessing a Firearm in Furtherance of a Drug Trafficking Offense.
    Khali Ahmed Brown, aka “Migo Lee” 24 Sentenced January 16, 2025, to 168 Months after Pleading Guilty to Conspiracy to Distribute 100 Kilograms or More of Marijuana and 400 Grams or More of Fentanyl and Oxycodone; Possession of a Firearm in Furtherance of a Drug Trafficking Offense; and Assault with a Dangerous Weapon.
    Keion Michael Brown 21 Sentenced January 16, 2025, to 147 Months for Conspiracy to Distribute 100 Kilograms or More of Marijuana and Oxycodone and Possessing a Firearm in Furtherance of a Drug Trafficking Crime.
    Miasiah Jamal Brown, aka “Michael Jamal Crawford” 23 Sentenced August 16, 2024, to Five Years for Possessing a Firearm in Furtherance of a Drug Trafficking Crime.
    Tristan Miles Ware, aka “Greedy” 24 Sentenced December 13, 2024, to 120 Months for Conspiracy to Distribute 100 Kilos of Marijuana; and Possessing a Firearm During a Drug Trafficking Crime.
    Jovan Williams, aka “Chewy” and “Choo” 20 Sentencing Scheduled for April 18, 2025. Pleaded Guilty to Conspiracy to Distribute 100 Kilograms or More of Marijuana and Armed Carjacking.
    Herman Eric-Bibmin Signou, aka “Herman Signour” 25 Sentenced March 22, 2024, to 40 Months for Conspiracy to Distribute and Possess with Intent to Distribute 100 Kilograms of More of Marijuana
    Cameron Xavier Reid 28 Sentenced May 31, 2024, to 60 Months for Conspiracy to Distribute 100 Kilograms of More of Marijuana.
    Warren Lawrence Fields, III, aka B-Dub 26 Sentenced May 16, 2024, to 60 Months for Possessing a Firearm During a Drug Trafficking Offense and for Conspiracy to Commit Money Laundering.
    Juwan Demetrius Clark, aka “Squirrel” 28 Sentenced January 10, 2025, to 37 Months for Conspiracy to Commit Money Laundering.
    Aaron DeAndre Mercer, aka “Curby,” 34 Sentenced September 13, 2024, to 120 Months for Conspiracy to Distribute 400 Grams or More of Fentanyl, Marijuana, and Cocaine Base.
    David Penn, aka “Turtle” 32 Sentenced November 15, 2024, to 220 Months for Conspiracy to Distribute Marijuana, 40 Grams or More of Fentanyl, and a Mixture of Cocaine Base; and Two Counts of Possessing a Firearm in Furtherance of a Drug Trafficking Offense.
    Ronald Lynn Dorsey, aka “Ron G” and “HBGeezy” 31 Sentenced September 13, 2024, to 30 Months for Conspiracy to Commit Money Laundering.
    Antonio Reginald Bailey, aka “Boy Boy,” and “Fellow King” 24 Sentenced February 8, 2024, to 24 Months for Receiving a Firearm While Under Indictment.
    Anthony Trayon Bailey, aka “Fat Ant,” and “Bizzle” 29 Sentenced April 26, 2024, to 15 Months for Conspiracy to Distribute 100 Kilograms or More of Marijuana, 400 Grams or More of Fentanyl, and a Mixture and Substance Containing a Detectable Amount of Cocaine Base.
    Angel Enrique Suncar, aka “Coqui” 31 Sentenced December 12, 2024, to 60 Months for Possessing a Firearm During a Drug Trafficking Crime.
    Adebayo Adediji Green 31 Sentenced August 16, 2024, to 60 Months for Possessing a Firearm in Furtherance of a Drug Trafficking Crime.

                Defendant Cameron Reid is from Falmouth, VA; all remaining defendants are from Washington, D.C.

    Kenneth Olugbenga photographed at the local casino where he laundered illicit drug proceeds.

    Olugbenga frequented the open-air drug market in the Kennedy Street Corridor, often with his panel van or one of several sedans he operated.

     

    At Olugbenga’s residence in KDY territory, officers recovered nearly five kilograms of marijuana, and nearly a kilogram of cocaine.

    23cr202

    ##

    MIL Security OSI –

  • MIL-OSI USA: Senator Murray Tours WSU-Vancouver Life Sciences Building, Filling Workforce Gaps in Southwest WA

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ***PHOTOS, B-ROLL HERE***
    Vancouver, WA — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, toured Washington State University’s Vancouver campus to see their recently-completed Life Sciences Building, which has been in the works for nearly a decade and specifically works to fill workforce gaps in Southwest Washington, particularly in medicine and nursing. During the visit, Senator Murray heard from students and educators about how the new building allows WSU-Vancouver to expand biology offerings—which were previously limited by a lack of lab space—and provide a new undergraduate degree in chemistry. The Life Sciences Building houses classrooms, lab space for biology and chemistry, and clinical health programs, including biology, chemistry, neuroscience, and nursing.  
    The opening of the Life Sciences Building also freed up space in the existing Science and Engineering Building for a new five-year partnership between the U.S. Forest Service’s Office of International Programs (USFS IP) and WSU Vancouver to combat illegal logging—where students will use state-of-the-art equipment purchased by the USFS IP to assist the Forest Service in detecting illegal timber imports and support the U.S. timber industry by ensuring legitimate trade practices. Right now, U.S. industries lose an estimated $4 billion each year as a direct result of illegal logging. Space in the Science and Engineering Building is currently being renovated for this work, and Forest Service staff will work out of these offices and labs on WSU Vancouver’s campus.  This new partnership is expected to create several new educational opportunities and research outcomes for undergraduate and graduate students and allow WSU to hire new staff. WSU is also a key partner in USFS IP’s Invasive Species Program, which funds research to manage non-native forest pests and pathogens that threaten the health of U.S. forests and grasslands.
    However, Trump and Elon Musk’s mass firings and steep cuts to critical services across the federal government are putting this work in jeopardy—Trump and Musk have already pushed out more than 3,000 U.S. Forest Service employees and their upcoming Reduction In Force (RIF) plans are likely to gut USFS IP and could put the agency’s partnerships with WSU at risk.
    “As a proud Coug, it was great getting to see firsthand how WSU is advancing life science programs for students in Vancouver and filling workforce needs for greater Southwest Washington. Thanks to these new resources and programs, more students will be equipped to become nurses, doctors, and scientists ensuring Washington state continues to lead the way on everything from medical research to preventing invasive species from threatening our forests,” said Senator Murray. “Right now, President Trump is doing everything he can to attack education across the country and abolish the Department of Education that provides really critical support for students at WSU and all over Washington state. Trump’s attacks on the Forest Service also threaten critical partnerships with WSU on everything from combating illegal logging to managing invasive species. I will continue fighting as hard as I can to protect the funding and resources our students and schools like WSU need to thrive.”  
    Last year, the Department of Education distributed over $100 million in federal financial aid and support to help students across Washington attend and complete college.
    “Senator Murray’s visit provided an opportunity to showcase the vital role federally funded research plays in advancing our mission—from driving cutting-edge discoveries that promote health, innovation and economic vitality in our region to expanding access and supporting student success,” said Vice Chancellor for Research and Graduate Education Christine Portfors.
    A senior member and former chair of the HELP Committee, Senator Murray has championed students and families at every stage of her career—fighting to help ensure every child in America can get a high-quality public education. Among other things, Senator Murray negotiated the bipartisan Every Student Succeeds Act (ESSA), landmark legislation that she got signed into law, replacing the broken No Child Left Behind Act. As a longtime appropriator, she has successfully fought to boost funding to support students and invest in our nation’s K-12 schools, and she has secured significant increases to the Pell Grant so that it goes further for students pursuing a higher education. Senator Murray also successfully negotiated the FAFSA Simplification Act, bipartisan legislation to reform the financial aid application process, simplify the FAFSA form for students and parents, and significantly expand eligibility for federal aid.
    Earlier this month, Senator Murray led a letter to Secretary Linda McMahon demanding a reversal of a new policy the Department of Education announced recently that suddenly upended departmental policy and imposed new red tape on states, which will prevent them from accessing pandemic relief funds they are counting on to support students’ learning. Senator Murray also led a letter demanding detailed answers from the Department of Education about the mass firings and other detrimental actions which risk major reductions in support for and oversight of federal investments in our nation’s K-12 schools and institutions of higher education and threaten vital support for students with disabilities, access to Pell Grants and other financial aid, oversight of student loan servicers, scrutiny of for-profit colleges, and more. The letter follows an earlier March 6 letter Senator Murray sent alongside colleagues demanding answers about the chaotic, harmful actions taken by ED since January—which the Department has yet to respond to.
    During Secretary Linda McMahon’s confirmation hearing, Senator Murray pressed McMahon on whether she will ensure approved funding gets out to serve students as the law requires and whether she would protect students’ data from DOGE. She also asked McMahon to name a single requirement of ESSA—and McMahon couldn’t name any. Ahead of McMahon’s confirmation, Senator Murray spoke out on the Senate floor against her nomination and sounded the alarm over President Trump and Elon Musk’s plans to dismantle the U.S. Department of Education.
    A fact sheet outlining how the Department of Education supports students in Washington state is HERE.

    MIL OSI USA News –

  • MIL-OSI Russia: Jordan — IMF Staff Reach Staff Level Agreement on the Third Review under the Extended Fund Facility and Make Progress Toward a Program Supported under the Resilience and Sustainability Facility

    Source: IMF – News in Russian

    April 17, 2025

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • Jordan’s economic program supported by an Extended Fund Facility (EFF) arrangement is firmly on track despite considerable external headwinds. The authorities continue to demonstrate strong commitment to sound macro-economic policies and structural reforms to strengthen Jordan’s resilience, confront uncertainty, and accelerate growth.
    • After a slowdown in 2024, affected by the spillovers from the conflicts in the region, domestic demand and tourism show signs of recovery. This combined with steadfast implementation of structural reforms to create a more dynamic private sector is expected to bring growth to 2.7 percent in 2025. Inflation is expected to remain around 2 percent, as the CBJ continues to successfully safeguard monetary stability and the peg to the US dollar.
    • Substantial progress was made toward agreement on an arrangement under the Resilience and Sustainability Facility to address Jordan’s long-term vulnerabilities in the water and electricity sectors and to enhance its ability to address health emergencies, including future pandemics. Discussions are expected to be continued with the aim to reach agreement soon.

    Amman: A staff team from the International Monetary Fund (IMF), led by Ron van Rooden, visited Amman during April 6–17, 2025, for discussions on the third review under the arrangement under the IMF’s Extended Fund Facility (EFF), which was approved by the IMF’s Executive Board on January 10, 2024 (Press Release). Discussions were also held on an arrangement under the Resilience and Sustainability Facility (RSF). At the conclusion of the mission, Mr. van Rooden issued the following statement:

    “We are pleased to announce that the IMF team and the Jordanian authorities reached a staff-level agreement on the third review of the authorities’ economic reform program supported by the EFF arrangement, approved in January 2024. Program performance continues to be strong, despite a challenging external environment. All quantitative performance criteria for the third review were met and steady progress is being made toward achieving the program’s overall objectives, including strong progress toward meeting the structural benchmarks for this and future reviews. The agreement is subject to approval by the IMF’s management and the Executive Board. The completion of this review will make SDR 97.784 million (about US$130 million) available, out of the approved program size of SDR 926.370 million (about US$1.2 billion).  

    “Jordan’s economy continues to show resilience and macro-economic stability has been maintained, despite considerable external headwinds from the conflicts in Gaza and Lebanon and heightened uncertainty, thanks to authorities’ steady pursuit of sound macro-economic policies and international support. Growth slowed somewhat, but still reached 2.5 percent and inflation remained low, at less than 2 percent in 2024. The budget deficit target was met, as strong measures offset the loss in revenues due to lower domestic demand and lower prices of key export commodities. The current account deficit widened somewhat to 5.9 percent of GDP, in part reflecting lower tourism receipts.

    “Despite increased global uncertainty, including as a result of higher trade tensions and continued conflicts in the region, growth in Jordan has started to pick up pace and is projected to reach 2.7 percent in 2025, as domestic activity and tourism are recovering and investment inflows have increased. The current account deficit is expected to be contained at 5.5 percent of GDP, with higher tourism receipts offsetting higher imports and possible adverse effects on exports from higher trade barriers. Inflation is expected to remain low, at just over 2 percent, reflecting the CBJ’s unwavering commitment to maintaining monetary stability. The CBJ remains firmly committed to the exchange rate peg to the U.S. dollar, which is supported by strong international reserves. Meanwhile, the banking sector continues to demonstrate resilience, with strong capitalization and sound financial health. Barring additional shocks, growth is expected to pick up pace further in the coming years, to over 3 percent, fueled by several large investment projects, including the Aqaba Amman Conveyor project, while deeper regional economic integration, notably with Syria, Lebanon, and Iraq, could further enhance growth prospects.

    “The authorities remain committed to their fiscal policy anchor of placing public debt on a steady downward path, while protecting priority social and development spending. To achieve this, and to cement the progress made in the last few years, the authorities are committed to continuing efforts at mobilizing revenues, improving spending efficiency, and ensuring the financial viability and efficiency of public utilities and the social security corporation (SSC). Steady fiscal consolidation will continue in 2025–28, aiming to bring public debt to 80 percent of GDP by 2028.

    “The authorities are determined to step up the pace of structural reforms to achieve stronger growth and generate more jobs, which is particularly important given that unemployment remains high, particularly among the youth and women. Reforms will focus on improving the business environment, to attract more investment, by enhancing competition and labor market flexibility, while further strengthening the social safety net. Efforts will also focus on streamlining regulation and digitalization of government services, including tax and customs administration.  

    “Substantial progress was made in discussing policies to address Jordan’s long-term vulnerabilities in the water and electricity sectors and to enhance its ability to address health emergencies, including future pandemics, and which could be supported by an arrangement under the Resilience and Sustainability Facility. Discussions are expected to be continued in the coming days aiming to be concluded in Washington DC.

    “The staff team is grateful to the authorities for the candid and constructive discussions. The team met with Prime Minister Hassan, Minister of Finance Shibli, Minister of Planning and International Cooperation Toukan, Minister of Economic Affairs Shehadeh, Governor of the Central Bank of Jordan Al-Sharkas; and other Ministers and senior government and CBJ officials.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/04/17/pr25113-jordan-imf-staff-reach-sla-3rd-rev-under-eff-make-prog-toward-program-supp-under-rsf

    MIL OSI

    MIL OSI Russia News –