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Category: Transport

  • MIL-OSI USA: Bacon Announces Priorities Included in Defense Appropriations Bill

    Source: United States House of Representatives – Congressman Don Bacon (2nd District of Nebraska)

    Bacon Announces Priorities Included in Defense Appropriations Bill

    Secures over $2.3B for Nebraska Defense Research and Air Force Investments 

    Washington – Today, Rep. Don Bacon (NE-02) announced the successful inclusion of over $2.3 billion in critical Nebraska priorities in the Defense Appropriations bill passed by the House of Representatives with a bipartisan majority.  

    “Nebraska has long been recognized as an engine of innovation in the agriculture, medical, financial services, construction, transportation, and technology sectors. Additionally, over the last several years, Nebraska has earned a reputation as one of America’s leading centers of defense and national security research,” said Rep. Bacon. “With today’s House vote we’re a step further in cementing Nebraska’s growing leadership in national security.”

    Rep. Bacon’s Nebraska priorities incorporated in the Defense Appropriations bill passed today include:

    • $1.8 billion for development of the new E-4C Survivable Airborne Operations Center aircraft to be based at Offutt AFB
    • $474 million for 2 additional EA-37B Compass Call aircraft for the 55th Wing
    • $26 million to equip the new Nuclear Command, Control and Communications REACH facility in Bellevue 
    • $5 million for the Air Force Infectious Disease Aerial Transport training program at UNMC Omaha
    • $4.5 million for the University of Nebraska’s National Strategic Research Institute in Omaha
    • $5 million to upgrade RC-135 aircraft based at Offutt AFB
    • $4.8 million for commercial weather data to improve forecasting for the 557th Weather Wing

    ###

    MIL OSI USA News –

  • MIL-OSI USA: H.R. 2027, Returning SBA to Main Street Act of 2025

    Source: US Congressional Budget Office

    Bill Summary

    H.R. 2027 would require the Small Business Administration (SBA) to relocate 30 percent of its employees from its headquarters in Washington, D.C., to regional offices throughout the United States and reduce its headquarters office space by 30 percent. Those changes would be contingent upon the agency determining that they would reduce costs to the federal government.

    Estimated Federal Cost

    The estimated budgetary effect of H.R. 2027 is shown in Table 1. The costs of the legislation fall within budget function 370 (commerce and housing credit).

    Table 1.

    Estimated Changes in Spending Subject to Appropriation Under H.R. 2027
     

    By Fiscal Year, Millions of Dollars

    		  
     

    2025

    2026

    2027

    2028

    2029

    2030

    2025-2030

    Salaries and Benefits

    		              

    Estimated Authorization

    *

    -4

    -10

    -8

    -2

    -2

    -26

    Estimated Outlays

    *

    -3

    -9

    -9

    -3

    -2

    -26

    Overhead Expenses

    		              

    Estimated Authorization

    0

    5

    6

    -5

    -5

    -5

    -4

    Estimated Outlays

    0

    4

    6

    -3

    -5

    -5

    -3

    Total Changes

    		              

    Estimated Authorization

    *

    1

    -4

    -13

    -7

    -7

    -30

    Estimated Outlays

    *

    1

    -3

    -12

    -8

    -7

    -29

    Basis of Estimate

    CBO assumes that H.R. 2027 will be enacted near the end of fiscal year 2025, that the SBA would not begin to relocate employees until 2026, and that the Congress would reduce annual appropriations by the estimated amounts each year. Outlays were estimated using historical obligation and spending rates.

    Spending Subject to Appropriation

    CBO estimates that implementing H.R. 2027 would decrease spending subject to appropriation by $29 million over the 2025-2030 period. The Congress appropriated $974million for the SBA’s administrative expenses in fiscal year 2025.

    Salaries and Benefits. H.R. 2027 would require the SBA to relocate 30 percent of its employees currently assigned to work at the headquarters in Washington, D.C., to regional offices throughout the United States within one year and to adjust their compensation for the new location. Additionally, employees would no longer be allowed to telework unless they qualify for an accommodation under the Americans with Disabilities Act.

    There are currently about 900 full-time employees assigned to work at the SBA headquarters; under the bill, about 270 employees would need to be relocated. CBO assumes that half of those employees would relocate in 2026, and half would choose to leave the agency. CBO expects that it would take about two years for the SBA to hire new employees at regional offices to replace those that leave the agency. The lag in hiring new employees accounts for about 50 percent of the estimated reduction in costs for salaries and benefits.

    Salaries and benefits for federal employees vary by location. Based on information from the SBA, CBO expects that the average salaries and benefits of those employees in 2026 would decrease from about $208,000 to $201,000. Employees that relocate would be eligible to receive amounts to cover their household’s transportation expenses, temporary housing and assistance with selling and purchasing a home.

    Using information from the Department of Agriculture, which relocated two subagencies in 2019, CBO estimates that average relocation expenses would be about $70,000 per employee. Additionally, some employees that leave the SBA would be eligible for severance averaging about $55,000 per employee. After accounting for anticipated inflation, attrition, and the time required to hire new employees, CBO estimates that implementing H.R. 2027 would reduce the costs of SBA’s salaries and benefits by $26 million over the 2025-2030 period. Any reduction in spending would be subject to future appropriations being reduced by the estimated amounts.

    H.R. 2027 also would require the SBA to report within six months on the number of employees at its headquarters who would be eligible to be relocated and a plan for implementing those changes. CBO estimates that the report would cost less than $500,000.

    Overhead Expenses. H.R. 2027 also would require the agency to reduce office space at its headquarters location by 30 percent within two years. Using information from the SBA, CBO estimates that overhead expenses (including rent, security, and telecommunications services) for the affected employees at the SBA headquarters totaled about $6 million in 2025 compared to costs of about $1.5 million at regional offices for the same number of employees.

    Finally, the SBA would require assistance from the General Services Administration (GSA) to locate and set up additional office space in regional offices. Using information from GSA, CBO estimates that the new working and meeting space, furniture, and workstation purchases, and installation of information technology and audiovisual equipment would cost $10 million. CBO expects those costs would be incurred in 2026 and 2027.

    After accounting for inflation, attrition, and the time required for hiring, and acquiring space and under the assumption that the SBA would reduce its office space in Washington, D.C., CBO estimates that implementing the bill would reduce overhead costs for the SBA by $3million over the 2025-2030 period. Any reduction in spending would be subject to future appropriations being reduced by the estimated amounts.

    Uncertainty

    CBO’s estimate of H.R. 2027 is subject to uncertainty because determining how many employees would relocate and the costs associated with their relocation is uncertain. For example, if the SBA paid severance to those that choose to leave the agency, decided not to hire new employees to offset expected attrition, or paid higher or lower relocation expenses, the actual costs could be higher or lower than those estimated.

    Additionally, if employees chose to retire and collect retirement benefits earlier than they would under current law, spending on retirement benefits, which are recorded in the budget as direct spending, would change.

    Pay-As-You-Go Considerations

    Enacting the bill would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.

    Increase in Long-Term Net Direct Spending and Deficits

    CBO estimates that enacting H.R. 2027 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2036.

    Mandates

    The bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.

    Previous CBO Estimate

    On June 27, 2025, CBO transmitted a cost estimate for S. 298, the Returning SBA to Main Street Act, as reported by the Senate Committee on Small Business and Entrepreneurship on March 4, 2025. The two bills are similar, and CBO’s estimates of their budgetary effects are the same.

    Federal Costs: Aurora Swanson

    Mandates: Rachel Austin

    Estimate Reviewed By

    Justin Humphrey
    Chief, Finance, Housing, and Education Cost Estimates Unit

    Kathleen FitzGerald 
    Chief, Public and Private Mandates Unit

    H. Samuel Papenfuss 
    Deputy Director of Budget Analysis

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

  • MIL-OSI USA: H.R. 2027, Returning SBA to Main Street Act of 2025

    Source: US Congressional Budget Office

    Bill Summary

    H.R. 2027 would require the Small Business Administration (SBA) to relocate 30 percent of its employees from its headquarters in Washington, D.C., to regional offices throughout the United States and reduce its headquarters office space by 30 percent. Those changes would be contingent upon the agency determining that they would reduce costs to the federal government.

    Estimated Federal Cost

    The estimated budgetary effect of H.R. 2027 is shown in Table 1. The costs of the legislation fall within budget function 370 (commerce and housing credit).

    Table 1.

    Estimated Changes in Spending Subject to Appropriation Under H.R. 2027
     

    By Fiscal Year, Millions of Dollars

    		  
     

    2025

    2026

    2027

    2028

    2029

    2030

    2025-2030

    Salaries and Benefits

    		              

    Estimated Authorization

    *

    -4

    -10

    -8

    -2

    -2

    -26

    Estimated Outlays

    *

    -3

    -9

    -9

    -3

    -2

    -26

    Overhead Expenses

    		              

    Estimated Authorization

    0

    5

    6

    -5

    -5

    -5

    -4

    Estimated Outlays

    0

    4

    6

    -3

    -5

    -5

    -3

    Total Changes

    		              

    Estimated Authorization

    *

    1

    -4

    -13

    -7

    -7

    -30

    Estimated Outlays

    *

    1

    -3

    -12

    -8

    -7

    -29

    Basis of Estimate

    CBO assumes that H.R. 2027 will be enacted near the end of fiscal year 2025, that the SBA would not begin to relocate employees until 2026, and that the Congress would reduce annual appropriations by the estimated amounts each year. Outlays were estimated using historical obligation and spending rates.

    Spending Subject to Appropriation

    CBO estimates that implementing H.R. 2027 would decrease spending subject to appropriation by $29 million over the 2025-2030 period. The Congress appropriated $974million for the SBA’s administrative expenses in fiscal year 2025.

    Salaries and Benefits. H.R. 2027 would require the SBA to relocate 30 percent of its employees currently assigned to work at the headquarters in Washington, D.C., to regional offices throughout the United States within one year and to adjust their compensation for the new location. Additionally, employees would no longer be allowed to telework unless they qualify for an accommodation under the Americans with Disabilities Act.

    There are currently about 900 full-time employees assigned to work at the SBA headquarters; under the bill, about 270 employees would need to be relocated. CBO assumes that half of those employees would relocate in 2026, and half would choose to leave the agency. CBO expects that it would take about two years for the SBA to hire new employees at regional offices to replace those that leave the agency. The lag in hiring new employees accounts for about 50 percent of the estimated reduction in costs for salaries and benefits.

    Salaries and benefits for federal employees vary by location. Based on information from the SBA, CBO expects that the average salaries and benefits of those employees in 2026 would decrease from about $208,000 to $201,000. Employees that relocate would be eligible to receive amounts to cover their household’s transportation expenses, temporary housing and assistance with selling and purchasing a home.

    Using information from the Department of Agriculture, which relocated two subagencies in 2019, CBO estimates that average relocation expenses would be about $70,000 per employee. Additionally, some employees that leave the SBA would be eligible for severance averaging about $55,000 per employee. After accounting for anticipated inflation, attrition, and the time required to hire new employees, CBO estimates that implementing H.R. 2027 would reduce the costs of SBA’s salaries and benefits by $26 million over the 2025-2030 period. Any reduction in spending would be subject to future appropriations being reduced by the estimated amounts.

    H.R. 2027 also would require the SBA to report within six months on the number of employees at its headquarters who would be eligible to be relocated and a plan for implementing those changes. CBO estimates that the report would cost less than $500,000.

    Overhead Expenses. H.R. 2027 also would require the agency to reduce office space at its headquarters location by 30 percent within two years. Using information from the SBA, CBO estimates that overhead expenses (including rent, security, and telecommunications services) for the affected employees at the SBA headquarters totaled about $6 million in 2025 compared to costs of about $1.5 million at regional offices for the same number of employees.

    Finally, the SBA would require assistance from the General Services Administration (GSA) to locate and set up additional office space in regional offices. Using information from GSA, CBO estimates that the new working and meeting space, furniture, and workstation purchases, and installation of information technology and audiovisual equipment would cost $10 million. CBO expects those costs would be incurred in 2026 and 2027.

    After accounting for inflation, attrition, and the time required for hiring, and acquiring space and under the assumption that the SBA would reduce its office space in Washington, D.C., CBO estimates that implementing the bill would reduce overhead costs for the SBA by $3million over the 2025-2030 period. Any reduction in spending would be subject to future appropriations being reduced by the estimated amounts.

    Uncertainty

    CBO’s estimate of H.R. 2027 is subject to uncertainty because determining how many employees would relocate and the costs associated with their relocation is uncertain. For example, if the SBA paid severance to those that choose to leave the agency, decided not to hire new employees to offset expected attrition, or paid higher or lower relocation expenses, the actual costs could be higher or lower than those estimated.

    Additionally, if employees chose to retire and collect retirement benefits earlier than they would under current law, spending on retirement benefits, which are recorded in the budget as direct spending, would change.

    Pay-As-You-Go Considerations

    Enacting the bill would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.

    Increase in Long-Term Net Direct Spending and Deficits

    CBO estimates that enacting H.R. 2027 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2036.

    Mandates

    The bill contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.

    Previous CBO Estimate

    On June 27, 2025, CBO transmitted a cost estimate for S. 298, the Returning SBA to Main Street Act, as reported by the Senate Committee on Small Business and Entrepreneurship on March 4, 2025. The two bills are similar, and CBO’s estimates of their budgetary effects are the same.

    Federal Costs: Aurora Swanson

    Mandates: Rachel Austin

    Estimate Reviewed By

    Justin Humphrey
    Chief, Finance, Housing, and Education Cost Estimates Unit

    Kathleen FitzGerald 
    Chief, Public and Private Mandates Unit

    H. Samuel Papenfuss 
    Deputy Director of Budget Analysis

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

  • MIL-OSI: Chino Commercial Bancorp Reports 25% Increase in Net Earnings

    Source: GlobeNewswire (MIL-OSI)

    CHINO, Calif., July 18, 2025 (GLOBE NEWSWIRE) — The Board of Directors of Chino Commercial Bancorp (OTC: CCBC), the parent company of Chino Commercial Bank, N.A., announced the results of operations for the Bank and the consolidated holding company for the second quarter ended June 30, 2025.

    Net earnings for the second quarter of 2025 were $1.54 million, reflecting an increase of $308.5 thousand, or 25.04%, compared to the same period last year. Basic and diluted earnings per share were $0.48 for the second quarter of 2025, up from $0.38 for the same quarter in 2024. Net earnings year-to-date increased by 16.85% or by $417.1 thousand, to $2.89 million, as compared to $2.48 million for the same period last year. Net earnings per share was $0.90 for the period ending June 30, 2025, and $0.77 for the same period last year.

    Dann H. Bowman, President and Chief Executive Officer, stated, “We are very pleased with the Bank’s performance in the second quarter of 2025, which set new records for total Assets, total Deposits, net earnings, and total Capital. Loan quality also remains very strong, with the Bank having no delinquent loans at quarter-end.

    We are also proud to announce the opening of the Bank’s fifth location in Corona during the second quarter. Early business development efforts have been very productive, with the branch already having $20 million in new deposits.

    The Bank’s Merchant Services program continues to deliver reliable credit card processing services for its customers, with significant savings and improved cash-flow options.”

    Financial Condition

    As of June 30, 2025, total assets reached $481.9 million, representing an increase of $15.3 million, or 3.3%, from $466.7 million on December 31, 2024. Total deposits rose by $22.7 million, or 6.5%, to $371.6 million, up from $348.9 million on December 31, 2024. Core deposits accounted for 97.01% of total deposits as of June 30, 2025.

    Gross loans increased by $1.02 million, or 0.5%, totaling $206.3 million as of June 30, 2025, compared to $205.2 million as of December 31, 2024. The Bank reported no delinquent loans, and three non-performing loans on non-accrual status, as of June 30, 2025. As of December 31, 2024, the Bank reported no delinquent loans and five non-performing loans on all on nonaccrual status. There were no Other Real Estate Owned (OREO) properties reported at either date.

    Earnings

    The Company reported net interest income of $3.7 million for the three months ended June 30, 2025, compared to $3.2 million for the same period in 2024. Average interest-earning assets were $414.6 million, while average interest-bearing liabilities totaled $221.9 million, resulting in a net interest margin of 3.69% for the second quarter of 2025. This compares favorably to the prior year’s second-quarter margin of 2.95%, based on average interest-earning assets of $432.2 million and average interest-bearing liabilities of $240.2 million.

    Non-interest income totaled $1.0 million in the second quarter of 2025, an increase of 23.0% compared to $822.0 thousand in the second quarter of 2024. Most of the increase was driven by higher service charges and fees on deposit accounts, which rose to $527.2 thousand—an increase of $66.5 thousand, or 14.5%, compared to $460.6 thousand in the same period last year. Merchant services processing revenue also contributed to the growth, totaling $178.8 thousand for the quarter, up $30.0 thousand, or 20.2%, from $148.8 thousand in the second quarter of 2024.

    General and administrative expenses totaled $2.7 million for the three months ended June 30, 2025, compared to $2.3 million for the same period in 2024. The largest component of these expenses was salary and benefits, which amounted to $1.6 million in the second quarter of 2025, up from $1.4 million in the prior year.

    Income tax expense for the quarter was $614.9 thousand, reflecting an increase of $129.4 thousand, or 26.7%, compared to $485.5 thousand for the same period last year. The Company’s effective income tax rate was approximately 28.5% for the period ending June 30, 2025, and 28.3 for the same period last year.

    Forward-Looking Statements

    The statements contained in this press release that are not historical facts are forward-looking statements based on management’s current expectations and beliefs concerning future developments and their potential effects on the Company. Readers are cautioned not to unduly rely on forward-looking statements. Actual results may differ from those projected. These forward-looking statements involve risks and uncertainties, including but not limited to, the health of the national and California economies, the Company’s ability to attract and retain skilled employees, customers’ service expectations, the Company’s ability to successfully deploy new technology and gain efficiencies therefrom, and changes in interest rates, loan portfolio performance, and other factors.

    Contact: Dann H. Bowman, President and CEO or Melinda M. Milincu, Senior Vice President and CFO, Chino Commercial Bancorp and Chino Commercial Bank, N.A., 14245 Pipeline Avenue, Chino, CA. 91710, (909) 393-8880.

         
    Consolidated Statements of Financial Condition    
    As of 6/30/2025    
      Jun-2025
    Ending Balance    		     Dec-2024
    Ending Balance    		  
    Assets    
    Cash and due from banks $56,447,198     $45,256,619  
    Cash and cash equivalents $56,447,198     $45,256,619  
         
    Fed Funds Sold $9,060     $31,029  
         
    Investment securities available for sale, net of zero    
    allowance for credit losses $6,082,331     $6,558,341  
    Investment securities held to maturity , net of zero    
    allowance for credit losses $192,972,194     $190,701,756  
    Total Investments $199,054,525     $197,260,097  
         
    Gross loans held for investments $206,254,179     $205,235,497  
    Allowance for Loan Losses ($4,637,060 )   ($4,623,740 )
    Net Loans $201,617,119     $200,611,757  
    Stock investments, restricted, at cost $3,662,000     $3,576,000  
    Fixed assets, net $8,069,987     $7,255,785  
    Accrued Interest Receivable $1,532,213     $1,539,505  
    Bank Owned Life Insurance $8,600,690     $8,482,043  
    Other Assets $3,492,678     $3,170,159  
         
    Total Assets $481,978,760     $466,678,432  
         
    Liabilities    
    Deposits    
    Noninterest-bearing $172,049,944     $166,668,725  
    Interest-bearing $199,527,255     $182,200,703  
    Total Deposits $371,577,199     $348,869,428  
         
    Federal Home Loan Bank advances $10,000,000     $0  
    Federal Reserve Bank borrowings $40,000,000     $60,000,000  
    Subordinated debt $10,000,000     $10,000,000  
    Subordinated notes payable to subsidiary trust $3,093,000     $3,093,000  
    Accrued interest payable $220,193     $132,812  
    Other Liabilities $1,730,432     $1,877,996  
    Total Liabilities $436,620,824     $423,973,236  
         
    Shareholder Equity    
    Common Stock ** $10,502,558     $10,502,558  
    Retained Earnings $36,952,444     $34,059,943  
    Unrealized Gain (Loss) AFS Securities ($2,097,066 )   ($1,857,305 )
    Total Shareholders’ Equity $45,357,936     $42,705,196  
         
    Total Liab & Shareholders’ Equity $481,978,760     $466,678,432  
         
    ** Common stock, no par value, 10,000,000 shares authorized and 3,211,970 shares issued and outstanding at 6/30/2025 and 12/31/2024
         
             
    Consolidated Statements of Net Income
    As of 6/30/2025
      Jun-2025
    QTD Balance    		     Jun-2024
    QTD Balance    		     Jun-2025
    YTD Balance    		     Jun-2024
    YTD Balance    		  
    Interest Income        
    Interest & Fees On Loans $3,373,949     $2,801,198     $6,695,566     $5,528,999  
    Interest on Investment Securities $1,776,975     $1,945,563     $3,479,765     $3,881,668  
    Other Interest Income $176,702     $489,331     $433,028     $1,520,279  
    Total Interest Income $5,327,626     $5,236,092     $10,608,359     $10,930,946  
             
    Interest Expense        
    Interest on Deposits $1,255,426     $1,054,734     $2,445,727     $2,087,669  
    Interest on Borrowings $273,228     $997,524     $743,147     $2,310,217  
    Total Interest Expense $1,528,654     $2,052,258     $3,188,874     $4,397,886  
             
    Net Interest Income $3,798,972     $3,183,834     $7,419,485     $6,533,060  
             
    Provision For Loan Losses ($2,622 )   $1,794     $8,082     ($1,139 )
             
    Net Interest Income After Provision for Loan Losses $3,801,594     $3,182,040     $7,411,403     $6,534,199  
             
    Noninterest Income        
    Service Charges and Fees on Deposit Accounts $527,202     $460,658     $1,033,560     $900,515  
    Interchange Fees $110,482     $102,761     $216,951     $195,033  
    Earnings from Bank-Owned Life Insurance $60,373     $58,579     $118,647     $114,875  
    Merchant Services Processing $178,751     $148,770     $320,047     $281,538  
    Other Miscellaneous Income $134,621     $51,250     $177,814     $103,522  
             
    Total Noninterest Income $1,011,429     $822,018     $1,867,019     $1,595,483  
             
    Noninterest Expense        
    Salaries and Employee Benefits $1,632,294     $1,420,868     $3,220,764     $2,922,295  
    Occupancy and Equipment $219,906     $168,404     $401,359     $332,473  
    Merchant Services Processing $69,552     $73,394     $146,593     $144,603  
    Other Expenses $736,190     $624,150     $1,466,453     $1,280,128  
             
    Total Noninterest Expense $2,657,942     $2,286,816     $5,235,169     $4,679,499  
             
    Income Before Income Tax Expense $2,155,080     $1,717,243     $4,043,251     $3,450,182  
    Provision For Income Tax $614,855     $485,492     $1,150,750     $974,758  
             
    Net Income $1,540,225     $1,231,751     $2,892,501     $2,475,424  
             
    Basic earnings per share $ 0.48     $ 0.38     $ 0.90     $ 0.77  
             
    Diluted earnings per share $ 0.48     $ 0.38     $ 0.90     $ 0.77  
             
             
    Financial Highlights        
    As of 6/30/2025        
      Jun-2025
    QTD    		     Jun-2024
    QTD    		     Jun-2025
    YTD    		     Jun-2024
    YTD    		  
    Key Financial Ratios        
    Annualized Return on Average Equity   13.88%       12.61%       13.32%       12.85%  
    Annualized Return on Average Assets   1.41%       1.08%       1.32%       1.04%  
    Net Interest Margin   3.69%       2.95%       3.60%       2.91%  
    Core Efficiency Ratio   55.25%       57.09%       56.37%       57.57%  
    Net Chargeoffs/Recoveries to Average Loans   0.00%       0.00%       -0.01%       0.00%  
             
      3 month ended
    Jun-2025
    QTD Avg    		     3 month ended
    Jun-2024
    QTD Avg    		     Jun-2025
    YTD Avg    		     Jun-2024
    YTD Avg    		  
    Average Balances        
    (thousands, unaudited)        
    Average assets $440,184     $458,364     $442,199     $475,291  
    Average interest-earning assets $414,576     $432,215     $416,766     $450,774  
    Average interest-bearing liabilities $221,881     $240,214     $226,466     $258,566  
    Average gross loans $206,619     $187,788     $207,296     $184,961  
    Average deposits $369,282     $331,088     $363,382     $330,519  
    Average equity $44,617     $39,172     $43,924     $38,623  
             
      Jun-2025
    QTD    		     Dec-2024
    YTD    		        
    Credit Quality        
    Non-performing loans $833,565     $1,228,165        
    Non-performing loans to total loans   0.40%       0.60%        
    Non-performing loans to total assets   0.17%       0.26%        
    Allowance for credit losses to total loans   2.25%       2.25%        
    Nonperforming assets as a percentage of total loans and OREO   0.40%       0.60%        
    Allowance for credit losses to non-performing loans   556.29%       376.48%        
             
    Other Period-end Statistics        
    Shareholders equity to total assets   9.41%       9.15%        
    Net Loans to Deposits   54.12%       57.36%        
    Non-interest bearing deposits to total deposits   46.30%       47.77%        
    Company Leverage Ratio   11.48%       10.40%        
    Core Deposits / Total Deposits   97.01%       97.31%        
             

    The MIL Network –

  • MIL-OSI USA: Travel Advisory: Weekend Lane and Ramp Closures Needed at I-295/Route 37 Interchange in Cranston for Opening of New Flyover Bridge

    Source: US State of Rhode Island

    Starting on Friday night, July 25, the Rhode Island Department of Transportation (RIDOT) will have lane and ramp closures lasting through the weekend at the I-295/Route 37 interchange in Cranston. During this time, RIDOT will complete construction on a new flyover ramp that will carry drivers from Route 37 East to I-295 North.

    The closures begin at 8 p.m. Friday and remain in place through 5 a.m. Monday, July 28. Motorists should plan additional time for travel. The affected lanes and ramps include:

    I-295 North & South: The high-speed lane will be closed for both northbound and southbound drivers, reducing the number of travel lanes on I-295 from two to one.

    Route 37 East to I-295 North: The ramp will be closed. Drivers should remain on Route 37 East and use the Route 2 interchange to reverse direction onto Route 37 West, then use the I-295 North ramp.

    The new ramp was built as part of RIDOT’s Cranston Canyon project, and will take traffic over I-295 North so drivers will enter the highway on the right-hand side instead of the left-hand side. This more conventional design will improve safety and reduce crashes.

    When the new flyover bridge opens, RIDOT also will open a new service road alongside I-295 North at the ramps for Route 37. This will provide more room for traffic entering and exiting the highway in a separate lane from I-295 through traffic.

    The new flyover bridge is being constructed as part of a larger $85 million project to make numerous improvements, rebuild six bridges and build one new bridge along the Route 37 corridor west of Pontiac Avenue in Cranston. It includes a number of improvements to improve safety and reduce congestion at the interchange of Route 37 and I-295 and along I-295 itself in the section commonly known as the “Cranston Canyon” because of the rocky walls along the highway. Last year RIDOT completed work on a third travel lane from Route 37 all the way to Route 6 to reduce chronic backups often occurring during rush hour.

    It is the second of three Route 37-focused projects, representing more than $300 million of improvements to address all bridges and safety concerns along the entire highway. Route 37 is a critical east-west freeway in central Rhode Island, linking the cities of Cranston and Warwick, major retail, office and residential areas, Interstate highways and Rhode Island T.F. Green International Airport. With a daily traffic count of 42,000 vehicles, Route 37 is one of the state’s busiest corridors.

    All construction projects are subject to changes in schedule and scope depending on needs, circumstances, findings and weather.

    The construction of the new flyover bridge is made possible by RhodeWorks. RIDOT is committed to bringing Rhode Island’s infrastructure into a state of good repair while respecting the environment and striving to improve it. Learn more at www.ridot.net/RhodeWorks.

    MIL OSI USA News –

  • MIL-OSI Security: Nevada Nurse Practitioner Pleads Guilty to Fraudulent Medicare Wound Care Billing

    Source: US FBI

    LAS VEGAS – A Las Vegas nurse practitioner pleaded guilty today to conspiring to fraudulently bill Medicare for amniotic wound allografts for patients that were medically unreasonable and unnecessary in exchange for illegal health care kickbacks.

    Mary Huntly, 67, was charged with one-count of conspiracy to defraud the United States and pay and receive health care kickbacks. United States District Judge James C. Mahan scheduled sentencing for October 15, 2025.

    According to court documents and admissions made in court by Huntly, she applied medically unnecessary allografts to Medicare beneficiaries that were procured through illegal kickbacks and bribes. Huntly admitted that, from September 2022 through April 2024, her wound care company fraudulently billed Medicare approximately $14,333,550, and Medicare paid approximately $9,105,563 based on those false claims.

    “The defendant applied medically unnecessary allografts for patients and received millions in illegal kickbacks from the fraudulent Medicare claims,” said United States Attorney Chattah for the District of Nevada. “We are committed to working with our partners at the FBI, HHS-OIG, and DCIS to pursue and hold criminal actors accountable for preying on vulnerable citizens and stealing from health care programs.”

    “Medicare and Medicaid, crucial components of our nation’s health care system, are funded by a limited pool of resources,” said Special Agent in Charge Amir Ehsaei for the FBI Las Vegas Division. “Mary Huntly admitted to exploiting the system and taking advantage of America’s most vulnerable populations. She was a trusted healthcare provider, focusing on wound care, and her abuse is significant. The FBI and our federal partners will continue to bring rapacious healthcare professionals like Huntly to justice.”

    “Health care professionals who aim to enrich themselves by performing medically unnecessary procedures undermine the integrity of Federal health care programs and expose their patients to potential harm,” said Deputy Inspector General for Investigations Christian J. Schrank with the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “HHS-OIG, working closely with our law enforcement partners, will continue to aggressively pursue those who commit health care fraud.”

    At sentencing, Huntly faces a maximum statutory penalty of five years in prison. A federal district court judge will determine the sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division; United States Attorney Sigal Chattah for the District of Nevada; Special Agent in Charge Amir Ehsaei for the FBI Las Vegas Division; Deputy Inspector General for Investigations Christian J. Schrank of the Department of Health and Human Services Office of Inspector General; and Acting Special Agent in Charge John E. Helsing for the Department of Defense Office of Inspector General, Defense Criminal Investigative Service (DCIS), Western Field Office made the announcement.

    This case was investigated by the FBI, HHS-OIG, and DCIS. The case is being prosecuted by Assistant U.S. Attorney Jessica Oliva of the District of Nevada and Trial Attorneys Monica Cooper of the Texas Strike Force and Shane Butland of the National Rapid Response Strike Force.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    ###

     

     

    MIL Security OSI –

  • MIL-OSI Security: California Man Indicted for Scheme to Defraud New Jersey Company of Millions of Dollars

    Source: US FBI

    NEWARK, N.J. – A California man has been indicted for fraudulently obtaining millions of dollars from a victim company based in New Jersey, U.S. Attorney Alina Habba announced.

    Joseph Rodriguez, 70, of Irvine, California, is charged by indictment with three counts of wire fraud.  Rodriguez was arrested yesterday and appeared before U.S. Magistrate Judge John D. Early in Santa Ana, California federal court.

    According to documents filed in this case and statements made in court:

    In January 2015, Rodriguez, through his company Old American Incorporated, entered into a factoring agreement with a New Jersey company (identified in the indictment as “Victim-1”) to obtain loans secured or collateralized by accounts receivable.  Under the factoring agreement, in which a business sells its outstanding invoices to a third party for immediate cash, Old American retained control over customer relationships and debt collection and was required to pay back Victim-1 directly within 90 days.

    From February 2023 through July 2023, Rodriguez submitted to Victim-1 fraudulent invoices for future accounts receivable that Rodriguez represented were owed to Old American.  In fact, the customers listed in the invoices Rodriguez provided to Victim-1 did not owe any money to Old American for any outstanding invoices, and there were no accounts payable to turn over.  Based on the fraudulent invoices, Victim-1 made millions of dollars of advance payments to Rodriguez, which he did not return.

    Each of the wire fraud charges carries a maximum penalty of 20 years in prison and a maximum fine of up to $250,000, or twice the gross gain to the defendant or loss to the victim, whichever is greatest.

    U.S. Attorney Habba credited special agents of the Federal Bureau of Investigation, under the direction of Special Agent in Charge Stefanie Roddy in Newark, with the investigation leading to the charges.

    The government is represented by Assistant U.S. Attorneys Farhana C. Melo and Benjamin D. Bleiberg of the Economic Crimes Unit in Newark.

    The charges and allegations contained in the indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.

                                                                                         ###

    MIL Security OSI –

  • MIL-OSI Security: Florida Man Admits Role in $4.8 Million Health Care Fraud and Kickback Scheme

    Source: US FBI

    NEWARK, N.J. – A Florida man today admitted his role in a health care fraud and kickback scheme that caused more than $4.8 million in losses to Medicare, United States Attorney Alina Habba announced.

    Charles P. Kasbee, Jr., 48, of Palm Beach Shores, Florida, pleaded guilty before U.S. District Judge Michael E. Farbiarz in Newark to an Information charging him with one count of conspiracy to commit health care fraud and one count of conspiracy to violate the federal Anti-Kickback Statute.

    According to documents filed in the case and statements made in court:

    From February 2019 to September 2019, Kasbee and his co-conspirators participated in a scheme to submit claims to Medicare for medically unnecessary cancer genetic screening (CGX) tests that were procured through a web of bribes and kickbacks.  Kasbee utilized the services of marketing call centers, which employed deceptive telemarketing techniques to obtain Medicare beneficiaries’ personal and medical information.  Then, Kasbee and others arranged for CGX testing kits to be sent to the identified beneficiaries.  Once the CGX test kits were completed by the beneficiaries, the kits were shipped to a testing laboratory, which submitted claims for reimbursement to Medicare.  Kasbee received kickback payments exceeding $1,200 for each CGX test resulting in Medicare reimbursement.

    To conceal the scheme, Kasbee entered into contracts with his co-conspirators that falsely labeled kickback and bribe payments as “expenses.”  Then, Kasbee and his co-conspirators created false invoices that disguised the true reasons for the kickback and bribe payments.  Instead, Kasbee received payments based solely on the number of CGX tests that Medicare reimbursed, in violation of the federal Anti-Kickback Statute.    

    As a result of the health care fraud and kickback scheme, Kasbee and his co-conspirators caused a loss to Medicare of more than $4.8 million.

    Conspiracy to commit health care fraud carries a maximum potential penalty of 10 years in prison and a $250,000 fine.  Conspiracy to violate the federal Anti-Kickback Statute carries a maximum potential penalty of five years in prison and a $250,000 fine. Sentencing is scheduled for November 19, 2025.

    U.S. Attorney Habba credited special agents of the FBI, under the direction of Special Agent in Charge Stefanie Roddy in Newark; the Department of Health and Human Services-Office of Inspector General, under the direction of Special Agent in Charge Naomi Gruchacz; the U.S. Department of Defense, Office of the Inspector General, Defense Criminal Investigative Service, under the direction of Acting Special Agent in Charge Christopher Silvestro; and the U.S. Department of Veterans Affairs Office of Inspector General, under the direction of Special Agent in Charge Christopher F. Algieri with the investigation leading to the charge.

    The government is represented by Assistant U.S. Attorney Garrett J. Schuman of the Health Care Fraud and Opioid Enforcement Unit.

                                                               ###

    Defense counsel:  Joshua S. Lowther, Esq., Atlanta, GA

    MIL Security OSI –

  • MIL-OSI Security: New York Man Admits Health Care Fraud Scheme for Submitting Falsified Prescriptions to Medicare and Medicaid

    Source: US FBI

    NEWARK, N.J. – A New York man admitted his role in a scheme to defraud Medicare and Medicaid by submitting falsified prescriptions, U.S. Attorney Alina Habba announced today.

    Thomas Conzo, 49, of Staten Island, New York, pleaded guilty today, before U.S. District Judge Michael A. Shipp in Trenton federal court to an information charging him with one count of health care fraud.

    According to documents filed in the case and statements made in court:

    Defendant Thomas Conzo owned and operated Elite Pharmacy, a specialty pharmacy located in Linden, New Jersey. From August 2022 through March 2023, Conzo submitted hundreds of thousands of dollars of fraudulent claims for prescriptions to health care benefit programs, including Medicare and Medicaid, on behalf of Elite Pharmacy.  Conzo used the credentials of pharmacists who did not work at Elite Pharmacy or otherwise review, sign, or authorize those prescriptions.

    The charge of health care fraud is punishable by a maximum potential penalty of 10 years in prison and a fine of $250,000, or twice the gross profit or loss caused by the offense, whichever is greatest. Sentencing is scheduled for December 4, 2025.

    U.S. Attorney Habba credited special agents of the U.S. Postal Inspection Service in Newark, under the direction of Inspector in Charge Christopher A. Nielsen, Philadelphia Division; special agents of the Internal Revenue Service – Criminal Investigation, under the direction of Special Agent in Charge Jenifer Piovesan in Newark; and special agents of the Federal Bureau of Investigation, under the direction of Acting Special Agent in Charge Stefanie Roddy, with the investigation leading to the charges.

    The government is represented by Assistant U.S. Attorney George Brandley of the Health Care Fraud and Opioids Enforcement Unit in Newark.

                                                               ###

    Defense counsel:  Maria Noto, Esq. 

    MIL Security OSI –

  • MIL-OSI USA: Q&A: Organized Retail Crime Costs Families $500 Annually

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    Q: How does organized retail crime impact Main Street businesses and customers?

    A: Organized crime syndicates are rampaging retail stores and cargo fleets across the country through sophisticated criminal schemes. It’s costing businesses and consumers billions of dollars a year. We’re not talking about a kid stealing a candy bar or pack of gum near the checkout counter. These schemes include cybercrime, fraud and other complex cons that have surged in recent years, with the average loss per cargo theft incident exceeding $200,000. Transnational criminal organizations target U.S. shippers, retailers and the supply chain with aggressive tactics overwhelming local law enforcement. Cargo theft costs the supply chain up to $35 billion each year, contributing to higher consumer prices and driving up insurance costs.

    According to the National Retail Federation, more than 73 percent of retailers report shoplifters are exhibiting more violence and aggression than the previous year, putting their employees, customers and law enforcement and security personnel at risk. These orchestrated crimes plunder large quantities of merchandise from retail stores, warehouses and the supply chain. Then criminal enterprises turn around to resell the stolen goods online or through other illicit channels for profit. As chairman of the Senate Judiciary Committee, I held a congressional hearing in July to hear from retailers, shippers and others impacted along the supply chain by these crimes. An executive with the American Trucking Association called for a coordinated federal response to address this dangerous and costly criminal activity and backed my bipartisan bill, the Combatting Retail Crime Act, to establish a multi-agency response, giving law enforcement new tools to respond to the surge in cargo theft across the country.

    At the hearing I brought up recent efforts by the U.S. Department of Justice that indicted 11 defendants, including nine illegal immigrants, with stealing nearly a half-million dollars of Nike shoes from rail cars. Even more serious is when criminals steal from the food supply chain, like from a pallet of groceries or infant formula, since they break the safety seal of the shipping container and ruin the entire cargo container of goods. I also brought up another investigation that connected thefts at a mall in Katy, Texas to a cartel that’s believed to be responsible for over $100 million in theft across the country. It’s a sweeping problem that demands swift justice. Homeland Security Investigations estimate the average American family will pay more than $500 in additional costs each year due to organized retail crime.

    Q: How would your bill combat these crimes?

    A: A few years ago, I convened a roundtable in Cedar Rapids to hear concerns and learn from local retail leaders and law enforcement about the rise in organized retail crimes. Since then, I’ve pushed for a coordinated response at the federal level. The Department of Homeland Security has found that cartels, terrorists and human traffickers facilitate organized retail and supply chain crime and use the proceeds to finance other crimes. It’s a criminal hamster wheel that spans the globe and demands an informed and beefed up response from the nation’s counterterrorism and intelligence agencies. At the Senate hearing in July, I asked the District Attorney for San Diego County why it’s important for prosecutors to aggregate the value of stolen goods. She explained that aggregation distinguishes between someone who shoplifts food to eat from the repeat criminal offender who goes into a store with a calculator to stay under a $950 threshold so that the criminal would only be subject to a misdemeanor. That misguided policy led to retail stores locking up merchandise, instead of prosecutors locking up the perpetrators stealing the merchandise. I was pleased to hear California changed this poppycock policy to allow prosecutors to aggregate stolen merchandise in the pursuit of justice. I’ll continue pushing in Congress for criminal action to be met with criminal punishment.

    MIL OSI USA News –

  • MIL-OSI: Nasdaq statement on the preliminary proxy filed by Invesco QQQ Trust and the proposals contained within it

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 18, 2025 (GLOBE NEWSWIRE) — Today, Nasdaq issued the following statement on the preliminary proxy filed by Invesco QQQ Trust and the proposals contained within it.

    Nasdaq is aware of the preliminary proxy that was filed by Invesco QQQ Trust and the proposals contained within it. Invesco and Nasdaq were engaged in dialogue as Invesco explored bringing these proposals to shareholders.

    The proposed change to the Trust structure does not alter the terms of Nasdaq’s licensing arrangements with Invesco nor the administration of the Nasdaq-100® Index. If the proposals are approved, Invesco will pay the associated license fee out of its unitary management fee, as compared to the current state where the license fee is paid by QQQ directly.

    We remain committed to our strategic partnership with Invesco and delivering the trusted benchmark on which investors rely.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, statements regarding our future financial results and our partnerships, agreements, products and services. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise

    -NDAQF-

    Media Contacts: Maximilian Leitenberger, Nasdaq, Maximilian.leitenberger@nasdaq.com

    Investor Relations Contact: Ato Garrett, Ato.Garrett@Nasdaq.com

    The MIL Network –

  • MIL-OSI: Nasdaq statement on the preliminary proxy filed by Invesco QQQ Trust and the proposals contained within it

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 18, 2025 (GLOBE NEWSWIRE) — Today, Nasdaq issued the following statement on the preliminary proxy filed by Invesco QQQ Trust and the proposals contained within it.

    Nasdaq is aware of the preliminary proxy that was filed by Invesco QQQ Trust and the proposals contained within it. Invesco and Nasdaq were engaged in dialogue as Invesco explored bringing these proposals to shareholders.

    The proposed change to the Trust structure does not alter the terms of Nasdaq’s licensing arrangements with Invesco nor the administration of the Nasdaq-100® Index. If the proposals are approved, Invesco will pay the associated license fee out of its unitary management fee, as compared to the current state where the license fee is paid by QQQ directly.

    We remain committed to our strategic partnership with Invesco and delivering the trusted benchmark on which investors rely.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, statements regarding our future financial results and our partnerships, agreements, products and services. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise

    -NDAQF-

    Media Contacts: Maximilian Leitenberger, Nasdaq, Maximilian.leitenberger@nasdaq.com

    Investor Relations Contact: Ato Garrett, Ato.Garrett@Nasdaq.com

    The MIL Network –

  • MIL-OSI: 21Shares Files for 21Shares FTSE Crypto 10 Index ETF and 21Shares FTSE Crypto 10 ex-BTC Index ETF

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 18, 2025 (GLOBE NEWSWIRE) — 21Shares US LLC today announced that it has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for two Funds, the 21Shares FTSE Crypto 10 Index ETF and the 21Shares FTSE Crypto 10 ex-BTC Index ETF.

    The exchange-traded funds are the first crypto basket ETFs to be registered under the Investment Company Act of 1940. Each Fund is designed to offer diversified exposure to the crypto market through dedicated indexes, constructed by 21Shares and maintained by FTSE Russell.

    • The 21Shares FTSE Crypto 10 Index ETF tracks a market cap-weighted index of the top ten largest crypto assets globally. This index dynamically adjusts to reflect the size and success of each asset, allowing the market itself to determine the leaders. Larger, more relevant cryptocurrencies naturally hold greater weights, capturing the evolving landscape of the crypto space.
    • The 21Shares FTSE Crypto 10 ex-BTC Index ETF tracks a separate FTSE Russell index that excludes Bitcoin, investing exclusively in cryptocurrencies and blockchain networks that focus on real-world applications beyond Bitcoin’s macro hedge proposition.

    Asset inclusion in the index is subject to a dual-layer research review by both FTSE Russell and 21Shares.

    Structured as 1940 Act funds, the ETFs also offer investors a familiar and more tax-efficient vehicle, qualifying for Form 1099 tax reporting instead of the more complex K-1 forms often associated with other structures.

    “These filings represent a step in 21Shares’ regulatory engagement in the U.S.,” said Federico Brokate, Head of U.S. Business at 21Shares. “Investors are increasingly looking for diversified and easy-to-access ways to participate in the long-term growth of digital assets, and 21Shares aims to provide ETF structures to satisfy this demand, subject to regulatory approval.”

    “The methodology and structure behind our digital asset pricing and indices were developed to give investors strategic allocation tools”, said Kristen Mierzwa, Head of Digital Assets at FTSE Russell. “Collaborating with 21Shares on a market exposure pair – with and without Bitcoin – underscores our commitment to innovation in digital asset investing.”

    21Shares is launching the two Funds in partnership with ETF Solutions by Teucrium, who serves as the adviser and white-label platform supporting the development and efficient market entry of these products.

    A registration statement relating to the Funds has been filed with the SEC but has not yet become effective.

    About 21Shares

    21Shares AG, an affiliate of 21Shares US LLC, the sponsor to the 21Shares FTSE Crypto 10 Index ETF and 21Shares FTSE Crypto 10 ex-BTC Index ETF, is one of the world’s leading cryptocurrency exchange traded product providers, and offers the largest suite of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21Shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialised research team, proprietary technology, and deep capital markets expertise, 21Shares delivers innovative, simple and cost-efficient investment solutions.

    21Shares is a member of 21.co, a global leader in decentralized finance. For more information, please visit www.21Shares.com.

    Media Contact

    Matteo Valli: matteo.valli@21shares.com
    Alethea Jadick: ajadick@sloanepr.com

    Important Information

    The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities or financial instruments in any jurisdiction, including the United States. Some of the information published herein may contain forward-looking statements and readers are cautioned that any such forward-looking statements are not guarantees of future performance, involve risks and uncertainties, and actual results may differ. Additionally, there is no guarantee as to the accuracy, completeness, timeliness, or availability of the information provided and 21.co and its affiliated entities are not responsible for any errors or omissions. The information contained herein may not be considered as economic, legal, tax, or other advice and viewers are cautioned not to base investment or any other decisions on the content hereof. Investments in crypto-related securities involve significant risk, including volatility and regulatory uncertainty. There is no guarantee that the Funds will be approved by the SEC or made available to investors.

    A registration statement relating to the securities of the Index ETFs has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

    The MIL Network –

  • MIL-OSI USA: Wyden, Colleagues Condemn Trump Administration for Letting Credit Union Off the Hook for Overcharging Military Families

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)

    July 18, 2025

    Washington, D.C. — U.S. Senator Ron Wyden, D-Ore., said today he has joined Senate colleagues in condemning the Trump administration for its recent decision to terminate the consent order against Navy Federal Credit Union (NFCU), effectively excusing it from accountability for charging millions in illegal surprise overdraft fees to their members – primarily active-duty service members, veterans, Department of Defense employees, and their families.

    “In 2024, the CFPB found that between 2017 and 2022, NFCU charged overdraft fees on ATM withdrawals and debit card purchases – even when accounts showed sufficient funds,” the senators wrote in a letter to Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought. “In response, the Bureau issued a consent order requiring NFCU to pay $95 million in penalties and restitution: $80.6 million directly to harmed consumers and $15 million to the CFPB’s victims relief fund.”

    That order was rescinded on July 1, 2025.

    “As former CFPB officials have noted, this decision raises serious concerns about whether the Bureau is still capable – or even willing – to fulfill its legal mandate,” the senators continue. “At a minimum, the public and Congress deserve answers.”

    The letter was led by U.S. Senator Ruben Gallego, D-Ariz. In addition to Wyden, the letter was cosigned by U.S. Senators Catherine Cortez Masto, D-Nev., Chris Van Hollen, D-Md., Tammy Duckworth, D-Ill., Raphael Warnock, D-Ga., Elizabeth Warren, D-Mass., and Angela Alsobrooks, D-Md.

    “The Trump-era CFPB cannot reverse this consent order and simultaneously claim that it is prioritizing the interests of servicemembers,” said Adam Rust, Director of Financial Services for the Consumer Federation of America. “This action has diverted millions of dollars owed to military families—an unacceptable breach of trust. Acting Director Vought owes the public a clear and immediate explanation.”

    The full text of the letter is here.

    MIL OSI USA News –

  • MIL-OSI: 21Shares Files for 21Shares FTSE Crypto 10 Index ETF and 21Shares FTSE Crypto 10 ex-BTC Index ETF

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 18, 2025 (GLOBE NEWSWIRE) — 21Shares US LLC today announced that it has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for two Funds, the 21Shares FTSE Crypto 10 Index ETF and the 21Shares FTSE Crypto 10 ex-BTC Index ETF.

    The exchange-traded funds are the first crypto basket ETFs to be registered under the Investment Company Act of 1940. Each Fund is designed to offer diversified exposure to the crypto market through dedicated indexes, constructed by 21Shares and maintained by FTSE Russell.

    • The 21Shares FTSE Crypto 10 Index ETF tracks a market cap-weighted index of the top ten largest crypto assets globally. This index dynamically adjusts to reflect the size and success of each asset, allowing the market itself to determine the leaders. Larger, more relevant cryptocurrencies naturally hold greater weights, capturing the evolving landscape of the crypto space.
    • The 21Shares FTSE Crypto 10 ex-BTC Index ETF tracks a separate FTSE Russell index that excludes Bitcoin, investing exclusively in cryptocurrencies and blockchain networks that focus on real-world applications beyond Bitcoin’s macro hedge proposition.

    Asset inclusion in the index is subject to a dual-layer research review by both FTSE Russell and 21Shares.

    Structured as 1940 Act funds, the ETFs also offer investors a familiar and more tax-efficient vehicle, qualifying for Form 1099 tax reporting instead of the more complex K-1 forms often associated with other structures.

    “These filings represent a step in 21Shares’ regulatory engagement in the U.S.,” said Federico Brokate, Head of U.S. Business at 21Shares. “Investors are increasingly looking for diversified and easy-to-access ways to participate in the long-term growth of digital assets, and 21Shares aims to provide ETF structures to satisfy this demand, subject to regulatory approval.”

    “The methodology and structure behind our digital asset pricing and indices were developed to give investors strategic allocation tools”, said Kristen Mierzwa, Head of Digital Assets at FTSE Russell. “Collaborating with 21Shares on a market exposure pair – with and without Bitcoin – underscores our commitment to innovation in digital asset investing.”

    21Shares is launching the two Funds in partnership with ETF Solutions by Teucrium, who serves as the adviser and white-label platform supporting the development and efficient market entry of these products.

    A registration statement relating to the Funds has been filed with the SEC but has not yet become effective.

    About 21Shares

    21Shares AG, an affiliate of 21Shares US LLC, the sponsor to the 21Shares FTSE Crypto 10 Index ETF and 21Shares FTSE Crypto 10 ex-BTC Index ETF, is one of the world’s leading cryptocurrency exchange traded product providers, and offers the largest suite of crypto ETPs in the market. The company was founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. 21Shares listed the world’s first physically-backed crypto ETP in 2018, building a seven-year track record of creating crypto exchange-traded funds that are listed on some of the biggest, most liquid securities exchanges globally. Backed by a specialised research team, proprietary technology, and deep capital markets expertise, 21Shares delivers innovative, simple and cost-efficient investment solutions.

    21Shares is a member of 21.co, a global leader in decentralized finance. For more information, please visit www.21Shares.com.

    Media Contact

    Matteo Valli: matteo.valli@21shares.com
    Alethea Jadick: ajadick@sloanepr.com

    Important Information

    The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities or financial instruments in any jurisdiction, including the United States. Some of the information published herein may contain forward-looking statements and readers are cautioned that any such forward-looking statements are not guarantees of future performance, involve risks and uncertainties, and actual results may differ. Additionally, there is no guarantee as to the accuracy, completeness, timeliness, or availability of the information provided and 21.co and its affiliated entities are not responsible for any errors or omissions. The information contained herein may not be considered as economic, legal, tax, or other advice and viewers are cautioned not to base investment or any other decisions on the content hereof. Investments in crypto-related securities involve significant risk, including volatility and regulatory uncertainty. There is no guarantee that the Funds will be approved by the SEC or made available to investors.

    A registration statement relating to the securities of the Index ETFs has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

    The MIL Network –

  • MIL-OSI USA: Wyden, Colleagues Condemn Trump Administration for Letting Credit Union Off the Hook for Overcharging Military Families

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    July 18, 2025
    Washington, D.C. — U.S. Senator Ron Wyden, D-Ore., said today he has joined Senate colleagues in condemning the Trump administration for its recent decision to terminate the consent order against Navy Federal Credit Union (NFCU), effectively excusing it from accountability for charging millions in illegal surprise overdraft fees to their members – primarily active-duty service members, veterans, Department of Defense employees, and their families.
    “In 2024, the CFPB found that between 2017 and 2022, NFCU charged overdraft fees on ATM withdrawals and debit card purchases – even when accounts showed sufficient funds,” the senators wrote in a letter to Consumer Financial Protection Bureau (CFPB) Acting Director Russell Vought. “In response, the Bureau issued a consent order requiring NFCU to pay $95 million in penalties and restitution: $80.6 million directly to harmed consumers and $15 million to the CFPB’s victims relief fund.”
    That order was rescinded on July 1, 2025.
    “As former CFPB officials have noted, this decision raises serious concerns about whether the Bureau is still capable – or even willing – to fulfill its legal mandate,” the senators continue. “At a minimum, the public and Congress deserve answers.”
    The letter was led by U.S. Senator Ruben Gallego, D-Ariz. In addition to Wyden, the letter was cosigned by U.S. Senators Catherine Cortez Masto, D-Nev., Chris Van Hollen, D-Md., Tammy Duckworth, D-Ill., Raphael Warnock, D-Ga., Elizabeth Warren, D-Mass., and Angela Alsobrooks, D-Md.
    “The Trump-era CFPB cannot reverse this consent order and simultaneously claim that it is prioritizing the interests of servicemembers,” said Adam Rust, Director of Financial Services for the Consumer Federation of America. “This action has diverted millions of dollars owed to military families—an unacceptable breach of trust. Acting Director Vought owes the public a clear and immediate explanation.”
    The full text of the letter is here.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Report confirms Council’s stewardship of public resources is sound

    Source: City of Plymouth

    Plymouth residents can be assured that the City Council meets high standards for how it conducts its affairs and looks after public resources, a new report shows.

    The Council’s draft Annual Governance Statement shows external evaluation and assessments demonstrate it has maintained effective governance arrangements throughout 2024/25 and provided ‘reasonable assurance’ over the conduct of its affairs and stewardship of public resources.

    The report says an Assurance Review by the independent Chartered Institute of Public Finance and Accountancy (CIPFA) gave an overall positive assessment of the Council’s financial position and governance arrangements, noting efficient financial management processes and strong budget ownership.

    The Council also has strong governance over its procurement of goods and services, with a new organisational Procurement Strategy approved incorporating national and local priorities while accounting for upcoming legislative changes including the Procurement Act 2023.

    The Council’s Constitutional Framework is also robust, with refreshed Contract Standing Orders and rules of debate approved following a comprehensive review. Improvements include a legal implications sections added to committee and decision report templates.

    Internal Audit has provided ‘Reasonable Assurance’ on the adequacy and effectiveness of the Council’s internal control framework, while there is also constructive engagement with the Council’s external auditors and government reviewers.

    Council Leader Tudor Evans said: “We take our duty to ensure there is robust governance over decision making and how we spend public money extremely seriously, so it is heartening that we have these assurances from the bodies and systems that oversee this. It is a testament to the hard work and diligence of our finance team and council officers that our audit process provides a high level of confidence in our financial management and our systems and processes.

    “This report shows that those who try and make political capital by claiming the council is not managing its budgets carefully and responsibly are wrong. The evidence from those responsible for assessing and auditing what we do is that we have strong systems and oversight in place and that we are committed to continuing to do all we can to ensure we provide best value for Plymouth residents.”

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Alberta’s Heritage Fund reaches new heights

    [. By investing in the Heritage Fund, by 2050 Alberta will be on the path to energize its economy, create new opportunities and fund projects that make life better for all Albertans.

    This $2.8-billion contribution marks a new record for the fund and keeps the province on track to reach its goal of $250 billion by 2050. The goal is to grow the fund to the point where, after 2050, Alberta would be able to withdraw some of the income the fund earns each year while still allowing it to grow over time. Those withdrawals could help cover fluctuations in resource revenue, invest in important infrastructure and keep taxes low.

    “Alberta is turning resource strength into lasting financial security. By growing the Heritage Fund, we’re strengthening core services like health care and education, while preserving the low-tax Alberta advantage. This $2.8-billion boost to the Heritage Fund is a bold step that sets the province on the path to success and puts Albertans first.”

    Danielle Smith, Premier

    “This investment is a key step in securing a prosperous future with stable revenues and competitive taxes for Albertans today and tomorrow.”

    Nate Horner, President of Treasury Board and Minister of Finance

    Alberta’s government recently launched their plan, Renewing the Alberta Heritage Savings Trust Fund: A Roadmap to Securing Alberta’s Future. This plan outlines how Alberta will grow the Heritage Fund to $250 billion by 2050 through strategic investments, global partnerships and strong governance, securing long-term economic growth and stability. These strategic investments will eventually fund the public services and infrastructure vital to supporting the growing province.

    Central to the plan is the leadership of the Heritage Fund Opportunities Corporation. The updated corporation will modernize the fund’s management and help Alberta access global investment opportunities to create meaningful wealth and future prosperity. Led by board chair Joe Lougheed, the corporation will strengthen the governance of Heritage Fund assets and support investment decisions independent from government.

    “Our role is to ensure the Heritage Fund is managed with the highest standards of governance and independence. By embracing global opportunities and modernizing oversight, we’re safeguarding Alberta’s wealth to deliver steady, long-term prosperity for Alberta’s future generations.”

    Joe Lougheed, chair, Heritage Fund Opportunities Corporation

    This historic boost to Alberta’s Heritage Fund isn’t just about the numbers – it’s about building a future where families thrive, communities grow and Alberta stays strong no matter what comes next.

    Quick facts:

    • Alberta’s government invested $2.8 billion from the 2024-25 surplus cash in the Heritage Fund, growing the fund to $30 billion from $27.2 billion in 2024-25.
      • This is up from $22.9 billion in 2023-24, the previous fiscal year.
    • Alberta’s goal is to grow the fund to $250 billion by 2050.
      • Once $250 billion is reached, interest from the fund will help stabilize resource revenue, invest in infrastructure and keep taxes low.
    • Since 2019-20, the Heritage Fund has grown more than 84 per cent:
      • from $16.3 billion to $30 billion.
    • Since 2022-23, the Heritage Fund has grown more than 41.5 per cent:
      • from $21.2 billion to $30 billion.
    • The board of the Heritage Fund Opportunities Corporation brings together the skills and expertise of Alberta and international leaders in investment management to set Alberta up for long-term success. The current members are:
      • Joe Lougheed, board chair, Alberta
      • Kate White, director, Alberta
      • Jacqueline Curzon, director, Switzerland
      • Jouko Karvinen, director, Finland
      • Chana Martineau, director, Alberta
      • Mary Ritchie, director, Alberta

    Related information

    • Heritage Savings Trust Fund
    • Renewing the Alberta Heritage Savings Trust Fund: a roadmap to securing Alberta’s future

    Multimedia

    • Watch the news conference

    MIL OSI Canada News –

  • MIL-OSI Security: Man who raped girl multiple times jailed

    Source: United Kingdom London Metropolitan Police

    A man who raped and sexually assaulted a girl multiple times has been jailed for 19 years after an investigation by specialist Met detectives.

    Zafar Hussain, 43 (05.02.81) of Bramble Close, SE19 was sentenced to 19 years in prison on Friday, 18 July at Harrow Crown Court, with an additional year to be served on licence. He will also be on the sex offenders’ register indefinitely, and has been made subject to a 25-year sexual harm prevention order.

    He was found guilty at the same court on Wednesday 16 April of six counts of raping a child aged under 13, four counts of sexual activity with a child, one count of sexual assault of a child under 13 and one count of the attempted rape of a child under 13.

    Detective Inspector Tom Palmer, from the North West Area’s Public Protection team, said: “I would like to commend the victim for her bravery in reporting Hussain to us. Her evidence was critical in bringing Hussain to justice for his heinous crimes.

    “I would also like to commend the investigation team who worked tirelessly to secure justice for the victim. Sexual assault and rape cases are never simple to investigate and this case was particularly complex. This did not deter the detectives who worked tirelessly, and where determined to see Hussain get his day in court.

    “I hope this case highlights that the Met is committed to tackling violence against women and girls and that we will thoroughly investigate all allegations of sexual assault, no matter the circumstance.

    The court heard that in June 2022 Hussain first approached the victim, who was 11-years-old at the time, and asked for her social media account details to message her privately.

    Hussain began to bombard the victim with sexual images and videos, and although she initially blocked him from contacting her, he soon persuaded her to resume contact. In January 2023, Hussain picked her up from school and drove to a nearby location where he sexually assaulted her. In March 2023, Hussain raped her twice.

    Over the course of a year, he would arrange to meet the victim after school and take her to a location in his car before raping or sexually assaulting her. He would also shower her with over-the-top gifts, such as Apple Air Pods, jewellery, make-up, and money.

    In 2024, the victim’s mother discovered a series of messages on her daughters’ phone from Hussain which seemed romantic in nature. Suspicious, she spoke to the victim who then said that she had been abused.

    The matter was reported to police on Tuesday, 20 February 2024 and two days later Hussain was arrested.

    Vital evidence, including clothing the victim had worn when last assaulted by Hussain, and her mobile phone were seized. Detectives were able to use mobile phone cell site information to identify the days in which the victim and Hussain’s phone were in the same vicinity and at the same time.

    Automatic number plate recognition enquiries were also completed on Hussain’s vehicle which showed a match to the mobile phone cell site data. Work was completed on Hussain’s social media accounts. Officers were able to link the usage of the phone back to Hussain at his home address.

    DNA from the victim’s clothing was forensically examined and matched samples from Hussain.

    On arrest, Hussain commented to officers that he was in love with the victim. He was charged on Thursday 22 February with 12 offences. A jury found him guilty of all offences.

    In a statement the victim said: “I initially didn’t see what was happening to me as abuse because Zafar had convinced me that it was okay and that he loved me. But now I know that what was happening was wrong and he took advantage of me. He made me feel more like an adult instead of a child. He said bad things about my parents to turn me against them so that I only had him. I trusted him and the things he said to me.

    “Before this happened to me, I used to get really good grades at school, especially in my core subjects which are the most important. However, since what happened to me my grades have dropped quite a lot. I just find it so much harder to focus during my lessons.

    “I am very different at school now, so much quieter than I used to be. Sometimes at night I find it hard to sleep and I end up thinking about it, that can make me upset. My friends don’t know about what happened to me and I can’t talk to them about it. Only my mum and dad know what happened to me, the rest of my family don’t know, and I wouldn’t want them to find out in case they judge me.

    “I was really scared when I first told the police about what happened to me. Things have been hard between my mum and dad since this happened, its affected not only me but my family too. I hope that we can all forget about what happened one day.”

    MIL Security OSI –

  • MIL-OSI Security: Man who raped girl multiple times jailed

    Source: United Kingdom London Metropolitan Police

    A man who raped and sexually assaulted a girl multiple times has been jailed for 19 years after an investigation by specialist Met detectives.

    Zafar Hussain, 43 (05.02.81) of Bramble Close, SE19 was sentenced to 19 years in prison on Friday, 18 July at Harrow Crown Court, with an additional year to be served on licence. He will also be on the sex offenders’ register indefinitely, and has been made subject to a 25-year sexual harm prevention order.

    He was found guilty at the same court on Wednesday 16 April of six counts of raping a child aged under 13, four counts of sexual activity with a child, one count of sexual assault of a child under 13 and one count of the attempted rape of a child under 13.

    Detective Inspector Tom Palmer, from the North West Area’s Public Protection team, said: “I would like to commend the victim for her bravery in reporting Hussain to us. Her evidence was critical in bringing Hussain to justice for his heinous crimes.

    “I would also like to commend the investigation team who worked tirelessly to secure justice for the victim. Sexual assault and rape cases are never simple to investigate and this case was particularly complex. This did not deter the detectives who worked tirelessly, and where determined to see Hussain get his day in court.

    “I hope this case highlights that the Met is committed to tackling violence against women and girls and that we will thoroughly investigate all allegations of sexual assault, no matter the circumstance.

    The court heard that in June 2022 Hussain first approached the victim, who was 11-years-old at the time, and asked for her social media account details to message her privately.

    Hussain began to bombard the victim with sexual images and videos, and although she initially blocked him from contacting her, he soon persuaded her to resume contact. In January 2023, Hussain picked her up from school and drove to a nearby location where he sexually assaulted her. In March 2023, Hussain raped her twice.

    Over the course of a year, he would arrange to meet the victim after school and take her to a location in his car before raping or sexually assaulting her. He would also shower her with over-the-top gifts, such as Apple Air Pods, jewellery, make-up, and money.

    In 2024, the victim’s mother discovered a series of messages on her daughters’ phone from Hussain which seemed romantic in nature. Suspicious, she spoke to the victim who then said that she had been abused.

    The matter was reported to police on Tuesday, 20 February 2024 and two days later Hussain was arrested.

    Vital evidence, including clothing the victim had worn when last assaulted by Hussain, and her mobile phone were seized. Detectives were able to use mobile phone cell site information to identify the days in which the victim and Hussain’s phone were in the same vicinity and at the same time.

    Automatic number plate recognition enquiries were also completed on Hussain’s vehicle which showed a match to the mobile phone cell site data. Work was completed on Hussain’s social media accounts. Officers were able to link the usage of the phone back to Hussain at his home address.

    DNA from the victim’s clothing was forensically examined and matched samples from Hussain.

    On arrest, Hussain commented to officers that he was in love with the victim. He was charged on Thursday 22 February with 12 offences. A jury found him guilty of all offences.

    In a statement the victim said: “I initially didn’t see what was happening to me as abuse because Zafar had convinced me that it was okay and that he loved me. But now I know that what was happening was wrong and he took advantage of me. He made me feel more like an adult instead of a child. He said bad things about my parents to turn me against them so that I only had him. I trusted him and the things he said to me.

    “Before this happened to me, I used to get really good grades at school, especially in my core subjects which are the most important. However, since what happened to me my grades have dropped quite a lot. I just find it so much harder to focus during my lessons.

    “I am very different at school now, so much quieter than I used to be. Sometimes at night I find it hard to sleep and I end up thinking about it, that can make me upset. My friends don’t know about what happened to me and I can’t talk to them about it. Only my mum and dad know what happened to me, the rest of my family don’t know, and I wouldn’t want them to find out in case they judge me.

    “I was really scared when I first told the police about what happened to me. Things have been hard between my mum and dad since this happened, its affected not only me but my family too. I hope that we can all forget about what happened one day.”

    MIL Security OSI –

  • MIL-OSI USA: Governor Kehoe Announces Eleven Appointments to Various Boards and Commissions, Fills One County Vacancy

    Source: US State of Missouri

    JULY 18, 2025

    Jefferson City — Today, Governor Mike Kehoe announced eleven appointments to various boards and commissions and filled one county vacancy.

    Beth Banker, of Kansas City, was reappointed to the Child Abuse and Neglect Board.

    Ms. Banker is the clinical director for the Child Protection Center. She previously served as an art therapist and consultant at Operation Breakthrough. An active member of her community, Banker serves on the American Professional Society on the Abuse of Children (APSAC) and the Missouri Juvenile Justice Advisory Group. Banker earned a master’s degree in social work from Boston University.

    Cary Corley, Ph.D., of Lee’s Summit, was appointed to the Committee of Professional Counselors.

    Mr. Corley is currently the owner and clinical director of Corley Counseling, LLC. He previously served as a counselor for  Peace Partnership, a non-profit counseling center. Dr. Corley is an active member of his community, serving as a Sunday school and leadership institute teacher, marriage counselor, and seminar speaker at Abundant Life Church.  He is also a member of his Homeowners Association Elections Committee. Mr. Lee earned his Doctorate of Counseling Psychology from Midwestern College.

    Sarah Chapman, from Auxvasse, was appointed as the student representative to the Southeast Missouri State University Board of Governors.

    Ms. Chapman is a student ambassador for Southeast Missouri State University Admissions. She is a member of the Student Government Association and the National Society of Leadership and Success. Chapman is currently pursuing a double major in english and music at Southeast Missouri State University.

    Jeffery Davis, of Wardsville, was appointed to the Southeast Missouri State University Board of Governors.

    Mr. Davis is the executive director of Government Affairs for BNSF Railway. He previously served as the commissioner and chairman of the Missouri Public Service Commission. Davis is an active member of his community, serving on the Missouri Railroad Association and the Missouri Chamber of Commerce. Davis earned his Bachelor of Arts in Political Science from Southeast Missouri State University.

    Lee Harris, Ph.D., of Independence, was appointed to the Committee of Professional Counselors.

    Mr. Lee is the owner and therapist at AHA Mental Health. Harris also serves as the program manager of Adult and Family Services for ReDiscover, a nonprofit community mental health center that provides comprehensive programs and services for adults and children. He previously served as a program supervisor at the Child Abuse Prevention Association. Lee his Doctorate of Behavioral Health from Arizona State University.

    Todd Hays, of Monroe City, was reappointed to the Missouri State Fair Commission.

    Mr. Hays is a fifth-generation farmer operating a farrow-to-finish hog operation and row crop farm. He is an active member of his community, currently serving as vice president of the Missouri Farm Bureau and Monroe City Agri-Leaders, and previously served on the Monroe City Fair Board for over 15 years. Hays holds an Associate of Arts in Business Marketing from Moberly Area Community College.
     

    Jared Hill, of Kansas City, was appointed to the Missouri State Fair Commission.

    Mr. Hill is the president and owner of Mainline Services LLC, a railroad maintenance and emergency services company. Prior to Mainline, Hill served as the president of HB Trucking LLC. He is a member of the Platte County Fair Board, working tirelessly to promote agricultural education, youth programs, and community events. Hill is also an active member of Eagle Scout Troop 249.

    Megan Hill, of Marble Hill, was appointed as the Bollinger County Clerk.

    Ms. Hill previously served as the deputy recorder of deeds for the Bollinger County Courthouse before stepping in as the county clerk in an interim capacity. Prior to public service, she worked as an accounting manager at SEMO Options Inc. Hill earned a Bachelor of Science in Business Management from National American University.

    Matthew Kliethermes, Ph.D, of Maryland Heights, was reappointed to the Child Abuse and Neglect Review Board.

    Mr. Kliethermes is a clinical professor at the University of Missouri – St. Louis, serving as the training director for the Children’s Advocacy Services of Greater St. Louis. A leader in his field, he serves on several boards including the American Psychological Association and the National Child Traumatic Stress Network. Kliethermes earned his doctorate in clinical psychology from St. Louis University.

    Monica Lyle, of St. James, was appointed to the Child Abuse and Neglect Review Board.

    Ms. Lyle is a counselor for the Salem R-80 School District. She previously served as a counselor for the Rolla #31 School District and the director of education for Perimeter of Missouri. Lyle has been highly involved in several professional organizations, including the American School Counselor Association and the Missouri School Counselor Association. Lyle earned a master’s degree in counseling from Missouri Baptist University.

    Lesia Shelton, of Buffalo, was reappointed to the Governor’s Council on Disability.

    Ms. Shelton provides specialized employment services for the deaf and hard of hearing at Preferred Family Healthcare. An engaged member of her community, she serves as a member of the Deaf Awareness Group of Southwest Missouri and volunteers for the Dallas County Sheriff’s Posse. Shelton is a licensed Missouri Interpreter for the Deaf and Hard of Hearing.

    Jonathan Truesdale, of Raymore City, was appointed to the Lincoln University Board of Curators.

    Mr. Truesdale is an attorney at Truesdale Law, LLC in the Greater Kansas City area, specializing in criminal defense, probate law, and personal injury. He previously served as an attorney for Maryland Office of Public Defense. In addition to his professional career, Truesdale is a member of the Mercury Club of Kansas City. Truesdale earned his Juris Doctor from The Ohio State University Moritz College of Law.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Sojourner Truth State Park Improvements Underway

    Source: US State of New York

    overnor Kathy Hochul today announced the groundbreaking for the buildout of major elements of Sojourner Truth State Park in Ulster County, including a new swimming facility and bathhouse pavilion. Funded in part by the Clean Water, Clean Air, and Green Jobs Environmental Bond Act, other highlights slated to be completed by summer of 2026 include a new park entrance, entry road, trails and restrooms for visitors, and staff maintenance and administrative buildings. Named in honor of the life and legacy of 19th century African American abolitionist and suffragist, Sojourner Truth, the new park reclaims more than 500 acres of Hudson River shoreline land shared by the City of Kingston and the Town of Ulster and advances New York State’s commitment to Bond Act investments in disadvantaged communities.

    “A lack of access to safe and convenient swimming opportunities has denied far too many New Yorkers the chance to get off line and get outside by engaging with the water and learning foundational water safety skills,” Governor Hochul said. “The buildout at Sojourner Truth State Park is a step in the right direction to effect real change for Hudson Valley communities. This time next year, Ulster County residents and visitors will be welcomed to Lake Sophia to beat the heat and enjoy all that Sojourner Truth State Park has to offer, with more exciting park amenities continuing to be unveiled through 2027.”

    On the western side of the park, spring-fed quarry lake waters will become a public swimming facility named in honor of Sojourner Truth’s daughter, Sophia — the first new swimming facility in the State Parks system in 20 years (previous was Sandy Island Beach in 2005). Aligning with Governor Hochul’s Statewide Investment in More Swimming (NY SWIMS) initiative that invests in expanding swimming access across the State, Lake Sophia will offer hundreds of swimmers the option to enjoy a more structured swimming experience within a 12,000-square-foot floating swim crib or in a more adventurous deep-swim area. The swim crib will provide a safe environment for those learning to swim or who would benefit from the comprehensive accessible design. An adjacent pavilion will include public restrooms and showers, a first aid station and lifeguard facilities.

    Other park improvements that will be completed by summer 2026 include a new convenient park entrance directly off of Route 32 in Kingston that will lead visitors to upgraded roadways, parking lots, and sitewide trails in the park. Restoration of existing historic structures that illustrate the manufacturing history of the park grounds will also be completed within this timeframe.

    Additional buildout throughout Sojourner Truth State Park completed by 2027 will include additional trails including a scenic overlook destination; a repurposed industrial site with public restrooms, designed to host outdoor community events; and installations to interpret the area’s Indigenous Lenape heritage, industrial history, geology and natural environment. The entire project was designed to minimize the footprint of the improvements, maximize accessibility, foster the re-establishment of native ecosystems in the post-industrial landscape, and improve recreational opportunities in disadvantaged communities.

    The $75.6 million dollar project is largely supported by $68.1 million in funding from the Clean Water, Clean Air, and Green Jobs Environmental Bond Act at a location ideal for conservation, revitalization, and recreational public use. An additional $7.5 million in funding is supported by New York Works funding.

    New York State Parks Commissioner Pro Tempore Randy Simons said, “State Parks is thrilled to be building our first new swimming facility in two decades, expanding access to outdoor recreation, and fostering lifelong community connections at Sojourner Truth State Park for a community that’s suffered significant disinvestment for too long. Under the leadership of Governor Hochul, the public-private partnership between State Parks and the Palisades Interstate Park Commission, with initial momentum from Scenic Hudson, is continuing to transform this former industrial site into a phenomenal regional landmark and tribute to the legacy of a revolutionary New Yorker.”

    New York State Department of Environmental Conservation Commissioner Amanda Lefton said, “With Governor Hochul’s leadership, the Clean Water, Clean Air and Green Jobs Environmental Bond Act continues to advance projects in disadvantaged communities that build healthier and more resilient communities and improve access to affordable outdoor recreation for all. The new swimming facility and upgrades to Sojourner Truth State Park will help Hudson Valley residents, particularly those in the city of Kingston, keep cool during extreme heat and connect to nature in this historically significant location. DEC is thrilled to join Governor Hochul in celebrating this major investment and getting more New Yorkers offline and outside.”

    Palisades Interstate Park Commission Executive Director Joshua Laird said, “Sojourner Truth State Park will be our first state park serving the Kingston community and beyond. The site’s beautiful, rugged landscape also offers fantastic views of the Hudson River and reveals a compelling story of the area’s history, from its earliest native inhabitants to the emergence of Sojourner Truth as an activist for abolition and women’s rights, and the later industries that produced brick and stone for a growing region. PIPC is thrilled to be a part of improving this remarkable site with our partners at New York State Parks and offers its thanks to Governor Hochul for supporting the park and the development of our first new swimming facility in many years.”

    State Senator Michelle Hinchey said, “Every community deserves access to the outdoors, and having a free local spot to swim is an important public resource for staying healthy, cooling off in the summer, and enjoying a good quality of life. It’s incredibly special that the first new swimming facility in New York’s State Parks system in 20 years is being built right here in Ulster County, at Sojourner Truth State Park—a space that represents equity and access for everyone in our community. I’m thrilled to support this project and thank Governor Hochul, State Parks, and all involved for investing in Ulster County.”

    Ulster County Executive Jen Metzger said, “These visionary recreational improvements to Sojourner Truth State Park, including the creation of a new natural swim area, will expand opportunities to connect with nature and beat the heat of a changing climate, especially for underserved communities in the City of Kingston and Town of Ulster. To be able to cool off and play safely in a stunning fresh-water quarry lake is truly a gift to our communities, and I thank Governor Hochul and the NYS Office of Parks, Recreation, and Historical Preservation for transformative investments that will benefit public health and community quality of life for generations to come.”

    Kingston Mayor Steve Noble said, “We are so fortunate to have the Sojourner Truth State Park right here in Kingston, which provides spectacular outdoor opportunities in our unique environment, and whose name honors one of our cherished local heroes. With these new amenities, we will truly have a world-class facility that will be a regional destination. I thank Governor Hochul for recognizing Kingston’s special natural resources and for championing this park, which will be enjoyed for generations to come.”

    Scenic Hudson President Ned Sullivan said, “Imagine the delight of dipping into the brisk water of a spring-fed quarry lake – surrounded by the natural beauty of upstate New York – for an inspiring swim on a hot summer day. We are grateful to Governor Hochul for spearheading the next phase of exciting improvements to Sojourner Truth State Park, continuing the transformation of a once-contaminated and abandoned industrial site into a vital resource and destination for the community and visitors. It’s an honor to partner with State Parks and the Palisades Interstate Park Commission, and we pledge our continued support.”

    The project builds on Governor Hochul’s efforts to encourage affordable outdoor recreation. The Fiscal Year 2026 Budget includes $200 million for State Parks to invest in and aid the ongoing transformation of New York’s flagship parks and support critical infrastructure projects throughout the park system. The Governor’s new Unplug and Play initiative also earmarks $100 million for construction and renovation of community centers through the Build Recreational Infrastructure for Communities, Kids and Seniors (NY BRICKS), $67.5 million for the Places for Learning, Activity and Youth Socialization (NY PLAYS) initiative helping New York communities construct new playgrounds and renovate existing playgrounds; and an additional $90 million for the continuation of the NY SWIMS initiative.

    NY SWIMS focuses on underserved communities and areas prone to extreme heat and reverses decades of disinvestment to ensure public parks offer new, state-of-the-art swimming facilities which can serve thousands of daily visitors. This project also advances the Bond Act’s goal of investing at least 35 percent of funding on disadvantaged communities (DACs) that shoulder a disproportionate burden of negative environmental outcomes such as pollution exposure and lack of access to open space.

    Nearly 50,000 people in racially and ethnically diverse communities live within five miles of Sojourner Truth State Park. About half the site is in a Low to Moderate Income area as defined by the U.S. Department of Housing and Urban Development (HUD), and 17.9 percent of the people in the location’s zip code are below the census-defined poverty level. It’s the second park named after a trailblazing Black woman.

    Sojourner Truth was born Isabella Baumfree (Bomefree), enslaved among Dutch people in Ulster County. A dynamic abolitionist, suffragist, and human rights advocate, she “walked away by day-light,” freeing herself from slavery one year before legal enslavement ended in New York. Her accomplishments and vital contributions to American history are recognized with the Ulster County park’s naming and the installation of a bronze statue at Walkway Over the Hudson State Historic Park, created by the sculptor Vinnie Bagwell. The elevation of her story is a key example of State Parks’ Our Whole History (OWH) initiative which seeks to reveal and share historically undertold stories of ordinary and extraordinary people across New York State.

    After Governor Hochul announced the park name at a groundbreaking in 2022, Scenic Hudson, the New York State Office of Parks, Recreation and Historic Preservation, and the Palisades Interstate Park Commission partnered to build a waterfront trail and 2,000-square-foot shaded community pavilion at Sojourner Truth State Park that was unveiled in 2023. Newly planted native trees, shrubs and grasses enhance the site’s ongoing recovery from its historic past as a hub for brick and cement manufacturing and provide new habitat for wildlife. The waterfront area contains bilingual interpretive signs about the river and the site’s history, bike racks, and seasonal toilet facilities.

    A paved, ADA-compliant River Pavilion Trail leads from the Hudson River Brickyard Trail/Empire State Trail to the waterfront, near the park’s northern entry. The trail features a small overlook area where visitors can rest while enjoying expansive views, including the Kingston-Rhinecliff bridge to the north. Another connector trail, longer and unpaved, leads to the Steep Rocks overlook and is currently being used by locals and visitors alike.

    The park’s new amenities were designed by Field Operations, LLC. The Construction Manager is Hudson Meridian Construction Group, LLC and General Contractors for the buildout include Buildings: Andron Construction Corporation, Site & Civil: A. Colarusso & Son, Inc., J&J Sass Electric, Inc., S&O Construction Services, Inc., all of whom were selected through a competitive bidding process.

    The New York State Office of Parks, Recreation and Historic Preservation oversees more than 250 parks, historic sites, recreational trails, golf courses, boat launches and more, which saw a record 88 million visits in 2024. For more information on any of these recreation areas, visit parks.ny.gov, download the free NY State Parks Explorer app or call 518.474.0456. Connect with us on Facebook, Instagram, X, LinkedIn, the OPRHP Blog or via the OPRHP Newsroom.

    Formed in 1900, PIPC is the nation’s first bi-state partnership established to protect and conserve natural lands. PIPC operates Palisades Interstate Park in New Jersey and the Palisades Region of the New York State Office of Parks, Recreation & Historic Preservation. PIPC’s early work helped inspire the emerging fields of environmental stewardship and education, pioneered the goal of exposing children to nature through its group campgrounds, and served as a model for the early growth of the national park system. The Commission’s maple and oak leaf logo represents the official state trees of New York and New Jersey.

    MIL OSI USA News –

  • MIL-OSI Africa: African Special Mining Report Launches Ahead of the African Mining Week (AMW) 2025

    Source: APO – Report:

    .

    Energy Capital & Power (ECP) (https://EnergyCapitalPower.com/), in partnership with global accounting, audit and advisory network Moore Global, is proud to launch the African Special Mining Report 2025, a definitive analysis of Africa’s mining landscape released in support of African Mining Week (AMW).

    As the world accelerates toward a low-carbon, high-tech future, Africa is emerging as a critical player in global mineral supply chains. This timely publication captures the continent’s rising profile as a destination for strategic mineral investment – from copper and cobalt to lithium, gold, graphite and iron ore – while providing deep, actionable insight into the trends, policy shifts and financing structures shaping the future of mining across Africa.

    Produced as an official knowledge product of AMW 2025, the report connects directly to the platform’s mission of driving capital, partnerships and industrial development across Africa’s mining value chain. With extensive contributions from Moore Global’s energy, mining and renewables experts, the report draws on decades of experience advising clients in Africa and globally, offering forward-looking perspectives on ESG compliance, climate finance, regulatory reform and capital mobilization for mining ventures.

    The report explores Africa’s renewed strategic importance in global mineral supply chains, spotlighting developments such as the copper resurgence in Zambia and the DRC, the return of private equity to the continent’s mining sector and the persistent logistics challenges impacting offtake reliability. It also examines how ESG metrics are increasingly being monetized, how climate finance is reshaping the feasibility of mining projects and how the integration of renewables is redefining operational best practices. Alongside these forward-looking insights, the report provides a clear-eyed view of the regulatory landscape, analyzing sovereign policy shifts, beneficiation mandates and the evolving capital environment for both junior and major mining companies.

    “This report is about more than trends – it’s about where the African mining sector is headed, who is driving the shift and how the global investment landscape is responding. It also underscores AMW’s unique role in anchoring high-level dialogue and dealmaking around these developments. We’re proud to partner with Moore Global to deliver a resource that informs, challenges and empowers decision-makers across the mining ecosystem,” stated Rachelle Kasongo, AMW Conference Director.

    The African Special Mining Report 2025 is now available digitally (https://apo-opa.co/44BbrWu). 

    – on behalf of Energy Capital & Power.

    For media inquiries, interview requests or report access, please contact:
    communications@energycapitalpower.com

    MIL OSI Africa –

  • MIL-OSI Africa: Professor Benedict Oramah recognised for long service as Export Trading Group (ETG), TRACE, KCB and CBZ toast award success at 32nd Afreximbank Annual Meetings

    Source: APO – Report:

    Key Highlights

    • The third edition of the Pan-African Business and Development Awards has recognised and celebrated leading businesses on the continent and in the diaspora in alignment with Afreximbank’s push for a promotion of a Global Africa
    • Marking his distinguished tenor, Professor Benedict Oramah, outgoing Afreximbank President, was honoured with the Bank’s Long Service Award alongside other employees
    • Export Trading Group (ETG) won the Global Africa Business Leader Award 2025 for fostering economic growth across the continent and enhancing food security
    • KCB Group Plc, Kenya and CBZ Bank, Zimbabwe emerged winners of the Afreximbank Financial Institutions Award 2025 for banking institutions with more than $500m and less than $500m capital respectively for having played a pivotal role in bridging the trade finance gap in Africa.
    • TRACE, a multimedia platform dedicated to the entertainment and empowerment of people of African descent won the Diaspora Business of the Year Award for their impact in strengthening continental and diaspora ties.

    African Export-Import Bank (Afreximbank) (www.Afreximbank.com) hosted the third edition of the Pan-African Business and Development Awards in association with the Business Council for Africa (BCA) on Wednesday June 25, 2025, at a colourful Gala Dinner attended by more than 400 dignitaries including business and political leaders from Nigeria, across Africa and the diaspora.

    The Pan-African Business and Development Awards, held annually during the Afreximbank Annual Meetings, are designed to celebrate and recognise transformative businesses and financial institutions within the African continent and in the diaspora in keeping with the Bank’s vision for a Global Africa.

    Export Trading Group (ETG), operational in nearly 20 countries on the continent, won the Global Africa Business Leader Award, 2025 for fostering economic growth across the continent and enhancing food security by connecting smallholder farmers with regional and global markets, improving livelihoods and boosting intra-African trade, reflecting Afreximbank’s mandate of fostering trade and economic growth across the continent. The company’s investments in storage, logistics, and processing infrastructure have helped reduce post-harvest losses and increased value addition.

    This year, TRACE, the multimedia platform dedicated to the entertainment and empowerment of people of African descent, won the Diaspora Business of the Year award for its impact in strengthening continental and diaspora ties through the vehicle of entertainment. Its mission is to uplift African identity through music, education, and storytelling. TRACE’s platforms reach and support over 5,000 artists and 1,000 brands annually. It employs hundreds across Africa, contributing hundreds of millions of dollars in value.

    Two banking giants were recognised in the Afreximbank Financial Institutions Award–2025. KCB Group Plc, Kenya’s largest bank by assets emerged winner of the award for banking institutions with more than $500m capital while CBZ Bank, also Zimbabwe’s largest Bank emerged winner of the Afreximbank Financial Institutions Award-2025 for banking institutions with less than $500m capital.

    KCB, which won in the same category in 2024, was recognised for facilitating local and cross-border trade finance through various products as well as mitigating risks inherent in trade on behalf of its customers. One of the first East African banks to enhance financial inclusion and economic growth, it has positioned itself as an enabler for businesses and consumers to transact efficiently across African borders.

    CBZ Bank from Zimbabwe has played a pivotal role in bridging the trade finance gap in Africa by leveraging strategic partnerships, introducing innovative products, and executing a comprehensive pan-African vision. During the 31st Afreximbank Annual meetings held in Nassau, The Bahamas last year, CBZ Bank and Afreximbank inked two deals (https://apo-opa.co/44ZDCxm) totalling $80 million consisting of US$60 million line of credit and $20 million Afreximbank Trade Facilitation Programme (AFTRAF) facility signalling their continued collaboration aimed at promoting economic development.

    In a speech delivered on behalf of Professor Benedict Oramah, President and Chairman of Board of Directors at Afreximbank, the Bank’s Senior Executive Vice President, Denys Denya, said: “This Awards event is our way of saying thank you to everyone who, regardless of size or significance of your role, has contributed to furthering the course of development in Africa. I would like to take this opportunity to congratulate you. With these awards, we reaffirm our commitment to the shared goal of transforming the African economy and restoring the dignity of Africans, regardless of their geographic location.”

    Arnold Ekpe, former group CEO of Ecobank Transnational Incorporated and chair of the BCA, in his remarks, commented on the importance of recognising and celebrating institutions that contribute to Africa’s development, which he said, “has become the defining essence of Afreximbank.”

    A major highlight of the awards ceremony was the recognition of four long serving Afreximbank staff members for their dedicated service of between 25 and 30 years. This esteemed group included Professor Benedict Oramah who was honoured for over three decades at the Bank with ten years spent at the helm as President and Chairman of Board of Directors.

    Presenting the long service award to Prof. Oramah, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy said: “Tonight, we acknowledge not just a remarkable career, but a transformative journey spanning three decades. Under your leadership, the bank hasn’t just scaled; it has soared, championing strategies that have fundamentally reshaped trade and development across Africa. Nigeria is incredibly proud of your achievements, your leadership, and your unwavering commitment to the economic prosperity of our continent. You are a true son of the soil; a shining example of what dedication and vision can accomplish.”

    The Pan-African Business and Development Awards are hosted by Afreximbank in association with the BCA. The awards series was launched in 2023 to recognise those organisations and leaders that epitomise the pan-African spirit by leading the way in building substantive and transformative cross-border businesses.

    – on behalf of Afreximbank.

    Media Contact:
    Vincent Musumba
    Communications and Events Manager (Media Relations)
    Email: press@afreximbank.com

    Follow on Social Media: 
    X: https://apo-opa.co/4nVC0NN
    Facebook: https://apo-opa.co/44SE54f 
    LinkedIn: https://apo-opa.co/459VM0t 
    Instagram: https://apo-opa.co/44WtHZo

    About Afreximbank:
    African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

    For more information, visit: www.Afreximbank.com

    Media files

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    MIL OSI Africa –

  • MIL-OSI Submissions: How the ‘big, beautiful bill’ will deepen the racial wealth gap – a law scholar explains how it reduces poor families’ ability to afford food and health care

    Source: The Conversation – USA – By Beverly Moran, Professor Emerita of Law, Vanderbilt University

    President Donald Trump and Secretary of State Marco Rubio watch Speaker of the House Mike Johnson on television after the House passed the bill on July 3, 2025. Joyce N. Boghosian/White House via AP

    President Donald Trump has said the “big, beautiful bill” he signed into law on July 4, 2025, will stimulate the economy and foster financial security.

    But a close look at the legislation reveals a different story, particularly for low-income people and racial and ethnic minorities.

    As a legal scholar who studies how taxes increase the gap in wealth and income between Black and white Americans, I believe the law’s provisions make existing wealth inequalities worse through broad tax cuts that disproportionately favor wealthy families while forcing its costs on low- and middle-income Americans.

    The widening chasm

    The U.S. racial wealth gap is stark. White families’ median wealth between 2019 and 2022 grew to more than $250,000 higher than Black families’ median wealth.

    This disparity is the result of decades of discriminatory policies in housing, banking, health care, taxes, education and employment.

    The new legislation will widen these chasms through its permanent extension of individual tax cuts in Trump’s 2017 tax reform package. Americans have eight years of experience with those changes and how they hurt low-income families.

    The nonpartisan Congressional Budget Office, for example, predicted that low-income taxpayers would gain US$70 a year from the 2017 tax cuts. But that figure did not include the results of eliminating the individual mandate that encouraged uninsured people to get health insurance through the federal marketplace. That insurance was heavily subsidized by the federal government.

    The Republican majority in Congress predicted that the loss of the mandate would decrease federal spending on health care subsidies. That decrease cost low-income taxpayers over $4,000 per person in lost subsidies.

    The Congressional Budget Office examined the net effect of the 2025 bill by combining the tax changes with cuts to programs like Medicaid and food assistance. It found that the bill will reduce poor families’ ability to obtain food and health care.

    Rep. Melanie Stansbury of New Mexico speaks during a news conference at the Capitol focused on the One Big Beautiful Bill Act, on June 3, 2025.
    AP Photo/Rod Lamkey Jr.

    Wealth-building for whom?

    Perhaps the most revealing part of the bill is how it turns ideas for helping low-income families on their head. They are touted as helping the poor – but they help the wealthy instead.

    A much publicized feature of the bill is the creation of “Trump Accounts,” a pilot program providing a one-time $1,000 government contribution to a tax-advantaged investment account for children born between 2025 and 2028.

    While framed as a “baby bonus” to build wealth, the program’s structure is deeply flawed and regressive. Although the first $1,000 into the accounts comes from the federal government, the real tax benefits go to wealthy families who can avoid paying taxes by contributing up to $5,000 per year to their children’s accounts.

    As analysts from the Roosevelt Institute, a progressive economic and social policy think tank, have pointed out, this design primarily benefits affluent families who already have the disposable income to save and can take full advantage of the tax benefits.

    For low-income families struggling with daily expenses, making additional contributions is not a realistic option. These accounts do not address the fundamental barrier to saving for low-income families – a lack of income – and are more likely to widen the wealth gap than to close it.

    This regressive approach – regressive because the wealthy get larger benefits – to wealth-building is mirrored in the bill’s renewal and enhancement of the New Markets Tax Credit program. Although extended by the “big, beautiful bill” to drive investment into low-income communities by offering capital gains tax breaks to investors, the program subsidizes luxury real estate projects that do little to benefit existing low-income residents and accelerate gentrification and displacement. Studies show that there is very little increase in salaries or education in areas with these benefits.

    A harsh new rule

    The child tax credit is another part of the bill that purports to help the poor and working classes while, in fact, giving the wealthy more money.

    A family can earn up to $400,000 and still get the full $2,200 tax credit per child, which reduces their tax liability dollar for dollar. In contrast, a family making $31,500 or less cannot receive a tax credit of more than $1,750 per child. And approximately 17 million children – disproportionately Black and Latino – will not receive anything at all.

    More significantly, the law tightens eligibility by requiring not only the child but also the taxpayer claiming the credit to have a Social Security number. This requirement will strip the credit from approximately 4.5 million U.S. citizen children in mixed-status families – families where some people are citizens, legal residents and people living in the country without legal permission – where parents may file taxes with an Individual Taxpayer Identification Number but lack a Social Security number, according to an April 2025 study.

    President Donald Trump, joined by Republican lawmakers, holds a gavel after signing the One, Big Beautiful Bill Act into law, on July 4, 2025 in Washington, DC.
    Eric Lee/Getty Images

    A burden on the poor

    Perhaps most striking is the law’s “pay-fors” – the provisions designed to offset the cost of the tax cuts.

    The legislation makes significant changes to Medicaid and the Supplemental Nutrition Assistance Program, lifelines for millions of low-income families.

    The law imposes new monthly “community engagement” requirements, a form of work requirement, for able-bodied adults to maintain Medicaid coverage. The majority of such adults enrolled in Medicaid already work. And many people who do not work are caring full time for young children or are too disabled to work. The law also requires states to conduct eligibility redeterminations twice a year.

    Redeterminations and work requirements have historically led to eligible people losing coverage. For SNAP, the bill expands work requirements to some Americans who are up to 64 years old and the parents of older children and revises benefit calculations in ways that will reduce benefits.

    By funding tax cuts for the wealthy while making cuts to essential services for the poor, the bill codifies a transfer of resources up the economic ladder.

    In my view, the “big, beautiful bill” represents a missed opportunity to leverage fiscal policy to address the American wealth and income gap. Instead of investing in programs to lift up low- and middle-income Americans, the bill emphasizes a regressive approach that will further enrich the wealthy and deepen existing inequalities.

    Beverly Moran 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. How the ‘big, beautiful bill’ will deepen the racial wealth gap – a law scholar explains how it reduces poor families’ ability to afford food and health care – https://theconversation.com/how-the-big-beautiful-bill-will-deepen-the-racial-wealth-gap-a-law-scholar-explains-how-it-reduces-poor-families-ability-to-afford-food-and-health-care-260680

    MIL OSI –

  • MIL-OSI USA: Carbajal Slams Republicans’ Passage of President Trump’s Cuts to Public Broadcasting & Other Essential Programs

    Source: United States House of Representatives – Representative Salud Carbajal (CA-24)

    Carbajal Slams Republicans’ Passage of President Trump’s Cuts to Public Broadcasting & Other Essential Programs

    Washington, July 18, 2025

    U.S. Representative Salud Carbajal (D-CA-24) released the statement below following the House passage of President Trump’s request to cancel $9 billion in congressionally appropriated funding. The canceled funding includes $1.1 billion for the Corporation for Public Broadcasting (CPB) — which oversees public media networks like NPR, PBS, and their member stations — and about $7 billion in foreign aid.

    “Just weeks after ramming through a reckless budget that slashes food assistance and health care for millions of Americans, while also ballooning our national debt — all to give billionaires big tax breaks — Republicans are back at it with another disastrous bill,” said Rep. Carbajal. “This package guts public media, threatening the local radio stations that keep Central Coast families informed, especially during wildfire season. And it doesn’t stop there. The bill’s extreme cuts to foreign aid will cause needless suffering around the world and weaken our country’s national security. As Republicans turn their backs on these public institutions, I will work with my Democratic colleagues to defend the critical programs working families rely on.” 

    MIL OSI USA News –

  • MIL-OSI USA: Incoming UConn Medical Students Get Hands-On Summer Research Experience

    Source: US State of Connecticut

    This summer four soon-to-be medical students in UConn School of Medicine’s Class of 2029 had the inaugural opportunity to participate in the longstanding Summer Research Fellowship Program of the Health Career Opportunity Programs.

    Class of 2029’s Bria Slater with her summer research poster (John Atashian Photo/ UConn Health – July 17, 2025).

    “This is the first time we have ever had incoming medical students join our summer research program,” said Dr. Marja Hurley, founding director and associate dean of the Health Career Opportunity Programs (HCOP) and its Aetna Health Professions Partnership Initiative. “This is a great opportunity for the new medical students to make some connections and maybe even decide to later go back and do more research in the faculty mentor’s lab.”

    The incoming members of the Class of 2029 were thrilled to present their summer research posters outside the Academic Rotunda on July 17 and cannot wait for medical school at UConn!

    Bria Slater, 22, hails from Atlanta, Georgia and believes attending UConn medical school is meant to be.

    UConn SOM Class of 2029 student Bria Slater discussing her summer research (John Atashian Photo/UConn Health – July 17, 2025).

    “It’s fate. UConn came out of the blue,” applauded Slater of the medical school’s communication outreach, and she is already bleeding UConn blue even before medical school officially starts in August.

    “UConn is a very supportive environment and where faculty will have your back. That sealed the deal,” says Slater about her decision to choose UConn School of Medicine. “I’m excited to be a part of this community! I’m looking forward to meeting my peers.”

    Slater’s summer research experience at UConn was “amazing” she exclaimed in the exciting neuroscience research lab of Feliks Trakhtenberg, Ph.D., assistant professor in the Department of Neuroscience.

    Her research focused on further testing as a local treatment of a promising developed fibronectin (Fn)-based peptide in mice to promote possible axon regeneration for spinal cord injury. Trakhtenberg’s Lab has previously shown that the peptide promotes axon regeneration in injured optic nerves of mice.

    Slater looks forward to pursing her interest in neurology, concluding, “I can see myself doing this for the rest of my career.”

    Incoming UConn medical student Sophia Fernandes (John Atashian Photo/UConn Health – July 17, 2025).

    Sophia Fernandes, 25, from Lincoln, Rhode Island is entering the SOM Class of 2029. She was paired for her summer research experience with Dr. Dyanne Tappin, assistant professor of Obstetrics and Gynecology.

    “I’ve had a great summer research experience. Dr. Tappin has been a great resource,” says Fernandes. “I have had an interest in maternal health disparities. Black women are two times more susceptible to Perinatal Mood and Anxiety Disorders.  I had no idea before doing this research!”

    Her summer research identified gaps in access to Perinatal Mental Health care in Hartford County and made recommendations for care improvements, especially for those in minority communities.

    She is excited to get underway at the School of Medicine as a medical student.

    “I chose UConn for its supportive environment and HCOP. It’s such a good resource,” Fernandes stated.

    Christopher Morales, 23, of Derby, Connecticut is also soon entering the School of Medicine Class 2029 and is already feeling at home at UConn’s medical school.

    “I love this place,” says Morales. “I found a medical school where I already feel comfortable. Everyone here is wonderful!”

    Class of 2029 Christopher Morales presenting his summer research findings. He already loves UConn’s medical school (John Atashian Photo/UConn Health – July 17, 2025).

    Morales first learned about HCOP’s opportunities during his medical school interview process.

    “I was an immediate yes,” he says to attending UConn. “I love the medical school’s programming of team-based learning and early patient care experiences in the CLIC program. I love working with patients.” In fact, Morales worked for two years in the ophthalmology care field before medical school.

    His mother immigrated to the U.S. from Brazil and Morales is proudly the first generation in his family to gradate college, and now to go on to medical school.

    Christopher Morales’ summer research faculty mentor Alice Burghard, Ph.D., assistant professor of Neuroscience (center) with fellow mentor Dr. Dyanne Tappin, assistant professor of Obstetrics and Gynecology (left) and Dr. Marja Hurley, founder and director of HCOP (right). (John Atashian Photo/UConn Health – July 17, 2025).

    “I never thought I would be here,” says Morales. “I am very grateful.”

    He looks forward to donning his medical school white coat on Friday, August 22 at the traditional White Coat Ceremony held for new medical students at UConn School of Medicine.

    Morales loves exploring all about the central nervous system and knows he wants to be a teaching physician someday, so UConn’s academic medical center is a “perfect fit” for him to learn.

    His summer research mentor is Alice Burghard, Ph.D., assistant professor of Neuroscience who also enjoyed mentoring Morales and says, “I’m very happy about the study findings.”

    In mouse models Morales examined the age and sex differences when it comes to susceptibility to hearing loss due to sound exposure. Interestingly, he found that young females were the most resilient to noise exposure.

    “It’s surreal, I’m excited,” says Dany Skaf, 25, from Florida about getting ready to attend UConn for medical school.

    Excited Class of 2029 incoming med student Dany Skaf presenting his summer research findings from Dr. Francesco Celi’s Lab. (John Atashian Photo/UConn Health – July 17, 2025).

    UConn’s medical school has been on his radar. During COVID-19 in 2020 his in-person HCOP summer research program experience turned virtual due to the pandemic concerns.

    But he finally had his chance to participate in the HCOP summer research program in-person in the lab of Chair of the Department of Medicine and endocrinology physician-scientist Dr. Francesco Celi. In Celi’s Lab this summer Skaf helped successfully create a Fibroblast Growth Factor 2 Flox AdipoCre mice colony for further study of the key protein, performed genotype testing, and to further explore the protein’s impact on metabolism, especially for diabetes. As the protein increases one’s likelihood of developing diabetes.

    “I hope to continue working on this research. Hopefully, this research opens the door to potentially help improve insulin resistance and to prevent diseases like diabetes and obesity,” says Skaf.

    There was a big turnout for the HCOP summer research program poster presentations on July 17, 2025 outside the Academic Rotunda (John Atashian Photo/UConn Health – July 17, 2025).

    Congratulations to all the student summer researchers and presenters in both the Summer Research Fellowship Program and the Health Disparities Clinical Summer Research Fellowship Program.

    MIL OSI USA News –

  • MIL-OSI United Nations: Mandela’s legacy ‘is now our responsibility,’ Guterres says on International Day

    Source: United Nations 2

    In his remarks, the Secretary-General celebrated the extraordinary life of the South African civil rights icon, affectionately known by his Khosa clan name, Madiba.

    “He endured the brutal weight of oppression, and emerged not with a vision of vengeance and division – but of reconciliation, peace and unity,” Mr. Guterres said.

    “Today, Madiba’s legacy is now our responsibility. We must carry forward his commitment to peace, justice and human dignity.”

    To honour this legacy, the UN chief awarded the annual Nelson Mandela Prize to two individuals who reflect the late leader’s commitment to peace and collective action, and this year’s theme of combating poverty and inequity: Brenda Reynolds of Canada and Kennedy Odede of Kenya. 

    Brenda Reynolds: turning pain into action

    Brenda Reynolds is a Saulteaux member from Fishing Lake First Nation in Canada, and as a social worker she has spent decades advancing Indigenous rights, mental health and trauma-informed care.

    “There are many parallels to what we had experienced in both our countries, where the governments made impacted policies to change who we are, to face oppression, to face violations of human rights in our countries,” Ms. Reynolds said in her acceptance speech.

    In 1988, she supported 17 teenage girls in the first residential school sexual abuse case in Saskatchewan. 

    “These charges were the beginning of other disclosures that came from across Canada from survivors speaking about their sexual abuse experiences. Those charges and the disclosures became the largest class action lawsuit to date in Canada,” known as Canada’s Indian Residential Schools Settlement Agreement, she explained.

    Afterwards, she became a special adviser to the Truth and Reconciliation Commission and developed the Indian Residential School Resolution Health Support Program – both created by the agreement – helping shape survivor support and trauma responses nationwide.

    Kennedy Odede: from slums to CEO

    After growing up in Kenya’s Kibera Slum, Kennedy Odede went from living on the street to global recognition when he was named one of TIME magazine’s 2024 100 Most Influential People and became a New York Times bestselling author.

    “At ten years old, fleeing domestic violence, I joined the ranks of Nairobi’s street children. One day I stole a mango because I was starving. A mob gathered to beat me dead, until a stranger stepped forward, paid for that mango, and in that single act of grace, showed me that kindness could interrupt cycles of violence,” Mr. Odede recounted in his acceptance speech.

    He began his journey as an activist by saving his meagre factory earnings to buy a soccer ball and bring his community together. 

    “That ball was not just for play; it was a tool for organising. A centre around which a community could form,” he said. 

    This soon grew into Shining Hope for Communities (SHOFCO), the largest grassroots movement in Kenya he now leads as CEO. SHOFCO operates across the country, empowering local groups and delivering vital services to over 4 million people annually.

    “Mandela showed all of us at SHOFCO, that leadership is not a privilege reserved for those born to power. It belongs to anyone willing to serve and look within.” 

    MIL OSI United Nations News –

  • MIL-OSI USA: Virginia The Only State In America Where The Unemployment Rate Rose In June, Per U.S. Bureau of Labor Statistics

    Source: United States House of Representatives – Representative Don Beyer (D-VA)

     The U.S. Bureau of Labor Statistics (BLS) today reported that the unemployment rate in Virginia rose again in June, to 3.5 percent. The BLS report notes that “Virginia had the only rate increase” in the month of June. This was the sixth consecutive increase in Virginia’s unemployment rate, the first time the Commonwealth’s unemployment has continuously risen over half a year since the Great Recession job losses of 2008-2009.

    Virginia’s rising unemployment rate comes amid the Trump Administration’s purges of thousands of federal workers and contractors across the Commonwealth, many of which are not captured in this data because they will not take effect until subsequent months. CNBC just downgraded Virginia in its annual “Top State for Business” rankings to the lowest point in nearly a decade, specifically citing “federal job cuts.” Recent mass firings by the Trump Administration are likely to substantially increase these cuts even further in coming months.

    The rising unemployment rate in Virginia may also be an early indicator of broader damage to the Commonwealth’s economy which Virginia-based forecasters warn could be severe. Yet despite these warnings and increasingly threatening strains on local governments, Governor Youngkin and Lieutenant Governor Earle-Sears have so far continued to support the Trump Administration’s mass layoffs and broader cuts to the federal government’s footprint in Virginia.

    Congressman Don Beyer (D-VA), who serves as the top House Democrat on the Congressional Joint Economic Committee, said:

    “With six monthly unemployment increases in a row and the only June increase in America, this can no longer be waived away: Virginia’s unemployment rate is clearly rising in a sustained way, and it is a certainty that this increase is being driven by the Trump Administration’s policies. Trump’s mass firings and cuts are draining Virginia’s economy, while also hurting the services Virginians depend on, and many of those cuts are not even showing up in the data yet. I fear it will only get worse as the number of workers purged rises and the economic damage spreads further to other sectors of our economy.

    “Governor Youngkin took office in 2022 at a time of historic job growth in Virginia, with an unemployment rate of 2.7 percent the day he was sworn in. Youngkin and  Sears are presiding over a worrying increase in Virginia unemployment, but rather than stand up and fight for Virginians, they are cheering it on for purely political reasons. It’s hard to imagine a worse indictment of their leadership, and Virginians deserve better.”

    Historical economic data, including unemployment rates for states including Virginia, is tracked by the Federal Reserve Bank of St. Louis (FRED).

    Rep. Don Beyer (D-VA) is the Senior House Democrat on Congress’ Joint Economic Committee, and serves on the House Committee on Ways and Means, which has jurisdiction over major economic levers include tax policy, trade, and Social Security. He previously served as Virginia’s Lieutenant Governor from 1990-1998.

    MIL OSI USA News –

  • MIL-OSI USA: Huffman, Colleagues Oppose Trump’s Latest Attempt to Undermine Church-State Separation

    Source: United States House of Representatives – Congressman Jared Huffman Representing the 2nd District of California

    July 18, 2025

    Washington, D.C. – Today, Congressional Freethought Caucus Co-Chairs Jared Huffman (CA-02) and Jamie Raskin (MD-08) led their colleagues in a letter to Internal Revenue Service (IRS) Commissioner Billy Long expressing concerns regarding the Trump administration’s recent court filing that undermines the constitutional separation of church and state.

    The filing signals that Trump can allow churches to endorse or oppose political candidates from the pulpit – blatantly violating the 70-year-old Johnson Amendment while still maintaining their tax-exempt status. The motion is a strikingly inaccurate reinterpretation of current U.S. laws that help reconcile and harmonize our nation’s core principles of free speech, free exercise of religion, and the separation between church and state.

    In their letter to Commissioner Long, the lawmakers demand that the IRS immediately reconsider its motion and remedy its failure to enforce the Johnson Amendment in accordance with longstanding legal interpretations and statutory requirements.

    “As members of the Congressional Freethought Caucus, we urge you to reconsider the Internal Revenue Service’s (IRS) decision to propose the deeply flawed proposed settlement in the matter of National Religious Broadcasters Association et al v. Long. We strongly disagree with the stunningly inaccurate reinterpretation of the Johnson Amendment adopted in this proposed settlement,” the lawmakers wrote. “Congress passed the Johnson Amendment 70 years ago to reconcile and harmonize our nation’s core principles of free speech, free exercise of religion and the separation between church and state. This proposed settlement now threatens to upend and unravel that careful and delicate balance.”

    The lawmakers continued, “When writing the tax code in 1954 to establishguardrails around organizational tax exemption, Congress included the Johnson Amendment without any extended discussion or debate. It was noncontroversial and widely supported precisely because it established reasonable boundaries between partisan politics and tax-exempt religious exercise. Under the Johnson Amendment, houses of worship are protected from government interference by securing tax exemptions while taxpayers are protected from being compelled to subsidize religious institutions’ political speech.”

    “It is therefore deeply troubling that the IRS, in supporting the flawed arguments made by the plaintiffs in this case, accepts the false opposition that the religious Right has tried to create between the First Amendment’s Free Exercise and Establishment Clauses,” the lawmakers added.

    In addition to Reps. Huffman and Raskin, the letter was signed by Reps. Yassamin Ansari, Becca Balint, Suzanne Bonamici, Julia Brownley, Greg Casar, Sean Casten, Lizzie Fletcher, Laura Friedman, Robert Garcia, Pramila Jayapal, Henry C. “Hank” Johnson, Eleanor Holmes Norton, Mark Pocan, Delia C. Ramirez, Emily Randall, Andrea Salinas, Rashida Tlaib, and Nydia Velázquez.

    The Congressional Freethought Caucus is an interfaith group of Members dedicated to advocating for religious freedom, church-state separation, and public policies based on science and reason.

    Read the full letter here.

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