Source: Federal Bureau of Investigation (FBI) State Crime News
BUFFALO, N.Y.-U.S. Attorney Trini E. Ross announced today that Trevor Knapp, 32, of Tonawanda, NY, was arrested and charged by criminal complaint with distribution and possession of child pornography. The charges carry a mandatory minimum penalty of five years in prison, a maximum of 20 years, and a $250,000 fine.
Assistant U.S. Attorney Aaron J. Mango, who is handling the case, stated that according to the complaint, in April 2024, a 17-year-old minor female contacted the Flagstaff, Arizona Police Department stating that she was being harassed by a 32-year-old male named Tyler Knapp online. The minor victim met Knapp in 2020, when she was 13-years-old, on a website called, “mylol,” a friend finding website that she no longer uses. As the two began communicating, the conversations became sexual in nature. Knapp sent sexually explicit videos of himself to the minor victim. He also asked that she send naked images of herself, but she declined. However, the minor victim would get out of the shower naked while the two were video chatting and Knapp would screen capture an image of her. The two also messaged through Google Chat and Knapp utilized multiple Google email accounts. The minor victim, who was uncomfortable with how he was talking, would delete or block Knapp but he would utilize a new account to regain contact. Knapp also located the minor victim’s Instagram account and messaged her on that platform as well. The minor victim advised Knapp multiple times of her real age.
The minor victim requested for months that Knapp leave her alone, stating that she had a boyfriend. Knapp then requested images of the minor victim and her boyfriend having sex. He also sent her a naked image of a second minor victim, a female living in Pennsylvania. The two minor victims began communicating, and the second minor victim described Knapp as “the pedophile.” Subsequent investigation traced Knapp back to the Western District of New York.
On October 10, 2024, a search warrant was executed at Knapp’s residence, during which investigators seized his cell phone. A preliminary search recovered a sexually explicit video that included Knapp and the first minor victim.
The complaint is the result of an investigation by the Flagstaff, Arizona Police Department, under the direction of Chief Sean Connolly, the Town of Tonawanda Police Department, under the direction of Chief James Stauffiger, and the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia.
The fact that a defendant has been charged with a crime is merely an accusation and the defendant is presumed innocent until and unless proven guilty.
Source: Federal Bureau of Investigation (FBI) State Crime News
ST. LOUIS – A Pennsylvania man on Thursday admitted stealing $650,000 from investors in a sports betting fund.
Elijah A. Goshert, 48, pleaded guilty in U.S. District Court in St. Louis to three counts of wire fraud. He admitted defrauding investors from at least Feb. 1, 2017, through Nov. 15, 2023, by falsely claiming the Magellan Sports Fund used a “sophisticated computer algorithm” that substantially reduced betting risks. Goshert sent emails to investors falsely claiming that he’d used their money to make sports bets and false “investors performance” updates claiming that their investments were making substantial profits.
Goshert spent the vast majority of the victims’ investments on unauthorized expenses. He admitted stealing about $654,861 from at least 12 victims.
Goshert is scheduled to be sentenced January 22, 2025. Each wire fraud charge carries a potential penalty of up to 20 years in prison, a $250,000 fine, or both prison and a fine.
The FBI investigated the case. Assistant U.S. Attorney Derek Wiseman is prosecuting the case.
Source: Federal Bureau of Investigation (FBI) State Crime News
ST. LOUIS –U.S. District Judge Rodney W. Sippel on Thursday ordered a woman who fraudulently obtained five pandemic relief loans to repay $113,223 to the U.S. Small Business Administration and placed her on probation for five years.
Camille N. Foster, now 32, of St. Louis County, Missouri, obtained five Paycheck Protection Program (PPP) loans between May 2020 and November 2021 by submitting fraudulent loan applications on behalf of three businesses: Humble Hearts Home Healthcare LLC, Embellished Jewels LLC and Muse Me Boutique LLC. On the applications, she knowingly misrepresented the payroll and annual income of the businesses, which were not in operation at the time. She also submitted fraudulent tax forms with the applications. In a loan application for Muse Me Boutique, Foster used someone else’s name and Social Security number on the application, and signed that person’s name on the application without the person’s knowledge.
PPP loans were intended to help struggling small businesses during the COVID-19 pandemic, but Foster did not use the money for that purpose. She spent it on retail purchases, dining, cosmetic surgery, bill payments, travel, taxes and payments to others. She then submitted fraudulent applications for PPP loan forgiveness for many of the loans she received, claiming that she had spent most or all the money on payroll costs.
Foster, also known as Foster-Nunley, pleaded guilty in April to two counts of wire fraud.
The FBI investigated the case. Assistant U.S. Attorney Jonathan Clow prosecuted the case.
MILES AXLE Translation. Region: Russian Federation –
Source: Central Bank of Russia –
The annual price growth slowed in September in 76 regions, most significantly in Sakhalin Oblast and the Chechen Republic.
The annual growth rate of food prices has slowed most noticeably. Sugar has become cheaper than a year ago, while fruit and vegetable products and eggs have risen more slowly.
The annual growth in prices for non-food products, in particular for cars, household appliances and electronics, has decreased.
The annual increase in prices for services remained almost as high as in August. Foreign tourism has increased in price the most over the year.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Source: Federal Bureau of Investigation (FBI) State Crime News
CONCORD – Ten defendants have been indicted in connection with a Methuen and Lawrence-based organization trafficking narcotics to New Hampshire, U.S Attorney Jane Young announces.
Today, law enforcement officers arrested seven defendants in New Hampshire and Massachusetts on charges of conspiracy to distribute controlled substances, namely, fentanyl, methamphetamine, cocaine, and crack cocaine. The defendants are scheduled to appear in federal court at various times this week and next week.
The following defendants have been indicted in connection with this drug trafficking organization:
Donaida Gonzalez, aka Yijana Rodriguez, age 52, of Methuen, MA; she is in custody.
Diana Bautista-Arias, aka Alba Cruz-Solano, age 43, of Lawrence, MA; she is in custody.
Eddy Balbuena-Gomez, age 30, of Lawrence, MA; he is in custody.
Redondo Dore, age 28, of Berlin, NH; he is in custody.
Trevor Mackenzie, age 33, of Rochester, NH; he is in custody.
Katie Curtis, age 38, of Rochester, NH; she is in custody.
Tabitha O’Brien, age 44, of Rochester, NH; she is in custody.
Craig Grant, age 41, of Somersworth, NH; he has not yet been arrested.
Jamie Bonner, age 42, of Somersworth, NH; she has not yet been arrested.
The charge of conspiracy to distribute or possess with intent to distribute controlled substances provides for a sentence of up to 20 years in prison. Michael Martinez and Redondo Dore are facing mandatory minimum penalties of 10 years based on their involvement in the conspiracy. Katie Curtis is also facing a mandatory minimum sentence of 5 years based on her involvement in the conspiracy. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.
Homeland Security Investigations led the investigation. The Federal Bureau of Investigation, the United States Marshal Service, the Strafford County Sheriff’s Office, the Massachusetts State Police, the Keene Police Department, the Salem Police Department, the Berlin Police Department, the Londonderry Police Department, the Nashua Police Department, the Concord Police Department, the New Hampshire State Police, the Lawrence Police Department, and the Methuen Police Department provided valuable assistance. Assistant U.S. Attorneys Aaron Gingrande and Jarad Hodes are prosecuting the case.
This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.
The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)
PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Jared Stanley, 32, of Lindenwold, New Jersey, entered a plea of guilty on Friday, October 11, 2024, before United States District Court Judge John F. Murphy to three counts of Hobbs Act robbery and one count of carrying, using, and brandishing a firearm during and in relation to a crime of violence, in connection with the armed robberies of three corner stores in Philadelphia’s Kensington section.
Stanley committed all three robberies during a two-week span in late January and early February of this year.
On January 21, 2024, the defendant entered the Birch Mini-Market, located at 2001 East Birch Street. He approached the counter, pointed a gun at the cashier, and demanded money. When the cashier didn’t understand him, Stanley started screaming at them. He repeatedly hit the cashier in the head with the gun, stole approximately $550 from the register, and fled.
On January 28, 2024, Stanley and an unidentified co-conspirator entered the Capricorno Grocery, located at 2000 East Orleans Street. Stanley walked to the employee area of the store, displayed a firearm, grabbed the employee by the shirt and forcibly pulled him away, pistol whipped him repeatedly, and stood guard over him while his accomplice went back to the register and stole approximately $500.
On February 2, 2024, Stanley and an unidentified co-conspirator entered Bonifacios Grocery, located at 3052 Frankford Avenue. They pushed an employee to the cash register, told him to get on the ground and then pistol whipped him in the head. Stanley and his accomplice then stole approximately $500 from the cash register and fled the store on foot.
Stanley is scheduled to be sentenced on January 29, 2025. He faces a mandatory minimum sentence of seven years in prison and a maximum possible sentence of life imprisonment, five years of supervised release, a $1,250,000 fine, and a $500 special assessment.
This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.
The case was investigated by the FBI and the Philadelphia Police Department and is being prosecuted by Assistant United States Attorney Robert E. Eckert.
The OISTE Foundation, Gold Sponsor of the Vargas Llosa Chair at its IV Annual Conference “A Gathering for Culture in Freedom”
Geneva, Switzerland – October 18, 2024: WISeKey International Holding Ltd. (“WISeKey” or the “Company”) (SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity, digital identity, and Internet of Things (IoT) innovations, today announced that, in collaboration with the OISTE Foundation, Gold Sponsor of the Vargas Llosa Chair at its IV Annual Conference “A Gathering for Culture in Freedom,” it reaffirms its commitment to defending human rights in the digital environment. Since its founding in 1998, the OISTE Foundation has focused its efforts on ensuring that human rights are respected both online and offline. As digital technologies advance, they also present challenges in terms of privacy, digital identity, and the misuse of surveillance tools, raising concerns about data protection and online violence.
This commitment resonates with the values promoted by the Vargas Llosa Chair, which, since its establishment in 2011, has fostered the study of contemporary literature and supported freedom of expression. Both institutions share a common mission: to defend democratic principles and promote a culture of freedom and respect, both in the literary and digital realms.
The OISTE Foundation is committed to finding feasible solutions for digital identity management as an essential component of a knowledge society. OISTE led a workshop titled “Matching the Speed of the Running Code: Public Awareness and Digital Identity Management,” aimed at raising public awareness among internet users about the risks of the current environment and the threats to individual privacy rights.
Trust among users is at the core of OISTE’s trust model, which strives for legitimacy that can only be achieved through documented consensus. As part of its adherence to OISTE Foundation’s trust model, the foundation aims to promote the security of electronic communications worldwide, ensuring compliance with regulations related to information protection. The company is a leading advocate for protecting individual privacy rights online while enabling individuals to maximize their use of the Internet.
About WISeKey WISeKey is a Swiss-based computer infrastructure company specializing in cybersecurity, digital identity, blockchain, Internet of Things (IoT) solutions, and post-quantum semiconductors. As a computer infrastructure company, WISeKey provides secure platforms for data and device management across industries like finance, healthcare, and government. It leverages its Public Key Infrastructure (PKI) to ensure encrypted communications and authentication, while also focusing on next-generation security through post-quantum cryptography.
WISeKey’s work with post-quantum semiconductors is aimed at future-proofing its security solutions against the threats posed by quantum computing. These advanced semiconductors support encryption that can withstand the computational power of quantum computers, ensuring the long-term security of connected devices and critical infrastructure. Combined with its expertise in blockchain and IoT, WISeKey’s post-quantum technologies provide a robust foundation for secure digital ecosystems at the hardware, software, and network levels.
Disclaimer This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.
Press and InvestorContacts
WISeKey International Holding Ltd Company Contact: Carlos Moreira Chairman & CEO Tel: +41 22 594 3000 info@wisekey.com
WISeKey Investor Relations (US) The Equity Group Inc. Lena Cati Tel: +1 212 836-9611 / lcati@equityny.com Katie Murphy Tel: +1 212 836-9612 / kmurphy@equityny.com
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)
PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Joseph Cole Barleta (aka “Joe Cole”), 41, of Philadelphia, Pennsylvania, entered a plea of guilty today before United States District Court Judge Mark A. Kearney on one count of racketeering conspiracy, in connection with his role in the operation of a fraudulent investment vehicle known as Complete Business Solutions Group Inc. d/b/a Par Funding (“Par Funding”), which is alleged to have generated over $100 million in illegal proceeds for Barleta and its other principals, to the detriment of Par Funding’s numerous investors, many who live in the Philadelphia region.
According to a second superseding indictment filed in February, Barleta and codefendants Joseph LaForte, James LaForte, and others, were part of an association-in-fact RICO enterprise that conspired to commit a number of predicate crimes, including crimes related to the fleecing of Par Funding’s many investors. Barleta’s admitted role in the conspiracy related to the securities and wire fraud components of the enterprise.
Joe LaForte and James LaForte pleaded guilty last month to racketeering conspiracy, securities fraud, and related crimes.
Joe LaForte is scheduled to be sentenced on January 13, 2025.
James LaForte and Joseph Cole Barleta are both scheduled to be sentenced on February 20, 2025.
Per the terms of Barleta’s plea agreement, the government is seeking a sentence of imprisonment of up to eight years, although the Court has discretion to impose a higher or lower sentence.
This case was investigated by the FBI, IRS Criminal Investigation, the Federal Deposit Insurance Corporation Office of Inspector General, and Pennsylvania State Police and is being prosecuted by Assistant United States Attorneys Matthew T. Newcomer, Samuel S. Dalke, Eric D. Gill, and Patrick J. Murray, as well as former Assistant United States Attorney Alexandra M. Lastowski. The SEC in Florida investigated and litigated the civil securities fraud charges, which formed the basis of a portion of the criminal prosecution.
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)
PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Keenan Righter, 21, of New Castle, Delaware, was sentenced yesterday by United States District Court Chief Judge Mitchell S. Goldberg to 280 months in prison, five years of supervised release, restitution of $1,919, and a $500 assessment, in connection with two armed carjackings in Delaware County in January of 2023.
Righter was convicted by a jury in May of conspiracy, two counts of carjacking, and two counts of using or carrying a firearm during a crime of violence arising from his role in the two carjacking incidents. Codefendant Jamar Miller pleaded guilty to these offenses in March of 2023 and is awaiting sentencing.
On January 14, 2023, at approximately 9 p.m., Righter and others drove in Miller’s car to a Wawa on Route 322 in Upper Chichester Township, Delaware County. Righter and another male then ambushed a 23-year-old college student who was walking to his car after leaving the store. The men, each brandishing firearms and wearing masks to disguise their identities, demanded the victim’s vehicle at gunpoint. They pistol-whipped the victim in the back of the head and fled the scene in the victim’s car.
On January 24, 2023, at approximately 1:30 a.m., Righter and another male drove in Miller’s car to a Wawa on Edgmont Avenue in Brookhaven, Delaware County. Again, they wore masks and carried firearms as they carjacked a 33-year-old victim at gunpoint in the parking lot of the Wawa. The men pistol-whipped the victim multiple times in the head with a firearm as they stole his belongings and fled the scene in his car.
The defendant was apprehended after an intensive investigation by FBI Philadelphia’s Newtown Square Resident Agency, in conjunction with the Brookhaven and Upper Chichester Police Departments. Digital forensic evidence and more linked the defendant to both carjackings.
“Imagine the shock of being violently ambushed on a Wawa run, of all things,” said U.S. Attorney Romero. “Keenan Righter targeted and terrorized total strangers, just to steal their cars. Armed criminals who think they can victimize innocent people with impunity should take a good hard look at 21-year-old Mr. Righter’s 23-year prison sentence. Keep doing what you’re doing, and you’ll earn your own long stay in one of our federal facilities.”
“Such brazen and senseless acts, like the ones in this case, not only devastate the victims but our community at large,” said Wayne A. Jacobs, Special Agent in Charge of FBI Philadelphia. “This sentencing exemplifies the value of partnerships in combatting violent crime. Our office will continue to work alongside our local law enforcement partners and the U.S. Attorney’s Office to keep violent offenders off the streets and ensure our neighborhoods are a safer place to live.”
This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.
The case was investigated by the FBI, the Brookhaven Police Department, and Upper Chichester Police Department, and is being prosecuted by Special Assistant United States Attorneys Brian Doherty and Branwen McNabb O’Donnell.
Thank you for inviting me to speak today.1 I have participated in this conference for nearly 20 years and have often presented my research on monetary theory, banking, and payments. So, I believe this is the right audience to speak to regarding the role of centralized finance and the emergence of decentralized finance, or defi for short. Over the past few years, there has been a lot of attention and work on defi, which will be a major focus of my remarks. Many argue that defi will replace traditional centralized finance while others argue that it merely extends traditional finance methods and trading activities onto new platforms. It is in this sense that I want to address the question of whether centralized finance and defi are substitutes or complements to each other. Advances associated with defi have the potential to profoundly affect financial market trading. While I believe these advances could lead to efficiency gains, I recognize the significant value that has been delivered for centuries by financial intermediaries and through centralized financial markets. Before I share my views on the promise of these new technologies, let me tell you where I’m coming from on these issues. I am an economist, and so my first inclination is to think about the underlying economics driving an issue. But to understand the value proposition of defi, it is useful to first recall why centralized financial market trading arose in the first place. Centralized finance clearly provides benefits to people, but obviously also comes with some costs. I am going to take a few minutes to discuss those benefits and costs before turning to the question at hand. Let’s start with the economics of trading. Most financial trades are “pairwise” in that the seller of an object needs to find a buyer of that exact object. The problem is that it is often complicated, costly, and time-consuming to search for a buyer. This gives rise to the need for someone to step in and help buyers and sellers match in a faster and less costly manner. In short, there is a profit opportunity for someone to intermediate the trade. Another name for intermediaries is middlemen. Why would we pay a middleman? In their paper from nearly 40 years ago, Ariel Rubenstein and Asher Wolinsky described it eloquently: “What makes the middlemen’s activity possible is the time-consuming nature of the trade, which enables middlemen to extract surplus in return for shortening the time period that sellers and buyers have to wait for a transaction.”2 Let me contextualize the value of middlemen with an example I used for years when teaching money and banking. Suppose you had some extra income from saving and wanted to lend it out to earn interest. How would you do that? First, you would have to advertise that you had funds to lend. Then, you would have to wait for the right person who needed that exact amount of funds, which could be a long time. Once you met the right person, you would have to negotiate when repayment would occur. Next, you would need to know a lot of information about the person receiving your funds and the likelihood you would get repaid. This is needed to assess the risk of the transaction and the compensation you would need to give up your funds. You would also need a lot of legal advice to draw up a contract and stipulate how the contract would be enforced under a range of conditions. Finally, since you are the sole source of funding, you will bear the entire cost of a default. It should be clear that this would be a daunting exercise for most people and explains why they would turn to a middleman who specializes in this type of activity to do all this on their behalf. It is for these reasons that banks arose as early as in ancient Mesopotamia to carry out some of these functions.3 Similar issues arise when it comes to other ways of transferring resources from one person to another, as occurs from non-bank debt, equities and insurance contracts. Many point to trades of shares in the Dutch East India Trading Company in Amsterdam in the 1660s as the origins of the first modern stock exchange. Lloyds of London was founded as a means of pooling funds to share risk and return in the shipping industry, thus becoming the first insurance firm. The fact that similar arrangements still exist centuries later is a testament to the value of intermediation and centralized financial trading. However, these arrangements are not without drawbacks. An obvious drawback of intermediation from the perspective of those wishing to trade is that those middlemen must get paid. That is, there are transaction costs. Another drawback of intermediation is that you typically must turn over control of your assets, such as savings or stocks, to the intermediary for them to be traded. This creates a classic “principal-agent” problem whereby incentives between the principal—you—and the agent—the intermediary—may not be aligned. That can raise concerns about custody arrangements and recourse to regain control of one’s assets. Intermediation also requires recordkeeping arrangements that customers can trust accurately reflect their true holdings. In other words, centralized finance requires a substantial amount of trust. With all that in mind, let me turn to how and why technological innovations have given rise to defi. In a capitalist system, the existence of profits provides incentives for others to enter the market, offer a better product, and compete away any excess profits. This can be done by the creation of new financial firms that can provide the same or better service at a lower cost. Often that occurs through innovations and exploiting new technologies. Think about how the invention of the telegraph and the telephone revolutionized trading. More recently, the advent of the internet further advanced the ease and speed of financial trading. These are examples of how financial trading has evolved over time. And the next wave of innovations in financial market trading could be driven by technological advances that alleviate some potential drawbacks of the centralized approach. Often broad technological advances emanate from narrower efforts to design products or processes that solve specific problems. For example, one technology used to support portable home appliances like vacuum cleaners was originally developed to support the space program.4 Similarly, the development of crypto-assets led to the development of technologies that are fueling possibilities in defi. We don’t have enough time for me to cover the full history of crypto-assets, but I will focus on several key elements that have affected the evolution toward defi. An early crypto-asset—Bitcoin—was developed to function in a world in which trust among individuals did not exist. Rather than relying on intermediaries which require trust, Bitcoin relied on technology to facilitate trade. Bitcoin was also designed for privacy. No one would know who was buying or selling Bitcoin. This was achieved through cryptographic technology and private keys. In addition, it allowed individuals to maintain control of their crypto-assets throughout the entire trading process. That is, they no longer had to delegate control to others. Finally, all records were kept on a form of distributed ledger called a blockchain, which has design features that promote transparency and are censorship-proof. No individual or government could destroy the records of trades or take ownership of the objects traded. With that history in mind and before we delve into the question of whether defi and centralized finance are substitutes or complements, I think it is useful to carefully define some terms. This will make sure we’re all talking about the same things. As I described in a speech last year, I think of the crypto ecosystem as consisting of three parts:
a crypto-asset, which generally refers to any digital object traded using cryptographic techniques; technology that directly facilitates trading crypto-assets; this includes smart contracts and tokenization;5 and a database management protocol used to record trades and ownership of assets, commonly referred to as the blockchain, which includes both permissioned and permissionless distributed ledger technologies.
It is easy to see how the emergence of these technologies could lead one to think of defi as a substitute for centralized finance. For example, the technologies are allowing for individuals to trade assets without giving up control of those assets to an intermediary—a critical distinction with centralized finance. However, there are other uses emerging from these technologies that look more like complements to centralized finance. For example, distributed ledger technology, or DLT, may be an efficient and faster way to do recordkeeping in a 24/7 trading world. We already see several financial institutions experimenting with DLT for traditional repo trading that occurs 24/7. But before these ledgers can be used to facilitate transactions in traditional assets—like debt, equity, and real estate—these assets must be tokenized. Undertaking the process to tokenize assets and use distributed ledgers like blockchain can speed up transfers of assets and take advantage of another innovation: smart contracts. Rather than relying on each party to separately carry out the transaction, smart contracts can effectively combine multiple legs of a transaction into a single unified act executed by a smart contract. This can provide value as it can mitigate risks associated with settlement and counterparty risks by ensuring the buyer will not pay if the seller does not deliver. While these efforts are still in early stages, the functionality could expand to a broad set of financial activities. The bottom line is that things like DLT, tokenization, and smart contracts are just technologies for trading that can be used in defi or also to improve efficiency in centralized finance. That is why I see them as complements. Stablecoins are another important innovation in defi. Stablecoins were created in the crypto universe in hopes of providing a “safe” asset with a stable value for trading. Nearly all stablecoins are pegged to the U.S. dollar one-for-one. They provide an opportunity for buyers and sellers to transact in a decentralized fashion with the stablecoin used as the settlement instrument. Because they are effectively digital currency, stablecoins can reduce the need for payment intermediaries and thereby reduce costs of payments globally. But their safety is not assured. History is replete with cases in which synthetic dollars became subject to runs. Stablecoins thus face all of the same issues any substitute for genuine U.S. dollars faces. If appropriate guardrails can be erected to minimize run risk and mitigate other risks, such as their potential use in illicit finance, then stablecoins may have benefits in payments and by serving as a safe asset on a variety of new trading platforms. These technologies will almost certainly lead to efficiency gains over time, but as they develop, we should think carefully about their role in the broader financial landscape. Is it really possible to completely decentralize finance using these technologies? The answer is obviously “no.” Intermediation is still valuable for the average person, and we see this by the existence of trading exchanges in the crypto world. All these platforms involve giving custody of one’s crypto-assets to an intermediary, who conducts trades on behalf of the client. This reintroduces the need for trust in these platforms just as trust is needed in modern banking systems. Returning to the technologies behind defi, one must ask whether there are unique risks associated with the use of these technologies. If so, what is the nature of these risks? Are they contained to just those people directly engaging with the technologies, or could there be broader spillovers to society? For example, can these technologies increase the risk of inadvertently providing funds to bad actors? In centralized finance there are regulations that require banks to know who their clients are. Are similar rules and regulations needed around some of these new technologies? When it comes to our financial plumbing, which affects every person or business in one way or another, I think a balanced view of expeditious disruption and long-term sustainability is merited. So where does that leave us? Ultimately, I believe that advances in technology have the potential to drive efficiency gains in finance, just as technological innovation has done for centuries. While there are certain services emerging through defi that cannot be provided by centralized finance, the technological innovations stemming from defi are largely complementary to centralized finance. They have the potential to improve centralized finance, thereby increasing the significant value that financial intermediaries and centralized financial markets deliver. I look forward to seeing the continued evolution of financial technology and the benefits that evolution will bring to the households and businesses served by the financial system.
1. I would like to dedicate these remarks to an old friend and longtime participant of this conference, Paul Klein, who passed away unexpectedly two months ago. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text 2. See Ariel Rubinstein and Asher Wolinsky, “Middlemen,” The Quarterly Journal of Economics 102 (August 1987): 581–93, https://academic.oup.com/qje/article-abstract/102/3/581/1887969. Return to text 3. See Benjamin Bromberg, “The origin of banking: religious finance in Babylonia (PDF),” The Journal of Economic History 2 (May 1942): 77–88. Return to text 4. See National Aeronautics and Space Administration, “Spinoff from a Moon Tool (PDF),” January 1, 1981. Return to text 5. See Christopher J. Waller, “Thoughts on the Crypto Ecosystem” (speech at Global Interdependence Center Conference: Digital Money, Decentralized Finance, and the Puzzle of Crypto, La Jolla, CA, February 10, 2023). Return to text
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)
PHILADELPHIA – United States Attorney Jacqueline C. Romero announced that Carlton Rembert, 70, of Hampton, Virginia, was sentenced on October 11, 2024, by United States District Judge Joel H. Slomsky to 66 months’ imprisonment, five years of supervised release, $534,335 in restitution to the victims, and a $400 special assessment for his role in a scheme to defraud elderly incapacitated people of over $1 million.
Rembert’s late co-conspirator and sister, Gloria Byars, was a court-appointed guardian for over 100 incapacitated wards in Pennsylvania. Between 2012 and 2018, Byars, Rembert, and other co-conspirators stole the life savings from dozens of wards while Byars served as their court-appointed guardian. Byars pleaded guilty to conspiracy, wire fraud, money laundering, and tax fraud for her role in the fraud scheme. Rembert proceeded to trial in November 2023 and after a four-day trial, a jury found Rembert guilty of conspiracy, bank fraud, and wire fraud.
As guardian, Byars had unfettered access to wards’ property including bank accounts, pensions, real estate, retirement accounts, and other assets. Byars stole money from the wards’ bank accounts by writing unauthorized checks to companies she controlled, or to shell companies controlled by her co-conspirators, Rembert and Alesha Mitchell. Rembert and Mitchell assisted Byars in the theft by opening bank accounts in their home state of Virginia in the names of shell companies purporting to be medical services companies. Byars made the checks payable to her co-conspirators’ fake medical services companies, to make it appear that the elderly incapacitated ward incurred a legitimate medical expense.
After receiving dozens of checks from his sister, Rembert deposited over $695,000 in stolen ward checks into five separate shell business bank accounts he had opened. Rembert then withdrew over $388,000 in cash through 94 structured withdrawals. Rembert also obtained $217,082 in certified checks, sending the certified checks to Byars and keeping a share of the stolen ward money for himself. When confronted by law enforcement, Rembert lied to investigators, pretending that he provided services to the elderly and sick victims. Some of the victims’ families testified at Rembert’s trial, telling the court that they had never heard of Rembert’s sham medical companies, and that neither Rembert nor his companies provided any services for their loved ones.
Rembert and Byars spent the stolen ward money on personal expenses, including vacations, clothing and other retail purchases, restaurants, vehicles, gifts, and parties. In all, Byers, Rembert, and Mitchell stole well over $1 million from at least 120 incapacitated people in the Eastern District of Pennsylvania.
Alesha Mitchell is scheduled to be sentenced on October 24.
“Rembert and his co-conspirators had no qualms about ripping off these incapacitated victims and living it up on their stolen money,” said U.S. Attorney Romero. “The greed and callousness here are off the charts. It’s vile that criminals target the elderly and infirm specifically to take advantage of their vulnerability. My office and our partners will continue to do all we can to hold these crooks responsible and protect our elders from such greed, fraud, and abuse.”
“Elder fraud leaves a damaging impact on victims and our communities, and our office remains steadfast in pursuit of those who exploit this vulnerable population,” said Wayne A. Jacobs, Special Agent in Charge of FBI Philadelphia. “We encourage those who believe that they or a loved one are a victim of elder fraud to report it. Reporting elder fraud is not only a step towards justice, but it helps protect others from victimization.”
“Carlton Rembert, together with his co-conspirator Gloria Byars, abused the trust of the most vulnerable among us – individuals who have been incapacitated by age, illness, or both. What they did was truly heinous – and truly criminal. I applaud United States Attorney Romero for prosecuting these individuals, in one of the first guardianship fraud cases to be prosecuted. Unfortunately, this type of fraud is increasing, and it is important for law enforcement to send a clear signal that it will not be tolerated,” said Delaware County District Attorney Jack Stollsteimer.
“As a law enforcement community, it is our duty to hold individuals accountable who abuse their position of trust and steal from the people that are under their care,” said Amy MacNeely, Acting Special Agent in Charge of IRS Criminal Investigation. “We, along with our law enforcement partners and the Department of Justice, will continue to hold accountable those who exploit the most vulnerable among us.”
The case was investigated by the FBI, the Delaware County District Attorney’s Office Criminal Investigation Division, and IRS Criminal Investigation and is being prosecuted by Assistant United States Attorneys Tiwana Wright and Samuel Dalke.
Source: United States House of Representatives – Congressman Tim Burchett (R-TN)
KNOXVILLE, Tenn., (Oct. 18, 2024)– Today, U.S. Congressman Tim Burchett (TN-02) introduced the bipartisanSexual Assault Nurse Examiner in VA Hospitals (SANE VA) Act. Democrat Reps. Jared Moskowitz (FL-23) and Timothy M. Kennedy (NY-26) and Republican Reps. Nancy Mace (NC-01) and Anna Paulina Luna (FL-13) are co-sponsors.
This bill would direct the Secretary of Veterans Affairs to ensure that sexual assault nurse examiners are employed at certain Department of Veterans Affairs medical facilities.
“It’s an awful reality that some of our servicemembers are victims of sexual assault, and we need to make sure they get the care they need in those situations. These people put their safety on the line to protect our country, it’s our duty to care for them in return.” said Rep. Burchett.
“As a survivor, I know how hard it can be to come forward. Less than half of women in the military trust their chain of command to properly handle reports of sexual assault — and that’s unacceptable. The SANE Act is about fixing this broken system. We’re making sure VA hospitals have the resources and trained professionals survivors need, so women and girls aren’t left to fend for themselves. It’s time we start holding people accountable and ensure no survivor is abandoned by the system.” Said Rep. Mace.
“Our veterans deserve the most comprehensive healthcare possible, and that must include examinations and referrals for those who have been sexually assaulted. This is a critical piece of bipartisan legislation to support survivors who have risked their lives in service to our nation, and we owe it to our heroes to make this a priority.” Said Rep. Moskowitz.
“We must ensure that Veterans who have suffered through traumatic sexual violence are heard and receive the support and justice they deserve. I am proud to back Congressman Burchett’s legislation to protect their well-being,” said Congresswoman Luna. “Nurse examiners who focus on sexual assault victims are crucial in providing the necessary forensic examinations for these survivors. We must guarantee this vital care within our VA medical facilities.” Said Rep. Luna.
“VA healthcare must meet the needs of our veterans, especially when it comes to treating and documenting sexual assault,” said Rep. Kennedy. “But far too often, veterans seeking care after sexual assault are turned away. The SANE Act would require at least one practitioner who is qualified to conduct sexual assault forensic examinations at every VA hospital–empowering patients to get the treatment and documentation they need and deserve. This legislation would also direct providers to connect patients with mental health services to help ensure long-term recovery after sexual assault. I applaud Rep. Burchett for his leadership on this issue and call on my colleagues in the House to advance this critical legislation.”
Headline: N.C. State Archives Offers Symposium Commemorating 250th Anniversary of Edenton Tea Party
N.C. State Archives Offers Symposium Commemorating 250th Anniversary of Edenton Tea Party jejohnson6
From Edenton to Congress and from petitions to gubernatorial proclamations, women’s participation in North Carolina politics has risen for 250 years.
Join the America 250 NC commemoration with the Friends of the Archives during a free hybrid symposium, “From Edenton to Congress.” This program in the Department of Natural and Cultural Resources Building in Raleigh (109 E. Jones St.) or online will share highlights of North Carolina women’s political history and relevant collections from the State Archives to commemorate the 250th anniversary of the Edenton Tea Party.
The program will include new research on the 1774 Edenton women’s petition, a discussion of “Jane Pratt: North Carolina’s First Congresswoman,” by author Marion Deerhake, records from Governor Beverly Perdue’s administration, and remarks by League of Women Voters President Dianna Wynn.
The event Friday, Nov. 1, from 1-5 p.m. will include a reception featuring yaupon tea — America’s native tea, courtesy of the Friends of the Archives, who also will be holding their annual meeting. Register in advance for online participation: https://www.zoomgov.com/webinar/register/WN_bYlWTvBmRfyUtDEwRHVhfA#/registration. For more information or to RSVP, please contact Danielle Shirilla, dani.shirilla@dncr.nc.gov or 919-814-6881.
About the State Archives The State Archives serves as the custodian of North Carolina’s historical records, preserving and providing public access to a wealth of archival materials. Through its diverse collections, educational programs, and exhibitions, the State Archives plays a crucial role in promoting an understanding and appreciation of North Carolina’s rich historical legacy.
About the North Carolina Department of Natural and Cultural Resources The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.
The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
Headline: The North Carolina Museum of History Seeks Fayetteville Community Input for Future Exhibits
The North Carolina Museum of History Seeks Fayetteville Community Input for Future Exhibits jejohnson6
WHAT: Fayetteville Community Gathering
WHEN: Monday, Oct. 21, 6–7:30 p.m.
WHERE: 225 Dick St., Fayetteville, NC 28301
DETAILS: The North Carolina Museum of History invites community members in the Fayetteville area to participate in an open discussion to help shape the future of the museum’s exhibits. This is an opportunity for the public to share their thoughts on how the state’s layered history should be presented to future visitors.
This event is open to all community members interested in contributing to the storytelling of North Carolina’s history at the state museum. During this gathering, participants will be asked to consider and discuss several key questions, including:
What makes North Carolina unique?
Who should be remembered at the state history museum, and whose stories should be highlighted?
What significant changes have taken place in your community over time?
How can the museum create a stronger connection with visitors from your community?
What advice would you give about how to represent your community’s history at the state museum?
For more information and to register, click here.
About the NC Museum of History
The North Carolina Museum of History, a Smithsonian Affiliate, fosters a passion for North Carolina history. This museum collects and preserves artifacts of state history and educates the public on the history of the state and the nation through exhibits and educational programs. Admission is free. In 2023, more than 355,000 people visited the museum to see some of the 150,000 artifacts in the museum collection. The Museum of History, within the Division of State History Museums, is part of the NC Department of Natural and Cultural Resources.
About the Smithsonian Affiliations Network
Since 2006, the North Carolina Museum of History has been a Smithsonian Affiliate, part of a select group of museums and cultural, educational, and arts organizations that share Smithsonian resources with the nation. The Smithsonian Affiliations network is a national outreach program that develops long-term collaborative partnerships with museums and other educational and cultural organizations to enrich communities with Smithsonian resources. More information is available ataffiliations.si.edu.
About the North Carolina Department of Natural and Cultural Resources
The NC Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina—its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.
The department manages more than 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the NC Zoo, the State Library, the State Archives, the NC Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the NC Land and Water Fund, and the Natural Heritage Program. For more information, please visitdncr.nc.gov.
Headline: ‘Saturday at the QAR Lab’ Showcases Blackbeard’s Flagship
‘Saturday at the QAR Lab’ Showcases Blackbeard’s Flagship jejohnson6
GREENVILLE
Before it was a pirate ship, Queen Anne’s Revenge was known by another name.
The ship, La Concorde, was a slave-trading vessel that became the infamous pirate Blackbeard’s flagship.
Archaeological Conservators and Researchers with the N.C. Office of State Archaeology will explain the history of the ship Nov. 2 during their “Saturday at the QAR Lab” tours of the Queen Anne’s Revenge Conservation Lab in Greenville.
Artifacts will be displayed, including gold grains, grenades and cannons recovered from the ship, which was wrecked near Beaufort Inlet over 300 years ago.
Register for the “Saturday at the QAR Lab” for a free guided tour from the archaeologists and conservators responsible for preserving, documenting and investigating this ship with two names!
Tours will run every 30 minutes from 10 a.m.-1 p.m. and last approximately 90 minutes. Space is limited, and reservations are required. Please arrive 10 minutes before your tour time. Tours are free and open to all ages, but registration is required.
The QAR Lab at East Carolina University is located at 1157 VOA Site C Rd., Greenville.
For additional information, please call (252) 744-6721. The Queen Anne’s Revenge Shipwreck Project and Queen Anne’s Revenge Conservation Lab, and the Office of State Archaeology are within the N.C. Department of Natural and Cultural Resources.
About the North Carolina Department of Natural and Cultural Resources The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.
The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
NEW YORK – New York Attorney General Letitia James and a coalition of 17 attorneys general today filed an amicus brief in support of a district court decision finding that North Carolina can not impose unnecessary and burdensome restrictions to access mifepristone that were rejected by the U.S. Food and Drug Administration (FDA). The coalition filed an amicus brief in Bryant v. Stein, asking the United States Court of Appeals for the Fourth Circuit to uphold the district court’s decision. The coalition argues that mifepristone has been safely and widely used for decades, and barriers to accessing mifepristone can drive up medical risks for patients.
“Mifepristone is a safe medication that has been used by millions of people, and these dangerous restrictions are causing real harm to people across the country,” said Attorney General James. “Reproductive health care should not be weaponized as a tool to win political points; it is a human right that should be accessible to everyone who needs it. I will always defend people’s reproductive rights and access to this critical health care.”
Mifepristone is a historically safe, FDA-approved medication used for abortion, as well as for treatment of miscarriage. When the FDA first approved its use in 2000, it added conditions for its distribution to ensure safe use. Since then, pursuant to its federal mandate to balance drug safety with patient access, the FDA has adopted a risk evaluation and mitigation strategy (REMS) program for mifepristone. As required by federal law, the FDA has periodically reevaluated the mifepristone REMS program and has reduced the original restrictions imposed on mifepristone to better balance safety with access.
Since 2016, the FDA has removed certain restrictions on mifepristone access, such as the requirement to obtain mifepristone in person and from a physician, on the grounds that these restrictions neither improved patient safety nor adequately minimized burdens on the health care system. In 2023, North Carolina imposed various restrictions on the use and distribution of mifepristone, including many of the restrictions that were expressly removed by the FDA. The plaintiff, an abortion provider in North Carolina, sued to challenge the state restrictions as preempted by federal law. The district court held that, while states have broad authority to regulate health care, a state law that reimposes restrictions removed by the FDA under the agency’s statutory authority to create REMS would be preempted. The coalition’s amicus brief defends the district court’s decision as striking the proper balance between state authority and FDA regulation.
Joining Attorney General James in filing the brief are the attorneys general of California, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Vermont, Washington, and the District of Columbia.
Today’s action is the latest in Attorney General James’ efforts to defend access to reproductive care and protect reproductive freedom in New York and nationwide. In May, Attorney General James sued an anti-abortion group and 11 crisis pregnancy centers for promoting unproven abortion reversal treatment. In April, Attorney General James led a coalition of attorneys general in urging Congress to expand access to reproductive health services and pass the Access to Family Building Act. In March, Attorney General James co-led a multistate coalition of attorneys general and filed an amicus brief with the United States Supreme Court in Idaho v. U.S. and Moyle v. U.S., urging the court to maintain a preliminary injunction that required Idaho hospitals to provide emergency abortion care consistent with the federal Emergency Medical Treatment and Labor Act (EMTALA). In January, Attorney General James led a coalition of 24 attorneys general urging the U.S. Supreme Court to protect access to mifepristone. In December 2022, Attorney General James secured a court order to stop militant anti-abortion group Red Rose Rescue from blocking access to abortion care in New York.
Headline: The North Carolina Museum of History Seeks Charlotte Community Input for Future Exhibits
The North Carolina Museum of History Seeks Charlotte Community Input for Future Exhibits jejohnson6
WHAT: Charlotte Community Gathering
WHEN: Tuesday, Oct. 22, 6–7:30 p.m.
WHERE: 650 East 24th St., Charlotte, NC 28205
DETAILS: The North Carolina Museum of History invites community members in the Charlotte area to participate in an open discussion to help shape the future of the museum’s exhibits. This is an opportunity for the public to share their thoughts on how the state’s layered history should be presented to future visitors.
This event is open to all community members interested in contributing to the storytelling of North Carolina’s history at the state museum. During this gathering, participants will be asked to consider and discuss several key questions, including:
What makes North Carolina unique?
Who should be remembered at the state history museum, and whose stories should be highlighted?
What significant changes have taken place in your community over time?
How can the museum create a stronger connection with visitors from your community?
What advice would you give about how to represent your community’s history at the state museum?
For more information and to register, click here.
About the NC Museum of History
The North Carolina Museum of History, a Smithsonian Affiliate, fosters a passion for North Carolina history. This museum collects and preserves artifacts of state history and educates the public on the history of the state and the nation through exhibits and educational programs. Admission is free. In 2023, more than 355,000 people visited the museum to see some of the 150,000 artifacts in the museum collection. The Museum of History, within the Division of State History Museums, is part of the NC Department of Natural and Cultural Resources.
About the Smithsonian Affiliations Network
Since 2006, the North Carolina Museum of History has been a Smithsonian Affiliate, part of a select group of museums and cultural, educational, and arts organizations that share Smithsonian resources with the nation. The Smithsonian Affiliations network is a national outreach program that develops long-term collaborative partnerships with museums and other educational and cultural organizations to enrich communities with Smithsonian resources. More information is available ataffiliations.si.edu.
About the North Carolina Department of Natural and Cultural Resources
The NC Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina—its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.
The department manages more than 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the NC Zoo, the State Library, the State Archives, the NC Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the NC Land and Water Fund, and the Natural Heritage Program. For more information, please visitdncr.nc.gov.
(HARTFORD, CT) – Governor Ned Lamont, Senator Richard Blumenthal, Senator Chris Murphy, Congresswoman Rosa DeLauro, Congresswoman Jahana Hayes, Congressman John B. Larson, and Transportation Commissioner Garrett Eucalitto today announced that the Connecticut Department of Transportation (CTDOT) has been awarded a $125 million competitive grant from the U.S. Department of Transportation through President Joe Biden’s Bipartisan Infrastructure Law to support Phase 3 of the construction project reconfiguring the highway interchange that connects Interstate 91, Interstate 691, and Route 15 in Meriden.
This interchange is one of the most congested, outdated, and crash prone highway corridors in Connecticut, and the state leaders have been unified in working to secure federal funding that will enable the state to complete a major reconfiguration of this area.
CTDOT is currently constructing the second of the project’s three phases. The project’s overall goal is to reduce congestion and improve safety by eliminating dangerous weaving points, correcting roadway geometry, and adding multi-lane exits. Upon completion of Phase 3 in 2030, the project will see the replacement and rehabilitation of several bridges and the addition and extension of auxiliary lanes to reduce crashes and improve traffic flow.
Governor Lamont said, “This area of highway is one of the most heavily congested in Connecticut and our administration has made its reconfiguration a priority because it’s about time that we do something about the backups, crashes, and delays that this oddly designed section of roadway causes nearly every day. This is a major reconfiguration of a very heavily traveled area and it’s going to take some time to complete, but ultimately central Connecticut will benefit from finally easing the congestion on these highways. We’re able to execute this project thanks to the funding released by President Biden’s Bipartisan Infrastructure Law, and I applaud Connecticut’s outstanding Congressional delegation for not only helping to get this law passed but also working to ensure that our state benefits from it in a major way. I thank the Biden-Harris administration and the U.S. Department of Transportation for working with our administration to secure the funding for this important project.”
Senator Blumenthal said, “I am proud that a historic $125 million in federal funding will support the reconfiguration of one of Connecticut’s most congested interchanges. This redesign will provide relief to the countless motorists who pass through every day and provide much-needed infrastructure upgrades. I will continue fighting to deliver federal investments to Connecticut that make our roads and highways more safe and secure.”
Senator Murphy said, “Getting through the congestion on I-91, I-691, and Route 15 has become a daily headache for Connecticut drivers. This $125 million in federal dollars from the Bipartisan Infrastructure Law will help realign ramps, replace aging bridges, improve drainage, and support other long-needed infrastructure upgrades that streamline the flow of traffic, create good-paying jobs, and ensure a safer, smoother commute for thousands of people.”
Congresswoman DeLauro said, “This is another victory for Connecticut. When my fellow Congressional members and I worked on the Bipartisan Infrastructure Act, we understood the law’s potential to benefit communities throughout the state. With funding now in place for Phase 3 of the reconfiguration of Interstate 91, Interstate 691, and Route 15, we are generating well-paying jobs, fixing bridges, expanding traffic lanes on I-91, making our roads safer, and enhancing road conditions.”
Congresswoman Hayes said, “Reconfiguring the I-91, I-691, Route 15 interchange will reduce traffic and increase safety for drivers. I am delighted to see another federal investment awarded to move this project forward. Investing in modernizing infrastructure benefits communities, and I will continue to work with my Congressional colleagues to prioritize more projects that deliver for Connecticut.”
Congressman Larson said, “Connecticut has some of the most congested and dangerous highways and interchanges in America. I worked with the entire Connecticut Congressional delegation to pass the Bipartisan Infrastructure Law so we can cut down on traffic congestion, repair aging roads and bridges, and support good-paying union jobs. I applaud Governor Lamont and Commissioner Eucalitto for their ongoing commitment to improving our infrastructure and revitalizing our communities, and I look forward to continuing to work with them to support projects across the state, including the Greater Hartford area, that accomplish those goals.”
Commissioner Eucalitto said, “Improving safety is our number one priority at CTDOT and it is the number one goal of this project. Without federal support from the Bipartisan Infrastructure Law, projects like this can sit idle for decades while Connecticut pays the price. We are thankful to Governor Lamont and the state legislature for ensuring we had matching funds to secure this grant, appreciative of our Congressional delegation for its steadfast advocacy, and grateful to our partners at USDOT who allow us to dream big once again.”
The cost of the project’s first phase totaled $80 million and was entirely funded by the state. The second phase is supported by a combination of $50 million in state funding and $200 million federal funding from the Bipartisan Infrastructure Law. The third phase will be supported by the $125 million federal grant announced today, as well as additional state funding. Combined, the expenditure for all three phases is anticipated to be more than $500 million.
This project includes a project labor agreement with the building trades, providing good-paying jobs and workforce development training for the next generation of workers.
The first phase began in early 2023 and is aimed at repairing bridges, adding a lane of traffic to I-91, and making related road improvements. This includes:
Realigning and reconfiguring the ramp from I-691 eastbound to I-91 northbound (Exit 1A old Exit 11) to two lanes to meet traffic demand.
Bridge replacement due to the proposed ramp realignment.
Adding an auxiliary lane on I-91 northbound to relieve congestion and improve safety caused by a steep uphill grade.
This second phase began in June and includes:
Adding a new two-lane exit ramp from Route 15 northbound to I-91 northbound to reduce traffic congestion on the Exit 68 N-E ramp.
Closing the existing Exit 17 ramp from I-91 northbound to Route 15 northbound and re-routing traffic to Exit 16 to provide a two-lane exit ramp with a right-side traffic merge onto Route 15 northbound.
Reconfiguring the existing Exit 68W ramp from Route 15 northbound to I-691 westbound to two lanes.
Reconfiguring the acceleration and deceleration lanes to provide adequate traffic weaving distances to improve safety.
The third phase will include:
A new two-lane exit ramp from Route 15 southbound to I-91 southbound to reduce traffic congestion on the existing Exit 67 ramp.
A new two-lane I-91 southbound ramp to Route 15 southbound to reduce traffic congestion on the existing Exit 17 ramp.
Reconfiguring the ramp from I-691 eastbound to Route 15 southbound (Exit 10) to two lanes.
Reconfiguring the ramp from I-91 southbound to I-691 westbound (Exit 18) to two lanes.
Members of the public are encouraged to learn more about the project, get the latest updates, and subscribe to construction alerts by visiting the project’s website ati-91i-691route15interchange.com.
NASA, in partnership with AeroVironment and Aerostar, recently demonstrated a first-of-its-kind air traffic management concept that could pave the way for aircraft to safely operate at higher altitudes. This work seeks to open the door for increased internet coverage, improved disaster response, expanded scientific missions, and even supersonic flight. The concept is referred to as an Upper-Class E traffic management, or ETM. There is currently no traffic management system or set of regulations in place for aircraft operating 60,000 feet and above. There hasn’t been a need for a robust traffic management system in this airspace until recently. That’s because commercial aircraft couldn’t function at such high altitudes due to engine constraints. However, recent advancements in aircraft design, power, and propulsion systems are making it possible for high altitude long endurance vehicles — such as balloons, airships, and solar aircraft — to coast miles above our heads, providing radio relay for disaster response, collecting atmospheric data, and more. But before these aircraft can regularly take to the skies, operators must find a way to manage their operations without overburdening air traffic infrastructure and personnel.
“We are working to safely expand high-altitude missions far beyond what is currently possible,” said Kenneth Freeman, a subproject manager for this effort at NASA’s Ames Research Center in California’s Silicon Valley. “With routine, remotely piloted high-altitude operations, we have the opportunity to improve our understanding of the planet through more detailed tracking of climate change, provide internet coverage in underserved areas, advance supersonic flight research, and more.” Current high-altitude traffic management is processed manually and on a case-by-case basis. Operators must contact air traffic control to gain access to a portion of the Class E airspace. During these operations, no other aircraft can enter this high-altitude airspace. This method will not accommodate the growing demand for high-altitude missions, according to NASA researchers. To address this challenge, NASA and its partners have developed an ETM traffic management system that allows aircraft to autonomously share location and flight plans, enabling aircraft to stay safely separated. During the recent traffic management simulation in the Airspace Operations Laboratory at Ames, data from multiple air vehicles was displayed across dozens of traffic control monitors and shared with partner computers off site. This included aircraft location, health, flight plans and more. Researchers studied interactions between a slow fixed-wing vehicle from AeroVironment and a high-altitude balloon from Aerostar operating at stratospheric heights. Each aircraft, connected to the ETM traffic management system for high altitude, shared location and flight plans with surrounding aircraft. This digital information sharing allowed Aerostar and AeroVironment high-altitude vehicle operators to coordinate and deconflict with each other in the same simulated airspace, without having to gain approval from air traffic control. Because of this, aircraft operators were able to achieve their objectives, including wireless communication relay. This simulation represents the first time a traffic management system was able to safely manage a diverse set of high-altitude aircraft operations in the same simulated airspace. Next, NASA researchers will work with partners to further validate this system through a variety of real flight tests with high-altitude aircraft in a shared airspace. The Upper-Class E traffic management concept was developed in coordination with the Federal Aviation Administration and high-altitude platform industry partners, under NASA’s National Airspace System Exploratory Concepts and Technologies subproject led out of Ames.
For nearly a century, two dams on the Elwha River blocked the natural flow of sediment and wood, leading to a highly altered river environment. Removal of the dams unleashed large quantities of sediment and wood that had been trapped behind the reservoirs. This debris was carried downstream, reshaping the river’s course and impacting its ecosystems.
Source: United States Senator for Illinois Tammy Duckworth
October 17, 2024
[NAPERVILLE, IL] – U.S. Senator Tammy Duckworth (D-IL) and U.S. Congressman Bill Foster (D-IL-11) today hosted a discussion with IVF providers, advocates and families on the challenges they face with IVF access at risk across the country after Donald Trump’s Supreme Court Justices overturned Roe v. Wade. Duckworth and Foster were joined by Dr. Amanda Schwartz of the Reproductive Medicine Institute, Dr. Megan Sax of Fertility Centers of Illinois and the Beck Family, a Crystal Lake-based family who used assisted reproductive technology to conceive their two children. Photos from today’s event are available on the Senator’s website.
“After a decade of struggling with infertility, I was only able to have my two beautiful girls through the miracle of IVF,” Duckworth said. I’m grateful I had access to IVF to become a mom when I wanted to become a mom but now, thanks to Donald Trump, that right to reproductive care is at risk for millions of women across this country. And while so many Republicans continue to claim to support families and IVF, their actions and their votes prove that the American people can’t take them at their word.”
“I was proud to join Senator Duckworth in Naperville today to reinforce our commitment to protecting access to reproductive treatments like IVF,” said Foster. “Far-right politicians and judges have no business meddling in how Americans choose to start and grow their families. I will continue working with my colleagues in Congress to ensure that every woman – no matter what state she lives in – has access to IVF and all forms of reproductive health care.”
Duckworth has been the leader in Congress on protecting access to IVF. Duckworth’s Right to IVF Act, comprehensive legislation she led with U.S. Senators Patty Murray (D-WA) and Cory Booker (D-NJ), would establish a right to IVF and other assisted reproductive technology (ART), expand access for hopeful parents, Veterans and federal employees and help lower the costs of IVF for middle class families across the country. Despite publicly claiming to support IVF for the millions of Americans who rely on it to build their families, nearly every Senate Republican voted against the bill in June and again last month.
The Right to IVF Act builds upon Duckworth’s previous legislation, the Access to Family Building Act. Earlier this year, after the Alabama Supreme Court ruling that put access to IVF at risk for families across that state, Duckworth led a group of Senate Democrats in calling for the bill’s passage through unanimous consent, only for Republican U.S. Senator of Mississippi Cindy Hyde-Smith to object and block Duckworth’s effort. This was the second time Senate Republicans blocked Duckworth-led legislation that would protect access to IVF nationwide. The Access to Family Building Act builds on previous legislation she introduced in 2022.
Duckworth was the first Senator to give birth while serving in office and had both of her children with the help of IVF. In 2018 she advocated for the Senate to change its rules so she could bring her infant onto the Senate floor.
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Source: United States Senator for New Mexico Martin Heinrich
ALBUQUERQUE, N.M. – In advance of the 100th Anniversary of Historic Route 66 in 2026, U.S. Senator Martin Heinrich (D-N.M.), the co-founder and co-chair of the Electrification Caucus, led a letter alongside U.S. Senators Mark Kelly (D-Ariz.), Dick Durbin (D-Ill.), Ben Ray Luján (D-N.M.), and Tammy Duckworth (D-Ill.) to U.S. Secretary of Transportation Pete Buttigieg and U.S. Secretary of Energy Jennifer Granholm urging them to prioritize investments in electric vehicle (EV) chargers along historic Route 66 as they oversee the second round of the Charging and Fueling Infrastructure Discretionary Grant Program applications under the Infrastructure Law.
Intheir letter, the senators wrote: “The rich history and culture of Route 66 as a symbol of American freedom and adventure will draw millions of visitors to each of the eight states it runs through during the Centennial Anniversary of this iconic highway in 2026. In particular, we urge the Federal Highway Administration and the Joint Office of Energy and Transportation to make significant investments in electric vehicle (EV) chargers along Route 66 through the second round of the Charging and Fueling Infrastructure (CFI) Discretionary Grant Program. We believe federal investment in EV charging will play a critical role in fostering economic and infrastructure development in communities all along Route 66 during its Centennial Anniversary.”
They continued: “More than 2 million people visit Route 66 every year, and our states are busy planning numerous events in 2026 to celebrate the anniversary and honor the Mother Road and its connection to American culture. Accessible charging infrastructure can help draw visitors to historic sites and roadside attractions, as well as catalyze the revitalization of downtowns and main streets. Infrastructure funded by Round 2 of the CFI program should be able to be installed and fully functional in time for the Centennial.”
They concluded: “Therefore, we urge your Departments to include specific consideration of applications from locations along Route 66 in this round of competitive CFI grants. Together, we can honor the history of the Mother Road while revitalizing communities and building a better future for the millions of Americans who live on Route 66.”
Background:
One of America’s first continuous stretches of paved highway, U.S. Route 66, sometimes referred to as “The Mother Road,” was commissioned on November 11, 1926, and stretched 2,448 miles (3,940 km) from Chicago to Los Angeles. Many organizations in the eight states along Historic Route 66 are planning special events and tours to highlight the road’s Centennial in 2026, including the New Mexico Tourism Department, which just launched a grant program to provide support for marketing campaigns, special events, and infrastructure related to Route 66.
Congress passed the bipartisan Route 66 Centennial Commission Act in 2020 to establish a commission consisting of representatives from each of the eight Route 66 states. In their First Interim Report, released on July 11, 2023, the Route 66 Centennial Commission recommended the creation of a Route 66 Alternative Fuels Corridor Initiative to enable visitors to confidently travel the length of the entire route with whatever vehicle they choose.
The Charging and Fueling Infrastructure Discretionary Grant Program (CFI Program) is a competitive grant program established in the Infrastructure Law to build out accessible electric vehicle charging and alternative fueling infrastructure in the places people live and work. The program, which just opened its second round, will provide up to $2.5 billion over five years to strategically deploy electric vehicle (EV) charging infrastructure and other alternative fueling infrastructure projects in urban and rural communities in publicly accessible locations, including downtown areas and local neighborhoods, particularly in underserved and disadvantaged communities.
The full text of the senators’ lettercan be found hereand below.
Dear Secretary Buttigieg and Secretary Granholm:
As you work to implement the Bipartisan Infrastructure Law, we write to encourage your Departments to take advantage of all opportunities to support economic development along Route 66. The rich history and culture of Route 66 as a symbol of American freedom and adventure will draw millions of visitors to each of the eight states it runs through during the Centennial Anniversary of this iconic highway in 2026. In particular, we urge the Federal Highway Administration and the Joint Office of Energy and Transportation to make significant investments in electric vehicle (EV) chargers along Route 66 through the second round of the Charging and Fueling Infrastructure (CFI) Discretionary Grant Program. We believe federal investment in EV charging will play a critical role in fostering economic and infrastructure development in communities all along Route 66 during its Centennial Anniversary.
More than 2 million people visit Route 66 every year, and our states are busy planning numerous events in 2026 to celebrate the anniversary and honor the Mother Road and its connection to American culture. We applaud the administration’s work in appointing 12 individuals to serve as members of the Route 66 Centennial Commission, which was established by the bipartisan Route 66 Centennial Commission Act in 2020 (Public Law No: 116-256). Under this law, the Route 66 Centennial Commission is working “to identify and recommend activities that may be carried out by the Federal Government that are fitting and proper to honor Route 66 on the occasion of its centennial anniversary.” Notably, the Commission’s first Interim Report, released on July 11, 2023, recommended the creation of a Route 66 Alternative Fuels Corridor Initiative. As elected officials representing states along Route 66, we are fully supportive of this recommendation.
The CFI program provides a unique opportunity to support the recommendations set out by the commission’s report and enable visitors to confidently travel the length of the “Main Street of America” in whatever vehicle they choose. Accessible charging infrastructure can help draw visitors to historic sites and roadside attractions, as well as catalyze the revitalization of downtowns and main streets. Infrastructure funded by Round 2 of the CFI program should be able to be installed and fully functional in time for the Centennial. Therefore, we urge your Departments to include specific consideration of applications from locations along Route 66 in this round of competitive CFI grants. Together, we can honor the history of the Mother Road while revitalizing communities and building a better future for the millions of Americans who live on Route 66.
Source: United States House of Representatives – Congressman Jimmy Panetta (D-Calif)
San Jose, CA – United States Representative Jimmy Panetta (CA-19) announced a significant new federal investment in a local semiconductor manufacturer through the landmark CHIPS and Science Act. The $93 million federal investment awarded to Infinera will support the expansion and modernization of both a new semiconductor fabrication plant, or Fab, in South San Jose and a new Advanced Test and Packaging (ATP) facility in Bethlehem, Pennsylvania. This funding is expected to multiply Infinera’s domestic manufacturing capacity by ten and create up to 1,200 construction jobs.
Infinera is a local semiconductor and telecommunications equipment manufacturer that has operated its U.S. fabrication and ATP facilities for over two decades. Specifically, the project in South San Jose will construct a new modernized Fab and foundry with over 40,000 square feet of cleanroom space to increase its indium phosphide-based photonic integrated circuits (InP PICs) manufacturing.
Rep. Panetta with bipartisan majorities in the House and Senate passed the CHIPS and Science Act into law during the 117th Congress. The landmark legislation has already allocated over $35 billion in proposed funding across 16 states, including California, and is expected to create over 115,000 jobs in emerging high-tech manufacturing and research sectors. Since the beginning of the Biden-Harris Administration, semiconductor and electronics companies have announced over $400 billion in private investments, catalyzed in large part by public investment.
“Although Silicon Valley leads the world in innovation, it isn’t really known as a manufacturing base for semiconductor chips,” said Rep. Panetta. “That may change with this major federal investment in Infinera, its innovation, and its manufacturing of semiconductor chips in California’s 19th Congressional District. Through the bipartisan CHIPS and Science Act, we are investing in local projects with hundreds of good-paying jobs that will bolster our innovation and dramatically increase our domestic output of semiconductors in South San Jose.”
InP PICs are key components in optical network communications. These components enable the fast and reliable transfer of large amounts of data in communications, spanning short- to long-distance broadband networks; between AI and machine-learning clusters inside the data center; and between data centers. This technology is essential to powering American economic innovation and support security technology.
“We are honored to be part of the Department of Commerce’s efforts to increase semiconductor fabrication and packaging in the U.S. and protect our national and economic security as part of the bipartisan CHIPS and Science Act,” said Infinera CEO David Heard. “Optical semiconductor technology and photonics are at the heart of scalable and resilient connectivity required to support the rapidly growing need for high-speed communications. This proposed funding would enable us to better serve our customers, expand our partnerships, and compete more effectively with foreign adversary competitors, especially at a time when supply chain security is increasingly important to America’s communications infrastructure, from high-capacity long-haul transmission and broadband networks to power-efficient connectivity inside data centers to support the explosive growth in AI workloads.”
The California project will be supported by the Nor Cal Carpenters Union (NCCU). For trades not covered by NCCU, Infinera’s general contractor, Vulcan Construction, has agreed to hire from a contractor base consisting of 100% labor union-signatory contractors affiliated with the building trades. Infinera’s current operations in South San Jose are 95% carbon free, which is expected to continue with the expansion of the Fab.
“From artificial intelligence to electric vehicles to telecommunications infrastructure, 21st century technologies all rely on optical semiconductors like the ones manufactured by Infinera,” said U.S. Secretary of Commerce Gina Raimondo. “The Biden-Harris Administration is achieving the economic and national security goal of the CHIPS and Science Act with investments like this one. We are securing semiconductor manufacturing projects across the country to build a robust domestic chip ecosystem that will create high-tech jobs and economic opportunities for communities across the country.”
(COLUMBIA, S.C.) – Attorney General Alan Wilson filed a brief in the U.S. Court of Appeals for the D.C. Circuit to stop the Biden-Harris administration from imposing an electric-vehicle mandate on truck manufacturers. A coalition of 24 states teamed up in Nebraska v. EPA to challenge the new rule.
“This is yet another overreach by the Biden-Harris administration trying to do something they don’t have the authority to do,” Attorney General Wilson said. “But more importantly, it will raise the price on all of us for almost everything that gets shipped by truck.”
In April, the federal Environmental and Protection Agency (EPA) published a rule imposing stringent tailpipe emissions standards for heavy-duty vehicles that effectively force manufacturers to produce more electric trucks and fewer internal combustion trucks. The attorneys general argued that EPA’s electric-truck mandate raises a “major question” that Congress has not clearly authorized EPA to decide. The brief points out that just 0.10 percent of all heavy-duty trucks sold today are powered by a battery, but that EPA’s rule would increase that number to 45 percent in less than a decade. That massive shift in the nation’s trucking and logistics industries will slow down the transportation of essential goods, stress the electric grid, and raise prices for Americans. The brief also argues that EPA has never before forced manufacturers to produce heavy-duty electric vehicles and that allowing the electric-truck mandate to stand would short-circuit the ongoing policy debate that should be left to Congress and the States.
In addition to Attorney General Wilson, attorneys general from the following states joined the brief against the Biden Administration: Alabama, Alaska, Arkansas, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, Oklahoma, Tennessee, Texas, South Dakota, Utah, Virginia, West Virginia, and Wyoming.
“The Alberta Order of Excellence inductees for 2024 reflect the best traits the people of our province have to offer: innovation, determination and a deep-seeded commitment to serving others. I know that their stories and their many contributions will serve to inspire fellow Albertans now and in the future.”
This year’s inductees bring the total membership of the Alberta Order of Excellence to 220 over the past 45 years. Established in 1979, the Alberta Order of Excellence is the province’s highest honour and is an official part of the Canadian Honours System.
The new Alberta Order of Excellence members are:
DON BEGG – Don Begg of Cochrane is a bronze sculptor known around the world for his detailed and life-like figures. His work commemorates the human spirit by showcasing historical moments and everyday life on the Prairies.
ROBERT FOSTER – Dr. Robert Foster of Edmonton is a globally recognized pharmaceutical scientist. He has improved the lives of thousands with his ground-breaking research, development and dedication to improving the standard of care in medicine.
CATHERINE FRASER – As Chief Justice of Alberta, the Honourable Catherine Fraser of Edmonton strengthened fairness and equality in domestic and international justice systems, improving access to impartiality in the courts and defending the rule of law.
WILL FERGUSON – Will Ferguson of Calgary is a gifted author. His award-winning work spans diverse genres and contributes to greater awareness among Canadian and international readers about historical and contemporary Canadian identity.
STEPHEN MANDEL – As Edmonton’s 34th mayor, Stephen Mandel drove a period of abundant growth and transformation for the city. His dedication to serving Albertans is evident in his work as a philanthropist, volunteer and advocate for the arts and social issues.
KIM RUETHER – Kim Ruether of Fairview founded the Project Brock Society to save lives.
She has taught thousands how to treat sudden cardiac arrest using AEDs, expanded research on resuscitation and improved international 911 dispatch protocols.
NANCY SOUTHERN – Nancy Southern of Calgary is the visionary Chair and CEO of ATCO Ltd. Her significant contributions reach far beyond the world of commerce as she also leads by example on relevant social and community issues.
GARNETTE SUTHERLAND – Dr. Garnette Sutherland of Calgary is a world-renowned neurosurgeon, professor and health technology innovator. He used space technology to develop neuroArm to make brain surgery more precise and return patients safely to their families.
Source: The Conversation – UK – By Kieran Maguire, Senior Teacher in Accountancy and member of Football Industries Group, University of Liverpool
When the Premier League broke away from the rest of English football in 1992, its 22 clubs generated £205 million in its debut season, and the average player earned £2,050 a week. Thirty years later, despite having two fewer clubs, the league’s revenue had increased by 2,850% to £6.1 billion and the average player earned £93,000 a week.
At the heart of this extraordinary growth is an American revolution. In the Premier League’s inaugural season, football was still in recovery from the horrors of the stadium disasters at Hillsborough and Heysel. Owners tended to be from the local area and with a business background. The only foreign owner was Sam Hamman at Wimbledon, a Lebanese millionaire who bought the club on a whim having reportedly been much more interested in tennis. The season ended with Manchester United (under Alex Ferguson) winning the English game’s top league for the first time in 26 years.
Now, if the Texas-based Friedkin Group’s recent deal to buy Everton goes through, 11 of the 20 Premier League clubs will be controlled or part-owned by American investors. The US – long seen as football’s final frontier when it comes to the men’s game – suddenly can’t get enough of English “soccer”.
Four of the Premier League’s “big six” are American-owned – Manchester United, Liverpool, Arsenal and Chelsea – while a fifth, Manchester City, has a significant US minority shareholding. Aston Villa, Fulham, Bournemouth, Crystal Palace, West Ham and Ipswich Town also have varying degrees of American ownership.
And it’s not even just the glamour clubs at the top of the tree. American investment has also been significant lower down the football pyramid, led by the high-profile acquisition of then non-league Wrexham by Hollywood actors Ryan Reynolds and Rob McElhenny, and Birmingham City’s purchase by US investors including seven-time Super Bowl winner Tom Brady. American investment in football has reached places as geographically diverse as Carlisle and Crawley in England, and Aberdeen and Edinburgh in Scotland.
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Manchester United was the first Premier League club to come under American ownership – after a row about a horse.
In 2005, United was owned by a variety of investors including Irish businessmen and racehorse owners John Magnier and J.P. McManus. Their erstwhile friend Ferguson, the United manager, thought he co-owned the champion racehorse Rock of Gibraltar with them – a stallion worth millions in stud rights. They disagreed – and their bitter dispute was such that Magnier and McManus decided to sell their shares in the football club.
The Miami-based Glazer family – already involved in sport as owners of NFL franchise the Tampa Bay Buccaneers – had already been buying up small tranches of shares in United, but the sudden availability of the Irish shares allowed Malcolm Glazer to acquire a controlling stake for £790 million (around £1.5 billion at today’s prices).
The fact Glazer did not actually have sufficient funds to pay for these shares was a solvable problem. In the some-might-say commercially naive world of top-flight English football before the Premier League, Manchester United was a club without debt, paying its way without leveraging its position as one of the world’s most famous football clubs. Glazer saw the opportunity this presented and arranged a leveraged buy-out (LBO), whereby the football club borrowed more than £600 million secured on its own assets to, in effect, “buy itself” in 2005.
Despite the need to meet the high interest costs to fund the LBO, United continued winning trophies under Ferguson – including three Premier League titles in a row in 2007, 2008 and 2009, as well as a Champions League victory in 2008. Amid this success, the club felt that ticket prices were too low and set about increasing them, with matchday revenue increasing from £66 million in 2004/05 to over £101 million by 2007/08.
Commercial income was another area the Glazers were keen to increase. United set up offices in London and adopted a global approach to finding new official branding deals ranging from snacks to tractor and tyre suppliers – doubling revenues from this income source too.
But in this new, more aggressive world of “sweating the asset”, the debts lingered – and most United fans remained deeply suspicious of their American owners. (Following their father’s death in 2014, the club was co-owned by his six children, with brothers Avram and Joel Glazer becoming co-chairmen.)
Today, despite its partial listing on the New York Stock Exchange and the February 2024 sale of 27.7% of the club to British billionaire Sir Jim Ratcliffe for a reputed £1.25 billion, United still has borrowings of more than £546 million, having paid cumulative interest costs of £969 million since the takeover in 2005. But with the club now valued at US$6.55 billion (around £5bn), it represents a very smart investment for the Glazer family.
Indeed, while the prices being paid for football clubs across Europe have reached record levels, they are still seen as cheap investments compared with US sports’ leading franchises. Forbes’s annual list of the world’s most valuable sports teams has American football (NFL), baseball (MLB) and basketball (NBA) teams occupying the top ten positions, with only three Premier League clubs – Manchester United, Liverpool and Manchester City – in the top 50.
With NFL teams having an average franchise value of US$5.1 billion and NBA $3.9 billion, many English football clubs still look like a bargain from the other side of the pond.
The risk of relegation
The latest to join this US bandwagon, the Friedkin Group – a Texas-based portfolio of companies run by American businessman and film producer Dan Friedkin – is reported to have offered £400m to buy Everton, despite the club’s poor financial state.
“The Toffees” have been hit by loss of sponsorships as well as two sets of points deductions for breaching the Premier League’s financial rules, leading to revenue losses from lower league positions. While the new stadium being built at Liverpool’s Bramley-Moore dock has been yet another financial constraint, it will at least increase matchday income from the start of next season.
Everton’s new stadium at Bramley-Moore dock will open in time for the start of the 2025-26 season. Phil Silverman / Shutterstock
A wider reason for the relative bargain in valuations of European football clubs is the risk of relegation – something that is not part of the closed leagues of most US sports. While the threat of relegation (and promise of promotion) has always been an integral part of English and European football, the jeopardy this brings for supporters – and a club’s finances – does not exist in the NFL, NBA, Major League Soccer and similar competitions.
The Premier League, with its three relegation spots at the end of each season, has featured 51 different clubs since it launched in 1992. Only six clubs – Arsenal, Spurs, Chelsea, Manchester United, Liverpool and Everton – have been ever present, with Arsenal now approaching 100 years of consecutive top-flight football.
Other Premier League clubs have experienced the dramatic cost-benefit of relegation and promotion. Oldham Athletic, who were in the Premier League for its first two seasons, now languish in the fifth tier of the game, outside the English Football League (EFL). In contrast, Luton Town, who were in the fifth tier as recently as 2014, were promoted to the Premier League in 2023 – only to be relegated at the end of last season.
While it is difficult to compare football clubs with basketball and American football teams, the financial difference between having an open league, with relegation, and a closed league becomes apparent when you look at women’s football on both sides of the Atlantic.
Angel City, a women’s soccer team based in Los Angeles, only entered the National Women’s Soccer League (NWSL) in 2022 and is yet to win an NWSL trophy. But last month, the club was sold for US$250 million (£188m) to Disney’s CEO Bob Iger and TV journalist Willow Bay – the most expensive takeover in the history of women’s professional sport.
In comparison, Chelsea – seven-time winners of the English Women’s Super League and one of the most successful sides in Europe – valued its women’s team at £150 million ($US196m) earlier this summer. While there are a number of factors to this price differential, the confidence that Angel City will always be a member of the big league of US soccer clubs – and share very equally in its revenue – will have made its new owners very confident in the long-term soundness of their deal.
The story of Angel City FC, the most expensive team in women’s sport.
A further attraction for American investors is the potential to enter two markets – one mature (men’s football) and one effectively a start-up (the women’s game) – in a single purchase. In the US, the top men’s and women’s clubs are completely separate. But in Europe, most top-flight women’s teams are affiliated to men’s clubs – with the exception of eight-time Women’s Champions League winners Olympique Lyonnais Feminin, which split from the French men’s club when Korean-American businesswoman Michele Kang bought a majority stake in the women’s team in February 2024).
While interest in, and hence value of, the WSL is now growing fast, the women’s game in England is dwarfed by viewer ratings for the Premier League – the most watched sporting league in the world, viewed by an estimated 1.87 billion people every week across 189 countries.
These figures dwarf even the NFL which, while currently still the most valuable of all sporting leagues in terms of its broadcasting deals, must be looking at the growth of the Premier League with some jealousy. This may explain why some US franchise owners, such as Stan Kroenke, the Glazer family, Fenway Sports Group and Billy Foley, have subsequently purchased Premier League football clubs.
Ironically, for many spectators around the world, it is the intensity and competitiveness of most Premier League matches – brought on in part by the threat of relegation and prize of European qualification – that makes it so captivating. However, billionaire investors like guaranteed numbers and dislike risk – especially the degree of financial risk that exists in the Premier League and English Football League.
European not-so-Super League
In April 2021, 12 leading European clubs (six from England plus three each from Spain and Italy) announced the creation of the European Super League (ESL). This new mid-week competition was to be a high-revenue generating, closed competition with (eventually) 15 permanent teams and five annual additions qualifying from Europe. According to one of the driving forces behind the plan, Manchester United co-chairman Joel Glazer:
By bringing together the world’s greatest clubs and players to play each other throughout the season, the Super League will open a new chapter for European football, ensuring world-class competition and facilities, and increased financial support for the wider football pyramid.
The problem facing the Premier League’s “big six” clubs – and their ambitious owners – is there are currently only four slots available to play in the Champions League. So, their thinking went, why not take away the risk of not qualifying? However, the proposal was swiftly condemned by fans around Europe, together with football’s governing bodies and leagues – all of whom saw the ESL proposal as a threat to the quality and integrity of their domestic leagues. Following some large fan protests, including at Chelsea’s Stamford Bridge, Manchester City was the first club to withdraw – followed, within a couple of days, by the rest of the English clubs.
Under the terms of the ESL proposals, founding member clubs would have been guaranteed participation in the competition forever. Guaranteed participation means guaranteed revenues. The current financial gap between the “big six” and the other members of the Premier League, which in 2022/23 averaged £396 million, would have widened rapidly.
For example, these clubs would have been able to sell the broadcast rights for some of their ESL home fixtures direct to fans, instead of via a broadcaster. All of a sudden, that database of fans who have downloaded the official club app, or are on a mailing list, becomes far more valuable. These are the people most willing to watch their favourite team on a pay-per-view basis, further increasing revenues.
At the same time, a planned ESL wage cap would have stopped players taking all these increased revenues in the form of higher wages, allowing these clubs to become more profitable and their ownership even more lucrative.
American-owned Manchester United and Liverpool had previously tried to enhance the value of their investments during the COVID lockdowns era via ProjectBig Picture – proposals to reduce the size of the Premier League and scrap one of the two domestic cup competitions, thus freeing up time for the bigger clubs to arrange more lucrative tours and European matches against high-profile opposition.
Most importantly, Project Big Picture would have resulted in changing the governance of the domestic game. Under its proposals, the “big six” clubs would have enjoyed enhanced voting rights, and therefore been able to significantly influence how the domestic game was governed.
Any attempt to increase the concentration of power raises concerns of lower competitive balance, whereby fewer teams are in the running to win the title and fewer games are meaningful. This is a problem facing some other major European football leagues including France’s Ligue 1, where interest among broadcasters has dwindled amid the perceived dominance of Paris St-Germain.
So while to date, American-led attempts to change the structure of the Premier League have been foiled, it’s unlikely such ideas have gone away for good. The near-universal fear of fans – even those who welcome an injection of extra cash from a new billionaire owner – is that the spectacle of the league will only be diminished if such plans ever succeed.
And there is evidence from the women’s game that the US closed league format is coming under more pressure from football’s global forces. The NWSL recently announced it is removing the draft system that is designed (as with the NFL and NBA) to build in jeopardy and competitive balance when there is no risk of relegation.
Top US women’s football clubs are losing some of their leading players to other leagues, in part because European clubs are not bound by the same artificial rules of employment. In a truly global professional sport such as football, international competition will always tend to destabilise closed leagues.
Why do they keep buying these clubs?
Does this mean that American and other wealthy owners of Premier League clubs seeking to reduce their risks are ultimately fighting a losing battle? And if so, given the potential risks involved in owning a football club – both financial and even personal – why do they keep buying them?
The motivations are part-financial, part technological and, as has always been the case with sports ownership, part-vanity.
The American economy has grown far faster than that of the EU or UK in recent years. Consequently, there are many beneficiaries of this growth who have surplus cash, and here football becomes an attractive proposition. In fact, football clubs are more resilient to recessions than other industries, holding their value better as they are effectively monopoly suppliers for their fans who have brand loyalty that exists in few other industries.
From 1993 to 2018, a period during which the UK economy more than doubled, the total value of Premier League clubs grew 30 times larger. And many fans are tied to supporting one club, helping to make the biggest clubs more resilient to economic changes than other industries. While football, like many parts of the entertainment industry, was hit by lockdown during Covid, no clubs went out of business, despite the challenges of matches being played in empty stadiums.
Added to this, the exchange rates for US dollars have been very favourable until recently, making US investments in the UK and Europe cheaper for American investors.
So, while Manchester United fans would argue that the Glazer family have not been good for the club, United has been good for the Glazers. And Fenway Sports Group (FSG), who bought Liverpool for £300 million in 2010, have recouped almost all of that money in smaller share sales while remaining majority owners of Liverpool.
Despite this, the £2.5 billion price paid for Chelsea by the US Clearlake-Todd Boehly consortium in May 2022 took markets by surprise.
The sale – which came after the UK government froze the assets of the club’s Russian oligarch owner, Roman Abramovich, following the invasion of Ukraine – went through less than a year after Newcastle United had been sold by Sports Direct founder Mike Ashley to the Saudi Arabian Public Investment Fund for £305 million – approximately twice that club’s annual revenues. Yet Clearlake-Boehly were willing to pay over five times Chelsea’s annual revenues to acquire the club, even though it was in a precarious financial position.
Clearlake is a private equity group whose main aim is to make profits for their investors. But unlike most such investors, who tend to focus on cost-cutting, the Chelsea ownership came in with a high-spending strategy using new financial structuring ideas, such as offering longer player contracts to avoid falling foul of football’s profitability and sustainability rules (although this loophole has since been closed with Uefa, European football’s governing body, limiting contract lengths for financial regulation purposes to five years).
Chelsea’s location in the one of the most expensive areas of London, combined with its on-field success under Abramovich, all added to the attraction, of course. But there are other reasons why Clearlake, along with billionaire businessman Boehly, were willing to stump up so much for the club.
From Hollywood to the metaverse
While some British football fans may have viewed the Ted Lasso TV show as an enjoyable if slightly twee fictional account of American involvement in English soccer, it has enhanced the attraction of the sport in the US. So too Welcome To Wrexham – the fly-on-the-wall series covering the (to date) two promotions of Wales’s oldest football club under the unlikely Hollywood stewardship of Reynolds and McElhenney.
Welcome To Wrexham, season one trailer.
The growth in US interest in English football is reflected in the record-breaking Premier League media rights deal in 2022, with NBC Sports reportedly paying $2.7 billion (£2.06bn) for its latest six-year deal.
But as well as football offering one of increasingly few “live shared TV experiences” that carry lucrative advertising slots, there may also be more opportunity for more behind-the-scenes coverage of the Premier League – as has long been seen in US coverage of NBA games, for example, where players are interviewed in the locker room straight after games.
According to Manchester United’s latest annual report, the club now has a “global community of 1.1 billion fans and followers”. Such numbers mean its owners, and many others, are bullish about the potential of the metaverse in terms of offering a matchday experience that could be similar to attending a match, without physically travelling to Manchester.
Their neighbours Manchester City, part-owned by American private equity company Silverlake, broke new (virtual) ground by signing a metaverse deal with Sony in 2022. Virtual reality could give fans around the world the feeling of attending a live match, sitting next to their friends and singing along with the rest of the crowd (for a pay-per-view fee).
Some investors are even confident that advancements in Abba-style avatar technology could one day allow fans to watch live 3D simulations of Premier League matches in stadiums all over the world. Having first-mover advantage by being in the elite club of owners who can make use of such technology could prove ever more rewarding.
More immediately, there are some indications that competitive matches involving England’s top men’s football teams could soon take place in US or other venues. Boehly, Chelsea’s co-owner, has already suggested adopting some US sports staples such as an All-Star match to further boost revenues. Indeed, back in 2008, the Premier League tentatively discussed a “39th game” taking place overseas, but that idea was quickly shelved.
The American owners of Birmingham City were keen to play this season’s EFL League One match against Wrexham in the US, but again this proposal did not get far. Liverpool’s chairman Tom Werner says he is determined to see matches take place overseas, and recent changes to world governing body Fifa’s rulebook could make it easier for this proposal to succeed.
The potential benefits of hosting games overseas include higher matchday revenues, increased brand awareness, and enhanced broadcast rights. While there is likely to be significant opposition from local fans, at least American owners know they would not face the same hostility about rising matchday prices in the US as they have encountered in England.
When the Argentinian legend Lionel Messi signed for new MLS franchise Inter Miami in 2023, season ticket prices nearly doubled on his account. And while there is vocal opposition to higher ticket prices in England, this is not borne out in terms of lower attendances for matches against high-calibre opposition – as evidenced by Aston Villa charging up to £97 for last week’s Champions League meeting with Bayern Munich.
Villa’s director of operations, Chris Heck, defended the prices by saying that difficult decisions had to be made if the club was to be competitive.
Manchester United’s matchday revenue per EPL season (£m)
For much of the 2010s, with broadcast revenues increasing rapidly, many Premier League owners made little effort to stoke hostilities with their loyal fan bases by putting up ticket prices. Indeed, Manchester United generated little more from matchday income in the 2021-22 season, as football emerged from the pandemic, than the club had in 2010-11 (see chart above).
However, this uneasy truce between fans and owners has ceased. The relative flatlining of broadcast revenues since 2017, along with cost control rules that are starting to affect clubs’ ability to spend money on player signings and wages, has changed club appetites for dampened ticket prices. This has resulted in noticeable rises in individual ticket and season ticket prices by some clubs.
However, season ticket and other local “legacy” fans generate little money compared with the more lucrative overseas and tourist fans. They may only watch their favourite team live once a season, but when they visit, they are far more likely not only to pay higher matchday prices, but to spend more on merchandise, catering and other offerings from the club.
Today’s breed of commercially aware, profit-seeking US Premier League owners – pioneered by the Glazer family, who saw that “sweating the asset” meant more than watching football players sprinting hard – understand there is a lot more value to come from English football teams. The clubs’ loyal local supporters may not like it, but English football’s American-led revolution is not done yet.
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Kieran Maguire has taught courses and presented on football finance for the Professional Footballers Association, League Managers Association, FIFA and national football associations in Europe.
Christina Philippou is affiliated with the RAF FA, and Premier League education programs.
Source: United Kingdom – Executive Government & Departments 3
New rules will give millions of Buy-Now, Pay-Later users key protections offered by other forms of credit.
Providers will have to ensure lending is affordable – stopping users from accumulating unmanageable debt
Rules deliver better protection for shoppers and clarity for innovative sector after years of uncertainty
Millions of shoppers are set to be protected by new rules for Buy-Now, Pay-Later products.
Buy-Now, Pay-Later products have become increasingly popular in recent years as they allow people to spread the cost of purchases over time, but users currently do not have access to a range of key protections provided by other consumer credit products.
The Government has today launched a consultation on proposals to fix this by bringing Buy-Now, Pay-Later companies under the supervision of the Financial Conduct Authority (FCA) and applying the Consumer Credit Act, ensuring users receive clear information, avoid unaffordable borrowing, and have strong rights when issues arise.
Economic Secretary to the Treasury Tulip Siddiq said:
Millions of people use Buy-Now, Pay-Later to manage their finances, but the previous government’s dither and delay left them unprotected.
We promised to take action before the election and now we are delivering. Our approach will give shoppers access to the key protections provided by other forms of credit while providing the sector with the certainty it needs to innovate and grow.
The new rules will allow the FCA to apply rules on affordability – meaning that Buy-Now, Pay-Later companies will have to check that shoppers are able to afford repayments before offering a loan, which will help to prevent people building up unmanageable debt.
Companies will also need to provide clear, simple and accessible information about loan agreements in advance so that shoppers can make fully informed decisions and understand the risks associated with late repayments. Consumer Credit Act information disclosure rules will be disapplied so that the FCA can consult on bespoke rules that ensure users are given this information in a way that is tailored to the online setting in which Buy-Now, Pay-Later products are generally used.
Buy-Now, Pay-Later users will be given stronger rights if issues arise with products they purchase, making it quicker and easier to get redress. This includes applying Section 75 of the Consumer Credit Act, which allows consumers to claim refunds from their lender, and access to the Financial Ombudsman Service to make complaints.
Rocio Concha, Which? Director of Policy and Advocacy, said:
Which? has been a leading voice calling for the regulation of Buy Now Pay Later for years so it’s positive that new rules are coming in that should provide much-needed protections for users of these products.
Our research found that many BNPL customers do not realise they are taking on debt or consider the prospect of missing payments, which can result in uncapped fees, so clearer information about the risks involved as well as the use of affordability checks and options for redress would be a win for consumers.
We are keen to see legislation quickly passed to ensure that BNPL users are protected as strongly as consumers using other credit products.
Sebastian Siemiatkowski, Co founder and CEO of Klarna, said:
Congratulations to Tulip Siddiq and the government on moving quickly! They have been working with the industry and consumer groups long before coming into office. We’re looking forward to carrying on that work to put proportionate rules in place that protect consumers while fostering growth.
Michael Saadat, International Head of Public Policy at Clearpay said:
We welcome today’s update from City and FinTech Minister, Tulip Siddiq, on BNPL regulation. It is encouraging that HM Treasury has listened to industry feedback and evolved the previous framework to ensure a more proportionate approach to regulation. We have always called for fit-for-purpose regulation that prioritises customer protection, delivers much-needed innovation in consumer credit and that sets high industry standards across the board.
We will continue to support the Government and the FCA to deliver fit-for-purpose regulation that ensures consumers are protected in a way that supports the UK’s thriving FinTech sector.
Chris Woolard, Author of the 2021 Woolard Review, which looked at change and innovation in the unsecured credit market, said:
Today marks a significant milestone for consumer-focused financial regulation. The proposed package of regulation would implement the recommendations of the Review and mean millions of people up and down the UK will benefit from stronger financial protection as they borrow using BNPL, especially the most vulnerable in society. The incoming regulation will also provide long-term certainty and standards for the market.
The consultation will be conducted quickly – closing on 29 November – to reflect the urgent need for action to protect consumers.
Final legislation is expected to be laid in Parliament in early 2025. Once the legislation is laid, the FCA will finalise the rules so they can take effect in 2026 – bringing clarity to the sector after years of uncertainty about how it will be regulated.
This follows the Prime Minister saying he would remove regulation that needlessly holds back investment and growth. Today’s announcement brings in much needed regulation that stops people spiralling into debt.
Justin Basini, Co-Founder and CEO of The ClearScore Group said:
We welcome this consultation to bring Buy-Now, Pay-Later borrowers under the same protections and creditworthiness assessments as other mainstream financial products such as credit cards and loans.
It is a sensible step in ensuring that this new, important form of credit continues to provide much-needed flexibility for consumers while also managing any risks.
WOODS CROSS, Utah, Oct. 17, 2024 (GLOBE NEWSWIRE) — Sky Quarry Inc. (NASDAQ: SKYQ) (“Sky Quarry” or the “Company”), an integrated energy solutions company committed to revolutionizing the waste asphalt shingle recycling industry, today announced the Company will ring the closing bell at the Nasdaq MarketSite in Times Square, New York on Friday, October 25, 2024.
“We are honored to ring the closing bell to celebrate our recent listing on the Nasdaq Exchange,” said David Sealock, Chief Executive Officer, Co-Founder, and Chairman of Sky Quarry. “This celebration marks a significant milestone for the Company, its team members, and our shareholders as we continue our waste-to-energy mission of repurposing and upcycling millions of tons of asphalt shingle waste, diverting them from landfills. By leveraging our innovative technology, we plan to not only address a significant environmental challenge, but to also create economic opportunities that benefit the planet as well as our stakeholders. We look forward to everyone joining our bell ringing ceremony either in-person or via livestream.”
Mr. Sealock will be accompanied at the closing bell ceremony by Sky Quarry Co-Founder and VP Executive Marcus Laun and Chief Financial Officer Darryl Delwo.
Management will also take part in a Behind the Bell interview from the Nasdaq MarketSite after the closing bell ceremony, which will be available here once published.
Company management will also be in New York City from October 24 – 25, 2024 for investor meetings and in-person media interviews. Interested parties should contact MZ Group at 949-491-8235 or SKYQ@mzgroup.us to schedule a meeting or interview.
For more information about Sky Quarry, please visit skyquarry.com.
About Sky Quarry Inc.
Sky Quarry Inc. (NASDAQ:SKYQ) and its subsidiaries are, collectively, an oil production, refining, and a development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and remediation of oil-saturated sands and soils. Our waste-to-energy mission is to repurpose and upcycle millions of tons of asphalt shingle waste, diverting them from landfills. By doing so, we can contribute to improved waste management, promote resource efficiency, conserve natural resources, and reduce environmental impact. For more information, please visit skyquarry.com.
Forward-Looking Statements
This press release may include ”forward-looking statements.” All statements pertaining to our future financial and/or operating results, future events, or future developments may constitute forward-looking statements. The statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project,” or words of similar meaning. Such statements are based on the current expectations and certain assumptions of our management, of which many are beyond our control. These are subject to a number of risks, uncertainties, and factors, including but not limited to those described in our disclosures. Should one or more of these risks or uncertainties materialize or should underlying expectations not occur or assumptions prove incorrect, actual results, performance, or our achievements may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. We neither intend, nor assume any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated. You are urged to carefully review and consider any cautionary statements and the Company’s other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in the offering statement filed with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained.
From Oct. 6 to 11, six IAM CREST Associate Instructors from Local S6 in Maine successfully completed an intensive Train the Trainer course, backed by enthusiastic support from the Eastern Territory. This specialized program equips instructors with crucial skills to educate others about the risks associated with the storage, shipping, loading, and unloading of hazardous materials in the railroad industry.
The Associate Instructors showcased their expertise and professionalism, enhancing the overall quality of training. They also recalibrated their knowledge base and provided valuable insights into the DOT program, contributing to its ongoing improvement.
Developed by IAM CREST, the training modules are designed to elevate existing programs offered by railroad carriers. Funded by a grant from the DOT Pipeline and Hazardous Materials Safety Administration, this initiative reflects IAM’s unwavering commitment to excellence in education.
These tailored modules are intended for railroad carrier hazmat employees and cover vital topics such as identifying dangerous goods, understanding associated hazards, and following proper handling and shipping procedures.
Class Participants: John L. Cabral III, Jacob C. Frost, Danielle Lynn Koughan, Scott William McFadden, Joseph R. Pare Sr., and Richard A. Sites Jr.
I.A.M. C.R.E.S.T. Staff: Project Coordinator/Instructor: Barry Eveland; Assistant Instructors: Kurt Poole and Gayle Kelly.
MILES AXLE Translation. Region: Russian Federation –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
International Forum “Client-Centricity in Public Administration 2024”
October 17, 2024
International Forum “Client-Centricity in Public Administration 2024”
October 17, 2024
Forum “Client-centricity in public administration – 2024”
October 17, 2024
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International Forum “Client-Centricity in Public Administration 2024”
Approaches and tools for implementing the federal project “State for People” were discussed at the international forum “Client-centricity in public administration – 2024”. The event included discussions on the introduction of client-centricity principles in public administration. The federal project “State for People” is supervised by Deputy Prime Minister – Chief of Staff of the Government of Russia Dmitry Grigorenko.
“Identifying human needs, constantly improving the interaction between government bodies and citizens are important components of the entire public administration system. And here, not only the quality and convenience of government services and services that people use, but also the friendly, open approach of each employee of the departments that citizens contact, play a significant role,” commented Dmitry Grigorenko.
The forum participants discussed the importance of preparing department employees to work with citizens, their training, developing professional and personal qualities, as well as working with people’s opinions about the quality of public services.
In particular, it was noted that the federal project “State for People” involves testing government services for simplicity and accessibility. It is carried out in a network of user testing laboratories in 9 regions of Russia. In them, government services and services are tested for compliance with customer-centricity standards, and their ease of use is assessed.
Another important part of the federal project is the “life situations” services, which help people receive the full range of services necessary to solve a specific problem.
On the portals of public services and “MSP.RF” 15 “life situations” of the federal level have been launched, and by the end of 2024 it is planned to implement 34. On average, one “life situation” combines 16 services. To date, more than 1.4 million people have used the “life situations” services on the portal of public services. Also this year, 85 regions have begun to implement more than 400 “life situations”.
Experts from Brazil, South Africa, Qatar, the UAE, and Serbia took part in the panel session “International Experience of Client-Centric Transformation of Public Administration”. The experts shared their experience of implementing client-centric principles in the work of government bodies and emphasized the importance of providing public services not only in person, but also electronically.
The forum “Customer-centricity in public administration – 2024” brought together about 1.5 thousand representatives of federal and regional authorities, governors, and heads of municipalities of Russia.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
