Author: MIL-OSI Publisher

Source: United States Senator for Wyoming Cynthia Lummis

Washington, D.C. – Today, U.S. Senator Cynthia Lummis (R-WY) joined her colleagues on the Senate Banking, Housing, and Urban Affairs Committee to discuss the potential for a digital dollar, or central bank digital currency (CBDC). The hearing, entitled “Building A Stronger Financial System: Opportunities of a Central Bank Digital Currency,” explored the competition the United States is facing from China in the realm of financial innovation.

“If we build a central bank digital currency in the right way, we can strengthen the global role of the U.S. dollar and secure a strong financial future for next generations in America,” Senator Lummis said. “We’ve been working in my office on some cornerstone principles that we think should be used to judge a CBDC proposal, and among those is privacy. One of the key motivations behind China’s digital yuan is surveillance and control of their financial system. So it’s clear that we can’t follow China down this road. Any U.S. CBDC should have the same or greater privacy than physical cash today.”

Listen to Senator Lummis’s questions here.

A Central Bank Digital Currency is a digital representation of fiat or government-issued currency, issued through a nation’s central bank. A CBDC may be issued on a distributed ledger, or blockchain. In America, a digital dollar would be backed by the full faith and credit of the United States government, just like the physical dollar. It would have the potential to make payments faster, cheaper and safer, if implemented with strong privacy protections.

Senator Lummis also announced during the hearing that, in the coming weeks, she will be releasing a set of core principles that any CBDC must include in order to ensure a strong financial future for Wyoming and all Americans.

Senator Lummis, along with Senators Kyrsten Sinema (D-AZ), Tim Scott (R-SC), Marsha Blackburn (R-TN), John Hickenlooper (D-CO), Mike Braun (R-IN), Mike Rounds (R-SD) and Bill Cassidy (R-LA) created the Senate Financial Innovation Caucus to highlight responsible innovation in the United States financial system, and how financial technologies can make markets more inclusive, safe, and prosperous for all Americans.

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Source: United States Senator for Ohio Sherrod Brown

U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, delivered the following remarks during a Subcommittee on Economic Policy hearing entitled, “Building A Stronger Financial System: Opportunities of a Central Bank Digital Currency”

Video of the remarks can be found here.

Sen. Brown’s remarks, as prepared for delivery:

Thank you to Chair Warren and Ranking Member Kennedy for holding this important hearing, and thank you to our witnesses.

I’m glad that our Subcommittee on Economic Policy convened this hearing to explore how a central bank digital currency can be designed to maintain our country’s leadership in the global economy, and to make our economy work better for workers and their families.

Other countries around the world are already taking steps toward establishing central bank digital currencies. I think we can all agree that the United States must not be left behind – we need to lead the way.

As millions of working families in this country know, it’s expensive to be poor – check cashing fees, transfer fees, late fees, overdraft fees. 

We hear all kinds of promises about how crypto and digital currencies would be more inclusive alternatives to the current banking system. 

But the approaches offered by crypto companies aren’t solutions. They are just another volatile, risky asset for Wall Street speculation that puts people’s hard-earned money and our entire financial system risk.

One way we can give Americans more control over their own money is through my plan for No-Fee Accounts, available to every American at a post office or a small bank or credit union, backed by the Federal Reserve. 

Americans should not have to pay exorbitant fees just to use the money they already earned. People could receive money, take out cash, and pay their bills online – all without any fees. 

And a Central Bank Digital Currency can work with these no-fee accounts to make sure working families have access to the payment system and full participation in our economy.

It’s time for our banking system to work as well for everyone as it does for Wall Street.

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Source: United States Senator for Maryland Chris Van Hollen

Source: United States Senator for Massachusetts Ed Markey

“Since the beginning of this public health crisis, Dr. Fauci and our leading scientists have helped our country navigate the science, data, and truth behind COVID-19. They have spoken truth to power in order to protect the health and safety of the American people, and never let dangerous political interests impact their decision-making. Republican efforts to disparage Dr. Fauci’s name and silence scientists are irresponsible and politically motivated,” said Senator Markey. “I am grateful for the Biden administration’s support for Dr. Fauci, but we must protect these positions from future attacks as we continue to see Republicans try to politicize scientists and truthtellers. That’s why my legislation will close the hole in the law that currently allows the President to fire a National Institutes of Health Director such as Dr. Fauci for any reason. Educating the public about the science and the facts that will save lives is not, and should never be, a firing offense.”

First appointed to his position in 1984, Dr. Fauci has led the agency, which is part of the National Institutes of Health (NIH), under six U.S. presidents, beginning with Ronald Reagan. President George W. Bush once said he had “absolute confidence” in Dr. Fauci and other health and scientific experts now leading the national response to the coronavirus outbreak. President Bush awarded Dr. Fauci the nation’s highest civilian honor, the Presidential Medal of Freedom.

Source: United States Senator for Oklahoma James Inhofe

 U.S. Sen. Jim Inhofe (R-Okla.), ranking member of the Senate Armed Services Committee, today delivered opening remarks at a committee hearing on the Fiscal Year 2022 budget request for the Department of Defense. 

Witnesses include: Secretary of Defense Lloyd Austin; General Mark Milley, Chairman of the Joint Chiefs of Staff; and Michael McCord, Under Secretary of Defense (Comptroller).

As Prepared for Delivery: 

Thank you, Mr. Chairman. I’d like to thank all three of our witnesses for dedicating their lives to the security of our nation.  

As Secretary Austin told us, along with nearly every witness who’s come before this committee, China is our “pacing threat.” It’s a global, long-term competition. And it’s across every arena of national power. But the military balance of power concerns me most. 

In 2018, the National Defense Strategy [NDS] gave us a blueprint for pushing back on China. The bipartisan NDS Commission said 3-5 percent real growth was needed to implement the strategy.

Since then, the threats have gotten worse. And this administration gave us a budget that cuts spending when we need real growth. They want the military to do more on climate change and pandemic response. More mission—but with fewer resources.

We’ve been asking our military to do too much, with too little, for too long. President Biden’s budget cut would make it even harder. It barely treads water while we face all these threats. 

This budget cuts ships, aircraft, munitions, and more. We have nearly $25 billion of unfunded priorities. These aren’t “wish lists.” They are “risk lists.” 

This budget cuts aircraft procurement by 20 percent, backslides on Army readiness, and starves Navy shipbuilding. This budget forces our military leaders to choose between being ready for today’s fight or the fight of the future. Chinese military leaders are not making that choice.  

On Tuesday, I read in the press about a memo by the Acting Secretary of the Navy on next year’s budget. He says the Navy must choose between modernizing ships, subs, or aircraft. Does anyone think the Chinese are choosing between ships, subs, or aircraft? 

The Chinese defense budget has grown 450 percent since 2001. They added $200 billion in the last decade while we cut $400 billion—so we’re behind in some areas and falling behind in others. 

As a result, I’m worried deterrence will fail: maybe today, or in five or ten years. And when it does, the cost will be much higher than any investment we could make today to prevent it. We’re not making hard choices. We’re making bad and short-sighted choices. 

The administration keeps telling us that the Pentagon budget is cut because of “fiscal realities,” but they’re spending trillions of taxpayer dollars on everything else under the sun. 

We all agree, even the administration, that a strong military improves all the other tools of national power. I just can’t understand this short-sighted underfunding of our troops. 

We make a sacred compact with our service members. We tell them we’ll take care of them and their families—we do that very well. We also tell them that we’ll give them the tools to defend the nation and come home safely. 

But we’re not holding up our end of the bargain. With this proposed budget, we are failing to give them the resources needed to implement the strategy. 

We can’t spend our way out of our military problems. We’ve got to innovate, reform, and fight differently. But we can spend too little to give ourselves a chance. Mr. Chairman.

Source: United States Senator for South Dakota Mike Rounds

06.10.21

WASHINGTON – U.S. Senators Mike Rounds (R-S.D.) and Kirsten Gillibrand (D-N.Y.) led a bipartisan group of 38 senators in calling for $500 million to fully fund U.S.-Israel cooperative missile defense programs in the Defense Appropriations bill for fiscal year 2022. Israel’s missile defense system is made up of four operational layers: Iron Dome, David’s Sling, Arrow 2 and now Arrow 3. In addition to contributing to ballistic missile defense, the funding will support crucial work on research, development and test activities to counter hostile unmanned aerial systems.

“We have had a great deal of success in improving our missile defense systems working with Israel,” said Senator Rounds. “The advancements we have been able to make in this cooperative effort will benefit our defense capabilities as well as those of our ally Israel. This missile defense system has also saved the lives of countless Israeli and Palestinian citizens living in Israel. It is important that we continue to authorize and fund these systems.”

“Not only does this critical funding help Israel defend itself and save lives, but it also strengthens U.S. national security, aiding research and development,” said Senator Gillibrand. “Our relationship with Israel is unbreakable and I’m proud to lead this bipartisan push each year to ensure Israel has the resources needed to protect its citizens.”

The bipartisan group of senators wrote, “the U.S.-Israeli cooperation has resulted in a system that can, and has, countered numerous missile threats from state and non-state actors from adversaries in Gaza, Lebanon, Syria, Iran, and elsewhere. This system provides Israel with the ability to protect lives at home and on the battlefield, keeping its citizens and soldiers out of harm’s way.”

Senators Rounds and Gillibrand have long led this bipartisan letter in support of U.S.-Israeli cooperative missile defense programs, which advance U.S. national security interests by supporting Israel’s ability to defend itself against missile and rocket attacks. For several years, the senators have led letters that have secured at least $500 million for these important programs.

In addition to Senators Rounds and Gillibrand, the letter was signed by Senators Bennet (D-Colo.), Blumenthal (D-Conn.), Booker (D-N.J.), Brown (D-Ohio), Cantwell (D-Wash.), Cardin (D-Md.), Casey (D-Pa.), Coons (D-Del.), Cortez Masto (D-Nev.), Cramer (R-N.D.), Daines (R-Mont.), Duckworth (D-Ill.), Feinstein (D-Calif.), Fischer (R-Neb.), Hassan (D-N.H.), Hickenlooper (D-Colo.), Kaine (D-Va.), Kelly (D-Ariz.), Klobuchar (D-Minn.), Lankford (R-Okla.), Markey (D-Mass.), Merkley (D-Ore.), Padilla (D-Calif.), Peters (D-Mich.), Rosen (D-Nev.), Rubio (R-Fla.), Schatz (D-Hawaii), Sinema (D-Ariz.), Smith (D-Minn.), Stabenow (D-Mich.), Thune (R-S.D.), Van Hollen (D-Md.), Warner (D-Va.), Warnock (D-Ga.), Wyden (D-Ore.) and Young (R-Ind.).

The text of the letter appears below:

Dear Chairman Tester and Ranking Member Shelby:

Thank you for this committee’s strong support of U.S.-Israel collaborative defense programs, including Iron Dome, David’s Sling, and Arrow as well as our continued cooperative work on Unmanned Aircraft Systems (UAS). As you begin work on the Fiscal Year (FY) 2022 Defense Appropriations bill, we write seeking $500 million for continued support for these in order to meet the United States’ and Israel’s national security needs.

Joint U.S.-Israel missile defense collaboration on Israel’s multilayer missile defense system has been foundational to the defense of Israel since the 1980s. Congress has consistently supported this project. Israel’s missile defense system is made up of four operational layers: Iron Dome (short-range), David’s Sling (medium-range), Arrow 2 (longer range), and now Arrow 3 (very long range). The U.S.-Israeli cooperation has resulted in a system that can, and has, countered numerous missile threats from state and non-state actors from adversaries in Gaza, Lebanon, Syria, Iran, and elsewhere. This system provides Israel with the ability to protect lives at home and on the battlefield, keeping its citizens and soldiers out of harm’s way.

This cooperative program has also created an important flow of data and invaluable insight to support vital U.S. missile defense technology while safeguarding our strategic ally Israel and our service members in the region. This program synergizes with our ongoing operations in the area increasing interoperability between U.S. and Israeli systems and forces. Moreover, the program supports critical elements of the industrial base and important jobs here in the United States through co-development and co-production agreements.

Another area of critical importance to both the United States and Israel, is in the field of UAS, and perhaps just as importantly, counter-UAS. In February 2020, the U.S. Defense Innovation Unit announced it had selected Israeli firm D-Fend Solutions to field a counter-drone system for the FBI and U.S. military. This technology was co-developed with the U.S. Combatting Terrorism Technical Support Office. CTTSO has played a crucial role in U.S.-Israel cooperation and innovation.

For FY 2022, in addition to ballistic missile defense, $500 million will continue critical work on research, development and test activities to counter hostile unmanned aerial systems. This funding will further development of a range of systems designed to handle the imminent threats American and Israeli forces face.

Together, these programs confront the compelling challenges facing both Israel and the United States and form a strong foundation of the enduring friendship of our nations. We look forward to working with you on these important programs.

Sincerely,

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Source: United States Senator for Hawaii Brian Schatz

New Funding From the American Rescue Plan Will Provide Emergency Housing Vouchers for Over 700 Individuals, Families

Thursday, June 10, 2021

WASHINGTON — Today, U.S. Senator Brian Schatz (D-Hawai‘i) announced that the U.S. Department of Housing and Urban Development will allocate an additional $14.2 million under the American Rescue Plan to provide emergency housing vouchers for over 700 people and families who are experiencing homelessness; at risk of experiencing homelessness; have recently experienced homelessness; or are fleeing or attempting to flee domestic violence, dating violence, sexual assault, stalking or human trafficking.

“This additional federal money will ensure that families who lost their homes during the pandemic have access to housing, and it will provide crucial assistance for families who are struggling to stay in their homes,” said Senator Schatz, a member of the Senate Appropriations Committee. “While we keep working to secure additional federal relief for Hawai‘i, this funding will make a big difference.”

The $14.2 million in new funding includes:

• Hawai‘i Public Housing Authority – $3.8 million
• City and County of Honolulu – $6.5 million
• County of Hawai‘i – $1.7 million
• County of Maui – $1.5 million
• Kauai County Housing Agency – $503,868

The new American Rescue Plan funding is being allocated through the Emergency Voucher program, which provides housing choice vouchers to local public housing authorities across the country.

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