Category: US Senate

Posted on

Kennedy introduces Tracking Bad Actors Act to protect American investors from financial fraud

Source: United States Senator John Kennedy (Louisiana)

WASHINGTON – Sen. John Kennedy (R-La.) today introduced the Tracking Bad Actors Act to create a public database of people who have committed financial crimes or have civil liability for financial misdeeds. Sen. Cynthia Lummis (R-Wyo.) is an original cosponsor of the bill. 

“Financial fraudsters prey on everyday investors like vultures, and Americans deserve to know who has a track record of breaking securities laws. The Tracking Bad Actors Act would help expose these offenders to protect American families and workers from financial fraud,” said Kennedy. 

“People in Wyoming deserve to know if their financial manager or accountant has broken the law. The Tracking Bad Actors Act  will give consumers much needed transparency into the financial sector. I’m proud to partner with Senator John Kennedy on this commonsense legislation to protect Wyoming investors from those with bad intentions,” said Lummis. 

The Tracking Bad Actors Act would require the federal government to create a public database of bad actors convicted or held criminally or civilly liable for securities violations. This database would allow investors and brokerage firms to guard against people known to have engaged in fraud. 

This information would be made available to the public, free of charge. To the extent practical, the bill would require the database to contain all enforcement actions agencies have taken. 

The database would be operational within three years of the bill’s becoming law. 

Text of the Tracking Bad Actors Act is available here.

Posted on

Kennedy introduces SPAC Act to protect investors by increasing transparency surrounding blank-check firms

Source: United States Senator John Kennedy (Louisiana)

WASHINGTON – Sen. John Kennedy (R-La.) today introduced the Sponsor Promote and Compensation (SPAC) Act, which would provide greater transparency for investors involved with Special Purpose Acquisition Companies (SPACs), also known as blank-check companies. 

“Celebrities are often the public face of SPACs, helping the companies sell shares to hardworking Americans who may not understand the risks associated with SPACs. So, it’s right and fair that SPACs should disclose how theirs sponsors get paid and how that affects the value of the shares that main street investors are holding. My bill would require this kind of transparency,” said Kennedy.

SPACs raise investor funds through an initial public offering (IPO) with the goal of acquiring and merging with a private company within a two-year window. The SPAC formula is attractive because it permits companies to go public on a U.S. stock exchange without the delays and demands of a traditional IPO, allowing them to avoid liability and disclosure regulations.

Fifty percent of all IPOs in the U.S. in 2020 involved SPAC structures, and SPACs raised $82 billion in the same year. In the first three months of 2021, SPACs outpaced traditional IPOs, raising $95 billion in that time.

When a SPAC proposes a merger with a private company, current SPAC shareholders can choose to redeem their original SPAC shares for money plus interest rather than participate in the merger by acquiring new shares in the merged company. If a SPAC fails to complete a merger within two years of its creation, it liquidates and returns all funds to its shareholders, with interest.

Wall Street executives, celebrities and other public figures often serve as the founders and sponsors of SPACs. They act as the public face of the company, use their influence to fundraise through share offerings, promote the company and help identify a private company with which to merge. 

Most SPAC sponsors award themselves “founder shares” that convert into public shares after the merger between the SPAC and a private company. The founder shares typically represent as much as 20 percent of the total share value of the company. 

This type of compensation does not exist as part of traditional IPOs. When SPAC sponsors convert the shares that they receive in the merged company, the public’s shares of that company are diluted and lose value. The valuation of SPAC shares may fall even further if a SPAC sponsor chooses a weak company with which to merge.

Some market experts have called for SPACs to make their compensation structures more explicit in order to protect retail investors. 

Within 120 days of its enactment, the SPAC Act would require the SEC to issue rules on enhanced disclosures for SPACs during the initial public offering stage and the pre-merger stage to make those disclosures more transparent to investors, especially main street investors. These measures would help investors make more informed decisions about a company’s shares.

Text of the SPAC Act is available here.

Posted on

English/Spanish: Rubio, Warner on Reports of Chinese Spy Facility in Cuba

Source: United States Senator for Florida Marco Rubio

According to reports, China and Cuba reached an agreement allowing China to establish an electronic eavesdropping facility on the island, less than 100 miles from Florida. 

U.S. Senate Select Committee on Intelligence Vice Chair Marco Rubio (R-FL) and Chair Mark R. Warner (D-VA) released a joint statement urging the Biden Administration to take steps to prevent Chinese intelligence services from establishing such a presence.  

  • “We are deeply disturbed by reports that Havana and Beijing are working together to target the United States and our people. The United States must respond to China’s ongoing and brazen attacks on our nation’s security.  We must be clear that it would be unacceptable for China to establish an intelligence facility within 100 miles of Florida and the United States, in an area also populated with key military installations and extensive maritime traffic. We urge the Biden administration to take steps to prevent this serious threat to our national security and sovereignty.” — Senators Rubio and Warner

RUBIO Y WARNER SOBRE INFORMES DE CENTRO DE ESPÍA CHINO EN CUBA

Según informes, China y Cuba llegaron a un acuerdo que permite a China establecer una instalación en la isla, a menos de 100 millas de Florida.

El vicepresidente del Comité Selecto de Inteligencia del Senado de EE.UU. Marco Rubio (R-FL) y el presidente del Comité Mark R. Warner (D-VA) emitieron una declaración conjunta instando a la Administración Biden a tomar medidas para evitar que los servicios de inteligencia chinos establezcan tal presencia.

  • “Estamos profundamente perturbados por los informes que La Habana y Pekín están trabajando juntos para atacar a EE.UU. y a nuestros ciudadanos. EE.UU. debe responder a los continuos ataques por parte de China contra nuestra seguridad nacional. Debemos estar claros que sería inaceptable que China establezca una instalación de inteligencia a 100 millas de Florida y de los EE.UU., en un área que también está poblada por instalaciones militares claves y un extenso tráfico marítimo. Instamos a la Administración Biden a tomar medidas para prevenir esta grave amenaza a nuestra seguridad y soberanía nacional”.— Senadores Rubio y Warner
Posted on

Cassidy Celebrates His 10th National Seersucker Day

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senator Bill Cassidy, M.D. and 12 Members of Congress participated in National Seersucker Day. This marked the 10th year that Cassidy has led National Seersucker Day since he revived the tradition in the U.S. House of Representatives in 2014.

“Today, we celebrate National Seersucker Day. Seersucker is a New Orleans invention and fashionable warm weather staple,” said Dr. Cassidy. “It’s an honor to have carried on this tradition for the past ten years alongside my colleague Senator Dianne Feinstein. I look forward to many more.”

Seersucker suits were popularized by a New Orleans businessman in the early 1900s. Former U.S. Senator Trent Lott (R-MS) brought Seersucker Thursday to Congress in 1996. After the tradition went unobserved in 2012 and 2013, Dr. Cassidy revived National Seersucker Day in the U.S. House of Representatives in 2014 and has continued the tradition in the Senate with the help of Senator Feinstein.

Last night, the Senate passed Cassidy and Feinstein’s resolution estabilish June 8, 2023 as National Seersucker Day.

### 

Posted on

Sen. Menendez Presses Witnesses About the Impacts of PBM Vertical Integration, Pricing Transparency, and Insurer Consolidation on Patients

Source: United States Senator for New Jersey Bob Menendez

WASHINGTON, D.C. – U.S. Senator Bob Menendez (D-N.J.), a senior member of the Senate Finance Committee, today questioned witnesses during a hearing entitled “Consolidation and Corporate Ownership in Health Care: Trends and Impacts on Access, Quality, and Costs,” about the impacts vertical integration of pharmacy benefit managers (PBMs), pricing transparency, and insurer consolidation have on health care consumers.

“Today, the top three PBMs control 80 percent of the market. PBMs, which are vertically integrated with the largest Part D plan sponsors, entice plans to incentivize beneficiaries to use pharmacies that are owned and operated by the PBM,” said Sen. Menendez. “With vertical integration both upstream and downstream, no one is protecting patients from paying too much at the counter. A recent MedPAC presentation indicated that vertically integrated PBMs in Medicare Part D may be benefiting from higher reimbursements to their own pharmacies while increasing costs to the Part D program. This has created a perverse incentive for PBMs to drive up costs for patients and limit patient access to pharmacies of their choice.”

[embedded content]

Sen. Menendez asked Dr. Zack Cooper, Associate Professor of Public Health and Economics at Yale University and one of the witnesses at today’s hearing, if he agreed with MedPAC that vertical integration of PBMs could be causing patient harm and raising costs. He also questioned how this issue should be addressed to protect patients from consolidation and PBM anticompetitive tactics that are resulting in overcharging for prescription drugs.

The Senator also asked Caroline Pearson, Executive Director of the Peterson Center on Healthcare, about what hospitals, insurers, and providers can do to further improve transparency of health care prices for patients. A number of studies, including those authored by Caroline Pearson, have found that there are a number of reasons why price transparency itself does not materially influence consumer behavior, including patients tending to stick to the medical providers they know and trust, regardless of price.

“Since health care price transparency rules were implemented by the federal government in the past few years, Americans have access to more information than they’ve ever had about the cost of health care,” said Sen. Menendez. “However, you’ve observed that transparency around health care prices in and of itself does not significantly impact consumer behavior. Specifically, you’ve written that simply making prices transparent does not cause consumers to change their providers or their hospitals.”

The Senator concluded his questioning by inquiring if Dr. Cooper viewed that insurer consolidation leads to lower physician earnings and decreased work opportunities for physicians throughout the country.

“Last year, the American Medical Association released a study outlining health insurance concentration across the country. Notably, AMA found that 75 percent of local markets were considered highly concentrated according to federal guidelines,” said Sen. Menendez. “Further, in 91 percent of markets, at least one insurer had a market share of at least 30 percent and in 48 percent of markets, one insurer had a share of 50 percent or more. With increased consolidation, health insurers amass more power in the market and have greater ability to lower payments to physicians.”

In May, during a Senate Finance Committee hearing entitled, “Barriers to Mental Health Care: Improving Provider Directory Accuracy to Reduce the Prevalence of Ghost Networks,” Sen. Menendez highlighted how the harmful effects of ghost networks are exacerbated by their disproportionate burden on marginalized groups, and how paying unexpected bills or paying for out-of-network care adds increased hardship to low-income communities.

In March, Sen. Menendez questioned witnesses during a Senate Finance Committee about the impact pharmacy benefits managers (PBMs) have on the prescription drug supply chain and how their warped incentive structure drives up prices for patients and consumers. The Senator emphasized how PBMs prefer prescription drugs with a higher list price versus those with a lower list price, as appears to be the case for Humira biosimilar drugs introduced into the market to treat rheumatoid arthritis, because they can obtain larger rebates. PBMs do this even though the patient would pay significantly less if they selected the drug with the lower list price. 

### 

Posted on

Bennet, Buck, Neguse Introduce Bill To Protect Western Water and Agriculture

Source: United States Senator for Colorado Michael Bennet

Washington, D.C. — Today, Colorado U.S. Senator Michael Bennet alongside U.S. Senator Mike Crapo (R-Idaho) and Colorado U.S. Representatives Ken Buck and Joe Neguse introduced the Water and Agriculture Tax Reform (WATER) Act. This bipartisan legislation reforms outdated tax provisions that hinder investment in needed agricultural infrastructure projects.

“As they face a 1,200 year mega-drought, farmers and ranchers in the West now more than ever are relying on water infrastructure to keep their land productive,” said Bennet. “Our bipartisan legislation helps ensure ditch and irrigation companies in Colorado and across the West are able to keep critical water infrastructure in good, working condition.”

“Thanks to skyrocketing costs, Idaho’s farmers and ranchers are being asked to pay more for everything—including maintaining and operating an aging water infrastructure system,” said Crapo. “This bill provides the necessary updates to tax code to meet water use needs in the West.”

“Farmers and ranchers in rural Colorado play a critical role in our country’s agriculture industry. They should never be penalized for maintaining and developing their own water infrastructure,” said Buck. “The WATER Act will reduce the cost of water by cutting the burdensome red tape that acts as a barrier to water infrastructure improvements.”

“I am proud to join my colleagues in introducing the WATER Act, a bill to support local farmers, ranchers, and communities across Colorado maintain their water infrastructure,” said Neguse. “This bill will cut red tape and ensure access to critical water resources for our rural communities.”

The cost of maintaining and operating aging water infrastructure has skyrocketed and made it impossible for many mutual ditch, irrigation, or water companies in Colorado and across the country to operate solely on member income. As companies have been unable to meet the 85-percent source requirement, many have been forced to put off critical infrastructure improvements, while a number of others have lost their tax-exempt status.

This legislation would allow mutual water storage and delivery companies to maintain their tax-exempt status, even if they receive more than 15 percent of their revenue from non-member sources, as long as the monies are reinvested into maintenance, operations, and infrastructure improvements. 

In addition to Bennet, Crapo, Buck, and Neguse, this bill is cosponsored by U.S. Senators Jim Risch (R-Idaho), Steve Daines (R-Mont.), Cynthia Lummis (R-Wyo.) and John Barrasso (R-Wyo.). The bill is also supported by the American Farm Bureau Federation.

The text of the bill is available HERE.

Posted on

Reed: New Report Highlights Positive Economic Impact of RI’s Defense and Undersea Technology Cluster

Source: United States Senator for Rhode Island Jack Reed

WASHINGTON, DC – Much like the U.S. Navy’s newest submarines, Rhode Island’s defense sector is cutting-edge, technology-driven, and contributes to keeping our nation safe.

A new economic impact study released today by SENEDIA shows that the total direct and indirect economic impact from defense spending in Rhode Island accounted for $7.6 billion in 2022.

The report found that Rhode Island’s defense industry is growing and supported a total of 34,068 direct and indirect jobs across the Ocean State with an annual payroll of $3 billion.

U.S. Senator Jack Reed (D-RI), the Chairman of the Senate Armed Services Committee (SASC), attributed much of this economic impact to critical investments in undersea technology defense research and development enterprises, including submarines built at Quonset Point by employees of General Dynamics Electric Boat (EB), as well as work conducted at the Naval Undersea Warfare Center (NUWC) Division Newport, Naval Station (NAVSTA) Newport, and the Naval War College.  These facilities, along with leading academic research institutions and a network of suppliers and small businesses, are contributing to a booming defense industry that is boosting Rhode Island’s economy and leading to advancements in technology and innovation.

“This report highlights how impactful Rhode Island’s defense workers are to the economic well-being of our state and the region.  We have a robust national defense innovation ecosystem in Rhode Island and are continuing to add new, good-paying jobs across a range of programs, whether they are welders, engineers, executives, or entrepreneurs.  And we’re laser-focused on workforce training and continuing to attract top talent to Rhode Island across a variety of fields.  The network, infrastructure, and brain power we have here is a real force multiplier,” said Reed.

According to the Rhode-Island based trade group SENEDIA, Rhode Island’s military infrastructure employed 13,284 individuals in 2022, including 3,793 active-duty military personnel from the Army, Navy, Marine Corps, Air Force, Space Force, and U.S. Coast Guard; 4,373 National Guard members; and 5,118 civilians employed by the U.S. Department of Defense (DOD).  The report states: “The generation of $3.0 billion in income for households including $1.5 billion from the private defense industry and $1.5 billion from the Military Defense Infrastructure.  The Defense Cluster supported 8.9 percent of the total income generated in the state.”  The report also concludes that the defense cluster contributed to 10.7 percent of the total output produced in the state.

Since Reed became Chairman of SASC in February 2021, he has helped deliver significant funding increases in submarine construction, procurement, and research and development.  This federal investment and construction work has resulted in a significant hiring demand in Rhode Island, with EB announcing plans to hire 1,500 more positions at its Quonset Point facility this year.

EB workers are currently building two Virginia-class attack submarines per year.  In December, the company was awarded a $5.1 billion contract for the construction of the first two Columbia-class submarines.

The 12-ship Columbia-class will replace the aging fleet of 14 Ohio-class nuclear ballistic submarines, which are a strategic deterrent and key component of the United States’ nuclear triad. 

“When it comes to national defense, the importance of America’s submarine fleet as one of the strongest deterrents in the U.S. military arsenal cannot be overstated.” said Reed, a senior member of the Appropriations Subcommittee on Defense. “For Rhode Island’s economy, our undersea technology and submarine manufacturing workforce have a tremendous impact.  Their skill helps keep America safe and the jobs in this industry help make our economy stronger.”  

“The Defense Cluster is an engine of innovation nationwide, and especially here in New England, where billions of dollars in economic activity are generated and hundreds of thousands of military and civilian employees have high-wage, high-tech, high-demand careers,” said Molly Donohue Magee, Executive Director of SENEDIA. “A robust Defense Cluster is essential to national security and this report demonstrates that it is equally critical for our economy.”

Reed commended SENEDIA for working with the state and other New England partners to address regional issues, such as workforce development and modernizing defense manufacturing infrastructure to address supply chain capacity.

Last year, Senator Reed helped SENEDIA secure a $20.4 million contract extension from DOD to continue efforts to coordinate a robust regional workforce development partnership that will serve as a pipeline to help connect workers with employment opportunities across the submarine industrial base.

Not only do these jobs sustain the defense cluster in Rhode Island and across New England, they also support additional jobs in other sectors of the region’s economy.  According to the SENEDIA study, in New England, “every 100 direct jobs created in the private defense industry support an additional 102 jobs in other sectors of the region’s economy.”

Posted on

Cortez Masto, Heinrich, Collins Introduce Bipartisan Bill to Permanently Ban Bump Stocks

Source: United States Senator for Nevada Cortez Masto

June 08, 2023

Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.), Martin Heinrich (D-N.M.) and Susan Collins (R-Maine) introduced the Banning Unlawful Machinegun Parts (BUMP) Act, legislation to prohibit the sale of bump stocks and other devices that allow semi-automatic firearms to increase their rate of fire and effectively operate as fully automatic weapons.

“My hometown was forever changed by the Route 91 Harvest Music Festival shooting,” said Senator Cortez Masto. “Bump stocks like the one used that night have no place on our streets, and I’m proud to join commonsense legislation to permanently ban these dangerous devices.”

On October 1, 2017, a bump stock was used to fire more than 1,000 bullets into a crowd in Las Vegas in just 10 minutes, killing 60 people. In response, under the Trump Administration, the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) initiated a ban on these lethal devices. This rule was enacted in 2019. But on January 6, 2023, the Fifth Circuit Court of Appeals blocked the ban – stating that it would require an ‘act of Congress’ to federally outlaw bump stocks and placing the Trump administration’s ban in danger of full repeal.

The BUMP Act would enshrine a ban on bump stocks into federal law. Senator Cortez Masto initially introduced this legislation in March of 2018, prior to the Trump Administration’s enactment of the ban on bump stocks. U.S. Representative Dina Titus (D-Nev.-01) has introduced companion legislation in the House.

The BUMP Act has been endorsed by numerous gun safety organizations, including Everytown for Gun Safety, Brady: United Against Gun Violence, March for Our Lives, Newtown Action Alliance, Violence Policy Center, March for Our Lives, March Fourth, Violence Policy Center, and New Mexicans to Prevent Gun Violence.

The full text of the bill is available here.

###

Posted on

Cortez Masto Introduces Legislation to Protect Immigrant Youth From Harm

Source: United States Senator for Nevada Cortez Masto

June 08, 2023

Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) introduced the Protect Vulnerable Immigrant Youth Act to fix the Special Immigrant Juvenile Status (SIJS) program for immigrant children who have been abandoned, abused, or neglected by their parents or guardians and have faced horrific conditions in their home countries. Congress established the SIJS program in 1990 to protect these youth from additional harm, but in recent years, visa backlogs have prevented the program from keeping these children safe.

Despite being a humanitarian visa, the pathway to a green card for SIJS children runs through the employment-based immigration visa system, subjecting SIJS recipients to annual worldwide and country-specific quotas. This legislation would exempt SIJS children from annual employment-based visa caps, ending years-long case backlogs and allowing these children to move forward with their lives as lawful permanent residents of the United States. U.S. Representative Jimmy Gomez (D-Calif.-34) has previously introduced companion legislation in the U.S. House of Representatives.

“For decades, vulnerable immigrant children who have experienced violence and abuse have been able to get permanent resident status to avoid further harm, but visa backlogs are keeping too many in limbo,” said Senator Cortez Masto. “My legislation will help these immigrant youth facing extreme circumstances to become legal residents so they can have the protection and opportunities they deserve.”

While the Biden Administration has taken welcome steps to protect immigrant children from deportation, SIJS recipients must still wait years for a visa to become available. Currently, more than 44,000 children with SIJS are in limbo, waiting to receive a green card.

The legislation is endorsed by more than 100 advocacy and legal organizations, including the American Immigration Council, American Immigration Lawyers Association (AILA), Center for Law and Social Policy, Church World Service, Coalition for Humane Immigrant Rights (CHIRLA), Immigration Center for Women and Children, End SIJS Backlog Coalition, Kids in Need of Defense (KIND), National Immigrant Justice Center, Nevada Immigrant Coalition, Refugees International, Tahirih Justice Center, U.S. Conference of Catholic Bishops’ Committee on Migration, United We Dream, The Young Center for Immigrant Children’s Rights.

Full text of the legislation is available HERE and a one-page can be found HERE. 

The first and only Latina Senator, Senator Cortez Masto has consistently supported immigrant communities in Nevada, calling on the administration to take action to protect TPS holders and other immigrants, as well as leading commonsense legislation to fix our broken immigration system. She has worked to pass meaningful immigration reform that balances critical border security measures with a path to citizenship for Dreamers, TPS holders, and essential workers, and she’s pushed legislation to allow Dreamers and TPS holders to work in Congress.

Posted on

Van Hollen, Cardin, Colleagues Lead Chesapeake Bay-Area Lawmakers Urging USDA to Replenish Farms Conservation Funding to Boost Resilience

Source: United States Senator for Maryland Chris Van Hollen

June 08, 2023

U.S. Senators Chris Van Hollen (D-Md.), Ben Cardin (D-Md.), and Bob Casey (D-Pa.) and Representatives Bobby Scott (D-Va.-03), John Sarbanes (D-Md.-03) and Abigail Spanberger (D-Va.-07) led fellow Chesapeake Bay-area lawmakers from both the Senate and House of Representatives in a recent letter urging U.S. Department of Agriculture Secretary Tom Vilsack to replenish the resilient farms initiative established administratively thanks to their efforts last year with available Inflation Reduction Act and other funds. The Chesapeake Bay States’ Partnership Initiative (C-SPI) provides additional financial and technical assistance to farmers to implement conservation practices in the Bay watershed region.

“As you distribute Natural Resources Conservation Service (NRCS) funding provided in the Inflation Reduction Act (IRA) to states for climate-smart agriculture, we encourage you to leverage the C-SPI framework to deliver additional financial and technical assistance in the region…Investing IRA funding in the Chesapeake Bay watershed will achieve climate and environmental co-benefits and demonstrate the success of voluntary conservation programs when funded at-scale.”

The initial $22 million C-SPI investment USDA announced in May 2022 helped states respond to the high demand from producers in the Chesapeake Bay watershed region for additional support to implement practices that reduce nitrogen and sediment loss and improve water quality, in line with the goals of the Chesapeake Bay Program partnership. Since the initiative was established, Congress passed the Inflation Reduction Act, providing over $20 billion in supplemental funding for practices linked to reducing climate change, many of which offer water quality benefits. The letter urges USDA to utilize the C-SPI framework when delivering IRA funding to help farmers boost climate-smart conservation in the Bay watershed, in addition to reallocating surplus funds appropriated in Fiscal Year 2023 from other regions.

The letter also was signed by Senators Tom Carper (D-Del.), Mark Warner (D-Va.), Chris Coons (D-Del.), Tim Kaine (D-Va.) and John Fetterman (D-Pa.). It also was signed by Representatives Steny Hoyer (D-Md.-5), Eleanor Holmes Norton (D-D.C.), Dutch Ruppersberger (D-Md.-2), Kweisi Mfume (D-Md.-7), Lisa Blunt Rochester (D-Del.), Jamie Raskin (D-Md.-8), Susan Wild (D-Pa.-7), David Trone (D-Md.-6), Jennifer Wexton (D-Va.-10) and Jennifer McClellan (D-Va.-4) and Glenn Ivey (D-Md.-4).

The full letter follows and can be found at this link.

Dear Secretary Vilsack:

Following the recent one-year anniversary of the U.S. Department of Agriculture’s (USDA) announcement of the Chesapeake Bay States’ Partnerships Initiative (C-SPI), we thank you for the Department’s initial investment of $22.5 million in the initiative and urge you to ramp up support for our region’s producers as they strive to meet clean water goals and implement climate-resilient conservation practices.

As you distribute Natural Resources Conservation Service (NRCS) funding provided in the Inflation Reduction Act (IRA) to states for climate-smart agriculture, we encourage you to leverage the C-SPI framework to deliver additional financial and technical assistance in the region. Over the next ten years, $737 million is needed to fully implement the state-led Watershed Implementation Plans (WIPs) to achieve their Chesapeake Clean Water Blueprint commitments.

Under those plans, the agriculture sector is expected to achieve 85 percent of the necessary nutrient and sediment reductions, and simultaneously mitigate greenhouse gases and adapt to climate impacts.

Two-thirds of the practices identified in the WIPs are designated as Climate-Smart Mitigation Activities. Investing IRA funding in the Chesapeake Bay watershed will achieve climate and environmental co-benefits and demonstrate the success of voluntary conservation programs when funded at-scale.

Funding can be further targeted in areas with significant partnerships in place to leverage investment and utilize cooperative agreements for technical assistance. IRA investments made available early in the fiscal year allow more time for states and partners to prepare the staffing, outreach, and other resources they provide to the Department and participating farmers throughout the year.

In addition, we urge you to direct any previously allocated non-expended regular Fiscal Year 2023 NRCS funding to the Initiative. Mid- and end-of-year reallocations remain critical sources of additional funding for shovel-ready projects. 

In closing, we commend your commitment to the USDA-EPA Federal Crediting Task Force. We look forward to its recommendations for ensuring farmers receive full credit for the water quality benefits of all their conservation efforts.

Thank you for your commitment to the Chesapeake Bay region and your timely attention to this matter.

Sincerely,