Spectator NZ

Source: United States Senator for West Virginia Joe Manchin

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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 Committee on Banking, Housing, and Urban Affairs and Chairman of the Banking Subcommittee on Securities, Insurance, and Investment, today chaired a subcommittee hearing entitled: “Examining How Capital Markets Serve Diverse Entrepreneurs and Investors.” The hearing was convened by Chairman Menendez to highlight how women and people of color are dramatically underrepresented in capital markets and across the financial services industry, and how this ultimately hinders their access to economic opportunity, disproportionately hurts minority communities, and results in less equitable market outcomes.

 

“The fact of the matter is that underrepresentation has a trickle-down effect. When corporate leadership at the top is not diverse, unsurprisingly, the firms that manage their pensions are also not diverse,” Sen. Menendez said in his opening remarks. “When corporate leadership only reflects one thin slice of the population, their decisions will only benefit one slice of the population. And despite contributing trillions of dollars to the economy — being among the most likely to start a small business — many minorities across the country still lack access to the capital they need to thrive.”

 

[WATCH THE SENATOR’S OPENING REMARKS AND LINE OF QUESTIONING]

  

Sen. Menendez has been a champion in the fight to address diversity problems across the nation’s financial system and institutions. This September, Sen. Menendez sent a letter to Wells Fargo CEO and President Charles Scharf and Senior Vice President Bei Ling to express their deep concerns about the bank’s reported practice of conducting “fake interviews” with women and minority candidates after already filling vacancies to inflate their diversity statistics. Earlier this summer, he led a group of colleagues in sending letters to 25 companies, who control some of the largest corporate pension plans in the country, requesting information about the diversity among asset managers of these plans and the institution’s practices in seeking, selecting, and retaining diverse-owned asset management firms to manage their pension and or treasury funds. Last year in October, the Senator led several efforts urging SEC Chair Gary Gensler to expeditiously adoption the AMAC’s D&I Subcommittee’s recommendations to promote greater transparency and diversity among asset managers and for David A. Jones, the then-Acting Chairman of the Federal Retirement Thrift Investment Board, to create opportunities for federal workers to invest in funds run by diverse asset managers.

 

Sen. Menendez has also led the charge to further diversify corporate America by authoring the Improving Corporate Governance Through Diversity Act of 2021, legislation that would address shortcomings in the SEC’s diversity disclosure rule by requiring public companies to disclose information related to the racial, gender, ethnic makeup and veteran status of corporate boards and senior management. For well over a decade, the Senator has also regularly conducted corporate diversity surveys of the largest companies in the country to assess whether or not they are making timely progress on their diversity objectives.

  

Sen. Menendez’s opening remarks, as prepared for delivery, can be found below:

 

“This hybrid hearing of the Senate Subcommittee on Securities, Insurance, and Investment will come to order.

 

Thank you all for being here today.

 

A few reminders before we begin — for those of you participating virtually, once you start speaking, there will be a slight delay before you are displayed on screen.

 

Also, to minimize any background noise, please make sure you remained muted until it is your turn to speak.

 

Turning now to the subject of today’s hearing, we are here because our economy has a fundamental problem.

 

Across corporate America, those in charge are overwhelmingly white and disproportionately male.

 

In a recent analysis of over 3,000 U.S. firms listed on either the New York Stock Exchange or the NASDAQ, researchers at Cornell found that racial minorities held only about 12% of board seats in 2019 — with over 40% of all U.S. boards composed of only white directors^[1]

 

In asset management we see a similar story.

 

Of the $70 trillion in global financial assets under management, less than 1% of are managed by women- or minority-owned firms.

 

Now some may wonder why this a problem.

 

Why should the federal government have an interest in the diversity of publicly traded companies?

 

The answer is simple – it’s because it is material information that investors should have when deciding where to put their money.

 

In study after study — including those conducted by the consulting firm McKinsey — researchers have found that a diverse workforce leads to a more productive and profitable company.

 

The reasons for this are varied, but whether it’s because of smarter and more inclusive decision-making, increased creativity and problem-solving, or greater recruitment and retention, the bottom line is this: A company whose governing structure looks like America is a company that can compete on the global market.

 

Which brings us to this hearing.

 

The current lack of diversity in capital markets, businesses, and financial institutions creates a ripple effect across the ecosystem.

 

It negatively affects entrepreneurs and investors, makes companies less competitive, and stalls our nation’s progress towards a truly equitable marketplace.

 

In short, a lack of diversity means that American companies are fighting to compete with one hand tied behind their backs.

 

It’s an issue that I have been following personally for years — and in the past, my office has issued corporate diversity surveys of Fortune 100 companies.

 

What we have found is that, while many of these companies believe in the idea of increasing diversity among their senior leadership, very few have made real progress on the matter.

 

It is why I introduced a bill, the Improving Corporate Governance Through Diversity Act of 2021.

 

My legislation would promote greater transparency in corporate America by requiring public companies to disclose specific information related to the racial, gender, ethnic makeup and veteran status of corporate boards and senior management and whether they have policies in place to promote diversity in their leadership.

 

It’s a bill that I’m proud to say has strong support across the ideological spectrum — from the US Chamber of Commerce to the National Urban League.

 

And it goes hand in hand with what SEC’s Asset Management Advisory Committee has urged the asset management industry to adopt.

 

The AMAC Subcommittee of Diversity and Inclusion have pushed for greater disclosure of the gender and racial makeup of firms.

 

This increased transparency would not only improve performance to the benefit of investors, it would also further the SEC’s diversity and inclusion goals and its mandate to facilitate fair and open markets.

 

It is my hope that the SEC soon enacts all of these recommendations and that we can pass my Improving Corporate Governance Through Diversity Act.

 

Lastly, I’d just like to note what greater diversity means for investors and entrepreneurs in minority communities, and I say this because I know it’s of particular interest to both Ranking Member Scott and me.

 

The fact of the matter is that underrepresentation has a trickle-down effect.

 

When corporate leadership at the top is not diverse, unsurprisingly, the firms that manage their pensions are also not diverse.

 

When corporate leadership only reflects one thin slice of the population, their decisions will only benefit one slice of the population.

 

And despite contributing trillions of dollars to the economy — being among the most likely to start a small business — many minorities across the country still lack access to the capital they need to thrive.

 

We all saw this firsthand during COVID when minority business owners struggled to access the PPP program.

 

So the goal of today’s hearing is to explore these issues further — to discuss solutions that work for women and minority communities who are too often neglected by traditional financial services and in the capital markets.

 

And with that I want to thank our witnesses for appearing and for sharing their testimony with us today.

 

I now turn it over to Ranking Member Scott for his opening remarks.”

Source: United States Senator for Ohio Rob Portman

Source: United States Senator for Florida Marco Rubio

On September 28, 2022, Hurricane Ian made landfall on Florida’s west coast. The deadly storm devastated communities, and its effects will be felt for years.  
 
U.S. Senator Marco Rubio (R-FL) and U.S. Representative Byron Donalds (R-FL), along with other members of the Florida delegation, sent a letter to President Joe Biden requesting the President approve 100 percent cost share for eligible expenses until January 19, 2023.

• “More than two months since Ian made landfall, our communities are still reeling. Debris generated by the storm from wrecked houses and infrastructure is still piled high, stretched from southwest to northeast Florida.”

• “Hurricane Ian also caused the catastrophic failure of numerous bridges.  The reality on the ground shows that our communities need more time.  Lee County is estimated that debris removal could cost $500 million – about half of the county’s annual operating budget.”

Want more information? Read the full letter here, click here for a full list of cosigners, and see below for a list of Rubio’s previous actions in response to Hurricane Ian.

Source: United States Senator for Rhode Island Jack Reed

WASHINGTON, DC — Today, at a special ceremony in our nation’s capital, Secretary of Energy Jennifer M. Granholm announced that on December 5 at the National Ignition Facility (NIF), which is part of the Lawrence Livermore National Laboratory in California (LLNL), U.S. scientists achieved “ignition” — a fusion reaction producing more energy than it took to create.  This breakthrough marks a critical milestone for nuclear fusion and a step toward generating abundant clean energy.

U.S. Senator Jack Reed (D-RI), the Chairman of the Senate Armed Services Committee, joined Secretary Granholm today, along with National Nuclear Security Administration (NNSA) Administrator Jill Hruby; and White House Office of Science and Technology officials and LLNL officials to announce the major scientific achievement which kindles hopes for a brighter clean energy future. 

Comparing the news to the Wright brothers breakthrough flight near Kitty Hawk in 1903 that helped launch modern aviation, Senator Reed proclaimed that the U.S. Department of Energy researchers had shown the world what is possible and will help spark a future clean energy revolution.

“This is a great triumph for American ingenuity and scientific advancement.  DOE’s ignition achievement is one for the history books.  This experiment produced a modest amount of energy, but such humble beginnings are foundational for future achievement.  With a flight that travelled 120 feet in twelve seconds, the Wright Brothers set us on a course to take to the skies and heavens above.  I hope this promising breakthrough will spark a similar trajectory of innovation and progress when it comes to fusion and clean energy,” said Senator Reed.  “By successfully creating ‘net energy’ through a nuclear fusion reaction, American researchers have pointed the way to a cleaner energy future.  We still have a long way to go to get there and there will be ups and downs along the way.  But this is a seminal moment worth celebrating.”

This historic, first-of-its kind achievement will provide unprecedented capability to support NNSA’s Stockpile Stewardship Program and will provide invaluable insights into the prospects of clean fusion energy, which would be a game-changer for efforts to achieve President Biden’s goal of a net-zero carbon economy.

“This is a landmark achievement for the researchers and staff at the National Ignition Facility who have dedicated their careers to seeing fusion ignition become a reality, and this milestone will undoubtedly spark even more discovery,” said Secretary Granholm. “The Biden-Harris Administration is committed to supporting our world-class scientists—like the team at NIF—whose work will help us solve humanity’s most complex and pressing problems, like providing clean power to combat climate change and maintaining a nuclear deterrent without nuclear testing.”

“We have had a theoretical understanding of fusion for over a century, but the journey from knowing to doing can be long and arduous. Today’s milestone shows what we can do with perseverance,” said Dr. Arati Prabhakar, the President’s Chief Advisor for Science and Technology and Director of the White House Office of Science and Technology Policy.

“Monday, December 5, 2022, was a historic day in science thanks to the incredible people at Livermore Lab and the National Ignition Facility. In making this breakthrough, they have opened a new chapter in NNSA’s Stockpile Stewardship Program,” said NNSA Administrator Jill Hruby. “I would like to thank the members of Congress who have supported the National Ignition Facility because their belief in the promise of visionary science has been critical for our mission. Our team from around the DOE national laboratories and our international partners have shown us the power of collaboration.”

“The pursuit of fusion ignition in the laboratory is one of the most significant scientific challenges ever tackled by humanity, and achieving it is a triumph of science, engineering, and most of all, people,” LLNL Director Dr. Kim Budil said. “Crossing this threshold is the vision that has driven 60 years of dedicated pursuit—a continual process of learning, building, expanding knowledge and capability, and then finding ways to overcome the new challenges that emerged. These are the problems that the U.S. national laboratories were created to solve.”

As Chairman of the Senate Armed Services Committee and a senior member of the Appropriations Subcommittee on Defense, Reed has delivered significant federal funding to advance NNSA’s mission and capabilities of enhancing national security through nuclear science and maintaining a safe and reliable nuclear deterrent.  This year’s NDAA, which passed the House last week and will be considered by the Senate in the coming days, includes $22.3 billion for NNSA programs.  This includes a record $624 million for the Inertial Confinement Fusion (ICF) program.

“This is an historic, innovative achievement that builds on the contributions of generations of Livermore scientists. Today, our nation stands on their collective shoulders. We still have a long way to go, but this is a critical step and I commend the U.S. Department of Energy and all who contributed toward this promising breakthrough, which could help fuel a brighter clean energy future for the United States and humanity,” noted Reed.

According to the U.S. Department of Energy, LLNL’s experiment surpassed the fusion threshold by delivering 2.05 megajoules (MJ) of energy to the target, resulting in 3.15 MJ of fusion energy output, demonstrating for the first time a most fundamental science basis for inertial fusion energy (IFE). Many advanced science and technology developments are still needed to achieve simple, affordable IFE to power homes and businesses, and DOE is currently restarting a broad-based, coordinated IFE program in the United States. Combined with private-sector investment, there is a lot of momentum to drive rapid progress toward fusion commercialization.

Fusion is the process by which two light nuclei combine to form a single heavier nucleus, releasing a large amount of energy. In the 1960s, a group of pioneering scientists at LLNL hypothesized that lasers could be used to induce fusion in a laboratory setting. Led by physicist John Nuckolls, who later served as LLNL director from 1988 to 1994, this revolutionary idea became inertial confinement fusion, kicking off more than 60 years of research and development in lasers, optics, diagnostics, target fabrication, computer modeling and simulation, and experimental design.

To pursue this concept, LLNL built a series of increasingly powerful laser systems, leading to the creation of NIF, the world’s largest and most energetic laser system. NIF — located at LLNL in Livermore, California — is the size of a sports stadium and uses powerful laser beams to create temperatures and pressures like those in the cores of stars and giant planets, and inside exploding nuclear weapons.

Achieving ignition was made possible by dedication from LLNL employees as well as countless collaborators at DOE’s Los Alamos National Laboratory, Sandia National Laboratories, and Nevada National Security Site; General Atomics; academic institutions, including the University of Rochester’s Laboratory for Laser Energetics, the Massachusetts Institute of Technology, the University of California, Berkeley, and Princeton University; international partners, including the United Kingdom’s Atomic Weapons Establishment and the French Alternative Energies and Atomic Energy Commission; and stakeholders at DOE and NNSA and in Congress.

 

Source: United States Senator for Commonwealth of Virginia Mark R Warner

WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine released the following statement on President Biden’s signing of the Respect for Marriage Act, legislation which will ensure that same-sex and interracial marriages are recognized by every state:

“We’re proud that Congress has passed and the President has signed the Respect for Marriage Act to ensure all Americans have their marriages recognized across the country. We saw this summer in the Dobbs decision that the Supreme Court is willing to throw out decades of precedent on equal protection and threaten important decisions like Obergefell. We’re glad that we could pass this bill to give same-sex and interracial couples the certainty they deserve that their marriages will be respected no matter what the Court does in the future. Now, it’s time to repeal the shameful ban on same-sex marriages that is still in Virginia’s constitution.”

Virginia passed a ban on same-sex marriage in 2006, which remains in the Virginia Constitution today. The Obergefell decision, which is currently the law of the land, overrides Virginia’s ban. However, if the Supreme Court overturns Obergefell, the right of LGBTQ Virginians to marry in the Commonwealth would be jeopardized unless that ban is repealed.

In the U.S. Senate, Warner and Kaine were among the 212 members of Congress who signed an amicus brief arguing before the U.S. Supreme Court that same-sex married couples should have the same legal security, rights, and responsibilities that federal law provides all other married couples. Warner and Kaine are also cosponsors of the Equality Act, which would amend federal civil rights laws to prohibit discrimination on the basis of sexual orientation and gender identity in education, employment, housing, credit, and federal jury service.

See the full text of the Respect for Marriage Act here.

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Source: United States Senator for Oklahoma James Lankford

12.13.22

WASHINGTON, DC – Senator James Lankford (R-OK) sent a letter to the State Department after its annual release of Countries of Particular Concern, Special Watch List, and Entities of Particular Concern designations did not follow USCIRF’s recommendations, specific to India, Nigeria, and Afghanistan. Lankford is asking for the Department’s legally required explanation to Congress on its designations.

Lankford stated in the letter, “We have been encouraged by the long-standing commitment of many entities within the United States Government, particularly the Office of International Religious Freedom (IRF) at the Department of State and the United States Commission on International Religious Freedom (USCIRF), to ensure that the right to have faith, live that faith, change faiths or have no faith is promoted and protected around the globe. It is vital that the United States continue to provide global leadership to advance this crucial element of the human rights framework.

“To accomplish this goal, we must first publicly highlight abuse, persecution and discrimination experienced by people and groups of faith around the world. It is impossible to solve a problem without awareness of its existence or scope. Congress recognized this vital responsibility when it enacted the International Religious Freedom Act (IRFA) more than two decades ago. In addition to establishing the IRF office and USCIRF, this law required that an annual report detailing the state of religious freedom in each foreign country, violations of religious freedom by foreign governments and actions and policies of the United States that support religious freedom be transmitted to Congress.”

“IRFA requires the President to fully consider the CPC recommendations of USCIRF when making CPC determinations. However, since the enactment of IRFA, CPC designations by the Secretary of State and USCIRF recommendations have not always aligned, and the reasons for the divergence have been unclear to Congress. As such, the Senate Appropriations Committee report accompanying the FY 2021 and FY 2022 Consolidated Appropriations Acts required the Department to provide the rationale for differences in CPC designations to the appropriate congressional committees within 30 days of such decision. To date, this report has yet to be provided to Congress…I write to you today to request the expeditious transmission of this report to the appropriate Congressional committees in light of a number of troubling omissions from the Department’s designations as compared to USCIRF’s recommendations and the factual religious freedom conditions reported by the Department.”

Lankford remains a leader in advancing religious liberty and human rights around the world. Lankford joined Senators Marco Rubio (R-FL) and their colleagues to introduce legislation to reauthorize the independent US Commission on International Religious Freedom (USCIRF) through 2024. Lankford introduced legislation to reauthorize the Global Magnitsky Human Rights Accountability Act. Lankford recently received the Hero on the Hill award from Jeff King, President of the International Christian Concern (ICC), for his work to bring to light the persecution of people of faith around the world and his work to advance religious freedom.

You can read the full letter HERE and below:

Dear Secretary Blinken,

Since our founding, the United States has boldly recognized the inherent right of freedom of religion for all faiths and declared that protection as a fundamental human right for all people everywhere. Unfortunately, for many people and groups of faith around the world, this inherent right seems unattainable, as governments continue to restrict, oppress, and punish the free exercise of religion.

Nevertheless, we have been encouraged by the long-standing commitment of many entities within the United States Government, particularly the Office of International Religious Freedom (IRF) at the Department of State and the United States Commission on International Religious Freedom (USCIRF), to ensure that the right to have faith, live that faith, change faiths or have no faith is promoted and protected around the globe. It is vital that the United States continue to provide global leadership to advance this crucial element of the human rights framework.

To accomplish this goal, we must first publicly highlight abuse, persecution and discrimination experienced by people and groups of faith around the world. It is impossible to solve a problem without awareness of its existence or scope. Congress recognized this vital responsibility when it enacted the International Religious Freedom Act (IRFA) more than two decades ago. In addition to establishing the IRF office and USCIRF, this law required that an annual report detailing the state of religious freedom in each foreign country, violations of religious freedom by foreign governments and actions and policies of the United States that support religious freedom be transmitted to Congress.

IRFA requires the President to fully consider the CPC recommendations of USCIRF when making CPC determinations. However, since the enactment of IRFA, CPC designations by the Secretary of State and USCIRF recommendations have not always aligned, and the reasons for the divergence have been unclear to Congress. As such, the Senate Appropriations Committee report accompanying the FY 2021 and FY 2022 Consolidated Appropriations Acts required the Department to provide the rationale for differences in CPC designations to the appropriate congressional committees within 30 days of such decision. To date, this report has yet to be provided to Congress.

This report is a valuable assessment tool for Congress, particularly in light of recent instances of religious hostility and discrimination around the globe such as the brutal murder of Deborah Samuel Yakubu, China’s continued genocide of Uyghur Muslims and other minority groups, and Pakistan sentencing 16 individuals to death based on blasphemy charges. 

I write to you today to request the expeditious transmission of this report to the appropriate Congressional committees in light of a number of troubling omissions from the Department’s designations as compared to USCIRF’s recommendations and the factual religious freedom conditions reported by the Department.

I am extremely disappointed with the Department’s decision not to re-designate Nigeria as a CPC. USCIRF has recommended Nigeria be designated a CPC since 2009, and before that, inclusion on the Special Watch List (SWL) since 2002. While some violence may be attributable to ethnic divisions as well as religious tensions, the continued violence toward religious communities without sufficient response by the Nigerian government continues. As the Department referenced in its report, one Catholic Bishop said that conditions in Nigeria have “become a massive killing field, as both government and the governed look on helplessly.”^[3]  Additionally, Nigeria aggressively enforces its blasphemy laws that run afoul of basic human rights. For example, Deborah Samuel Yakubu, a Christian college student, was violently stoned to death and then burned for comments she made about her faith on WhatsApp. This horrific story only demonstrates that religious freedom conditions in Nigeria are getting progressively worse. A strong condemnation from the United States Government, such as an official designation as a Country of Particular Concern, is warranted. I am expressly discouraged that the Department did not designate Nigeria as a CPC in light of the rampant and severe violations of religious freedom in the country.

Similarly, Afghanistan did not receive any formal designation, despite USCIRF’s repeated recommendation.  Among the many ramifications from the US withdrawal from Afghanistan is the fact that religious minorities are at increased risk under the Taliban regime, which was designated as an Entity of Particular Concern last year. As the Taliban now acts as the governing entity of Afghanistan, I am incredulous as to why the State Department chose not to update the designation of Afghanistan to reflect the Taliban’s hostility toward religious minorities and brutality toward people of faith. 

Additionally, India was not formally designated despite overt and repeated severe violations of religious freedom. India is an important security partner for the United States and a key counter-weight against China in the Indo-Pacific region. In the context of that partnership, the United States must have a robust discussion about the deteriorating religious freedom conditions for religious minorities in India. The purpose of any designation – whether it be CPC or SWL – is to shine a light on the most egregious religious freedom violators and promote continued engagement on the value of religious liberty at all levels of government. Formally designating countries under IRFA can be an effective diplomatic tool to encourage and secure changes in behavior. I welcome the Department’s explanation for why, in its view, a formal designation would not enhance our efforts to promote human rights in partner countries, such as India.

 

The United States must continue to be a leader in calling attention and responding to religious persecution wherever it occurs. But it is the responsibility of all nations to encourage these rights of freedom of religion, belief and conscience worldwide to ensure all people have the right to have a faith, live their faith, change their faith or have no faith at all. With this shared goal in mind, I eagerly await the Department’s legally-required report to Congress. 

 

In God We Trust,