WASHINGTON – Sen. John Kennedy (R-La.) today introduced the No Dollars for Dictators Act to prevent perpetrators of genocide and state sponsors of terrorism from receiving special drawing rights through the International Monetary Fund (IMF) without congressional authorization.
In 2021, President Biden approved the largest-ever allocation of special drawing rights at the IMF totaling $650 billion. He did this without consent from Congress. Large portions of that allocation flowed to dictators and countries that actively oppose American interests and violate human rights.
“The Biden administration already green-lit a 2021 deal that sent $4.5 billion to Iran and another $54 billion to China and Russia. Congress can’t afford to let this White House and Secretary Yellen do it again.
“My bill would stop the Biden administration from making an end run around Congress on behalf of the world’s most oppressive and violent regimes. These countries work to undermine America’s security and success every day, and this White House shouldn’t be forcing U.S. taxpayers to line the pockets of terrorists and dictators,” said Kennedy.
Background
The IMF distributes special drawing rights according to each country’s economic standing in the global economy. That means the world’s wealthiest countries received the most special drawing rights of all IMF members when the 2021 allocation became effective on Aug. 23, 2021.
China alone received $38 billion in special drawing rights. Russia received $16 billion. In addition to sending billions of dollars to Xi Jinping and Vladimir Putin, the allocation sent billions in aid to Iran, Syria and Venezuela. Syria and Iran are state sponsors of terrorism.
While some have claimed that special drawing rights offer the U.S. a no-cost way to assist poor countries, this is demonstrably false. This IMF allocation requires the U.S. to issue debt in order to cover the loans issued through special drawing rights. The U.S. has to pay interest on that debt, and that interest would exceed any interest that the U.S. may receive on the loans it issues.
There is no requirement that countries that receive loans from the U.S. through special drawing rights ever repay the principal. As a result, the financial burden of these loans falls on the U.S. taxpayer.
Text of the No Dollars for Dictators Act is here.
Kennedy statement on Governor-elect Landry
Oct 16 2023
WASHINGTON – Sen. John Kennedy (R-La.) today made the following statement:
“Congratulations again to Louisiana Governor-elect Jeff Landry. He served our state passionately as attorney general, and I look forward to working with him as our new governor. Louisiana’s future can be better than our present and our past, and it's the responsibility of both state and federal officials to make that brighter, freer and more prosperous future a reality.”
WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $1,920,262 in a Federal Emergency Management Agency (FEMA) grant for Louisiana disaster aid.
“Hurricane Laura hit Louisiana’s hospitals hard, and I’m thankful to see this $1.9 million help southwest health care facilities recover from the damage,” said Kennedy.
The FEMA aid will fund the following:
- $1,920,262 to the Southwest Louisiana Hospital Association for repairs to facilities resulting from Hurricane Laura.
MADISONVILLE, La. – Sen. John Kennedy (R-La.), a member of the Senate Judiciary Committee, today joined Sens. Chuck Grassley (R-Iowa), Lindsey Graham (R-S.C.), John Cornyn (R-Texas), Mike Lee (R-Utah), Ted Cruz (R-Texas), Josh Hawley (R-Mo.), Tom Cotton (R-Ark.), Thom Tillis (R-N.C.) and Marsha Blackburn (R-Tenn.) in issuing the following joint statement warning potential perpetrators against making any domestic threats inspired by Hamas’ attacks in Israel:
“The Hamas terrorist attacks in Israel are despicable and depraved. As we mourn the hundreds of lives lost, including at least 27 U.S. citizens, we must also remain vigilant in our efforts to safeguard our communities at home. The first duty of government is to protect the national security of our citizens and keep Americans safe.
“To any bad actors who dare cross onto American soil seeking to exploit the crisis in Israel and wreak havoc domestically, our message is clear: Any threat to the United States will be pursued and suppressed swiftly, forcefully and to the fullest extent of U.S. justice. Your vile and hateful acts have no place here. The United States will relentlessly defend against domestic threats while supporting Israel as it fights to eradicate Hamas’ campaign of evil.”
WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $3,014,539 in a Federal Emergency Management Agency (FEMA) grant for Louisiana disaster aid.
“Hurricane Laura hit Louisianians in Alexandria hard, with a lot of damage being done to their electrical power system. I’m grateful to see this $3 million help cover these necessary repairs,” said Kennedy.
The FEMA aid will fund the following:
- $3,014,539 for the city of Alexandria to repair damages to the city’s electrical power system caused by Hurricane Laura.
WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $2,085,653 in a Federal Emergency Management Agency (FEMA) grant for Louisiana disaster aid.
“Hurricane Ida struck a blow to Louisiana, leaving debris throughout our state. I’m grateful to see that this $2.1 million will help dredging efforts in Lafourche,” said Kennedy.
The FEMA aid will fund the following:
- $2,085,653 to the Greater Lafourche Port Commission for channel dredging as a result of damages from Hurricane Ida.
Kennedy calls for accountability on Ukraine aid: “We have to watch that money like a hawk”
Oct 05 2023
Watch Kennedy’s comments here.
WASHINGTON – Sen. John Kennedy (R-La.) called for Congress to support his effort to install a Special Inspector General (IG) to monitor American aid to Ukraine during a speech on the Senate floor.
Kennedy explained that the United States does not currently have a dedicated IG focused exclusively on accountability for Ukraine and argued that the American people deserve the highest level of oversight and accountability on their aid to the country as it fights Russian aggression.
Key comments from Kennedy’s remarks include:
“One thing—regardless of what you think about Ukraine—I think we can all agree on is that we have to watch that money like a hawk. We cannot allow it to be stolen. We cannot allow it to be wasted. . . . Nothing in this world makes it easier to resist temptation than a proper upbringing, a strong set of values and witnesses. We need more witnesses.”
. . .
“Just like we did in Afghanistan, we need one Inspector General—one woman or man—that we can hold responsible. Appointed by the president. Confirmed by the United States Senate. The Inspector General at the Department of Defense and the Inspector General of the State Department and the Inspector General of USAID can work under the people's Inspector General, under Sen. [Kyrsten] Sinema and I’s bill.
“We need one person to hold accountable, just like we did in Afghanistan. The American people—regardless of how they feel about funding in Ukraine—and members of the United States Senate—regardless of how they feel about the war in Ukraine—surely, we can agree that we will all rest easily, or at least easier, if we follow the money.”
Background:
- In February, Kennedy introduced the Independent and Objective Oversight of Ukrainian Assistance Act to establish a Special IG in Ukraine. Sens. Kyrsten Sinema (I-Ariz.), Kevin Cramer (R-N.D.) and Cindy Hyde-Smith (R-Miss.) co-sponsored the legislation.
- On Sept. 21, 2023, the Chair of the Council of Inspectors General on Integrity and Efficiency announced the selection of Robert Storch to be the Lead IG for Ukraine. Storch already serves as the IG for the Department of Defense, a role he must continue while trying to provide oversight in Ukraine.
- Kennedy’s bill would establish a Special IG for Ukraine with its own resources and staff that are independent of the Department of Defense or any other agency, unlike the current Lead IG.
- Kennedy noted that Congress previously established a Special Inspector General for Afghanistan Reconstruction which proved to be an effective means of identifying corruption in Afghanistan. The Special IG for Afghanistan Reconstruction said installing a Special IG in Ukraine “would send a clear message—to Ukrainians, to bad contractors, to the U.S. government itself, to all the U.S. agencies—that we really take oversight seriously.”
Kennedy’s full remarks are available here.
WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $5,148,857 in a Federal Emergency Management Agency (FEMA) grant for Louisiana disaster aid.
“I’m grateful to see this $5.1 million help Louisianians in Calcasieu Parish and all over our state recover from flooding and prepare for future disasters,” said Kennedy.
The FEMA aid will fund the following:
- $3,362,076 to Calcasieu Parish for the elevation of 14 residential properties and the demolition of two structures.
- $186,782 to Calcasieu Parish for management costs associated with the mitigation of 16 flood-prone structures.
- $1,599,999 to the state of Louisiana to update the State of Louisiana Hazard Mitigation Plan.
WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $53,476,849 in a Federal Emergency Management Agency (FEMA) grant for Louisiana disaster aid.
“Hurricanes Laura, Delta and Ida hit Louisiana hard, and many of our people are still dealing with their disastrous impacts. This $53.5 million will help Louisianians as they recover and leave us better prepared for future storms,” said Kennedy.
The FEMA aid will fund the following:
- $14,371,815 to the Office of Risk Management for repairs to McNeese University resulting from Hurricane Laura.
- $11,562,368 to the Jefferson Davis Electric Cooperative to repair damages to facilities and transmission lines caused by Hurricane Laura.
- $7,024,011 to the Diocese of Houma-Thibodaux for the stabilization and mold remediation of buildings throughout the Diocese.
- $4,413,212 to St. Charles Parish for debris removal and monitoring operations related to Hurricane Ida.
- $4,182,758 to the Calcasieu Parish School Board for repairs to Vinton and Oak Park Elementary schools related to Hurricane Laura.
- $3,484,229 to the Washington-St. Tammany Electric Cooperative for emergency protective measures related to Hurricane Ida.
- $2,332,537 to the Office of Risk Management for repairs to McNeese University and SOWELA Community College resulting from Hurricane Laura.
- $1,525,840 to the Ochsner Clinic Foundation for repairs to St. Anne Hospital resulting from Hurricane Ida.
- $1,221,599 to the Louisiana Office of Emergency Preparedness for its emergency operations center, sheltering, meals and materials related to Hurricane Delta.
- $1,193,613 to Terrebonne Parish for emergency response and protective measures provided by the City of Houma Police Department in response to Hurricane Ida.
- $1,120,036 to Terrebonne Parish to repair damages to Mayfield Bridges 1 and 2 resulting from Hurricane Ida.
- $1,044,830 to the Terrebonne Levee and Conservation District for emergency protective measures related to Hurricane Laura.
Kennedy, Britt demand Government Accountability Office investigation into privacy risks of SEC’s CAT
Oct 05 2023
WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee and the Appropriations subcommittee on Financial Services and General Government (FSGG), which oversees the Securities and Exchange Commission (SEC), and Sen. Katie Britt (R-Ala.) today wrote Gene Dodaro, Comptroller General of the U.S., seeking an investigation and report by the Government Accountability Office (GAO) on the potential risks, constitutional issues and privacy concerns presented by the SEC’s Consolidated Audit Trail (CAT).
“Since Rule 613 was adopted, the CAT has gone through several operational delays while market participants, SEC commissioners, and members of Congress have continued to raise concerns over the continually growing costs related to CAT implementation,” the senators wrote.
“However, the top concern related to the CAT remains the collection of personally identifiable information (PII) of every investor that trades a single share of stock on a U.S. exchange. This information will be collected and stored in a vast database that will be subject to cyberattacks and which presents concerns about the privacy and protection of Americans’ sensitive personal information,” they continued.
“Even more concerning, the CAT poses fundamental threats to protections from ‘unreasonable search and seizures’ under the Fourth Amendment. The courts have previously held that the mandated production of certain information can violate the Fourth Amendment. There are many legitimate reasons an individual would not want their financial transactions to be regularly submitted to a government registry. The SEC has failed to appreciate and address these concerns that CAT collection of PII presents,” the lawmakers explained.
Background:
- Kennedy introduced the Protecting Investors’ Personally Identifiable Information Act to protect information that could reveal the identity of American investors by prohibiting the SEC from requiring brokers to submit investors’ information to the CAT.
- Kennedy also raised concerns with SEC Chairman Gary Gensler about the privacy and national security threats that the CAT poses.
The full letter is available here.
