WASHINGTON – Sen. John Kennedy (R-La.) joined Sen. Ted Cruz (R-Texas) in releasing the following statement in advance of Congress’s meeting on Jan. 6, 2021 to count the Electoral College votes.
Sens. Ron Johnson (R-Wis.), James Lankford (R-Okla.), Steve Daines (R-Mont.), Marsha Blackburn (R-Tenn.) and Mike Braun (R-Ind.), as well as Senators-elect Cynthia Lummis (R-Wyo.), Roger Marshall (R-Kan.), Bill Hagerty (R-Tenn.) and Tommy Tuberville (R-Ala.) also issued the joint statement.
“America is a Republic whose leaders are chosen in democratic elections. Those elections, in turn, must comply with the Constitution and with federal and state law.
“When the voters fairly decide an election, pursuant to the rule of law, the losing candidate should acknowledge and respect the legitimacy of that election. And, if the voters choose to elect a new office-holder, our Nation should have a peaceful transfer of power.
“The election of 2020, like the election of 2016, was hard fought and, in many swing states, narrowly decided. The 2020 election, however, featured unprecedented allegations of voter fraud, violations and lax enforcement of election law, and other voting irregularities.
“Voter fraud has posed a persistent challenge in our elections, although its breadth and scope are disputed. By any measure, the allegations of fraud and irregularities in the 2020 election exceed any in our lifetimes.
“And those allegations are not believed just by one individual candidate. Instead, they are widespread. Reuters/Ipsos polling, tragically, shows that 39% of Americans believe ‘the election was rigged.’ That belief is held by Republicans (67%), Democrats (17%), and Independents (31%).
“Some Members of Congress disagree with that assessment, as do many members of the media.
“But, whether or not our elected officials or journalists believe it, that deep distrust of our democratic processes will not magically disappear. It should concern us all. And it poses an ongoing threat to the legitimacy of any subsequent administrations.
“Ideally, the courts would have heard evidence and resolved these claims of serious election fraud. Twice, the Supreme Court had the opportunity to do so; twice, the Court declined.
“On January 6, it is incumbent on Congress to vote on whether to certify the 2020 election results. That vote is the lone constitutional power remaining to consider and force resolution of the multiple allegations of serious voter fraud.
“At that quadrennial joint session, there is long precedent of Democratic Members of Congress raising objections to presidential election results, as they did in 1969, 2001, 2005, and 2017. And, in both 1969 and 2005, a Democratic Senator joined with a Democratic House Member in forcing votes in both houses on whether to accept the presidential electors being challenged.
“The most direct precedent on this question arose in 1877, following serious allegations of fraud and illegal conduct in the Hayes-Tilden presidential race. Specifically, the elections in three states—Florida, Louisiana, and South Carolina—were alleged to have been conducted illegally.
“In 1877, Congress did not ignore those allegations, nor did the media simply dismiss those raising them as radicals trying to undermine democracy. Instead, Congress appointed an Electoral Commission—consisting of five Senators, five House Members, and five Supreme Court Justices—to consider and resolve the disputed returns.
“We should follow that precedent. To wit, Congress should immediately appoint an Electoral Commission, with full investigatory and fact-finding authority, to conduct an emergency 10-day audit of the election returns in the disputed states. Once completed, individual states would evaluate the Commission’s findings and could convene a special legislative session to certify a change in their vote, if needed.
“Accordingly, we intend to vote on January 6 to reject the electors from disputed states as not ‘regularly given’ and ‘lawfully certified’ (the statutory requisite), unless and until that emergency 10-day audit is completed.
“We are not naïve. We fully expect most if not all Democrats, and perhaps more than a few Republicans, to vote otherwise. But support of election integrity should not be a partisan issue. A fair and credible audit—conducted expeditiously and completed well before January 20—would dramatically improve Americans’ faith in our electoral process and would significantly enhance the legitimacy of whoever becomes our next President. We owe that to the People.
“These are matters worthy of the Congress, and entrusted to us to defend. We do not take this action lightly. We are acting not to thwart the democratic process, but rather to protect it. And every one of us should act together to ensure that the election was lawfully conducted under the Constitution and to do everything we can to restore faith in our Democracy.”
WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, helped secure key provisions of the funding bill that Congress is expected to vote on soon.
“Louisianians send big chunks of their paychecks to Washington, and I work as hard as I can to ensure our state doesn’t stand alone when we face challenges like historic hurricanes. This year, I’m pleased to say that, should this funding bill pass, our state will receive $1.3 billion in loan forgiveness for interest owed on New Orleans’ storm protection system. Additionally, the executive branch must submit a proposal for a new federal courthouse in Lake Charles, and key water infrastructure projects could now move forward.
“This year’s funding package invests in protecting our people, preserving our coasts and supporting Louisiana’s economy as we recover from the pandemic. It protects Louisiana jobs through the American Innovation and Manufacturing Act and by bringing a National Center of Excellence for Liquefied Natural Gas to Louisiana to increase training in this growing field. Finally, this package will safeguard Louisiana wallets by stopping the IRS from sending taxpayer dollars to dead people and fraudsters,” said Kennedy.
Lake Charles courthouse
As chairman of the Senate Appropriations Subcommittee on Financial Services and General Government, Kennedy secured language to require the General Services Administration and the federal courts to submit a plan to Congress for building a new courthouse in Lake Charles, Louisiana following the severe damage Hurricane Laura did to the Edwin F. Hunter, Jr. U.S. Courthouse.
“I saw firsthand how Hurricane Laura wrecked Lake Charles, and I’ve been fighting for a new federal courthouse since then. I’m glad to see the federal courts there get the green light they need to rebuild as the Lake Charles community keeps recovering from a wicked hurricane season,”said Kennedy.
Protecting jobs by keeping the U.S. competitive
After introducing the American Innovation and Manufacturing (AIM) Act, Kennedy announced a historic bipartisan agreement to include the AIM Act in the government funding bill.
“More than ever, foreign competition demands we protect American jobs by keeping the U.S. competitive in global industry. Investing in next-generation refrigerants will create thousands of jobs, save billions of dollars and safeguard the environment, all of which matter deeply to Louisianians. I’m grateful to have worked with Chairman Barrasso and Sen. Carper to champion the American Innovation and Manufacturing Act and bring American production into the future,” said Kennedy.
For the first time, the funding package includes a provision for a 15-year phasedown of hydrofluorocarbons at a national level, administered by the Environmental Protection Agency. The legislation gives U.S. companies the certainty they need to make the investments necessary to lead the world in the production of next-generation coolants. It will create jobs, save Louisiana jobs and ensure the U.S is the world leader in this emerging global market.
Establishing the National Center of Excellence for Liquefied Natural Gas in Louisiana
Kennedy successfully negotiated a provision in pipeline infrastructure reauthorization (PIPES Act) legislation that locates a newly established National Center of Excellence for Liquefied Natural Gas (LNG) in Louisiana. The center will promote and facilitate training, education and research and development in the burgeoning field of liquified natural gas. Louisiana will see the construction of this LNG National Center of Excellence within two years.
Stopping taxpayer money from going to dead people
The government funding bill includes the Stopping Improper Payments to Deceased People Act, which Kennedy introduced to ensure that taxpayer dollars are not wasted on paying government benefits to dead people or to fraudsters.
“Every so often, Washington actually saves taxpayer dollars instead of watching that money circle the bureaucratic drain. Today, the Senate is set to pass the Stopping Improper Payments to Deceased People Act as part of the government funding bill. Now, we are closer than ever to ensuring taxpayer dollars work on behalf of hardworking Americans instead of fraudsters who take advantage of flaws in the system,” said Kennedy.
The Social Security Administration maintains the most complete federal database of individuals who are reported to have died. However, only a small number of federal agencies have access to this official list, and most federal agencies rely on a slimmed down, incomplete and less timely version of the death information.
In addition, most inspectors general lack access to the complete death information. As a result, many federal agencies make erroneous payments to people who are actually deceased.
The Stopping Improper Payments to Deceased People Act provision in the funding bill would allow federal agencies access to the complete death database, require agencies to use death data to curb improper payments and improve that death data so that federal payments are made accurately.
Developing water resources
The Water Resources Development Act (WRDA) set to pass with the funding bill authorizes several Army Corps of Engineers projects throughout Louisiana. These projects invest in the state’s flood control, hurricane protection, navigation and conservation efforts.
Key provisions include:
- Thanks to a provision negotiated by Kennedy, WRDA directs the Corps of Engineers to accept, without interest, Louisiana’s cost share loan payment for the storm protection system encircling the New Orleans area, provided that the state pays at least $200 million of its debt by Sept. 30, 2021 and pays the remaining unpaid principal balance by Sept. 30, 2023. This direction to the Corps eliminates $1.3 billion of debt that Louisiana would have otherwise owed to the Corps.
- WRDA authorizes $394 million in new construction projects. The Baptiste Collette Bayou navigation channel deepening project in Plaquemines Parish is authorized at a total cost of $44,920,000. The Houma navigation canal deepening project in Terrebonne Parish is authorized at a total cost of $253,458,000. The Port Fourchon Belle Pass channel deepening project in Lafourche Parish is authorized at a total cost of $95,483,000.
- WRDA authorizes the Corps of Engineers to modify the existing federal levee system that protects Shreveport, known as the Red River below Denison Dam Project, by incorporating the Cherokee Park levee segment into the existing federal system. The Caddo Levee District built the segment to meet Corps standards. Once the levee segment becomes part of the federal system, it will facilitate FEMA accreditation.
- WRDA modifies the existing Ouachita and Black Rivers (Arkansas and Louisiana) project for navigation to include water supply as an authorized purpose. The original authorization only allowed the Corps of Engineers to perform work related to navigation. With the new expanded authorization, the Corps can also perform work related to the water supply.
- Within 120 days after its enactment, WRDA directs the Corps of Engineers to provide a report on plans to modify the Calcasieu River and Pass dredged material management plan and supplemental environmental impact statement to allow for expansion of dredged material placement facilities.
- WRDA directs the Corps of Engineers to identify the causes of and “implement measures to effectively detect, prevent, treat, and eliminate, harmful algal blooms associated with water resources development projects.” WRDA also directs the Corps to “undertake program activities related to harmful algal blooms” in seven different areas of the U.S., including Louisiana’s coast.
- WRDA directs the Corps of Engineers to expedite the completion of the ongoing feasibility study for the Amite River and its tributaries east of the Mississippi River, Louisiana flood control project, as Congress requires the Corps to submit a favorable feasibility study before authorizing project construction.
- WRDA directs the Corps of Engineers to expedite the completion of the ongoing feasibility study for the Upper Barataria Basin Louisiana project for coastal storm risk management.
- WRDA authorizes the Corps of Engineers to assist the Grand Isle Independent Levee District with modifying the scope of the existing Grand Isle beach erosion and hurricane protection project to include periodic beach nourishment in response to erosion.
- WRDA authorizes the Corps of Engineers to assist Jefferson Parish with obtaining a feasibility study for the proposed flood protection project in the Cataouatche sub-basin, which encompasses part of the west bank of Jefferson Parish.
- WRDA authorizes the Corps of Engineers to assist the non-federal project sponsor with obtaining a feasibility study for the proposed flood and storm protection project in the Hoey’s Basin area of the east bank of Jefferson Parish.
- WRDA authorizes the Corps of Engineers to review a project proposal and issue a report to Congress on whether the portion of the Ouachita River levee system from Monroe to Caldwell Parishes should be included in the Mississippi River and tributaries project.
- WRDA authorizes the Corps of Engineers to conduct a feasibility study of a proposed project for flood-risk management in Tangipahoa Parish. A positive feasibility study is the first step in obtaining construction authorization for the proposed project.
- WRDA directs the Coastal Louisiana Ecosystem Protection and Restoration Task Force to submit, within one year after enactment of this WRDA bill, a report to Congress summarizing the activities and recommendations of the task force for conserving, protecting, restoring and maintaining Louisiana’s coastal ecosystem.
- WRDA directs the Corps of Engineers, in collaboration with the heads of other relevant federal agencies, to conduct a comprehensive study of the Lower Mississippi River basin for the comprehensive management of the basin for the purposes of hurricane and storm damage reduction, flood-risk management and floodplain management strategies; navigation; ecosystem and environmental restoration; hydropower production; recreation; and other purposes as determined by the Corps of Engineers.
WASHINGTON – Sen. John Kennedy (R-La.) today issued the following statement in response to urgent relief for entertainment venues included in the bipartisan, bicameral COVID relief package. Based on the Save Our Stages Act, which Kennedy has cosponsored, the provisions in the relief bill include $15 billion in funding for performance venues, movie theaters and museums.
“Live performing arts and entertainment venues are a huge part of Louisiana’s culture and economy, but these were the first to shutter when the pandemic struck. There’s no question that key industries with significant revenue losses deserve relief. The government shut down this major sector of our economy, and it’s right that we help preserve those jobs while we work to vaccinate our country and reopen it safely. I’m glad to see our efforts on the Save Our Stages Act become part of a package focused on helping hardworking Americans recover from what has been an unbelievably hard year for Louisiana and other states,” said Kennedy.
Specifically, the legislation authorizes the Small Business Administration to provide grants to eligible live venues, performing arts venues, movie theaters and other operators or promoters that demonstrate a significant reduction in revenue.
WASHINGTON – Today, the Senate will vote to pass the major provisions of Sens. John Kennedy (R-La.) and Tom Carper’s (D-Del.) Stopping Improper Payments to Deceased People Act as part of the government spending bill. The bill, introduced by Kennedy and Carper in 2019, would help save millions of federal dollars by curbing erroneous payments to deceased individuals.
The Social Security Administration (SSA) maintains the most complete federal database of individuals who are reported to have died. However, only a small number of federal agencies have access to this official list, and most federal agencies rely on a slimmed down, incomplete and less timely version of the death information. In addition, the federal government’s centralized improper payments screening initiative, the Treasury Department’s Do Not Pay program, lacks access to the complete death information. As a result, many federal agencies make erroneous payments to people who are actually deceased.
“Every so often, Washington actually saves taxpayer dollars instead of watching that money circle the bureaucratic drain. Today, the Senate made the commonsense move to include the Stopping Improper Payments to Deceased People Act as part of the government funding bill. Now we can make sure taxpayer dollars work on behalf of hardworking Americans instead of fraudsters who take advantage of flaws in the system. I’m thankful for Sen. Carper’s leadership in helping save billions in taxpayer money from flowing to ghosts,” said Kennedy.
“This has been a long, hard fight for many years, but this is good news for American taxpayers. As government officials, one of our most important responsibilities is to be good stewards of taxpayer dollars. That’s why, for years, I have worked across the aisle to assess federal government spending and eliminate billions of taxpayer dollars in waste, fraud and abuse. But there is still work to be done because we know that year after year, the federal government continues to mismanage billions of dollars through improper payments. The money saved by curbing improper payments to the deceased can be used to fund health care programs or invest in our decades-old infrastructure. With a little hard work and bipartisanship, we can take the common sense steps necessary to reduce improper payments and put these funds to better use for the American people. I want to thank my wingman, Senator Kennedy, for his leadership on this issue,” said Carper.
In the Senate, the bill is cosponsored by Sens. Mark Warner (D-Va.), Angus King (I-Maine), Jon Tester (D-Mont.), Gary Peters (D-Mich.), Maggie Hassan (D-N.H.) and Kyrsten Sinema (D-Ariz.). Bipartisan companion legislation was introduced in the House by Reps. Greg Gianforte (R-Mont.) and Cheri Bustos (D-Ill.).
Key provisions in the bill include:
Providing Do Not Pay with access to the complete death database. Under current law, only federal agencies that directly manage programs making beneficiary payments have access to complete death data. This legislation provides the federal government’s centralized improper payments screening service, Do Not Pay, with access to the complete death data to help agencies identify and prevent improper payments.
Improves management of death data. The legislation safeguards the Social Security Trust Funds by allowing the SSA to recoup the costs of managing this data. The legislation allows for the SSA to correct errors in the death data and ensures states can maintain their death registration systems.
Improving Death Data Sharing in the Future. The legislation requires the National Academy of Public Administration to conduct an independent study of the sources and access to state-owned death data for use by federal agencies for program administration and payment integrity and to report on options for future distribution of death data government-wide.
WASHINGTON – President Donald Trump has issued an executive order based on Sen. John Kennedy’s (R-La.) legislation requiring the Treasury Secretary to provide states with information to help their residents claim approximately $26 billion in unredeemed savings bonds.
“Government is always delighted to collect taxes, but it’s not often that Big Brother goes out of its way to reunite people with their hard-earned money. I’m thankful that the president’s executive order does just that by making the government pay up on matured savings bonds, even if the original investors have passed away.
“People in Louisiana and all over the country are pinching pennies to make it through this pandemic. It’s common sense and basic decency that the Treasury would help men and women find unclaimed savings bonds that rightfully belong to them and their families, and they can thank President Trump for this massive step forward. I look forward to seeing the Treasury right this wrong—right away,” said Kennedy.
Kennedy chairs the Senate Appropriations Subcommittee on Financial Services and General Government, which has jurisdiction over the U.S. Treasury. His bill to equip states with information needed to identify who owns unclaimed bonds passed the Senate unanimously in July.
The executive order, inspired by Kennedy’s bill, would require the U.S. Treasury to:
- Begin, before year’s end, a pilot program with multiple vendors to continue digitizing the records of unredeemed savings bonds.
- Make the digitized information on unredeemed bonds publicly available while keeping that information secure.
- Conduct consumer research to determine why individuals often do not redeem their savings bonds upon maturity.
- Collaborate with state counterparts to identify owners of unredeemed savings bonds.
- Issue a public report on all the above initiatives within six months of the president’s signing the executive order.
Louisiana estimates that approximately $337 million in unredeemed savings bonds belong to its residents. Other states estimate that their residents have more than $1 billion in matured, unclaimed savings bonds. These bonds are currently sitting in the Treasury, but the department has previously taken little initiative to return the proceeds to their owners.
Last December, Kennedy secured $25 million for the Treasury Department to digitize and distribute records of unclaimed U.S. savings bonds. The funding is helping the Treasury reunite unclaimed savings bonds with their rightful owners.
At Kennedy’s urging, the Treasury also launched Treasury Hunt, an online search tool that allows bond owners to find information such as whether bonds are no longer earning interest or are owned by deceased family members. More than $23 million has been returned to bond owners through Treasury Hunt.
Government savings bonds were originally sold as part of an effort to finance America’s victory in WWI, and returning those bonds to their owners honors the patriotism of the Americans who invested in their nation as a global leader for freedom.
WASHINGTON – Sen. John Kennedy (R-La.), chairman of the Senate Appropriations Subcommittee on Financial Services and General Government, secured language to require the General Services Administration and the federal courts to submit a plan to Congress for building a new courthouse in Lake Charles, Louisiana following the severe damage Hurricane Laura did to the Edwin F. Hunter, Jr. U.S. Courthouse.
“I saw firsthand how Hurricane Laura wrecked Lake Charles, and I’ve been fighting for a new federal courthouse since then. I’m glad to see the federal courts there get the green light they need to rebuild as the Lake Charles community keeps putting the pieces back together after a wicked hurricane season,” said Kennedy.
Kennedy also worked with the General Services Administration to identify the appropriate resources for building a new courthouse in Lake Charles.
The appropriations bill requires the General Services Administration to submit a plan within 150 days of the passage of the bill that “fully meets the operational needs of the Federal courts” through the new Lake Charles facility.
Kennedy, senators announce historic bipartisan agreement on American Innovation and Manufacturing Act
Dec 21 2020
WASHINGTON – Today Sen. John Kennedy (R-La.) joined Sens. John Barrasso (R-Wyo.), Tom Carper (D-Del.), Shelley Moore Capito (R-W.Va.) and Sheldon Whitehouse (D-R.I.) in announcing a historic bipartisan agreement to include the American Innovation and Manufacturing (AIM) Act in the government funding bill.
“More than ever, foreign competition demands we protect American jobs by keeping the U.S. competitive in global industry. Investing in next-generation refrigerants will create thousands of jobs, save billions of dollars and safeguard the environment, all of which matter deeply to Louisianians. I’m grateful to have worked with Chairman Barrasso and Sen. Carper to champion the American Innovation and Manufacturing Act and bring American production into the future,” said Kennedy.
“HFC chemicals are in every home – from our cars, to our air conditioners. The emissions from the use of these chemicals contribute to climate change. This agreement will authorize a 15-year phase down of their use, while safeguarding consumers and American manufacturers,” said Barrasso.
“Inside nearly every home in this country are hydrofluorocarbons, potent greenhouse gases used as coolants in air conditioning and refrigerators. The cruel irony is that, while HFCs keep our homes cool and our groceries cold, they heat up our planet. With a global warming effect that is thousands of times more potent than carbon, HFCs are slowly destroying our planet. Fortunately, there is a solution – one that would have huge economic benefits for our country. For years, Senator Kennedy and I have been working to pass legislation that would put American workers and industries in the driver’s seat of the global phasedown of these super-polluting chemicals. By implementing a national phasedown of HFCs, we can reap close to $39 billion in economic benefits while creating tens of thousands of new jobs. I thank Senator Kennedy for being such a good partner on this legislation and thank Chairman Barrasso for his work to help us to find a compromise that can get this bill across the finish line. Thanks to all our efforts, Congress is now on the cusp of passing the most significant climate solution in more than a decade, and American workers and families will reap the benefits for decades more to come,” said Carper.
The appropriations package will now include, for the first time, a provision for a 15-year phasedown of hydrofluorocarbons (HFCs) at a national level, administered by the Environmental Protection Agency (EPA). The amendment is based on Kennedy’s AIM Act and requires EPA to implement an 85 percent phase down of the production and consumption of HFCs, so they reach approximately 15 percent of their 2011-2013 average annual levels by 2036.
The legislative language matches the agreement reached earlier this year by Kennedy, Barrasso and Carper to protect critical uses of HFCs.
WASHINGTON – Sen. John Kennedy (R-La.) published this op-ed in the Baptist Message on December 18, 2020.
Below are key excerpts from the article, which focuses on the challenges Louisianians have faced in 2020 and reasons to be confidently hopeful this Christmas season.
“This year not been easy for Louisiana.
“No one could have foreseen when 2020 began that, in just a few months, an unprecedented pandemic would shut down America’s economy and a novel coronavirus would infect more than 200,000 Louisianians, with over 6,000 confirmed deaths.
“As if the coronavirus didn’t cause enough loss, Louisiana has also had a particularly bad hurricane season, too. In August, Hurricane Laura killed at least 28 Louisianians, destroyed over 10,000 homes, and caused up to $14 billion in damages. Tragically, while we were still recovering from Laura, Hurricanes Delta and Zeta followed, further devastating much of the state.
…
“Louisianians are tough. We have been through worse and always come out stronger. We are tired. We will, however, make it through this challenging year and be the better for it, with God’s help.
…
“It can be difficult to focus on God’s love in such hard times. But this is exactly when we must draw encouragement from the Lord. The same God who loved us by being born into humble surroundings and dying in our place is the same God who will carry us through any trial we ever face—whether that storm is called Laura or COVID-19.
“So whatever life’s trials, whatever we have suffered through this year, we can hold onto God’s love and know that we didn’t make it through 2020 by ourselves and we don’t face 2021 alone.”
Read the full op-ed in the Baptist Message here.
President signs Kennedy’s bill to protect Americans from fraudulent foreign companies into law
Dec 18 2020
WASHINGTON – President Donald Trump today signed into law Sen. John Kennedy’s (R-La.) bill to protect American investors and their savings from foreign companies that operate on U.S. stock exchanges while refusing to submit to Securities and Exchange Commission (SEC) oversight.
The Senate passed the Holding Foreign Companies Accountable Act unanimously in May, and the House passed the bill unanimously earlier this month. Sen. Chris Van Hollen (D-Md.) was an original cosponsor of the legislation.
“Communist China has been the bully on the playground of America’s stock exchanges for years, and that stops today. With President Trump’s signature, Chinese firms that flout the rules that American and other companies follow do so at their own peril. Any foreign company that doesn’t submit to our audits has to grow up or get off U.S. exchanges—they can’t keep using our markets to exploit workers and families. I’m grateful to the president for calling Chinese Communist dishonesty to account by making fairness and common sense the law. Thanks to the partnership of Sen. Van Hollen and bipartisan, bicameral consensus, Americans finally have protection against Chinese Communist lackeys that would defraud them on U.S. soil,” said Kennedy.
The Holding Foreign Companies Accountable Act prohibits securities of a company from being listed on any of the U.S. securities exchanges if the company has failed to comply with the Public Company Accounting Oversight Board’s (PCAOB) audits for three years in a row.
The bill would also require public companies to disclose whether they are owned or controlled by a foreign government, including China’s communist government.
Many Americans invest in U.S. stock exchanges as part of their retirement and college savings, and dishonest companies operating on the exchanges put Americans at risk, as Luckin Coffee did. This legislation protects the interest of hardworking American investors by ensuring that foreign companies traded in America are subject to the same independent audit requirements that apply to their competitors in America and other countries.
Background:
Congress established the PCAOB to inspect audits of public companies, ensuring the information companies provide to the public is accurate, independent and trustworthy.
Currently, China’s communist government refuses to allow the PCAOB to inspect audits of companies registered in China and Hong Kong. Such companies represent a keen risk to American investors as nearly 11 percent of all securities class action lawsuits in 2011 were brought against Chinese-owned companies accused of misrepresenting themselves in financial documents.
According to the SEC, 224 U.S.-listed companies are located in countries where there are obstacles to PCAOB inspections. These companies have a combined market capitalization of more than $1.8 trillion.
In the last 10 years, the number of Chinese companies listed on U.S. stock exchanges has increased significantly, as those firms take advantage of the capital available in America.
The bill text is available here.
WASHINGTON – Sens. John Kennedy (R-La.) and Kevin Cramer (R-N.D.), Senate Banking Committee members, led a bipartisan letter to Treasury Secretary Steven Mnuchin and Internal Revenue Service (IRS) Commissioner Charles Rettig urging the Trump Administration to wave late filing penalties for taxpayers whose filing delay is caused by COVID-19.
“Many taxpayers are facing economic hardships and business closures due to COVID-19. Taxpayers expect fair treatment from their government, and the current unwillingness to provide an expedited process for taxpayers and their advisors to request pandemic-specific relief places an undue burden on them. We ask that you move to address these issues immediately so the American people can receive the relief they urgently need,” the senators wrote.
In the letter, the senators urge the Trump Administration to:
- Create a special COVID-19 first-time abatement option for taxpayers eligible for normal first-time abatement where taxpayers can attest to filing difficulty directly caused by the pandemic;
- Provide written guidance directing IRS customer service representatives to grant reasonable-cause and COVID-related abatement requests liberally;
- Develop and advertise specific COVID-related examples that qualify for reasonable-cause abatement; and
- Develop a dedicated telephone number, or dedicated prompt, for taxpayers and their advisors to call to request COVID-related penalty relief.
Kennedy and Cramer were joined on the letter by Sens. Dianne Feinstein (D-Calif.), Kyrsten Sinema (D-Ariz.), Ted Cruz (R-Texas), Mark Warner (D-Va.), Benjamin Cardin (D-Md.), Jeanne Shaheen (D-N.H.), Thom Tillis (R-N.C.), John Boozman (R-Ark.), Mike Rounds (R-S.D.), Joni Ernst (R-Iowa), Catherine Cortez Masto (D-Nev.) and Tom Carper (D-Del.).
Kennedy chairs the Senate Appropriations Subcommittee on Financial Services and General Government, which has jurisdiction over the IRS and Treasury Department.
The letter is available here.
