WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) today introduced the Reforming Finance for Local Economies Act. This legislation will drastically help local financial institutions, especially smaller community banks and credit unions, which are suffering under the weight of the Obama administration's Dodd-Frank regulations.
“Community banks and credit unions were not responsible for the 2008 financial crisis. However, they are wrongly bearing the brunt of the regulatory burden imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010,” said Sen. Kennedy. “My bill, the Reforming Finance for Local Economies Act, seeks to rectify this injustice by exempting community banks and credit unions with assets of less than $10 billion from Dodd-Frank's regulations. Our community financial institutions need to get back to doing what they do best, which is helping our local economies grow.”
Dodd-Frank was enacted to prevent another 2008-like banking crisis by strengthening federal government regulation of finance. Yet smaller banks are being smothered under the weight of Dodd-Frank. Community banks are paying $4.5 billion annually in compliance costs because of Dodd-Frank, causing more than 1,700 U.S. banks to close since 2010. The cost of these regulations has driven small banks to sell to or merge with larger banks. That eliminates jobs at the community institutions and reduces capital available to job creators.
Sen. Kennedy's bill, the Reforming Finance for Local Economies Act, would simply exempt community banks and credit unions with assets of less than $10 billion from Dodd-Frank. Sen. Kennedy details his bill further in his op-ed for The Wall Street Journal.
A Plan to Give Community Banks Relief From Dodd-Frank
Smaller institutions didn't cause the financial crisis, but are drowning in compliance costs.
By U.S. Sen. John Kennedy
“Every politician says he is for jobs. But you can't be for jobs if you are against business. And you can't be for business if you are against giving job creators access to capital. Yet that is exactly the conundrum Congress legislated when, in 2010, it made the Dodd-Frank Wall Street and Consumer Protection Act applicable to small banks and credit unions. Dodd-Frank has been a loan-killing, anti-job disaster for these vital institutions.
Dodd-Frank was supposed to prevent another 2008-like banking crisis by strengthening federal government regulation of finance. Maybe the law makes sense for too-big-to-fail banks. Maybe not. What surely doesn't make sense is to cripple America's smaller community banks, which did nothing to bring about the 2008 meltdown.
When Federal Reserve Chair Janet Yellen appeared before the Senate Banking Committee on Feb. 14, I asked her the following question: “What did the community banks do wrong in 2008?” Her response: “Well, community banks were not the reason for the financial crisis.”
Yet smaller banks are being smothered under the weight of Dodd-Frank. The Federal Reserve Act of 1913 is 32 pages. The Glass-Stegall Act was 37 pages. Dodd-Frank is 2,300 pages, with an astounding 22,000-plus pages of rules and more on the way. That's why so many community banks no longer exist, and those that have survived have seen their costs go up, their profits go down, and their ability to make small-business and consumer loans curtailed. It's all because of the heavy hand of government.”
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U.S. Sen. John Kennedy (R-La.) Thanks Secretary Tom Price for Announcing More Than $8 Million to Fight Opioid Addiction
Apr 20 2017
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) today announced that the U.S. Department of Health and Human Services has allocated more than $8 million to Louisiana to combat opioid abuse.
“Opioid addiction knows no boundaries. It does not discriminate against age, race, social background, or income. That is why it is more important than ever to join together and fight back against this epidemic that tears families apart,” said Sen. Kennedy. “I am grateful to HHS Secretary Tom Price for giving our state these much needed funds. This money will help increase access to treatment for those suffering and will help put a stop to opioid related deaths.”
The Department of Health and Human Services announced today that it will allocate $485 million in grants to states and territories to help fight opioid addiction. According to the HHS, the funding will go towards supporting a comprehensive array of prevention, treatment, and recovery services depending on the needs of recipients. States and territories were awarded funds based on rates of overdose deaths and unmet need for opioid addiction treatment.
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) and U.S. Sen. Bill Cassidy, M.D. (R-La.) today spoke to Mick Mulvaney, director of the Office of Management and Budget, and urged him to support a disaster funding component for Louisiana families and businesses in the FY 2017 Appropriations Measure.
“As a member of the U.S. Senate Appropriations Committee, my No. 1 priority has been and will continue to be securing more disaster relief money for those impacted by the March and August flooding last year in Louisiana,” said Sen. Kennedy. “I do not want our families to lose their homes to foreclosure or our businesses to close because of these historic, unprecedented events. Nearly 200,000 families were impacted by last year's floods. This was an epic event that requires the nation's help. I will move Heaven and Earth to ensure that our Louisiana families and businesses receive the assistance they need in order to recover and thrive.”
Sens. Kennedy and Cassidy asked Mulvaney for more than $2 billion in unmet recovery needs to help middle income families and small business owners, mitigate the risk of future floods and assist Louisiana's farmers; $296 million in repairs and rebuilding needs following the EF-3 tornado at NASA's Michoud Assembly Facility in New Orleans; Small Business Association loan forgiveness on disaster loans; an easing of the restrictions on schools that did not have flood insurance; and permission for Housing and Urban Development to waive site-specific environmental review regulations.
“Our meeting with Director Mulvaney was productive, and I know that he will do what he can to help. Every single request is more than reasonable. In fact, as a nation, we've taken similar steps to help victims following other disasters,” said Sen. Kennedy. “I am so thankful for the financial assistance that Congress has already provided to our flood victims, and I hope Gov. Edwards gets it to them soon. We need just a little bit more for a robust recovery. "
The Office of Management and Budget works with the president to develop budget proposals. The FY 2017 Appropriations Measure will fund the federal government for the rest of the fiscal year. Sen. Kennedy has made flood relief his top request on the list he submitted to the U.S. Senate Appropriations Committee for the FY 2017 Appropriations Measure.
Sen. Kennedy has been working on behalf of flood victims since taking office in January. Here's a timeline of his actions:
- Jan. 4, 2017: Sen. Kennedy met with HUD Secretary Ben Carson ahead of his confirmation hearing to discuss Community Development Block Grant funding for the recovery.
- Jan. 12, 2017: During the confirmation hearing, Sen. Kennedy told Carson that nearly $1.7 billion in disaster aid needed to get into the hands of Louisiana's flood victims. Link to Senate Committee on Banking, Housing, and Urban Affairs.
- Feb. 9, 2017: Sen. Kennedy and Gov. Edwards met with HUD to discuss problems complicating the recovery.
- Feb. 20, 2017: Senate staff visited Louisiana to tour the flood damage. Sen. Kennedy successfully pushed for Acadiana to be included on the tour.
- March 3, 2017: Sen. Kennedy wrote Secretary Carson about issues facing flood victims. Link to letter.
- March 14, 2017: Sen. Kennedy again met with Secretary Carson.
- April 3, 2017: Sen. Kennedy wrote Mulvaney requesting additional funding. Link to letter.
- April 7, 2017: Sens. Kennedy and Cassidy met with the U.S. Senate Appropriations Committee and followed up with a letter about additional CDBG federal disaster assistance. Link to letter.
- April 12, 2017: Sens. Kennedy and Cassidy requested additional Department of Justice funding to replace law enforcement equipment, vehicles and facilities as well as to help cover overtime costs due to the flooding. Link to letter.
- April 19, 2017: Sen. Kennedy spoke by phone with Mulvaney.
- April 19, 2017: Sen. Kennedy wrote to the U.S. Small Business Administration requesting that the duplication issue on SBA loans be resolved. Link to letter.
Apr 18 2017
WASHINGTON, D.C. –U.S. Sen. John Kennedy (R-La.) returned from an official overseas trip last week to China, Tibet, Hong Kong and Japan with members of both the U.S. Senate and House of Representatives. Sen. Kennedy used his time to talk to the number two and number three ranking officials in China about the threat that North Korea poses and to press for China's help in achieving amicable negotiations. He also discussed the possibility of opening China's energy markets to Louisiana's liquid natural gas (LNG) exports and of negotiating an agreement with Japan on importing Louisiana's rice.
“The situation in North Korea is not a fleeting crisis. I, and the rest of the delegation, stressed the importance of working together to ensure stability in the region. A united front is especially important as tensions continue to rise between North Korea and the United States.” said Sen. Kennedy. “Also during the trip, I took the opportunity to promote Louisiana as an LNG leader. China is energy hungry, and Louisiana can help feed that hunger. I met with National People's Congress Chairman Zhang Dejiang and China Premier Li Keqiang, who are respectively the number two and number three ranking officials in China, to discuss removing obstacles currently preventing more natural gas exports to China. I also proposed a bilateral agreement with Japan to open their markets to buy more Louisiana rice.”
The congressional delegation trip kicked off in Alaska, where Sen. Kennedy met Lt. General Kenneth Wilsbach, commander of the Alaskan North American Aerospace Defense Command Region, to discuss military readiness. From Alaska, the delegation flew overseas for meetings in Japan, China, Tibet and Hong Kong on the North Korea crisis and trade.
“My main objective on this trip was to impress on China's officials that the American people are very concerned about the threat of North Korea,” said Sen. Kennedy. “We spent a lot of time on this issue and had a frank conversation.”
Sen. Kennedy and the delegation met with:
- Tibet Autonomous Region (TAR) National People's Congress Chairman Lobsang Gyaltsen. The delegation made clear its concerns about religious intolerance as it pertains to the Tibetan Buddhists, whose leader is the exiled Dalai Lama.
- Hiroshige Seko, minister of economy, trade, and industry for Japan. He and Sen. Kennedy discussed at length trade relations between Louisiana and Japan with an emphasis on Louisiana's rice crops.
- Carrie Lam, the incoming chief executive of Hong Kong, to discuss how Louisiana and Hong Kong can further trade.
Sen. Kennedy spent a great deal of time with Chinese officials trying to resolves obstacles that are blocking further imports of LNG to China from America, specifically from Louisiana. Natural gas currently supplies about 5% of China's energy. China has expressed interest in increasing imports of LNG to 10% by 2020 to meet the growing demands.
This trip coincided with President Donald J. Trump's summit with Chinese President Xi Jinping in the United States.
Senators Kennedy (R-La.), Portman(R-Oh.), Barrasso (R-Wy.), and Daines (R-Mt.) meet with Qi Zhala, the Chairman of the Tibet Autonomous Region
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) today announced a combined $11,499,552.10 in federal disaster grants for the city of Baton Rouge and three school systems in the area.
“The severe damage that these schools suffered in the March and August floods was unbelievable. This money is critical to ensuring that our schools and communities do not struggle financially because of the unprecedented flooding,” said Sen. Kennedy “These funds are a necessary step towards recovery in our region. I will continue to work tirelessly to ensure Louisiana gets the assistance it needs.”
These grants from the Federal Emergency Management Agency (FEMA), will partially reimburse the city of Baton Rouge and the school systems for the money they spent recovering from the flooding.
“I was extremely pleased to learn of the approval of this funding. Our community and our school district have experienced many challenges rebuilding since the August flood. This funding will allow us to continue to push ahead restoring the learning environments and resources necessary to help prepare our students to succeed. We are happy to see this first step in mitigating the financial strain of the flood on the system's resources," said Superintendent Warren Drake of East Baton Rouge Schools.
“I would like to thank all the members of our congressional delegation for working hard to assist us in addressing the needs our school system had as a result of the August flooding.
This grant will provide us a financial shot in the arm and enable us to recover a large portion of the losses we incurred as a result of the flooding. Because of the assistance of Senator Kennedy
and his staff we were able to receive this financial assistance quicker than anticipated,” said Michael W. Faulk, superintendent of the Central Community School System.
“Ascension Public Schools is so grateful for the continued assistance it has received from federal funding sources. Overall, recovery from such a catastrophic event is a huge challenge, but the support we have received certainly tempers that challenge. A special thank you to the efforts of Senator Kennedy and Louisiana's entire congressional delegation, who are prioritizing the recovery of facilities that are so vital to the education of our community's children,” said Ascension Public Schools Superintendent David Alexander.
The Federal Emergency Management Agency notified Sen. Kennedy that a combined $11,499,552.10 in Public Assistance grants have been awarded to the city of Baton Rouge, Ascension Parish School Board, Central Community School System, and East Baton Rouge School Board. For more information about the individual grants see the information below:
Individual awards are listed below with descriptions from FEMA:
- $1,755,245.70 – City of Baton Rouge - The award provides $1,755,245.70 in federal funding to Baton Rouge for efforts associated with replacing flood damaged vehicles as a result of FEMA-DR-4277-LA (Louisiana Severe Storms and Flooding), and is authorized under Section 406 of the Robert T. Stafford Act.
- $3,529,608.17– Ascension Parish School Board - The award provides $3,529,608.17 in federal funding to the Ascension Parish School Board for remediation activities at St. Amant High School as a result of FEMA-DR-4277-LA (Louisiana Severe Storms and Flooding), and is authorized under Section 403 of the Robert T. Stafford Act.
- $2,822,869.49– Central Community School System - The award provides $2,822,869.49 in federal funding to Central Community School System (CCSS), for the permanent repairs required for Tanglewood Elementary, which withstood approximately 24 inches of flooding as a result of FEMA-DR-4277-LA Severe Storms and Flooding, and is authorized under Section 406 of the Robert T. Stafford Act.
- $1,214,695.23 –East Baton Rouge School Board- The award provides approximately $1,214,695.23 in federal funding to East Baton Rouge School Board (EBRSB), for the environmental remediation required for Park Forest Elementary School (PFES), which withstood approximately 32 to 38 inches of flood waters as a result of FEMA-DR-4277-LA Severe Storms and Flooding, and is authorized under Section 403 of the Robert T. Stafford Act.
- $2,177,133.53 – East Baton Rouge School Board- The award provides approximately $2,177,133.53 in federal funding to East Baton Rouge School Board (EBRSB), for remediation required for Park Forest Middle School, which withstood approximately 2.5 feet of flood waters as a result of FEMA-DR-4277-LA Severe Storms and Flooding, and is authorized under Section 403 of the Robert T. Stafford Act.
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) issued the following statement about last night's military strike in Syria:
“I commend President Trump for his swift action against Syrian President Bashar al-Assad. Assad is a thug. He cannot murder his own citizens and children without expecting consequences,” said Sen. Kennedy. “You cannot reason with someone like Assad- it's like trying to hand feed a shark and expecting to get anything but bitten. I hope that Assad gets the message that there's a new Sheriff in town and that the United States of America will assert its moral authority to do the right thing.”
Sen. John Kennedy (R-La.) Issues Statement on Confirmation of Judge Neil Gorsuch to the United States Supreme Court
Apr 07 2017
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) today voted to confirm Judge Neil Gorsuch to be the next Associate Justice of the United States Supreme Court. Below is Sen. Kennedy's statement:
“Alexander Hamilton said in Federalist No. 78 that the court has 'neither force nor will, but merely judgment.' I think that is what we should be looking for in a nominee to any court, but especially the Supreme Court,” said Sen. Kennedy. “We need someone with excellent judgment. We need someone who understands that the role of a judge is to interpret the law, not make it. And in that regard, Judge Gorsuch is as good as it gets. Judge Gorsuch is a strict constitutionalist who believes that a judge's personal policy preferences should not affect the outcome of a case. He's a legal rock star. I am proud to have voted for Judge Neil Gorsuch to be the next Associate Justice of the United States Supreme Court.”
Apr 06 2017
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.), Dr. Bill Cassidy (R-La.), Majority Whip Steve Scalise (R-La.), Rep. Mike Johnson (R-La.), Rep. Clay Higgins (R-La.), Rep. Ralph Abraham (R-La.) and Rep. Garret Graves (R-La.) today announced a $10 million grant from the U.S. Department of Transportation to help repair roads and infrastructure damaged in the August floods.
“This grant is a critical step in helping Louisiana recover and rebuild after the 'thousand year flood' last August. I would like to thank the Department of Transportation for working with us to get this money to our state,” said Sen. Kennedy. “I am grateful this vital assistance is on the way.”
“This federal aid assures the people of Louisiana that more help is on its way,” said Dr. Cassidy. “Repairing our damaged infrastructure represents a crucial step in our recovery. The entire Louisiana delegation continues to work to ensure that our state has every resource it needs to rebuild and prosper.”
“Recovery efforts in Louisiana are ongoing, and I'm glad that this grant was approved to help rebuild local infrastructure that was damaged. I look forward to continuing to work with the rest of my Louisiana colleagues to ensure that those affected by the August flooding receive the resources they need to get their lives back on track,” said Rep. Scalise (La.-01).
“It's encouraging that the federal government is providing grants to help the citizens of Louisiana fix infrastructure and roads damaged by the floods of 2016. I expect our state officials to make the areas most damaged by the flooding top priority in receiving funding,” said Rep. Higgins (La.-03).
"Last month, I testified before the House Appropriations Committee to stress the importance of investing in Louisiana's transportation infrastructure. Severe flooding and storms devastated much of the state last year, and many areas have yet to see any restoration. Fortunately, the U.S. Department of Transportation seems to share my concerns regarding the lack of funding. I am very pleased with this investment in our state and will continue to fight for additional improvements while in Congress,” said Rep. Johnson (La.-04).
“Infrastructure repair is vital to comprehensive recovery, and this grant is an important step toward getting our communities back on their feet. I appreciate the Department of Transportation for awarding our state this grant that will help Louisiana bounce back from last year's floods,” said Rep. Abraham (La.-05).
“This is another step forward in our recovery. In addition to the billions of dollars in other federal flood recovery funds, this $10M in transportation funding helps to address damages to our roads and bridges resulting from the August flood,” said Rep. Graves (La.-06).
The repair work includes stabilizing and repairing the impacted roadway embankments, rebuilding damaged roadways, and the repair/replacement of damaged structures, and scour at bridges.
Senator Kennedy: Michelle Millhollon, 225-205-2196
Senator Cassidy: John Cummins, 202-224-5824
Rep. Scalise: Lauren Fine, 202-225-0197
Rep. Abraham: Cole Avery, 202-225-8490
Rep. Graves: Kevin Roig, 202-225-3901
Rep. Higgins: Andrew David, 202-279-0467
Rep. Johnson: Ainsley Holyfield, 202-225-2777
Apr 06 2017
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) today released the following statement after the U.S. Senate failed to obtain the 60 vote threshold needed for the cloture vote on U.S. Supreme Court nominee, Judge Neil Gorsuch:
“It is important for the American people and American democracy that the United States Senate be allowed to vote on Judge Neil Gorsuch's nomination to the United States Supreme Court. Unfortunately, my friends on the Democratic side of the aisle decided to filibuster to prevent the Senate from voting. To break their filibuster we had to modify the rules of the Senate. I did not want to vote to change the rules, but I had no choice. On Friday, we will now have the up or down vote that this highly qualified nominee deserves,” said Sen. Kennedy. “Judge Gorsuch is painstaking in his application of the law to the facts before him. He is an intellectual, not an ideologue. He is a mainstream judge, not a politician. He understands that a judge's role is to interpret the law, not make it. It's on that basis that he has my support."
Apr 04 2017
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) today spoke on the floor of the United States Senate about Supreme Court nominee, Judge Neil Gorsuch.
“Good judges are supposed to be impartial, to call it like they see it, to call the balls and strikes, and that's exactly what Judge Neil Gorsuch has done throughout his entire career,” said Sen. Kennedy.