MADISONVILLE, La. – Sen. John Kennedy (R-La.), a member of the Senate Banking and Judiciary Committees, joined Sen. Tom Cotton (R-Ark.) and 20 other colleagues in filing an amicus brief in American Securities Association v. SEC, a case in the Eleventh Circuit Court of Appeals challenging the Securities and Exchange Commission’s (SEC) Consolidated Audit Trail (CAT). 

The SEC’s CAT will collect all customer and order information for equity securities and listed options, including data that might be considered personally identifiable information. 

Congress did not authorize the CAT, which leaves investors to pay higher costs for the program while it puts personal information, such as social security numbers and birth dates, at risk of being hacked. 

“More than 158 million Americans invest their hard-earned savings in the stock market, and they trust that their personal information is secure. Despite concerns about recent cyberattacks at federal agencies, the Biden administration is moving forward with its Consolidated Audit Trail—without Congressional authorization. This unconstitutional plan jeopardizes investors’ data and requires them to pay higher fees. The appeals court should stop it before bad actors exploit the CAT to take advantage of Americans,” said Kennedy.

“The SEC never brought this proposal before Congress to request funds because the Biden administration knows the program is a gross overreach that would suck up the personal data of millions of law-abiding Americans. More than that, the SEC has shown it is incapable of safely storing sensitive data. This program needs to be killed before it begins,” said Cotton.

Background:

• In Nov. 2023, Kennedy penned an op-ed highlighting concerns regarding the SEC’s move to store investors’ personally identifiable information through the CAT.

• In July 2023, Kennedy introduced the Protecting Investors’ Personally Identifiable Information Act to protect information that could reveal the identity of American investors. 

Sens. John Boozman (R-Ark.), Mike Braun (R-Ind.), Kevin Cramer (R-N.D.), Steve Daines (R-Mont.), Bill Hagerty (R-Tenn.), Jerry Moran (R-Kan.), Pete Ricketts (R-Neb.) and Tim Scott (R-S.C.) signed the brief along with 12 members of the House of Representatives.

The amicus brief is available here.

MADISONVILLE, La. – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $14,389,328 in a Federal Emergency Management Agency (FEMA) grant for New Orleans’ Mirabeau Garden Stormwater Project. 

“New Orleans has suffered from a great deal of flooding over the years. I’m grateful to see this $14.4 million help the city with projects that will protect Louisianians’ homes and businesses from damage,” said Kennedy.

The FEMA aid will fund the following:

• $14,389,328 for the construction of the Mirabeau Garden Stormwater Management Project, including two water retention basins to reduce the load on New Orleans drainage pump stations.

MADISONVILLE, La. – Sen. John Kennedy (R-La.) has supported the End Iranian Terrorism (End IT) Act, which would require President Joe Biden to enforce sanctions on Iranian oil.

On Jan. 28, Iran-backed forces killed three U.S. military members in a drone strike in Jordan while affiliated terrorist groups continue to target U.S. bases across the Middle East.  

“Iran financially supports the terrorist organizations responsible for the Oct. 7 attacks in Israel and the deaths of three American service members in Jordan with the money it’s making off selling oil to China. The End IT Act would make President Biden enforce the sanctions that already exist on Iranian petroleum products so that the U.S. can help prevent Tehran from funding more militias dedicated to terrorizing America and our allies,” said Kennedy. 

The End IT Act would require:

• The president to impose sanctions on entities violating U.S. sanctions on Iranian petroleum. 

• An evaluation of the Chinese government and the Islamic Revolutionary Guard Corps’ involvement in smuggling Iranian petroleum into China.

• An assessment of the impact that Iranian petroleum has on global energy markets.

• A plan for monitoring Iranian petroleum smuggling maritime routes, identifying smugglers and seizing and prosecuting assets used to violate U.S. sanctions.

Sens. James Risch (R-Idaho) and Marco Rubio (R-Fla.) introduced the bill. 

“Since 2021, the Biden Administration’s Iran policy has been characterized by lax sanctions enforcement, the dangerous unfreezing of funds, and the pursuit of a nuclear deal at any cost. In the wake of Hamas’ brutal attacks against Israel, the Biden Administration must change course. Iran has earned a shocking $80B in oil revenue since 2021—mostly from Chinese purchases of Iranian oil. Iran has used these resources to supercharge its terrorist proxies across the Middle East, including Hamas. This legislation rightfully directs the Biden Administration to enforce Iran oil sanctions already on the books and to start taking concrete action to starve the regime of resources,” said Risch.

“The United States should not take China’s evasion of Iranian-related sanctions lightly. Doing so will only increase the chances that we see a repetition of the horrific attacks of October 7. Enacting this legislation would bolster deterrence and further strategize ways in which these sanctions are enforced,” said Rubio.

Full text of the End Iranian Terrorism Act is available here.

WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $1,261,760 in a Federal Emergency Management Agency (FEMA) grant for Louisiana disaster aid.

“Hurricane Ida struck New Orleans and left many buildings with damage. I’m thankful to see that this $1.2 million will help the St. Joan of Arc School recover from the storm,” said Kennedy. 

The FEMA aid will fund the following:

• $1,261,760 to the Archdiocese of New Orleans for emergency protective measures conducted at the St. Joan of Arc School as a result of Hurricane Ida.