Watch Kennedy’s full remarks here.
WASHINGTON – Sen. John Kennedy (R-La.) spoke on the Senate floor about the need to make insulin less expensive for Americans who suffer from diabetes by passing the Affordable Insulin Now Act, which Kennedy and Sen. Raphael Warnock (D-Ga.) introduced.
The senator’s remarks also highlight findings from his and Warnock’s bipartisan report titled, “Insulin Deserts: The Urgency of Lowering the Cost of Insulin for Everyone.” The report states that there are 813 counties in America which are “insulin deserts,” places where 16% or more of the population is uninsured and 10% or more of the population has diabetes.
Key quotes from Kennedy’s remarks are below.
“In my state, 44% of my people are affected by diabetes directly, 14% are diabetic, another 30% are pre-diabetic, and Louisiana is not the only state with those kinds of numbers. Diabetics account for $1 of every $4 spent—one out of every $4 spent—on health care in the United States of America. Think about that.
“The average cost of hospitalization for a diabetic—which, if they can't pay for it, ultimately, we all pay—the average cost of hospitalization for diabetic patients is from $8,400 to $23,000 a year.
“And, medical costs, if you look beyond the quality-of-life issue and the moral issue of just helping people who are sick, if you look at it in terms of dollars and cents, diabetes costs America $327 billion a year—that's in medical costs and lost work and wages and lost productivity. So, we know the problem, and we know the costs, and we have a solution: insulin.”
. . .
“Insulin doesn't cost that much to make, and I don't begrudge the companies who sell insulin. I don't begrudge them making a profit, but it is bone-deep-down-to-the-marrow stupid for us to allow someone, whose diabetes can be managed by taking insulin, not to take that insulin because they can't afford it. That's immoral, and that makes no sense in terms of dollars and cents costs to the rest of the American people.
“And, Raphael and [my] bill would address that. It would say, ‘If you have private insurance, great, but if you don't have any insurance at all, if you're uninsured—and a lot of Americans become uninsured every year, maybe they don't stay uninsured, but they become uninsured—and you're diabetic, we're going to cap your out-of-pocket costs at $35 per 30-day supply. So, you have no excuse not to take your insulin to address your diabetes.’
“It’s the right thing to do. It's the smart thing to do, and, Raphael and [my] bill is paid for. We're not suggesting we go out and borrow more money.”
The Affordable Insulin Now Act of 2023 would:
- Require private group or individual plans to cover one of each insulin dosage form (i.e., vial, pen) and insulin type (i.e., rapid-acting, short-acting, intermediate-acting or long-acting) for no more than $35 per month.
- Require the Secretary of Health and Human Services to establish a program to reimburse qualifying entities for covering any costs that exceed $35 for providing a 30-day supply of insulin to uninsured patients.
- Be fully paid for by an offset, so it will not add to the deficit.
Watch Kennedy’s full remarks here.
WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $8,694,727 in a Federal Emergency Management Agency (FEMA) grant for Louisiana disaster aid.
“Hurricanes Laura and Ida did a great deal of damage to so many buildings and facilities in Louisiana. I’m grateful this $8.7 million will help Louisianians rebuild and repair,” said Kennedy.
The FEMA aid will fund the following:
- $3,564,654 to the Jefferson Davis Electric Cooperative for emergency protective measures resulting from Hurricane Laura.
- $2,098,349 to the Office of Risk Management for repairs to the Department of Wildlife and Fisheries Rockefeller Headquarters building resulting from Hurricane Laura.
- $1,981,293 to the St. Charles Parish School Board for dehumidifying, decontaminating and cleaning as a result of Hurricane Ida.
- $1,050,431 to the Timothy Trumpet of Truth Ministry for building replacement resulting from Hurricane Ida.
Kennedy in the Washington Examiner: The SEC’s Consolidated Audit Trail is a disaster waiting to happen
Nov 16 2023
WASHINGTON – Sen. John Kennedy (R-La.) penned this op-ed in the Washington Examiner warning that the SEC’s Consolidated Audit Trail (CAT) places the private information of 158 million American investors at risk. He urges his colleagues to join him in prohibiting the SEC from collecting information on every transaction that investors make and in requiring the SEC to delete the information it has already gathered.
Key excerpts of Kennedy’s op-ed include:
“The Securities and Exchange Commission is supposed to protect investors, not stalk them. However, under a new regulation, the SEC has paved the way for the federal agency to follow an investor’s every move.
“Here’s just a bit of the information the SEC is forcing brokers to fork over: their customers’ full names, birth years, addresses, which stocks they bought, which stocks they sold and when those transactions occurred. The SEC never had this level of access to personally identifiable information previously. The brokers would often have to store the information, and then the SEC could request the information for investigations. Now, the SEC wants all this information directly. In its own words, the SEC wants to ‘efficiently and accurately track all activity throughout the U.S. markets.’ Every single transaction.
“The SEC stops just shy of asking each investor to name their middle school crush before it receives all this customer information and stuffs it into one massive government-owned database called the Consolidated Audit Trail. The CAT is a ticking timebomb of sensitive personal information that hackers cannot wait to detonate.”
. . .
“The SEC’s disregard for privacy is as dangerous as it is un-American. That’s why I introduced the Protecting Investors’ Personally Identifiable Information Act, a bill that would prohibit the SEC from forcing financial institutions to turn over every investor’s personally identifiable information and require the SEC to delete any information it has gathered since the agency implemented the rule.
“Roughly 158 million Americans invest in the stock market. The CAT is a privacy and financial disaster waiting to happen. My colleagues in Congress should join me in working to shut down the CAT and restore the privacy of American investors.”
The full op-ed is available here.
Text of the Protecting Investors’ Personally Identifiable Information Act is here.
Kennedy, Moran demand Biden enforce sanctions on Iran’s oil sales, permanently freeze $6 billion
Nov 16 2023
WASHINGTON – Sen. John Kennedy (R-La.) today joined Sen. Jerry Moran (R-Kan.) in demanding that President Joe Biden enforce sanctions against Iranian oil sales and permanently freeze the transfer of $6 billion in assets to Tehran from the Biden administration’s September hostage negotiation.
“For far too long, Iran has evaded consequence for its complacency in funding radical terror. To prevent further atrocities and to fulfill our promise of providing unwavering support to our most important ally in the Middle East, we urge your administration to take the necessary means in severing financial avenues available to Iran, specifically cracking down on oil exports,” the senators wrote.
“We ask that you take immediate action to permanently freeze the funding mechanism established in September’s hostage deal with Iran. This $6 billion would free up money for Iran to use not for the well-being of its own people but for nefarious purposes in the region and beyond. Blocking the world’s largest state sponsor of terrorism from accessing this $6 billion—rescinding or revising all waivers and licenses involved—will hinder the regime’s ability to support the death and destruction of our allies,” they continued.
“We also demand that you take immediate action to fully enforce U.S. oil sanctions and interdict Iranian oil exports. The U.S. Energy Information Administration (EIA) estimated that exports of crude oil and condensate from Iran fell from 2.5 million barrels per day in 2017 to a mere 400,000 in 2020 amidst the ‘maximum pressure’ campaign. But that pressure campaign evaporated in 2021 and today is practically non-existent. Iran’s crude exports alone surged to more than 2 million barrels per day in August reportedly as part of the administration’s nuclear deal with Iran. That’s an estimated $26 to $30 billion in additional annual revenue for Tehran,” the lawmakers concluded.
The lawmakers also raised concerns about reports that indicate U.S. officials are aware of a gradual relaxation of congressionally mandated sanctions against Iranian oil sales.
Kennedy has also led efforts to prevent an additional $4.9 billion from flowing to Iran through the International Monetary Fund (IMF). The Biden administration greenlit $4.5 billion for Iran in 2021, and Democrats are calling on the White House to do it again.
Kennedy’s No Dollars for Dictators Act would prevent Iran and other perpetrators of genocide and state sponsors of terrorism from receiving special drawing rights through the IMF without congressional authorization.
The full letter is available here.
Kennedy calls on FDIC Chair Gruenberg to resign
Nov 16 2023
Watch Kennedy’s full exchange with Gruenberg here.
WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today urged Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg to step down after reports documenting the FDIC has tolerated a toxic work environment under his tenure.
Kennedy questioned Gruenberg at a Senate Banking Committee Hearing on Nov. 14, 2023 about reports indicating that the chairman has failed to address sexual harassment and other inappropriate behavior at the FDIC.
“New allegations surfaced this week suggesting that the FDIC is tolerating an inappropriate and toxic workplace atmosphere under your leadership. Given the vital role the FDIC plays in upholding America’s financial and economic systems, it is imperative that its leader be one with irreproachable demeanor and character. These troubling allegations call into question your ability to continue leading and present a troubling picture of your tenure,” Kennedy wrote.
“Further, in your testimony at the House Financial Services Committee on Wednesday, November 15, 2023, you stated that you have not been investigated for inappropriate behavior. You later told the panel that you were, in fact, investigated for inappropriate behavior in 2008,” the senator continued.
“According to your statement at the Senate Banking Committee on Tuesday, November 14, 2023, you have not personally acted to rectify these allegations throughout your time as chair or acting chair at the FDIC in order to make the FDIC an appropriate workplace for all individuals. As a result of these troubling reports and your apparent unwillingness to address them, I call for your resignation so that a new chair can restore the professional culture at the FDIC that the American people expect from its institutions,” Kennedy concluded.
The senator also asked Gruenberg to answer questions about what, if any, actions he has taken to improve the FDIC’s work environment during each of his tenures as chair of the agency.
The full letter is available here.
Kennedy announces $7.1 million in Hurricane Laura, Ida aid for McNeese University, Lafourche Parish
Nov 15 2023
WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $7,110,058 in Federal Emergency Management Agency (FEMA) grants for Louisiana disaster aid.
“South Louisiana is still recovering from Hurricanes Laura and Ida. I’m thankful for this $7.1 million, which will help cover repair costs at McNeese University and in Lafourche Parish,” said Kennedy.
The FEMA aid will fund the following:
- $2,952,531 to the Office of Risk Management at McNeese University for building remediation and temporary roof repairs as a result of Hurricane Laura.
- $2,945,357 to the Office of Risk Management at McNeese University for building remediation and temporary roof repairs as a result of Hurricane Laura.
- $1,212,170 to Lafourche Parish Fire Protection District #3 for building replacement as a result of Hurricane Ida.
Kennedy encourages school choice expansion in Louisiana: “Take children out of failing schools.”
Nov 15 2023
Watch Kennedy’s comments here.
WASHINGTON – Sen. John Kennedy (R-La.) today spoke on the Senate floor to commend school choice as a path to success for Louisiana students and families.
Key comments from Kennedy’s remarks include:
“I regret to say, Mr. President, that roughly half of my students in Louisiana, in grades K through three, are not reading at the grade-level. Half. Only one-third of my kids in grades three through 12 are at grade-level in the four subjects that the Louisiana Educational Assessment Program, we call it the LEAP, tests.
“In fact, we have, in Louisiana, 24 school systems—24—in which fewer than a quarter of our students—fewer than a quarter—have proficient LEAP exam scores.
. . .
“The truth is that pre-K to 12 education in America and in Louisiana was in trouble well before the pandemic, and we all know that. Yet leaders in many states remain hesitant, to say the least, to change anything—anything—about our public school system.”
. . .
“The fact is—the unhappy fact, the miserable fact—is that too many of our schools in America and in Louisiana are failure factories. They're failure factories where violence is common and learning is rare.
“But, there are a few states that are bucking the status quo, and they’re doing it, in part, by adopting school choice programs. And, so far, they've seen a lot of success. Now, school choice programs . . . can take many different shapes, but they all boil down to one thing, one foundational principle: Parents should be allowed to take their kids out of failing schools.
“Parents should be allowed to take their children out of failing schools and put them in schools that can help those children thrive and certainly do better. It's not complicated. You know, American parents today, they can go to the grocery store, and they can choose from 40 different—maybe more, but certainly 40—different breakfast cereals to feed their child in the morning.
“But, in many states, those parents have absolutely no control over which school their child can attend. . . . And, there's little that most parents—too many parents—can do to change that, even though it is patently absurd to force children to attend failing schools when parents could enroll those kids, and invest the money that pays for their education, in better schools.”
. . .
“I believe as much as I'm standing here that America's future and Louisiana's future can be better than our present, and it can be better than our past—but not if we don't improve our schools, and no one is coming to save our schools in Louisiana but ourselves.”
View Kennedy’s full speech here.
Kennedy, Warnock issue bipartisan report highlighting need for Affordable Insulin Now Act
Nov 14 2023
WASHINGTON – Sens. John Kennedy (R-La.) and Raphael Warnock (D-Ga.) issued a bipartisan report titled, “Insulin Deserts: The Urgency of Lowering the Cost of Insulin for Everyone” that highlights insulin disparities across the U.S. The senators’ report confirms the need to make prices for the life-saving medicine more affordable for Americans who suffer from diabetes.
In March, Kennedy and Warnock introduced the Affordable Insulin Now Act of 2023 to cap the price of insulin for all patients, including those who are uninsured, at $35 for a 30-day supply.
“The cost of insulin is rising for too many Louisianians who rely on it just to survive. I’m grateful to work with Sen. Warnock to issue this bipartisan report, which details the need for Congress to pass our Affordable Insulin Now Act. By capping prices at $35 for every patient, we can help lower future health care costs associated with complications that arise from untreated diabetes,” said Kennedy.
The Centers for Disease Control and Prevention estimates that Americans spend $327 billion annually to cover health care expenses and lost wages related to diabetic care. Louisiana alone spends an estimated $5.7 billion on care related to diabetes each year.
“This alarming report makes clear who will be left behind if Congress fails to pass my $35 insulin cost cap, including uninsured Georgians who live in the 105 counties considered insulin deserts. There’s good news though: my bipartisan legislation with Senator Kennedy would ensure that uninsured folks, especially folks in insulin deserts, are able to afford their insulin by capping their cost at $35 a month,” said Warnock.
Kennedy and Warnock’s report finds that there are 813 counties in America that are “insulin deserts,” places where 16% or more of the population is uninsured and 10% or more of the population has diabetes.
The Affordable Insulin Now Act of 2023 would:
- Require private group or individual plans to cover one of each insulin dosage form (i.e. vial, pen) and insulin type (i.e. rapid-acting, short-acting, intermediate-acting or long-acting) for no more than $35 per month.
- Require the Secretary of Health and Human Services to establish a program to reimburse qualifying entities for covering any costs that exceed $35 for providing a 30-day supply of insulin to uninsured patients.
- Be fully paid for by an offset, so it will not add to the deficit.
In addition to the Affordable Insulin Now Act, Kennedy last year introduced an amendment to President Biden’s Inflation Reduction Act to cap insulin costs. In 2021, Kennedy introduced the Seniors Saving on Insulin Act, the Vital Medication Affordability Act and the Ending Pricey Insulin Act to address skyrocketing insulin and epinephrine prices.
Kennedy also penned an op-ed in the Washington Examiner to highlight how capping the price of insulin would save Americans money overall and an op-ed in the Ouachita Citizen that details legislative solutions to lower the costs of insulin for Louisiana families.
Read the full report here.
Kennedy announces $1.1 million in Hurricane Laura aid for Lake Charles Memorial Hospital
Nov 13 2023
WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $1,110,899 in a Federal Emergency Management Agency (FEMA) grant for Louisiana disaster aid.
“Hurricane Laura struck south Louisiana hard and left buildings with water damage. I’m glad to see that this $1.1 million will help Lake Charles Memorial Hospital address mold from the storm,” said Kennedy.
The FEMA aid will fund the following:
- $1,110,899 to Lake Charles Memorial Hospital for mold remediation as a result of Hurricane Laura.
Kennedy, Scott, colleagues call on Biden administration to withdraw Basel III Endgame proposal
Nov 13 2023
WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, today joined Ranking Member Sen. Tim Scott (R-S.C.) and all other Republican colleagues on the Banking Committee in urging the Biden administration to withdraw the Basel III Endgame proposal.
Financial regulators will appear before the committee Tuesday to answer questions regarding what impact regulations, such as the Basel III Endgame Proposal, have on Americans.
“We have serious concerns that, as proposed, Basel III will restrict billions of dollars in capital from those who need it most, resulting in costlier and more limited access to credit for millions of Americans. This would create severe, adverse impacts on the entire U.S. economy, from every day American consumers to the small businesses that are the backbone of our economy,” the senators wrote.
“Ultimately, these large increases in capital have not been shown to be evidentially based as the Federal Reserve, FDIC, and OCC have failed to provide proper analysis or data to justify their merits, particularly around the costs they will impose throughout all sectors of the economy,” they said.
The lawmakers highlighted concerns that the proposal would affect affordable housing, mortgage lending, small business lending, consumer lending, limit the availability of access to credit cards and home equity lines of credit and put U.S. companies at disadvantage to foreign competitors.
“As American consumers continue to struggle with persistently high inflation, reduced access to affordable homeownership, and a slowing economy driven by the reckless spending of the Biden administration, any proposed changes to our bank regulatory framework must be based on demonstrable benefits and needs, not pre-determined agendas which will only serve to harm the economy and consumers alike. Accordingly, we urge you to withdraw the Basel III Endgame proposal as written and urge the Federal Reserve, the FDIC, and the OCC to operate in a more transparent and justified manner,” they concluded.
Background:
- In July, the Federal Reserve, Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued a joint notice of proposed rulemaking for revising bank capital requirements, known as Basel III Endgame.
- Revisions to capital requirements in the proposal come from changes to international capital standards, which the Basel Committee on Banking Supervision in Switzerland issued in response to the 2007-2009 financial crisis.
- Regulators intend to apply their rule to banks with over $100 billion in assets, which will impact the largest banks in the U.S. and change how they conduct lending and trading.
Sens. Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), J.D. Vance (R-Ohio), Katie Britt (R-Ala.), Kevin Cramer (R-N.D.), Steve Daines (R-Mont.), Mitch McConnell (R-Ky.), Chuck Grassley (R-Iowa), John Cornyn (R-Texas), Lindsey Graham (R-S.C.), John Thune (R-S.D.), John Barrasso (R-Wyo.), Roger Wicker (R-Miss.), James Risch (R-Idaho), Jerry Moran (R-Kan.), John Boozman (R-Ark.), Mike Lee (R-Utah), Deb Fischer (R-Neb.), Shelley Moore Capito (R-W.Va.), James Lankford (R-Okla.), Tom Cotton (R-Ark.), Joni Ernst (R-Iowa), Dan Sullivan (R-Alaska), Todd Young (R-Ind.), Cindy Hyde-Smith (R-Miss.), Marsha Blackburn (R-Tenn.), Mitt Romney (R-Utah), Mike Braun (R-Ind.), Roger Marshall (R-Kan.), Tommy Tuberville (R-Ala.), Markwayne Mullin (R-Okla.), Ted Budd (R-N.C.), Eric Schmitt (R-Mo.) and Pete Ricketts (R-Neb.) also signed the letter.
The full letter is available here.
