WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) issued the following statement today on the Senate passage of fiscal year 2020 National Defense Authorization Act by a vote of 86-8:
“This defense spending package will provide billions of dollars to support our great men and women in uniform,” said Sen. Kennedy. “It raises our troops’ pay by 3.1%, and they deserve every penny. It will allow us to better prepare for any threats to our national security. When we’re dealing with rogue regimes like Iran and North Korea, it’s easier to sleep at night knowing that our military is fully funded and equipped to respond to any possible threats.”
Sen. John Kennedy (R-La.) Announces $4 Million Grant For Administering Childhood Immunizations in Louisiana
Jun 27 2019
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.), a member of the Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies, announced today a $4 million grant for Louisiana to provide childhood immunizations.
In 2018, only 70% of Louisiana children under three years of age received their recommended vaccinations. The percentage was even lower for children below the poverty level.
“Preventive measures like vaccinations help keep our kids healthy and our communities safe from harmful diseases,” said Sen. Kennedy. “This grant will allow Louisiana to provide important immunizations.”
Jun 26 2019
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, issued the following statement today on the Senate passing a bipartisan supplemental appropriations package to address the humanitarian crisis at the southern border:
“We’ve done our job in the Senate, and now it’s time for Speaker Pelosi to get her caucus in line to address this crisis,” said Sen. Kennedy. “The Senate’s bipartisan legislation will provide the tools needed to manage this unprecedented emergency. This is not the time to be partisan. This is the time to come together.”
Sen. Kennedy Urges Administration To Block Senate Democrats From Crippling Louisiana Refineries And Killing Jobs
Jun 26 2019
WASHINGTON, D.C. – U.S. Sens. John Kennedy (R-La.), Ted Cruz (R-Texas), John Barrasso (R-Wyo.), Jim Inhofe (R-Okla.), Pat Toomey (R-Penn.), Roger Wicker (R-Miss.), Mike Lee (R-Utah), Mike Enzi (R-Wyo.) and Bill Cassidy (R-La.) today urged Environmental Protection Agency (EPA) Administrator Andrew Wheeler to support small refineries across America by continuing to issue Small Refinery Exemptions (SREs).
Recently 12 Senate Democrats sent a letter to Administrator Wheeler urging the agency to stop issuing SREs. These exemptions give small refineries in Louisiana the ability to remain competitive against larger companies and further President Trump’s initiative for the U.S. to be energy independent. Small refineries across America provide thousands of jobs and help the U.S. be global energy leader.
“I’ve urged Administrator Wheeler to support our nation’s refineries and preserve jobs by continuing to grant justified exemptions in accordance with the law,” said Sen. Kennedy. “The energy industry is essential to Louisiana’s economy and this nation’s energy independence. The biofuel industry wants to rewrite the rules and force refineries out of business. That would kill jobs across Louisiana.”
“Under the Trump administration’s energy independent agenda, we’ve seen new investments bring billions to our country and create good-paying jobs for Louisiana refinery workers,” said Dr. Cassidy. “We need to continue our effort to unleash American energy dominance, our independent refiners depend on it.”
“I urge Administrator Wheeler and the administration to stand with hardworking refinery workers across this country and continue enacting policies that promote greater energy independence,” said Sen. Cruz. “Under President Trump’s leadership, America is now the number one energy producer in the world. Not only do these Democrats want to roll that back, four of them want to end oil production in this country all together. It is important to refinery workers across the country that these 12 Democrats do not undermine America’s energy renaissance, and set the administration’s policy on Small Refinery Exemptions. During his confirmation process, Administrator Wheeler expressed his commitment to following the law and continuing the legally required granting of SREs to those small refineries that qualify. It is my hope that Administrator Wheeler will uphold the rule of law and President Trump’s promise to the thousands of blue collar workers whose jobs depend on reducing federal compliance costs for our nation’s independent refiners.”
“The Trump administration must protect America’s small refineries,” said Sen. Barrasso. “The Clean Air Act requires EPA to grant relief to any small refinery that suffers disproportionate economic hardship from the Renewable Fuel Standard. Under the Obama administration, EPA ignored the law and federal courts rebuked the agency. President Trump and Administrator Wheeler understand the important role small refineries play in keeping America energy dominant. We should all stand with small refineries and the communities they support.”
“Energy independence and sticking by the hardworking men and women who make that possible is incredibly important to Americans—I know it’s important to those who work in the oil and gas industry in Oklahoma and their families,” said Sen. Inhofe. “Some of the same Democrats who cosponsored the far-fetched, radical Green New Deal that would eliminate more than 170,000 refining jobs are now urging Administrator Wheeler to ignore the law and take steps to further harm an industry that keeps America running. I know Administrator Wheeler sees this effort for what it is – another attack on fossil fuels and I urge him today to stand by the men and women who work hard every day in small refineries across the United States. I know he will.”
“Refineries provide family sustaining wages to thousands of Pennsylvania workers,” said Sen. Toomey. “EPA and the courts have made clear that waivers must be issued to refineries suffering severe economic harm from the ill-conceived corn ethanol mandate. The waivers simply diminish the burden of this terrible mandate on the refineries least able to afford it, and therefore allow them to continue doing business. With this in mind, Administrator Wheeler and President Trump should continue working to bolster our flourishing energy sector, not undermine it.”
“Small refineries are an important part of our nation’s energy infrastructure, employing thousands across our country and helping the U.S. maintain its leadership in energy production. The 12 Democrats that signed onto this letter have ignored the important economic role that oil production plays in driving our economy, particularly in rural areas. I urge EPA Administrator Wheeler to stand by his promises to our nation’s small refiners and follow the intent of Congress to provide much-needed regulatory relief from the onerous requirements of the RFS program,” said Sen. Wicker.
“Not only does oil production provide good paying jobs to thousands of hard working Americans, but under President Trump’s energy dominance agenda the United States has become the world’s top energy producer,” said Sen. Lee. “I urge Administrator Wheeler to follow the law and uphold his commitment to continue granting waivers to small refineries that need regulatory relief to keep energy prices low and energy employment high.”
“Wyoming is at the front and center of America’s energy revitalization, and it’s due in part to President Trump and Administrator Wheeler’s commitment to our nation’s energy independence,” said Sen. Enzi. “Small Refinery Exemptions are an important part of reducing federal red tape and ensuring Wyoming’s oil industry can flourish.”
Sen. John Kennedy (R-La.) Introduces Legislation to Strengthen Retirement Plans for American Workers
Jun 20 2019
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) filed legislation today to improve retirement savings plan options for millions of American small businesses and their employees. This legislation makes it easier and less expensive for small businesses to offer retirement plans, like 401(k)s, by encouraging small businesses to band together through organized business associations, like chambers of commerce, that can sponsor affordable retirement plans for all of the associations’ members.
According to the Bureau of Labor Statistics, about one-third of private sector employees did not have access to employer-sponsored retirement plans in 2016. Only 47% of employees of small businesses with fewer than 50 employees have access to defined retirement contribution plans, such as 401(k)-style plans.
“Millions of Americans work for small businesses that don’t have the resources to offer their employees retirement plans, which can make saving for retirement challenging and complicated,” said Sen. Kennedy. “This bill will make retirement plans more simple and available to people who own or work for small businesses. Americans know the value of hard work, and we work like dogs hoping that one day we’ll be able to kick back and retire. This legislation will help make those retirement dreams more accessible to many hardworking Americans.”
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) announced today that Louisiana flood victims will get relief from the duplication of benefits’ issue that has been a roadblock to recovery. Official guidance was published today that will allow the state to release disaster aid to those previously turned away because they applied for Small Business Administration loans.
The duplication of benefits’ issue has caused a financial hardship for many families struggling to recover from the 2016 floods. After delays in implementing a solution, Sen. Kennedy privately met with President Trump in April to discuss the issue.
“This would not have happened without President Trump’s intervention, and that’s a fact. He promised me that he would take care of Louisiana, and he did. President Trump, Secretary Carson and Office of Management and Budget Director Russ Vought are men of their word,” said Sen. Kennedy. “The duplication of benefits’ problem was an unfair hurdle for many families. Louisianans deserve the disaster relief they were promised.”
WASHINGTON, D.C. – U.S. Sens. John Kennedy (R-La.) and Bill Cassidy, M.D. (R-La.), are demanding that Toronto-Dominion Bank provide a plan within 21 days for paying restitution to the thousands of people – including many Louisianans – who lost their life savings in the Stanford Ponzi scheme.
The demand letter to Toronto-Dominion Bank is part of a multi-layered strategy by Sens. Kennedy and Cassidy to recover money for victims defrauded by Stanford International Bank and Allen Stanford. Stanford victims lost more than $5 billion. They’ve recovered just a few cents for every dollar they lost.
Toronto-Dominion Bank provided banking services to Stanford without questioning suspicious activity, including unreasonably high investment returns, large round sums leaving Stanford’s accounts and wire transfers that should have set off warning bells.
In February, Sens. Kennedy and Cassidy asked Stanford’s Swiss bank, Societe Generale, to release $210 million in assets. Sen. Cassidy later sat down with Societe Generale’s lawyers to discuss the issue.
“We’re going to chase Stanford’s assets like hounds from hell until we recover what was stolen from hard-working people. The investors defrauded by Stanford weren’t wealthy. Most of them were just average Louisianans who lost their life savings,” said Sen. Kennedy. “Toronto-Dominion Bank turned a blind eye to obviously fraudulent activity by Stanford. Ten years later, it’s past time to answer to the people who were hurt.”
“The Stanford Ponzi Scheme stole billions from hardworking teachers, nurses, firefighters and middle-class folks in Louisiana, and we will not stop until these families' life savings are returned,” said Dr. Cassidy. “TD Bank's handling of the Stanford case is unacceptable and they must take action to mend their failure."
June 14, 2019
Mr. Gregory B. Braca
President and Chief Executive Officer
Toronto, Ontario M5K 1A2
Dear Mr. Braca,
It has been nearly 10 years since the collapse of Stanford International Bank (SIB) and Allen Stanford’s arrest for running the second largest Ponzi scheme in United States history. Nearly a decade later, more than 21,000 of Stanford's victims have yet to be repaid in any meaningful way, and TD Bank has yet to be called to account for the years of knowing assistance it provided to Stanford and his Ponzi scheme, due in large part to the procedural and litigation roadblocks that TD Bank has thrown in the path of those seeking to obtain restitution for Stanford’s victims.
In the interim, we understand that TD Bank has not only continued to operate throughout the United States, but expanded its American operations. We demand that TD Bank stop its obstructionist conduct, engage in a meaningful effort to put an end to this decade-long debacle, and provide restitution to the Stanford victims without further delay. Regulatory intervention should not be necessary for Stanford's victims to receive the justice they deserve.
As you are undoubtedly aware, the evidence indicates that TD Bank aided and abetted Stanford’s banking outside the United States. By providing banking services to Allen Stanford without so much as questioning a single transaction in the face of Stanford’s suspicious activity, TD Bank helped Stanford defraud thousands of unsuspecting victims.
TD Bank ignored numerous inescapable signs of fraudulent activity: large round sums leaving Stanford’s TD Bank accounts; actual investment returns that could not support the unreasonably high CD returns SIB was offering; consistent wire transfers to accounts maintained by entities other than SIB; SIB’s limited number of Canadian customers; SIB’s correspondent banking services with another North American banking institution; SIB’s location in Antigua, one of the highest risk jurisdictions in the world known for money laundering; and Stanford’s declared bankruptcy and designation as a Politically Exposed Person. In its pursuit of the fees it could earn by aiding the Stanford empire, TD Bank also ignored warnings from many others – including the SEC, Pershing, L.L.C., Chase Manhattan Bank, and Bank of America – about doing business with Stanford and SIB. We will not permit TD Bank to hide any longer from the fact that it was an integral cog in the wheel of the Stanford Ponzi scheme.
TD Bank’s involvement with Stanford is part and parcel of a disturbing pattern of TD Bank’s turning a blind eye at its customers’ fraudulent activities: a banking executive of TD Bank was convicted of assisting efforts to induce investors to fund the Scott Rothstein Ponzi scheme, and TD Bank, through its New York Branch, also acted as a correspondent bank to American International Bank (Antigua) (AIB), another entity in receivership that engaged in financial fraud and money laundering despite not having conducted “any due diligence” on AIB as noted in a 2001 Congressional report.
We will not tolerate this conduct and the abandonment of investors that have been harmed by TD Bank and other financial institutions involved with Stanford.
Accordingly, please begin the process of providing restitution to the Stanford victims immediately. Within 21 days, please present to us your plan to put an end to the ongoing litigation with the Stanford receiver and other plaintiffs, and provide restitution to our constituents and the other victims of Allen Stanford’s fraud.
John Kennedy Bill Cassidy, M.D.
US Senator US Senator
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) filed amendments to the Fiscal Year 2020 National Defense Authorization Act (NDAA) aimed at improving on-base housing for military families and increasing military bases’ financial stake in saving taxpayer money. The amendments would address lead contamination concerns at Fort Polk.
One amendment will require testing of on-base housing for lead poisoning. A report will then be made to Congress on how to improve living facilities in contaminated base housing. Lead contamination is a concern in base housing across the country, including Fort Polk near Alexandria.
Another amendment will allow military bases to keep up to 25% of the savings they generate for partnering with local governments for services such as grounds maintenance, custodial services and solid waste management. Fort Polk saves the federal government $2 million a year by sharing waste management services with the Vernon Parish Police Jury.
“Our military bases are an important part of our local communities. The men and women of the military sacrifice their lives to ensure our continued freedom. They expect to encounter danger on the battlefield, not at home on a military base. Lead contamination has been found at military bases across this country, including Fort Polk. This is a serious problem that must be addressed,” said Sen. Kennedy. “At the same time, bases like Fort Polk are saving taxpayers money by partnering with local governments on necessary services. They should be able to keep a portion of those savings.”
WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) issued the following statement today after the U.S. Department of Housing and Urban Development (HUD) released guidance for implementing a solution to the duplications of benefits’ issue facing many Louisiana flood victims. Links to HUD’s guidance are below.
Sen. Kennedy has been working to help flood victims who were denied recovery assistance if they applied for Small Business Administration loans. In April, Sen. Kennedy met privately with President Donald Trump to discuss a solution to the duplication of benefits’ issue that is affecting thousands of Louisiana families following the 2016 floods.
“President Trump told me two months ago that he wanted to help Louisiana. I am hopeful that this guidance delivers the solution that Louisiana flood victims need,” said Sen. Kennedy. “I’ll be reviewing it carefully to make sure it complies with Congress’ legislative intent. The people of Louisiana deserve the disaster relief they were promised. They shouldn’t be penalized for unprecedented flooding.”
Sens. Kennedy (R-La.) And Van Hollen (D-Md.) Urge USTR To Require Chinese Companies In The U.S. To Play By The Rules
Jun 14 2019
WASHINGTON, D.C. – U.S. Sens. John Kennedy (R-La.) and Chris Van Hollen (D-Md.) wrote a letter to U.S. Trade Representative Robert Lighthizer urging him to include conditions from their legislation, the Holding Foreign Companies Accountable Act, during discussion of a trade deal with China.
The bill introduced would require foreign companies to comply with U.S. auditing standards by requiring them to meet the Public Accounting Oversight Board standards (PCAOB). The PCAOB is a nonprofit corporation established by Congress in 2002 that administers performance audits of public companies in order to protect investors. The PCAOB has entered into cooperative agreements with foreign regulators around the world but has not been able to reach an agreement with China.
“The current failure of China to comply with our laws and play by the same rules as everyone else puts American investors and the credibility of our markets at risk…” the senators write. “The fact that China stands alone in its noncompliance with PCAOB standards is yet another example of how it fails to play by the same rules as other countries. China’s failure to comply with our disclosure laws has already impacted investor confidence and the integrity of our financial markets.”
The full text of the letter is available here and below:
Dear Ambassador Lighthizer:
As you continue your work on a fair trade deal with the Chinese government, we urge you to include conditions in the deal that would require Chinese companies listed in the United States to comply with U.S. auditing and reporting requirements. The current failure of China to comply with our laws and play by the same rules as everyone else puts American investors and the credibility of our markets at risk. Because of this negligence, we introduced the Holding Foreign Companies Accountable Act, which we believe should be a guidepost for your negotiations with the Chinese government on this issue.
In 2005, the Public Accounting Oversight Board (PCAOB), began inspecting foreign auditors “in order to assess those firms’ compliance with the Sarbanes-Oxley Act, the rules of the Board, the rules of the Securities and Exchange Commission (SEC), and professional standards in connection with their performance of audits, issuance of audit reports, and related matters involving U.S. public companies, other issuers, brokers and dealers.” The PCAOB is able to inspect these firms because it entered into cooperative agreements with foreign regulators around the world.
Achieving these agreements, has not been easy, but our regulators have been able to come to an agreement with virtually every other country except for China. To put this into perspective, in 2013, the PCAOB was unable to conduct inspections of foreign auditors in 15 countries. In just six years, they have been able to come to an agreement with every country except for China and Belgium, and it is our understanding that Belgium has made meaningful progress with the PCAOB.
The fact that China stands alone in its non-compliance with PCAOB standards is yet another example of how it fails to play by the same rules as other countries. This point was underscored in December when the Chairmen of the PCAOB and the SEC said in a joint statement that “for certain China-based companies listed on U.S. stock exchanges, the SEC and PCAOB have not had access to the books and records and audit work papers to an extent consistent with other jurisdictions both in scope and timing.”
China’s failure to comply with our disclosure laws has already impacted investor confidence and the integrity of our financial markets. As you may be aware, in 2009, the U.S. markets saw a boom of Chinese companies registering on the U.S. exchanges. By circumventing our laws, many of these fraudulent companies merged with American shell companies and got access to U.S. investors without an initial inspection by the SEC. Because of this, many of these Chinese-based companies crashed in 2011. This crash, commonly referred to as the “reverse merger fraud crisis,” led to the loss of billions of dollars in market capitalization. According to a 2013 McKinsey and Company report, the losses were over $40 billion in market value.
The SEC, PCAOB, and the U.S. exchanges responded to the reverse merger crisis in a number of ways. For example, the SEC filed numerous enforcement cases against Chinese companies and their attorneys, auditors, and “gatekeepers.” Additionally, the New York Stock Exchange and NASDAQ delisted over 50 Chinese companies between 2011 and 2012.
Despite these actions, we still do not have complete information regarding Chinese companies listed in the U.S. In order to remedy the fact that China will not comply with our regulators, we introduced the Holding Foreign Companies Accountable Act. Our bill would amend Sarbanes-Oxley to impose stronger requirements on SEC registered companies based in foreign countries. The bill expressly requires foreign companies that are registered with the SEC to allow the PCAOB to review their books. While the bill does not specifically name any country, it would solve this ongoing issue the PCAOB and the SEC have with China.
We ask that you include the substance of this bill in your trade negotiations with the Chinese government, in order to protect the everyday American investor. Thank you for your attention to this matter.