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MADISONVILLE, La. – Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, led senators in urging the Biden administration’s Consumer Financial Protection Bureau (CFPB) to pause the effective date of the Dodd Frank Section 1071 small business data collection rule. The rule would require banks to collect sensitive personal data on small business owners when they seek a loan.

Sens. Cynthia Lummis (R-Wyo.), Thom Tillis (R-N.C.), Steve Daines (R-Mont.), Bill Hagerty (R-Tenn.), J.D. Vance (R-Ohio), Mike Crapo (R-Idaho) and Kevin Cramer (R-N.D.) also signed the letter. 

“At your agency's request, a recent ruling in the U.S. District Court has created a situation where only some lenders, including large systemically important lenders, will receive a temporary reprieve from working towards implementation of the CFPB's Section 1071 small business data collection rule (‘the 1071 rule’), while others, including many community banks and all credit unions, must seek further relief from the judicial system,” the senators wrote.

“As you are aware, we harbor deep concerns about the potential adverse impacts of the Consumer Financial Protection Bureau's (CFPB) rule to implement Dodd-Frank Section 1071. Furthermore, we believe that the CFPB's funding structure is in violation of the Appropriations Clause of the U.S. Constitution. In October 2022, the U.S. Court of Appeals for the Fifth Circuit concurred with this viewpoint, and the Supreme Court will be reviewing this matter in October,” they continued.

“In light of these recent developments, we respectfully urge the CFPB to exercise its existing legal authority by issuing a nationwide stay of the effective date of its Section 1071 rule for all credit unions and FDIC-insured banks, including community banks. This action would provide a crucial measure of certainty to small businesses and community banks, which are the cornerstone of the American economy, while we await a final determination of the validity of the Section 1071 rule by the Courts,” the lawmakers concluded.

In June, Kennedy questioned CFPB Director Rohit Chopra about the bureau’s plan to collect information including race, sexual preference and gender from businesses in order to borrow money from a bank. 

Background:

  • Kennedy introduced a Congressional Review Act resolution of disapproval of the CFPB rule to implement Dodd Frank Section 1071, which amends the Equal Credit Opportunity Act.
  • Kennedy introduced the Transparency in CFPB Cost-Benefit Analysis Act to ensure that the CFPB does not establish regulations that would foist unreasonable costs or harms onto taxpayers, financial entities or consumers. 
  • Kennedy introduced the Small LENDER Act to protect Louisiana’s small businesses’ access to capital.

The full letter is available here

 

 

 

 

MADISONVILLE, La. – Sen. John Kennedy (R-La.) penned this op-ed in the Daily Advertiser explaining how the Biden administration’s broken immigration policies are costing Louisiana taxpayers and leaving them less safe. He urges his colleagues in Congress to join him in working to secure the border and end failed “catch-and-release” policies.

Key excerpts of the op-ed are below:

“Many in Washington like to pretend President Biden’s border crisis is over, but the numbers don’t lie.

“In July alone, U.S. border agents arrested more than 130,000 migrants trying to bypass our legal immigration system and enter the country illegally. That’s more people than the entire population of Lafayette in just one month—and that’s only the migrants we stopped.

“Many more were not caught, and many who were caught were allowed in any way because they claimed to be refugees who feared political persecution in their own country.”

. . .

“Since taking office, President Biden has released 2 million migrants into the United States. We really don’t know these people, which creates concerns about crime and public safety. But someone must also foot the bill for the 2 million more people who must access our roads, schools, jails, fire departments, and other public services, too.

“According to one estimate, [Louisianians] pay an additional $4,613 per migrant—a total of $604 million per year—in state taxes because of illegal immigration. At a time when Louisiana families also must spend an additional $765 per month because of inflation, the $604 million taxpayers are investing in noncitizens who bypassed our legal immigration system could provide a lot of relief to Louisiana families.”

. . .

“Border agents confiscated more than 1,500 pounds of fentanyl in June alone, enough poison to kill the entire country. In Louisiana, we lost 2,352 people to drug overdoses last year. Nearly all of those probably involved fentanyl. In New Orleans, officials found fentanyl in 94 percent of overdose victims. In East Baton Rouge Parish, the drug was present in 88 percent of overdose victims. In St. Tammany Parish, 11 people die from fentanyl overdoses each month.

“Yet, when I tried to increase prison sentences for predators convicted of feeding fentanyl to our children, my Democratic colleagues in Washington blocked my bill.”

. . .

“Why would anyone abide by America’s legal immigration process when they can just walk into the country, skip their court dates, and—in many cases—begin taking advantage of American entitlement programs? I’ve tried to pass a bill that would close the ‘catch-and-release’ loophole, but, again, Democrats blocked it, rubbing salt in the wounds of the good people waiting to enter our country legally. German engineers and Nigerian doctors who are patiently waiting in line in our legal immigration system have dreams, too.

“America is the freest, most prosperous country in the world, but we cannot afford to ignore our lawless border and the suffering it has caused people. I’ll continue to press President Biden and my colleagues in Congress to recognize the mess they made with stupid border policies so we can work together to give the American people the secure border they deserve.”

Read the full op-ed here.

LAFAYETTE, La. – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today spoke with the Kiwanis Club of Lafayette about inflation, the ongoing border crisis and immigration and crime rates.

“Louisianians are going broke at the pump and grocery store because of the Biden administration’s endless attacks on American energy and inflationary policies. They’re working harder for less while the border remains wide open,” said Kennedy.

In an effort to stop this historic inflation, Kennedy has voted against numerous spending bills from the Biden administration, including the $1.2 trillion misnamed “infrastructure” package, $1.9 trillion in additional COVID spending, $240 billion in a pet project that funded Big Tech semi-conductors and two massive government funding bills that totaled $3.2 trillion. Kennedy also opposed the misleadingly titled “Inflation Reduction Act” that could prove to have a price tag of $1.2 trillion.

Kennedy also penned an op-ed in The Daily Advertiser today outlining how the Biden administration’s failed immigration policies are harming Louisiana communities. According to one estimate, Kennedy wrote, Louisianians pay an additional $4,613 per migrant—a total of $604 million per year—in state taxes because of illegal immigration. Louisiana families are already paying an additional $765 per month because of inflation, so the $604 million taxpayers are investing in noncitizens who bypassed our legal immigration system is an additional yet unnecessary burden on the state.

In response to concerns about rising crime rates in Louisiana, Kennedy outlined the economic and public safety consequences that crime is having on the state and how officials should respond.

 

 

 

HOUMA, La. – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today spoke at the Bayou Region Joint Chamber of Commerce luncheon about his work to defend the energy industry from the Biden administration’s attacks, securing disaster recovery aid and other local issues. Kennedy also toured the Terrebonne Churches United Foodbank and spoke with officials and volunteers about responding to economic hardship. 

“Louisianians in the Bayou have demonstrated their resilience time and again. Two years after Hurricane Ida, Louisiana’s southeast corner is still rebuilding, and I’m thankful to have had a hand in making sure federal resources supported that recovery,” said Kennedy after his visit with the Joint Chamber.

Kennedy has helped deliver more than $22 billion to Louisiana for disaster recovery across the state, with more than $5 billion of that aid focused on responding to Hurricane Ida, which hit southeast Louisiana incredibly hard. The Hurricane Ida resources have included funding to rebuild communities and homes, finance business loans and cover the cost of emergency response measures. 

The senator also toured the Terrebonne Churches United Foodbank to hear from volunteers and officials about how the facility is meeting local needs as historic inflation takes a toll on the community.

“Families in Houma and around Louisiana are spending an extra $765 every single month to make ends meet because of the reckless, relentless spending that President Biden and Democrats in Congress are doing. Putting food on the table is harder than ever for too many people around here, and I’m thankful that good people like those at Terrebonne Churches United Foodbank are putting their hearts and elbow grease into caring for this community,” said Kennedy.

In an effort to stop this historic inflation, Kennedy has voted against numerous spending bills from the Biden administration, including the $1.2 trillion misnamed “infrastructure” package, $1.9 trillion in additional COVID spending, $240 billion in a pet project that funded Big Tech semi-conductors and two massive government funding bills that totaled $3.2 trillion. Kennedy also opposed the misleadingly titled “Inflation Reduction Act” that could prove to have a price tag of $1.2 trillion.

MADISONVILLE, La. – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $7,842,214 in Federal Emergency Management Agency (FEMA) grants for Louisiana disaster aid.

“Louisianians in Lafourche Parish, Sulphur and throughout south Louisiana are still recovering from the blow that Hurricanes Laura and Ida dealt them. I’m glad to see that this $7.8 million will support recovery in their communities,” said Kennedy.

The FEMA aid will fund the following:

  • $2,519,865 to the South Louisiana Electric Cooperative Association for system-wide repairs as a result of Hurricane Ida.
  • $1,697,214 to the Louisiana Department of Military for emergency protective measures required as a result of Hurricane Ida.
  • $1,292,269 to the Lafourche Parish School Board for emergency protective measures as a result of Hurricane Ida.
  • $1,233,426 to the city of Sulphur for emergency protective measures as a result of Hurricane Laura.
  • $1,099,440 to Jefferson Parish for the demolition of 34 homes in danger of collapse and debris removal resulting from Hurricane Ida.

 

MADISONVILLE, La. – Sen. John Kennedy (R-La.) penned this op-ed in the American Press detailing how inflation has stretched Louisiana families thin during back-to-school season. He argues that Washington’s spending habit is to blame for the sky-high prices parents are facing as they try to fill backpacks and lunchboxes this fall.

Key excerpts of the op-ed are below:

“Following two years of national economic mismanagement, the cost of notebooks, pencils, crayons, and other school supplies has increased by 24 percent. The average family expects to spend $597 per student to cover supplies—and that’s just the start of back-to-school spending.”

. . .

“In total, inflation is costing the average Louisiana family an extra $9,180 per year, and Washington’s out-of-control spending habit is to blame.

“At President Biden’s direction, the federal government has grown faster than America’s economy. From 2020 to 2023, federal spending jumped by nearly 33 percent. In just the past 12 months, federal spending increased nine percent—or roughly half a trillion dollars.

“Some of the spending at the start of the pandemic was necessary, but a lot of it was short-sighted and foolish. It has done more to hurt Louisianians than help them. We paid workers to stay home. We paid schools to stay closed. We even paid dead people $1.4 billion in stimulus checks!”

. . .

“All this spending floods our economy with cash, causing prices to float far above what many families can afford. As families tried to keep up with skyrocketing prices, consumer credit card debt hit a record high of $1 trillion. The average personal savings rate approached an all-time low. And nearly two in five families said they cannot afford to cover an unexpected $400 expense. Congress has also saddled our children with more debt than we’ve ever seen before.

“Bidenomics has kneecapped the American Dream, yet some Democrats in Washington are hoping to normalize this high inflation rate to continue their spending spree. This inflation isn’t normal, though, and I won’t let the coastal elites forget that.”

. . .

“I’m sorry that some in the federal government have left Louisianians with soaring debt and inflation. Some of our federal spending is as foolish as it is dangerous, and I’ll continue to work to find new ways to get our spending back under control.

“In the meantime, I believe my colleagues in Washington could learn a lot by watching families make tough decisions to afford this back-to-school season. Parents know what it means to live within a budget. They stretch each dollar to its fullest potential every day. Think how much stronger our country could be if Congress stuck to its budget, too.”

Read the full op-ed here.

MADISONVILLE, La. – Sen. John Kennedy (R-La.) joined Sens. Tim Scott (R-S.C.) and Jim Risch (R-Idaho) in raising concerns about the Biden administration’s decision to release $6 billion in frozen assets to the Islamic Republic of Iran in exchange for the release of five American detainees.

In the letter to Secretary of State Antony Blinken and Treasury Secretary Janet Yellen, the senators expressed concerns that the Biden administration is attempting to circumvent congressional authority to enter into a nuclear agreement with the Iranian Regime, as the Obama administration attempted.

The letter also asked the cabinet members to commit to blocking Iran’s access to special drawing rights at the International Monetary Fund (IMF), a threat to which Kennedy has repeatedly drawn attention. Iran gained access to about $5 billion in special drawing rights through the IMF deal that President Joe Biden made in 2021 without approval from Congress.

“When the Obama administration released $400 million in liquidated assets to Iran in 2016, we warned that this dangerous precedent would put a price on American lives. Seven years later, the current administration is providing a ransom payment worth at least fifteen times that amount to the world’s largest state sponsor of terror, in yet another violation of the United States’ long-standing ‘no concessions’ policy,” wrote the senators.

The release of such a significant sum to the Iranian regime runs entirely counter to that claim and will only serve to encourage additional hostage taking for financial or political gain,” they continued.

“We are also worried that your administration is attempting to sidestep Congress and pursue other pathways to financially compensate Iran in an attempt to renegotiate a successor to the ill-fated 2015 nuclear deal. Any agreement with the Iranian regime that entails financial reward for malign behavior is wholly unacceptable,” the senators stated.

The lawmakers also requested an in-person briefing on the risk the agreement poses to American citizens overseas and to U.S. national security interests.

Sens. Roger Wicker (R-Miss.), Tom Cotton (R-Ark.), Bill Hagerty (R-Tenn.), Bill Cassidy (R-La.), Katie Britt (R-Ala.), Chuck Grassley (R-Iowa), Lindsey Graham (R-S.C.), Steve Daines (R-Mont.), Marsha Blackburn (R-Tenn.), Kevin Cramer (R-N.D.), Ted Budd (R-N.C.), J.D. Vance (R-Ohio), John Cornyn (R-Texas), Joni Ernst (R-Iowa), Pete Ricketts (R-Neb.), John Hoeven (R-N.D.), Todd Young (R-Ind.), Mike Crapo (R-Idaho), Roger Marshall (R-Kansas), James Lankford (R-Okla.), Thom Tillis (R-N.C.), John Barrasso (R-Wyo.) and Shelley Moore Capito (R-W.Va.) also joined the letter.

The full letter is available here.

MADISONVILLE, La. – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $1,635,462 in Federal Emergency Management Agency (FEMA) grants for Louisiana flood protection.  

“Livingston Parish has dealt with serious flooding over the years, so I’m thankful this $1.6 million will help Louisianians stay ahead of future floods,” said Kennedy. 

The FEMA aid will fund the following:

  • $1,635,462 to Livingston Parish for the elevation of 8 structures.

MADISONVILLE, La. – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $6,875,056 in Federal Emergency Management Agency (FEMA) grants for Louisiana disaster aid and flood mitigation.

“Louisianians in Lake Charles and Livingston Parish have had to endure tough times, and I’m glad to see that this $6.9 million will support Hurricane Laura recovery efforts and flood protection measures in their communities,” said Kennedy.

The FEMA aid will fund the following:

  • $4,749,381 to the Lake Charles Harbor and Terminal District for management costs as a result of Hurricane Laura.
  • $2,125,675 for the elevation and acquisition of seven properties within Livingston Parish. 

MADISONVILLE, La. – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced $1,715,458 in a Federal Emergency Management Agency (FEMA) grant for Louisiana disaster aid.

“Hurricane Laura hit Lake Charles hard, and I’m glad to see that this $1.7 million will support ongoing recovery efforts in southwest Louisiana,” said Kennedy.

The FEMA aid will fund the following:

  • $1,715,458 to the Lake Charles Harbor and Terminal District for emergency protective measures as a result of Hurricane Laura.