WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.), chairman of the Senate Appropriations Subcommittee on Financial Services and General Government (FSGG), today announced the bipartisan approval of the annual spending package. 

“The American taxpayers entrust Congress with their hard-earned dollars, and it’s up to us to ensure we are spending it well.  Increasing defense spending, extending the flood insurance program and giving a raise to our troops are all important ways we are working to put Louisianans and Americans first,” said Sen. Kennedy. 

Here are some of the highlights: 

• A provision was included in the funding package to extend the National Flood Insurance Program (NFIP) until September, 30, 2020.  While reforms are still needed to protect the program’s longevity and affordability, the program will be available to help insure Louisiana homeowners in event of a disaster.

• Each and every year, Louisiana families faithfully pay what taxes they owe to the federal government, while the federal government continues to be let off the hook for what they owe to Louisiana families.  The U.S. Treasury is sitting on nearly $26 billion in unclaimed savings bonds that belong to the American people.  Sen. Kennedy secured $25 million in funding for the U.S. Treasury Department to digitize and distribute records of unclaimed savings bonds. 

• Sen. Kennedy included a provision in the funding bill that helps ensure that contractors who refuse to pay their taxes cannot bid for federal contracts until all delinquent taxes are paid in full.

• Sen. Kennedy helped secure $1.4 billion in funding and protected President Trump’s transfer authorities to continue construction of the southern border wall.

• In an attempt to protect the Mississippi River Delta wetlands, Senator Kennedy helped acquire $2 million to fund Roseau cane pest eradication research through the LSU AgCenter.

• To ensure adequate seafood standards, the FDA will receive $15 million for seafood import inspections, as well as $5 million for a new Imported Seafood Safety Pilot Program.

• Provisions were included to fully utilize all funds collected in the Inland Waterways Trust Fund (IWTF) and Harbor Maintenance Trust Fund (HMTF). The spending bill will provide $105 million for IWTF to fund projects on the inland waterways, while HMTF will receive $1.67 billion for the purpose of maintaining harbors.

• As a significant industrial user of natural gas as well as a significant supplier of it, Louisiana will receive $7 million for carbon capture research for natural gas power systems. In addition, the spending package will allocate $4 million for research of this technology for use at industrial facilities, which may include developments in process equipment and chemistry, capture of process emissions, and systems integration.

• As leading provider of Cybersecurity Education and Training Assistance Program for K thru 12 teachers and students, the Cyber Innovation Center will receive $4.3 million in funding for development.

• The spending package contains a 3.1% pay raise for military personnel, which will be the largest military pay raise in nearly a decade. 

• In an effort to sustain flood mitigation, the Army Corps of Engineers will receive an additional $650 million for the construction of flood-resistant infrastructure.

• The spending package includes the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which will improve retirement security by making it easier for small employers to sponsor a single retirement plan for their workers. The bill also encourages employees to increase their retirement savings annually through automatic increases into their 401(k) plans.

• To make the Municipal Securities Rulemaking Board (MSRB) less of an insider’s club that represents Wall Street instead of consumers, Sen. Kennedy pushed for a provision that caps board members’ compensation and places more distance between the board’s public representatives and their private sector ties. 

• As chairman of the FSGG subcommittee, Sen. Kennedy included a provision in the funding bill that will prevent any agency under the subcommittee’s jurisdiction from signing onto public relations contracts over $5,000 without prior Congressional notification.

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WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.), chairman of the Senate Appropriations Subcommittee on Financial Services and General Government (FSGG), today announced he secured $25 million for the Treasury Department to digitize and distribute records of unclaimed U.S. savings bonds.  The funding will better help Treasury reunite approximately $26 billion in unclaimed savings bonds with their rightful owners.

Some states estimate that their residents have more than $1 billion in matured, unclaimed savings bonds.  Louisiana estimates that the amount owed to Louisiana residents tops $300 million. These bonds are currently sitting in the U.S. Treasury, but the department has taken little initiative to return the proceeds to their owners.  Many people are likely unaware that the bonds even exist because the paper bonds were lost over the years.

“This funding brings us one step closer to returning $26 billion in savings bonds to their rightful owners.  Each and every year, Louisiana families faithfully pay what they owe to the federal government, while the federal government continues to be let off the hook for what they owe Louisiana families,” said Sen. Kennedy.  “We are correcting a breathtaking hypocrisy by creating records to allow families to claim their bonds.”

Earlier this year, Sen. Kennedy secured a commitment from Treasury Secretary Steven T. Mnuchin that the Treasury Department would create an online tool that will allow individuals to verify against Treasury records if they have any unredeemed savings bonds dated after 1974. 

For the records on the older bonds dating back to World War II, Treasury will gather expert opinions and states’ input on how to digitize them.

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WASHINGTON, D.C. – U.S. Sen. John Kennedy (R-La.) introduced the Hazardous Materials Safety Improvement Act of 2019 today to ensure that rail shippers and tank car owners aren’t subjected to costly and unfair regulatory burdens because of a usurping of federal authority.  Outside groups are trying to circumvent the federal rulemaking process without conducting a comprehensive safety assessment or a cost benefit analysis to protect the public.

The legislation requires the administrator of the Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA) to respond to petitions for regulatory action within 18 months and makes it clear the response supersedes a decision by outside groups.  The proposal is supported by the American Chemistry Council, tank car builders and tank car shippers.

“Tank car owners and shippers are under constant threat from regulatory burdens that leave them financially strapped.  These burdens are job killers,” said Sen. Kennedy.  “The Department of Transportation’s exclusive authority to set standards for hazardous materials is being usurped by outside groups.  My legislation puts DOT back in charge.”

“Sen. Kennedy’s bill will bring much needed urgency and clarity to how the federal government addresses the transportation of hazardous materials.  Simply put, this legislation will require PHMSA to act quicker on regulatory requests and will help the administration be more agile when it comes to safeguarding the shipment of hazardous materials,” said Chris John, president and CEO of the American Chemistry Council.  “Equally important, the bill will also reaffirm the Department of Transportation as the final authority when it comes to establishing regulations and standards that govern the safe movement of hazardous materials.  We appreciate Sen. Kennedy’s leadership on helping PHMSA to act quicker on regulatory requests and urge his colleagues to support this important legislation.”

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