Press Releases
Sens. Warner & Kaine on FBI HQ
Jul 30 2018
WASHINGTON – Today U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) issued the below statement on the status of a new headquarters building for the Federal Bureau of Investigation:
“Congress worked with GSA and the FBI for years to put together a comprehensive plan and bidding process to replace the current deteriorating headquarters building. With no warning and no rationale, the Trump Administration halted that process, and since then, has made no progress on replacing a building whose condition will only get worse in the years to come. That’s one reason why it is important that we see the results of the IG investigation into this decision. Our hardworking law enforcement and intelligence professionals deserve a state-of-the-art and secure facility. Having President Trump micromanage this complex procurement – with so many other issues on his plate and so many questions about apparent conflicts of interest here – just isn’t helpful to these public servants or to the region.”
Sens. Warner and Kaine have for years worked with the Maryland Senators as well as the bipartisan Virginia delegation in the U.S. House of Representatives to secure funding for a new FBI headquarters to replace the current, deteriorating J. Edgar Hoover building in Washington, which was built in 1974. In 2014, the General Services Administration (GSA) announced that a site in Springfield, Va. was one of three finalists for a consolidated HQ that would house all 11,000 area FBI employees, who are currently scattered across multiple sites in D.C., Virginia and Maryland. However, in July 2017, the Trump Administration abruptly backed away from more than five years of government preparations to relocate the FBI HQ, announcing instead in February 2018 plans to demolish the existing FBI headquarters in Washington and build a new facility in its place. The GSA has estimated that this new plan would cost $3.3 billion – including $1.9 billion in construction costs, added to the cost of temporarily relocating thousands of FBI employees while the existing structure is demolished and a new building constructed in its place.
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Warner, Collins Introduce Legislation to Boost Retirement Saving Plans for Small Businesses
Jul 16 2018
WASHINGTON – U.S. Sens. Mark Warner (D-VA) and Susan Collins (R-ME) introduced the SIMPLE Plan Modernization Act, a bipartisan bill to provide small business employers and employees greater flexibility and access to the popular SIMPLE plans as an option for retirement savings. The legislation has the backing of the AARP.
Congress established SIMPLE (Savings Incentive Match Plan for Employees) retirement plans in the Small Business Job Protection Act of 1996 to encourage small businesses to provide their employees with retirement plans. However, retirement plans among small employers continue to be less commonly offered than those provided by medium and large employers. While these smaller businesses had access to tax-favored retirement savings plans, including traditional 401(k)s, those plans are more expensive to administer.
“The changing nature of work has redefined the employee-employer dynamic, making it harder for small businesses to offer traditional safety net protections for workers,” said Sen. Warner. “We should make it easier for small business owners and their employees to begin saving for their retirement. This legislation is one step towards helping the American workforce prepare for the future.”
“In my home state of Maine, the vast majority of businesses are eligible to sign their employees up for SIMPLE Plans. Financial advisors from Presque Isle to Portland have shared their concerns that neither employees nor their employers are in a good position to save for retirement,” said Sen. Collins. “We must give small businesses and employees a better opportunity to save for retirement, and this legislation will provide such an opportunity.”
Businesses with 100 or fewer employees may currently create SIMPLE retirement savings accounts for their employees, so long as the employers do not have another employer-sponsored retirement plan.
The proposed legislation would increase the contribution limit for SIMPLE plans. Increasing the limit would achieve two basic goals: 1) Motivate more small business employers to offer a retirement savings benefit to their employees and 2) Allow small business employees to save even more each year on a tax-deferred basis.
The SIMPLE Plan Modernization Act would:
- Raise the contribution limit for SIMPLE plans from $12,500 to $15,500 (halfway between current SIMPLE plans and traditional 401(k)s) for the smallest businesses (1 to 25 employees), with a corresponding increase in the catch-up limit from $3,000 to $4,500.
- Give businesses with 26 to 100 employees the option of the higher contribution limits, and, in order to continue to encourage them to transition to 401(k)s when they can do so, increase their SIMPLE plan mandatory employer contribution requirements by one percentage point if they elect the higher limits.
- Allow for a reasonable transition period for employers who hire additional employees above 25.
- Make the limit increases unavailable if the employer has had another defined contribution plan within the past three years (to encourage businesses that already have qualified plans to retain them).
- Modernize SIMPLE plan form filing requirements and modify the transition rules from SIMPLE plans to traditional plans to facilitate and encourage such transitions.
- Direct Treasury to study the use of SIMPLE plans and report to Congress on such use, along with any recommendations.
Sen. Warner has been a leader in finding solutions to the 21st century generational and technological changes that have led to perhaps the most dramatic transformation in the American economy in decades. He has introduced legislation that encourages employers to invest more in quality skills training for their workers. In addition, he has proposed a bill that would test-drive programs that provide contingent workers with “portable benefits” that have many of the social insurance protections typically offered to workers through traditional full-time employment.
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Warner & Kaine Announce Nearly $900,000 to Help Homeless Virginia Vets Re-Enter the Workforce
Jul 11 2018
WASHINGTON – Today, U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) announced that three Virginia organizations will receive $891,303 in federal funds from the U.S. Department of Labor to help homeless veterans re-enter the workforce.
The funds – in the form of three competitive Homeless Veterans’ Reintegration Program (HVRP) grants – include $227,263 for Total Action Against Poverty in Roanoke Valley, Inc.; $355,050 for STOP Inc., in Hampton Roads; and $308,990 for River City Comprehensive Counseling Services in Glen Allen, Va.
“Virginia’s veterans have made tremendous sacrifices to fight for our nation. Now, we need to fight for them and help ensure that they have the resources they need to succeed and thrive after completing their service,” said the Senators. “These grants will provide homeless veterans with counseling and a variety of career services in order to help them re-integrate into the workforce.”
HVRP funds are awarded on a competitive basis to state and local workforce investment boards; local public agencies and nonprofit organizations; tribal governments; and faith-based and community organizations. Homeless veterans may receive occupational skills training, apprenticeship opportunities, and on-the-job training, as well as job search and placement assistance. Grantees under the HVRP program will coordinate their efforts with other federal programs, such as the Veterans Affairs Supportive Services for Veteran Families program and the Department of Housing and Urban Development Continuum of Care program.
Sens. Warner and Kaine both have long records of advocating for the nation’s veterans through the appropriations process and legislation they have championed to reduce veteran homelessness, improve job training opportunities for veterans, and expand access to veterans’ health care.
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WASHINGTON – U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) announced that Virginia has received $9,807,162 in AmeriCorps funding from the Corporation for National and Community Service (CNCS), the federal agency responsible for AmeriCorps and other national service programs.
These grants will ensure 1,448 AmeriCorps members can continue to volunteer their service to communities across the Commonwealth through nonprofits, schools, public agencies, and faith-based groups.
Since 2017, the Trump Administration advocated for drastic cuts to critical national service programs, including CNCS. Earlier this year, Sens. Warner and Kaine supported the omnibus spending bill that included more than $1 billion in funding for CNCS.
“AmeriCorps members across Virginia help create positive change for the communities they serve,” said the Senators. “From helping to tackle the opioid crisis, to protecting our historic public lands, their volunteer work goes a long way to building a better, stronger Commonwealth. We are pleased to announce continued funding for this important work.”
The projects funded by the AmeriCorps grants are:
- American National Red Cross DC, Red Cross Corps—Fairfax, Va.—$1,066,400 AmeriCorps Funding; $473,600 Education Awards: members will install and test smoke detectors in neighborhoods vulnerable to natural disasters, especially wildfires.
- City of Richmond-Human Services Commission, Richmond Area Healthy Futures Project—Richmond, Va.—$138,186 AmeriCorps Funding; $59,200 Education Awards: members will help expand services geared towards the prevention of opioid and heroin addiction and assist in recovery efforts.
- CARITAS, CARITAS AmeriCorps—Richmond, Va.—$235,106 AmeriCorps Funding; $100,640 Education Awards: members will help provide services to individuals and families who are homeless achieve affordable housing, assist with job placement efforts, and mentorship programs to help substance abuse recovery.
- Institute for Advanced Learning & Research, Dan River Year AmeriCorps—Danville, Va.—$235,444 AmeriCorps Funding; $93,655 Education Awards: members will assist with STEM literacy among children and adults.
- Catholic Charities USA, CCUSA AmeriCorps Peer Navigators—Alexandria, Va.—$118,400 Education Awards: members will help veterans and military families with accessing their benefits and ensuring their educational, social services, and physical/emotional needs.
- Catholic Charities USA, Catholic Charities USA Refugee Resettlement—Alexandria, Va.—$271,491 AmeriCorps Funding; $142,080 Education Awards: members will assist with the resettlement of 3,000 refugees and other eligible populations, by helping them to assimilate in the U.S.
- Student Conservation Association, Inc., SCA AmeriCorps—Arlington, Va.—$321,602 AmeriCorps Funding; $2,505,102 Education Awards: members will engage in a number of projects that aim to protect, restore, and enhance public lands and waterways.
- Student Conservation Association, Inc., SCA AmeriCorps Stewardship Teams—Arlington, Va.—$177,600 Education Awards: members will help inspire future leaders to become good stewards of the environment.
- The Nature Conservancy, The Nature Conservancy National AmeriCorps—Arlington, Va.—$328,504 AmeriCorps Funding; $130,240 Education Awards: members will engage in local, state, and national environmental conservation work.
CNCS will also provide an additional $3,800,517 in Segal AmeriCorps Education Awards, a post-service benefit that can be used to cover the costs of post-secondary education or help pay off student loans. In addition, the federal investment announced today will help generate an additional $18,211,236 from the private sector, foundations, and other sources – further increasing the return on the federal investment.
The federal investment today also includes $3,409,912 for the Virginia Office of Volunteerism and Community Service, the Governor-appointed state service commission, to support additional AmeriCorps programs in the state.
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WASHINGTON, D.C. – Amid concerns surrounding the accelerating pace of stock buybacks in U.S. capital markets, U.S. Senators Tammy Baldwin (D-WI), Chris Van Hollen (D-MD) and Minority Leader Chuck Schumer (D-NY) are leading their colleagues to call on U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton to open a public comment period to review the SEC’s current rules around stock buybacks, which haven’t been updated in over a decade.
In 1982, the SEC finalized rule 10b-18 which, for the first time, allowed public companies to buy back their stock without fear of being charged with stock market manipulation. Since that time, there has been a 40,000% increase in stock buybacks. The Republican tax bill has only fueled this trend. So far this year, corporations have announced more than $480 billion in stock buybacks, overwhelmingly benefiting top executives and wealthy shareholders, and leaving middle class workers behind.
In the letter to Chairman Clayton, the Senators stated, “We write with concerns about the accelerating pace of stock buybacks in U.S. capital markets. The Securities and Exchange Commission (“SEC” or “the Commission”) last updated Rule 10b-18, which governs stock buybacks, in 2003. Since that time, there have been significant changes in executive compensation practices, shareholder activism, and investing technology. Therefore, we respectfully request that the Commission begin a process to review how companies are conducting buybacks under Rule 10b-18 and whether corporate insiders are exploiting buybacks to sell shares received as executive pay at inflated prices.”
“While we are troubled by the magnitude of stock buybacks and the consequences for employees and communities, we are even more disturbed by the dramatic increase in stock sales by corporate insiders following the announcement of a buyback. This phenomena means it is imperative that the SEC revisit the evolution of Rule 10b-18 to ensure that corporate executives are not using the rule inappropriately to enable advantageous sales of their own stock while ignoring the needs of their companies’ workers,” the Senators continued.
U.S. Senators Sherrod Brown (D-OH), Cory Booker (D-NJ), Elizabeth Warren (D-MA), Ron Wyden (D-OR), Mark Warner (D-VA), Sheldon Whitehouse (D-RI), Kirsten Gillibrand (D-NY), Jack Reed (D-RI), Richard Blumenthal (D-CT), Edward Markey (D-MA), Mazie Hirono (D-HI), Ben Cardin (D-MD), Dianne Feinstein (D-CA), Angus King (I-ME), Brian Schatz (D-HI), Jeff Merkley (D-OR), Joe Donnelly (D-IN) and Maggie Hassan (D-NH) also signed the letter.
The full letter is available here.
An online version of this release is available here.
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WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA) released the following statement after the Bureau of Labor Statistics (BLS) issued a report that for the first time in years provided a snapshot of the contingent and alternative worker population.
The Bureau of Labor Statistics’ Contingent Worker and Alternative Work Arrangement Supplement (CWS) to the Current Population Survey (CPS) is considered the gold standard of measuring who is doing what in the American workforce, but data about the size and scope of the contingent workforce had not been collected since 2005 after its funding was eliminated. Since then, the federal government had struggled to keep up with an explosion in new technology and changes to the nature of work that have increased the range of opportunities for workers to pursue flexible arrangements. In the Senate, Sen. Warner led the charge in restoring funding to help collect this data and requesting the Department of Labor to relaunch the survey that culminated in this report.
“The federal government and the general public have lacked for many years reliable data to help paint a clear picture of our contingent workforce and their future. Without this crucial information, policymakers and experts are in the dark about the size and needs of this population, making it harder to find common ground on solutions that will help them navigate our intricate labor market. For this reason, I urged the federal government to re-establish these best practices and issue this report, which will help provide us with a direct understanding of what this part of our workforce looks like.
“Today’s news show that contingent workers play a significant role in our economy, with tens of millions of Americans - more than one in ten workers - identified as independent contractors, temps, and contract-firm workers. An while the data shows that there’s been a downward shift in the number of people who rely on contingent work as their main job, we still don’t know how many of them do so in order to supplement their income. Without this crucial piece of data, it will be tough for us to make an accurate assessment of the best way to help this dynamic segment of workers receive more training and resources, access a system of portable benefits they can carry from job to job, and file their taxes and claim deductions and credits. I will continue pushing the federal government and outside experts to fill-in these gaps and provide a full picture of this part of our workforce, and expect to seek more information on the tax challenges of these workers in the near future.”
For years, Sen. Warner has been urging the federal government to collect better, more complete data on the number and type of workers who are part of the contingent workforce economy. Estimates of the contingent labor force range from a few percentage points to nearly a third of the American labor force engaging in some type of independent work arrangement.
Last year, Sen. Warner introduced bipartisan legislation to test and evaluate innovative portable-benefits models for independent workers. He is also the author of bipartisan legislation aimed at increasing the availability of job training to lower- and moderate-income workers, in an effort to stay on top of the rapidly changing technology and skills requirements for today’s workforce.
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Warner Leads Effort to Urge Banking Regulators to Strengthen Credit Access for Low-Income Communities
May 25 2018
WASHINGTON – Today, U.S. Sen. Mark R. Warner (D-VA) and a group of 15 Senators sent a letter to the Office of the Comptroller of the Currency (OCC), the Chairman of the Board of Governors of the Federal Reserve System, and the Chairman of the Federal Deposit Insurance Corporation (FDIC), urging them to take steps that would strengthen access to credit for diverse communities under the Community Reinvestment Act (CRA).
The CRA was signed into law in 1977 to provide a framework to ensure that banks serve the needs of all members of their community, regardless of their race, gender, or income. By ensuring that banks provide access to credit for low- and middle-income (LMI) communities, the CRA has helped ameliorate redlining that has disadvantaged minorities and disinvestment that has harmed urban and rural communities. As a result, the CRA has expanded homeownership to more Americans, financed more small businesses, and transformed local economies.
The Senators urged the agencies to take the opportunity to strengthen the CRA by expanding its applicability to regions and institutions that are not currently covered by the CRA and avoid proposals that could undermine the long-standing effectiveness of the law. In addition, the Senators emphasized the need to reflect the impact of digital banking in any new regulations.
“When the CRA became law in 1977, a bank’s geographic footprint and the areas surrounding it was a good proxy for the communities served by the bank. That no longer holds true. A bank should be examined under the CRA for how it serves LMI communities where it has a physical footprint and in areas where the bank accepts deposits and does substantial business, and it should receive CRA credit for qualifying loans and investments made in those areas,” wrote the Senators.
The Senators also advised the federal agencies to avoid proposals that could undermine the effectiveness of the CRA. “While we generally support expansions that benefit LMI communities, we are concerned that permitting expansions for banks with ‘less than satisfactory’ ratings undermines the only formal compliance mechanism that exists under the CRA,” the Senators warned. “Furthermore, we believe that narrowing the universe of loans with respect to which a regulator evaluates a bank’s illegal or discriminatory credit practices is inconsistent with a key finding of Congress in passing the CRA: banks must demonstrate that they ‘serve the convenience and needs of the communities in which they are chartered to do business.’”
In addition to Sen. Warner, the letter was signed by Sens. Tim Kaine (D-VA), Cory Booker (D-NJ), Sherrod Brown (D-OH), Catherine Cortez Masto (D-NV), Elizabeth Warren (D-MA), Doug Jones (D-AL), Amy Klobuchar (D-MN), Bob Menendez (D-NJ), Kirsten Gillibrand (D-NY), Dianne Feinstein (D-CA), Brian Schatz (D-HI), Chris Van Hollen (D-MD), Gary Peters (D-MI), Ron Wyden (D-OR), and Debbie Stabenow (D-MI).
The full letter text is found below and here.
The Honorable Jerome H. Powell
Chairman
Board of Governors of the Federal Reserve System
550 17th Street, NW
Washington, D.C. 20552
The Honorable Joseph M. Otting
Comptroller of the Currency
400 Seventh Street SW
Washington, D.C. 20219
The Honorable Martin J. Gruenberg
Chairman
Federal Deposit Insurance Corporation
20th Street and Constitution Avenue, NW
Washington, D.C. 20551
Dear Chairman Powell, Comptroller Otting, and Chairman Gruenberg:
For over 40 years, the Community Reinvestment Act (CRA) has been critical in encouraging depository institutions (banks) to serve the credit needs of rural and urban low- and moderate-income (LMI) individuals, small businesses, and communities. The CRA requires federal banking regulators to regularly assess each bank’s delivery of credit to LMI communities and consider that assessment when evaluating a bank’s application to expand. In doing so, the CRA has helped ameliorate redlining that has disadvantaged minorities and disinvestment that has harmed urban and rural communities.
We understand that your agencies are considering publishing an advance notice of proposed rulemaking that could suggest significant changes to the implementation of the CRA. We hope that you take this opportunity to strengthen the CRA, broaden its applicability to more regions and institutions, and avoid proposals that could undermine the continuing effectiveness of the CRA.
A strong CRA continues to be needed. Black homeownership rates fell by 5 percent from 2001 to 2016 even as white homeownership rates fell by only 1 percent.[1] Meanwhile, Hispanic homeownership has declined 5 percent from its 2007 peak.[2] Access to credit for minority-owned businesses remains challenging. Black-owned companies apply for credit at a rate that is 10 percentage points higher than white-owned companies, and Hispanic-owned companies do so at a 7 percent higher rate. But the approval rates for black-owned companies are 19 percentage points lower than white-owned companies and 6 percent lower for Hispanic-owned companies. Forty percent of black-owned companies and over 20 percent of Hispanic-owned companies that did not apply for financing did not apply because they thought they would not be approved, compared to 14 percent of white-owned firms.[3]
A substantial body of evidence shows the significant positive contribution the CRA has made to LMI communities, helping all communities benefit from increased access to credit and economic growth. One 2017 study found that the CRA increases credit activity by 9 percent and the number of “credit visible” individuals in the community by 7 percent.[4] Another 2017 study linked the CRA to increased small business lending activity in LMI communities.[5] Benefits have also flowed to smaller metropolitan and rural areas; a recent analysis shows that community development financing by banks headquartered in Appalachia reached $8.8 billion from 2007 to 2010.[6] What the CRA does not do is also important: studies have demonstrated that the CRA does not increase delinquencies or foreclosures and did not contribute to the subprime crisis.[7]
Some changes to the implementation of the CRA are long overdue. For example, there is a need to reflect technology’s significant and continuing transformational effect on the delivery of banking services. In a memorandum dated April 3, 2018, the Department of the Treasury (Treasury) recommends updating the definition of a bank’s CRA assessment area to better account for the range of delivery channels that banks offer. When the CRA became law in 1977, a bank’s geographic footprint and the areas surrounding it was a good proxy for the communities served by the bank. That no longer holds true. A bank should be examined under the CRA for how it serves LMI communities where it has a physical footprint and in areas where the bank accepts deposits and does substantial business, and it should receive CRA credit for qualifying loans and investments made in those areas.
A related phenomenon is that as bank branch footprints shrink due to a variety of causes—including the increased adoption of digital banking—rural areas increasingly rely on internet banking to deliver access to credit or branches far from their community. To ensure the CRA is an effective tool against rural disinvestment, banking regulators should reassess whether scoping guidance for examiners should encourage the classification of more rural communities as full scope assessment areas instead of limited scope assessment areas.
Another area that we and Treasury agree deserves renewed consideration is the inclusion of bank affiliates’ performance under the lending test. Under current regulations, a bank can choose whether its affiliates’ loans are included in its CRA performance assessment. This can lead to strategic behavior by banks, who are incentivized to include affiliates’ loans when it benefits their CRA performance and exclude them when it harms CRA performance. A bank should not have the discretion to exclude from CRA evaluation loans made by its affiliates; all loans made by a bank’s affiliates should be included in the bank’s CRA evaluation.
The digitization of banking also means that it is appropriate to re-evaluate the CRA’s service test, which assesses the number and types of investments made and services provided by a bank to LMI communities in its assessment area. Clearly, physical branches are no longer the only way for banks to deliver access to credit. Although technology has certainly helped expand access to credit through alternative delivery systems, studies continue to show that physical branches still provide a significant boost to access to credit to their surrounding community. For example, a 2014 study found that, even in crowded markets, a branch closing results in 13 percent fewer small business loans, and the effect is concentrated in low-income and high-minority neighborhoods.[8] We urge you to keep in mind that although digital banking has increased access to credit for many, branches continue to be important, particularly for LMI communities, due to the information-intensive and relationship-specific credit production in those areas compared to higher income areas.
One suggestion included in the Treasury memorandum that gives us pause is the recommendation that the other banking regulators adopt two recent Office of the Comptroller of the Currency (OCC) policies: one permits banks to open or acquire branches even if a bank has a “less than satisfactory” CRA rating, provided that the applicant demonstrate that the expansion benefits the communities it serves, and the other limits the effect illegal or discriminatory credit practices can have on a bank’s CRA rating. While we generally support expansions that benefit LMI communities, we are concerned that permitting expansions for banks with “less than satisfactory” ratings undermines the only formal compliance mechanism that exists under the CRA: the prospect that the banking regulators will deny those banks’ expansion applications. To put this in context, banks have received “Satisfactory” or “Outstanding” grades in 98 percent of CRA examinations since 2010.[9] We believe that limiting exceptions to this enforcement mechanism is likely to result in more benefits to LMI communities through increased CRA compliance than would be achieved by occasionally approving applications from poor performing banks when the expansion would provide increased benefits to LMI communities. Furthermore, we believe that narrowing the universe of loans with respect to which a regulator evaluates a bank’s illegal or discriminatory credit practices is inconsistent with a key finding of Congress in passing the CRA: banks must demonstrate that they “serve the convenience and needs of the communities in which they are chartered to do business.”[10]
The recent Treasury memorandum suggests a number of other sensible updates to CRA regulations, such as permitting banking regulators to preclear community development financings as qualifying investments and making those determinations public, and improving the objectivity and comparability of CRA exam performance metrics.
Thank you for your attention to the CRA, one of the most important tools we have for inclusive access to credit and economic growth.
Sincerely,
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[1] Laurie Goodman, Alana McCargo, & Jun Zhu, A closer look at the fifteen-year drop in black homeownership, Urban Institute (Feb. 13, 2017), https://www.urban.org/urban-wire/closer-look-fifteen-year-drop-black-homeownership.
[2] Richard Fry & Anna Brown, In a Recovering Market, Homeownership Rates Are Down Sharply for Blacks, Young Adults, Pew Research Center (Dec. 15 2016),http://www.pewsocialtrends.org/2016/12/15/in-a-recovering-market-homeownership-rates-are-down-sharply-for-blacks-young-adults/.
[3] Federal Reserve Bank of Cleveland & Federal Reserve Bank of Atlanta, 2016 Small Business Credit Survey, Report on Minority-Owned Firms (Nov. 2017), at 7-17, https://www.clevelandfed.org/~/media/content/community%20development/smallbusiness/2016%20sbcs/sbcs%20minority%20owned%20report.pdf?la=en.
[4] Kristin F. Butcher & Ana Patricia Muñoz, “Using Credit Reporting Agency Data To Assess the Link Between the Community Reinvestment Act and Consumer Credit Outcomes,” 19Cityscape 2, 97-98 (2017).
[5] Raphael W. Bostic & Hyojung Lee, “Small Business Lending Under the Community Reinvestment Act,” 19 Cityscape 2, 81 (2017).
[6] Josh Silver & Archana Pradhan, National Community Reinvestment Coalition; Spencer M. Cowan, Woodstock Institute, Access to Capital and Credit in Appalachia and the Impact of the Financial Crisis and Recession on Commercial Lending and Finance in the Region (July 2013), at 138, https://www.arc.gov/assets/research_reports/AccessToCapitalAndCreditInAppalachia-July2013.pdf.
[7] See, e.g., Robert B. Avery & Kenneth P. Brevoort, The Subprime Crisis: Is Government Housing Policy
to Blame?, Board of Governors of the Federal Reserve System (2011), https://www.federalreserve.gov/pubs/feds/2011/201136/201136pap.pdf; Glenn Canner & Neil Bhutta, Staff Analysis of the Relationship Between the CRA and the Subprime Crisis, Board of Governors of the Federal Reserve System (Nov. 21, 2008), https://www.federalreserve.gov/images/20081203_analysis.pdf.
[8] Hoai-Luu Q. Nyugen, Do Bank Branches Still Matter? The Effect of Closings on Local Economic Outcomes (Dec. 2014), at 3, http://economics.mit.edu/files/10143.
[9] Ben Horowitz, Fair lending laws and the CRA: Complementary tools for increasing equitable access to credit, Federal Reserve Bank of Minneapolis (Mar. 8, 2018),https://minneapolisfed.org/publications/community-dividend/fair-lending-laws-and-the-cra-complementary-tools-for-increasing-equitable-access-to-credit.
[10] 12 U.S.C. § 2901(a)(1).
Warner Leads Effort to Urge Banking Regulators to Strengthen Credit Access for Low-Income Communities
WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Banking Committee, released the following statement after President Trump signed his regulatory reform bill, S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, into law:
“The bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act will provide meaningful relief to Main Street. It will roll back unnecessary and burdensome regulations on credit unions and small community banks while ensuring that larger banks remain subject to the rules I helped put in place after the financial crisis. This bill is the result of years of tough negotiations between Democrats and Republicans and will help small lenders provide mortgages and other credit to hardworking Virginians and small businesses. While this bill does not include everything Democrats wanted nor everything Republicans wanted, I’m proud of my colleagues for putting differences aside, finding common ground, and working together to pass this sensible, bipartisan bill into law.”
The legislation is the result of bipartisan negotiations among Warner, Banking Committee Chairman Mike Crapo (R-ID), and Banking Committee members Sens. Joe Donnelly (D-IN), Heidi Heitkamp (D-ND) and Jon Tester (D-MT).
The legislation was endorsed by a number of Virginia banking institutions including the Virginia Bankers Association (VBA) and the Virginia Association of Community Banks (VACB).
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WASHINGTON – Today, U.S. Sens. Mark R. Warner (D-VA) and Jerry Moran (R-KS), Co-Chairs of the Senate Aerospace Caucus, introduced the Aeronautics Innovation Act to help boost innovation, research and development in the aeronautics industry. The bill would provide a five-year funding commitment to advance innovation and supplement research in the field.
In 2016, the U.S. aerospace and defense industry produced more than 2.4 million jobs and generated more than $872 billion in revenue. However, without the proper strategy and investment, the U.S. risks falling behind other industrialized nations in developing and advancing the next generation of aircraft. Forecasts estimate that the world’s demand for passenger aircraft fleet above 100 seats will double over the next 20 years, generating new plane orders between 35,000 and 40,000 worth more than $5 trillion by 2035.
“In order for the U.S. to boost its competitive edge in aeronautics, Congress must enact policies that invest in long-term research and development,” said Sen. Warner. “With countries across the globe looking to profit from record demand in the coming years for commercial aircraft, competition is fierce to lead the way in developing next-generation technology. This bill lays out a blueprint for how the U.S. can lead the world in a new age of manufacturing, where we can build the safest, quietest, most-fuel efficient and environmentally friendly planes available. Virginia is home to a thriving aerospace industry with leading federal facilities such as NASA Langley, and this bill will continue to support the nation’s next-generation capabilities in this important industry.”
“The future of our aerospace industry depends on our investment in research, testing and manufacturing,” said Sen. Moran. “Kansas has demonstrated the significant impact a commitment to forward-thinking can have, and continues to play a prominent role in the national aerospace industry. Across the country, the industry is poised to make groundbreaking discoveries, perfect new technology and build better and more efficient aircraft. The investment that can be made by passing this legislation will make certain that our successes can continue into the next generation.”
“We applaud Senators Warner and Moran, the Senate Aerospace Caucus Co-Chairs, for championing the Aeronautics Innovation Act, which will provide continuity and budget stability for aeronautics research. American industry partners are the leaders of innovation and need to maintain our competitive edge. If enacted, this legislation will boost our economy and protect our national security, ensuring American technological superiority in air and space,” said Eric Fanning, President and Chief Executive Officer, Aerospace Industries Association.
“The National Institute of Aerospace (NIA) is excited to support this important legislative initiative, which will ensure continued U.S. leadership in aeronautics amid increased worldwide competition and investments by other governments. Aeronautics is a critical industry for our economy and national defense and represents a significant portion of our nation’s exports. The Aeronautics Innovation Act will not only increase our investments in aeronautics research but will also re-focus them on critical innovative growth areas such as: unmanned aerial systems, autonomy, urban air mobility, composite materials, as well as flight test vehicles to demonstrate these technologies so U.S. companies can then take advantage of them,” said Dr. Douglas O. Stanley, President and Executive Director, National Institute of Aerospace.
“The Hampton Roads Military and Federal Facilities Alliance (HRMFFA) writes in strong support of the Aeronautics Innovation Act. We encourage your colleagues to co-sponsor this necessary legislation to help increase economic growth, sustain national security and maintain America’s leadership in science and technology,” said Craig R. Quigley, Rear Admiral, U.S. Navy (Ret.), Hampton Roads Military and Federal Facilities Alliance
“Through our involvement in NASA’s Unmanned Traffic Management and UAS in the National Airspace System research programs, we’ve seen firsthand the value of NASA’s leadership in enabling the burgeoning UAS industry to move from innovation towards successful integration, and the tremendous dividends of strong public-private partnerships in this field. This bill helps ensure the continuation of the many NASA-led efforts that are rapidly advancing UAS integration––fueling growth in the UAS industry and supporting U.S. leadership in this critical and expanding sector,” said Mark Blanks, Director, Virginia Tech Mid-Atlantic Aviation Partnership.
“I fully support The Aeronautics Innovation Act being introduced by Senators Warner and Moran, including the aeronautics funding augmentation it proposes. The future challenges posed by demonstrating sustained hypersonic flight, developing a viable commercial supersonic transport system and achieving routine autonomous aerial systems operations will benefit greatly from the knowledge base and technology developed by NASA Aeronautics. An increased NASA Aeronautics funding stream will sustain NASA technology development and assure that NASA expertise and facilities will be available to the industry and military for future national systems development programs,” said Delma C. Freeman, Jr., Chairman, NASA Aerospace Support Team, Retired Director NASA Langley Research Center.
“As a key element of our overall mission in advocating for aerospace advancement within the Commonwealth of Virginia, the Virginia AeroSpace Business Association (VASBA) is in full support of NASA’s New Aviation Horizons (NAH) Initiative which includes developing new X-planes that will be cleaner, faster and quieter. NASA has successfully demonstrated the value of X-planes in advancing flight technologies and aerospace engineering, and we strongly believe the NAH initiative will place Virginia at the forefront of the next generation of aircraft and air traffic management systems using advanced technologies and configurations. We believe that the NAH initiative and complementary investments efforts such as Senator Warner’s Aeronautics Innovation Act will offer tremendous opportunities to industry and universities throughout Virginia,” said Robert P. Fleishauer, Ph.D, PMP, President, Virginia Aerospace Business Association.
The Senate bill is also endorsed by the Association for Unmanned Vehicle Systems International (AUVSI), the Small UAV Coalition, the General Aviation Manufacturers Association (GAMA), Unmanned Systems Association of Virginia (USAV), and the National Institute for Aviation Research.
Key provisions of the Aeronautics Innovation Act include:
- Authorizing robust funding levels for NASA’s Aeronautics directorate over the next five years: $790 million in FY 2019, $930 million in FY 2020, $974 million in FY 2021, $996 million in FY 2022, and $1.03 billion in FY 2023.
- Ensuring sustained Congressional support for the NASA Aeronautics Research Mission Directorate’s (ARMD) Strategic Implementation Plan, a forward looking strategy that supports the future needs of aviation communities.
- Affirming NASA’s key role in the long-term research in transformative aeronautics technologies.
- Establishing a national policy for aeronautics research that will maintain U.S. superiority in air capabilities and aviation industrial leadership.
- Establishing a new series of experimental plane, or “X-Plane,” programs rooted in ARMD’s strategic plan that will restore NASA’s capacity to see legacy priority initiatives through to completion and achieve national economic and security objectives.
- Directing NASA’s continuing support of unmanned aircraft system development, particularly unmanned traffic management and on-demand mobility technologies.
- Creating the 21st Century Aeronautics Research Capabilities Initiative, a program designed to modernize NASA’s aeronautics facilities, such as wind tunnels and modeling & simulation capabilities.
This is the companion bill to bipartisan legislation introduced by Reps. Steve Knight (R-CA), Marcy Kaptur (D-OH), Bobby Scott (D-VA) and others in the House of Representatives.
The full text of the Senate bill can be found here.
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WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Banking Committee, released the following statement after the House passed S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, sending the bill to the President’s desk:
“The bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act will provide meaningful relief to Main Street. It will roll back unnecessary and burdensome regulations on credit unions and small community banks while ensuring that larger banks remain subject to the rules I helped put in place after the financial crisis. This bill is the result of years of tough negotiations between Democrats and Republicans and will help small lenders provide mortgages and other credit to hardworking Virginians and small businesses. While this bill does not include everything Democrats wanted nor everything Republicans wanted, I’m proud of my colleagues for putting differences aside, finding common ground, and sending this sensible, bipartisan bill to the President’s desk for signature.”
The legislation is the result of bipartisan negotiations among Warner, Banking Committee Chairman Mike Crapo (R-ID), and Banking Committee members Sens. Joe Donnelly (D-IN), Heidi Heitkamp (D-ND) and Jon Tester (D-MT).
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Warner Introduces Bipartisan Legislation To Promote Public-Private Partnerships For Community Rehabilitation
May 10 2018
WASHINGTON – Today, U.S. Sen. Mark R. Warner, along with Sen. John Cornyn (R-TX), introduced the Tools on Our Local Streets (TOOLS) to Rehabilitate Communities Act to allow Community Development Block Grants (CDBG) to be used to create public-private partnerships for the revitalization of neighborhoods, housing rehabilitation, and disaster relief efforts. The bipartisan bill would provide a mechanism for nonprofits to use private sector resources in order to advance community development.
“For decades, this federal grant program has helped local and state governments address their development needs by improving housing access, ensuring suitable living environments, and expanding economic opportunities. It makes sense that nonprofits who similarly play a critical role in providing assistance and resources to these communities should have access to this funding,” said Sen. Warner. “This commonsense bill helps ensure that we are fully leveraging nonprofits’ tools and know-how to help revitalize neighborhoods and create jobs.”
“This bill would provide additional flexibility for localities by allowing them to partner up with nonprofit organizations, especially helping recovery efforts when a disaster happens,” said Sen. Cornyn. “By bringing nonprofit resources and expertise to the table, these grants can be more effective in making America’s neighborhoods better places to live and work.”
“By providing opportunities to receive CDBG funding, organizations like the Richmond Community ToolBank are empowered with the resources to strengthen other charitable organizations by providing tools to complete their projects. Often times not for profit organizations don’t have the means to purchase, store and repair the tools needed for a particular project which means less opportunity to create impact. There are far too many examples of having enough volunteers for a project with not enough tools. This decreases impact and volunteer engagement. Our goal is to put as many tools in the hands of volunteers as possible and create communities of hope,” said Trey Bearden, Executive Director of the Richmond Community ToolBank.
"With access to CDBG grant funding, organizations and partnerships will exponentially increase their ability to realize meaningful community improvement, where underemployed residents are engaged in revitalizing neighborhoods and creating shared green spaces. The impact of CDBG funding will be the conversion of blighted property to higher community use, and expanded opportunities for young adults to access job training. Health, well-being, and a sense of authentic pride emerges when communities are revitalized and residents realize greater economic self-sufficiency, resulting from this new CDBG legislation," said Giles Harnsberger, Executive Director of Groundwork RVA.
“This change will allow community-based nonprofit organizations access to the resources they need to revitalize communities. Our work builds community capacity to develop sustainable greenspaces that have numerous economic, health and environmental benefits. With access to CDBG funding, our organization and partners will be able to transform blighted communities into healthy communities through equitable placemaking,” said Duron Chavis, Community Engagement Coordinator of the Lewis Ginter Botanical Garden.
The bill would:
· Strengthen Community Development Public-Private Partnerships with Nonprofit Organizations. The Tools on Our Local Streets (TOOLS) to Rehabilitate Communities Act makes nonprofit organizations that provide tools, equipment, or other resources used to complete community development or rehabilitation projects eligible for funding through Community Development Block Grants (CDBG). CDBGs provide federal assistance to state and local governments in support of local neighborhood revitalization, housing rehabilitation, and community and economic development. CDBGs are also used to help localities recover from presidentially-declared disasters.
· Increase Awareness of New Opportunity. This legislation requires the Secretary of Housing and Urban Development (HUD) to notify current CDBG grant applicants and awardees of the new opportunity.
· Require HUD to Identify Improvements for Community Development Partnerships with Nonprofits. This bill requires the HUD Secretary to report on current opportunities for partnerships to complete community development, revitalization, or rehabilitation projects and existing challenges.
The full text of the bill can be found here.
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WASHINGTON – U.S. Senator Chris Van Hollen has led a bipartisan letter with his colleagues to the Senate Agriculture Committee urging the inclusion of his legislation, the Chesapeake Bay Farm Bill Enhancements Act, in this year’s Farm Bill. This bill would dramatically increase the amount of funds available to Bay-area farmers to aid in conservation and anti-pollution efforts.
The Senators write, “As the Senate Agriculture Committee considers the upcoming Farm Bill, we urge you to consider inclusion of the Chesapeake Bay Farm Bill Enhancements Act. The bill makes a number of changes to the Regional Conservation Partnership Program (RCPP) through additional funding, enhancing critical conservation areas, and boosting technological assistance.”
They note that “the bill has broad, bipartisan support from the Governors of Maryland, Delaware, Pennsylvania, West Virginia, and the Mayor of Washington, D.C.” in addition to “over 70 different organizations such as the Chesapeake Bay Commission, the Chesapeake Bay Foundation, and the Choose Clean Water Coalition.”
The Senators close the letter stating, “We look forward to continuing to work with you to ensure that our regional Bay economy continues to thrive and that all Americans can enjoy this treasure for generations to come.”
Senator Van Hollen was joined in sending the letter by Senators Ben Cardin (D-Md.), Shelley Moore Capito (R-W.Va.), Joe Manchin (D-W.Va.), Tom Carper (D-Del.), Chris Coons (D-Del.), Mark Warner (D-Va.), Tim Kaine (D-Va.), Kirsten Gillibrand (D-N.Y.), and Bob Casey (D-Pa.).
Senator Van Hollen introduced the bipartisan Chesapeake Bay Farm Bill Enhancements Act of 2017 in November 2017. This legislation increases mandatory funding available to the Bay, strengthens the Regional Conservation Partnership Program (RCCP), and provides more opportunities for effective conservation efforts. It builds on the historic funding that Senator Van Hollen obtained in the 2008 Farm Bill to help farmers and protect the Bay.
The text of the letter can be found here and below.
Dear Chairman Roberts and Ranking Member Stabenow:
As the Senate Agriculture Committee considers the upcoming Farm Bill, we urge you to consider inclusion of the Chesapeake Bay Farm Bill Enhancements Act.
The bill makes a number of changes to the Regional Conservation Partnership Program (RCPP) through additional funding, enhancing critical conservation areas, and boosting technical assistance. These provisions are necessary to ensure that CCA partnerships are consistent with national, regional and state priorities and generate outcomes that address critical resource concerns, such as the restoration of the Chesapeake Bay. They will also address issues experienced by stakeholders in the Chesapeake Bay Watershed.
The bill has broad, bipartisan support from the Governors of Maryland, Delaware, Pennsylvania, West Virginia, and the Mayor of Washington D.C. Furthermore, over 70 different organizations such as the Chesapeake Bay Commission, the Chesapeake Bay Foundation, and the Choose Clean Water Coalition support the bill. Identical legislation has been introduced in the House of Representatives.
Thank you for your attention to and consideration of this important request. We look forward to continuing to work with you to ensure that our regional Bay economy continues to thrive and that all Americans can enjoy this treasure for generations to come.
Sincerely,
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WASHINGTON — Today, U.S. Sens. Mark R. Warner (D-VA), Shelley Moore Capito (R-WV), Joe Manchin (D-WV), and Tim Kaine (D-VA) introduced bipartisan legislation that would rename the U.S. Department of Agriculture (USDA) as the Department of Agriculture and Rural Development. The change would accurately reflect the Department’s increasing focus on improving the quality of life of more than 45 million Americans living in rural areas. The Department already provides significant financial resources and technical assistance to rural communities in the form of loans, loan guarantees, and grants that help support economic development in these areas. Renaming the agency would help highlight its mission of providing rural communities with access to critical infrastructure, broadband, telecommunications connectivity, capital, healthcare, and other essential resources.
“President Lincoln called USDA ‘The People’s Department’ because, dating back to its founding in 1862, it has always been the primary government entity charged with boosting economic development in rural communities. But at the time of USDA’s creation, nearly half of all Americans lived on farms, compared to just 2 percent today,” said Sen. Warner. “This bipartisan bill would highlight the USDA’s ongoing efforts to help rural communities thrive and underscore that part of its mission is increasing economic opportunity in rural America.”
“USDA plays an instrumental role in improving the lives of millions of Americans living in rural areas—especially in states like West Virginia,” said Sen. Capito. “The department has provided West Virginians access to increased broadband connectivity, improved health services, and critical infrastructure, and remains an important partner in these and other efforts. Renaming USDA will make it possible to recognize the agency’s role in creating more economic opportunity in rural communities, as well as its increasing role in rural development.”
“Today, the Department of Agriculture does more than provide assistance to farmers, it provides residents in rural areas in West Virginia with financial and technical assistance to confront the challenges many areas currently face,” said Sen. Manchin. “That’s why I believe the Department should be renamed and known for the services it should be focusing on, such as improving access to critical infrastructure, broadband, telecommunications connectivity, capital, healthcare, and other essential resources. Last year, I co-chaired the Appalachia Initiative where I discussed ways to address the challenges the rural communities in West Virginia face. This legislation will help shine a light on the Department of Agriculture’s vital work to ensure rural America does not get left behind.”
“USDA plays a critical role in promoting infrastructure and economic development in rural America. Too many rural communities lack clean drinking water, reliable broadband internet, and adequate health and transportation resources,” said Sen. Kaine. “The rural development mission of USDA is just as important as its agriculture, food safety, and nutrition missions and should be reflected in its title.”
President Abraham Lincoln signed into law an act of Congress in 1862 that established the United States Department of Agriculture. Currently, USDA is made up of 29 agencies and offices with nearly 100,000 employees who serve the American people at more than 4,500 locations across the country and abroad. The Department is the federal agency in charge of meeting the needs of farmers and ranchers, promoting agricultural trade and production, working to assure food safety, protecting natural resources, fostering rural communities and ending hunger in the United States and internationally. In 2012, USDA commemorated its 150th anniversary.
“Rural communities are a key pillar of America, however, they are often challenged by geographic isolation and persistent poverty. For the residents of rural America that continue to feel left behind in today’s economy, The Department of Agriculture and Rural Development Act of 2017 offers a renewed focus on the economic matters specific to their community. BPC Action hopes this step by Sens. Mark Warner (D-VA), Shelley Moore Capito (R-WV), and Joe Manchin (D-WV) will better focus federal efforts around conditions in rural America and produce pragmatic solutions such as those recommended by BPC’s Appalachia Initiative,” said Michele Stockwell, Executive Director of BPC Action.
“The National Cotton Council greatly appreciates the work and support of Sen. Warner to help address economic challenges facing the cotton industry and broader concerns in agriculture and across rural America. We support the Senator’s efforts to highlight the critically important role of the U.S. Department of Agriculture (USDA) in providing rural development support and economic opportunities in our rural communities,” said Reece Langley, VP of Washington Operations of the National Cotton Council.
"America's turkey farmers appreciate Sen. Warner's support for the rural communities that supply our farm inputs and where many of the facilities that process the turkeys we raise are located. This effort to rename the Department of Agriculture "the Department of Agriculture and Rural Development" reinforces the importance of rural development in the mission of the Department and to rural communities. The National Turkey Federation thanks Sen. Warner for working to ensure the communities where our families, friends and neighbors work and go to school have access to the infrastructure and resources needed to thrive and grow" said Joel Brandenberger, President of the National Turkey Federation.
“Historically, Rural Development programs have not been a priority within the Agriculture Department, regardless of political party in charge. We believe renaming the Department would elevate the Rural Development mission area and better reflect the importance of these programs for rural communities across the country,” said Robert A. Rapoza, Executive Secretary of the National Rural Housing Coalition.
Sens. Warner and Manchin, along with Sens. David Perdue (R-GA) and Thom Tillis (R-NC), are co-chairs of the bipartisan Appalachia Initiative, a task force convened with the Bipartisan Policy Center (BPC) to find pragmatic, bipartisan solutions to Appalachia’s challenges. Last year, they released a report with a set of bipartisan recommendations to boost economic growth in Appalachia. Sens. Warner, Capito, and Manchin, along with Sen. Roger Wicker (R-MS), have also introduced bipartisan legislation to expand economic opportunity in Appalachia.
The text of the bill can be found here.
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WASHINGTON, D.C. – Today, U.S. Senators Mark Warner and Tim Kaine announced $1,000,000 in federal funding from the National Science Foundation to support high-achieving students with demonstrated financial need as they pursue the cybersecurity program at Old Dominion University (ODU).
“Ensuring students have the support they need to pursue careers in cybersecurity is critical to building our federal workforce and defending the nation’s economic and national security,” the Senators said. “We are thrilled that ODU and the National Science Foundation are partnering to help make that a reality for more students.”
The funding will provide up to 18 scholarships for students in the cybersecurity program as well as additional mentoring and program activities.
As Vice Chairman of the Senate Intelligence Committee, Warner has been a strong voice for protecting the integrity of our election systems, introducing bipartisan legislation to bring accountability to online political ads and secure our elections. He is also the author of bipartisan, bicameral legislation that would provide states and local government funding to counter cyberattacks. As cofounder of the Senate Cybersecurity Caucus, Warner has been a leader in calling for the protection of consumers’ personal information and timely disclosure of data breaches, authoring legislation to hold credit reporting agencies accountable for such breaches.
Kaine, a member of the Senate Armed Services Committee, also co-chairs the Senate Career and Technical Education (CTE) Caucus and has become a leader in the Senate on policies to prepare students for careers in cybersecurity. Last year, key provisions of Kaine’s DoD Cyber Scholarship Program Act of 2017, which would improve and expand an existing DoD scholarship program for students pursuing degrees in cybersecurity fields, were included in the committee-passed Fiscal Year 2018 National Defense Authorization Act. The DoD Cyber Scholarship Act creates a jobs pipeline from Centers of Academic Excellence (CAE) to the Department of Defense.
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Warner & Kaine Statement on Threat President Trump’s Trade War Would Pose to Virginia Farmers & Families
Apr 05 2018
WASHINGTON, D.C. – Today, U.S. Senators Mark Warner and Tim Kaine raised concerns after Virginia’s Department of Agriculture and Consumer Services confirmed that proposed tariffs could hurt Virginia businesses and employees, as China is the Commonwealth’s biggest export market for agricultural goods. Yesterday China announced that it is considering raising tariffs on soybeans, beef, and other critical agriculture commodities produced in Virginia in response to President Trump’s proposed tariffs. President Trump recently tweeted that “trade wars are good.”
“President Trump should be making it easier for Virginia farmers and families to get ahead, not driving us head-first into a harmful trade war,” the Senators said. “The President’s reckless actions aren’t ‘good’ for the farmers and local businesses whose products would face huge taxes from China. And President Trump causing massive volatility in the stock market sure isn’t ‘good’ for our economy or Virginia families’ retirement savings. We wish the President would think about hardworking Virginians before making rash decisions with serious implications for our communities.”
China announced tariffs on 106 U.S. products yesterday, including items produced in rural communities in Central, Southern, and Southwest Virginia, as well as the Valley, the Eastern Shore, and the Northern Neck. Below is the full list of products that are set to be subject to duties, many grown in Virginia:
1. Yellow soybean
2. Black soybean
3. Corn
4. Cornflour
5. Uncombed cotton
6. Cotton linters
7. Sorghum
8. Brewing or distilling dregs and waste
9. Other durum wheat
10. Other wheat and mixed wheat
11. Whole and half head fresh and cold beef
12. Fresh and cold beef with bones
13. Fresh and cold boneless beef
14. Frozen beef with bones
15. Frozen boneless beef
16. Frozen boneless meat
17. Other frozen beef chops
18. Dried cranberries
19. Frozen orange juice
20. Non-frozen orange juice
21. Whiskies
22. Unstemmed flue-cured tobacco
23. Other unstemmed tobacco
24. Flue-cured tobacco partially or totally removed
25. Partially or totally deterred tobacco stems
26. Tobacco waste
27. Tobacco cigars
28. Tobacco cigarettes
29. Cigars and cigarettes, tobacco substitutes
30. Hookah tobacco
31. Other tobacco for smoking
32. Reconstituted tobacco
33. Other tobacco and tobacco substitute products
34. SUVs with discharge capacity of 2.5L to 3L
35. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor that can be charged by plugging in an external power source. Cylinder capacity displacement exceeding 2500ml, but not exceeding 3000ml for SUVs (4 wheel drive)
36. Vehicles with discharge capacity of 1.5L to 2L
37. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor that can be charged by plugging in an external power source. Cylinder capacity displacement exceeding 1000ml, but not exceeding 1500ml for SUVs (4 wheel drive)
38. Passenger cars with discharge capacity 1.5L to 2L, 9 seats or less
39. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor that can be charged by plugging in an external power source. Cylinder capacity displacement exceeding 1000ml, but not exceeding 1500ml for 9 passenger cars and below
40. Passenger cars with discharge capacity of 3L to 4L, 9 seats or less
41. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor that can be charged by plugging in an external power source. Cylinder capacity displacement exceeding 3000ml, but not exceeding 4000ml for 9 passenger cars and below
42. Off-road vehicles with discharge capacity of 2L to 2.5L
43. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor that can be charged by plugging in an external power source. Cylinder capacity displacement exceeding 2000ml, but not exceeding 2500ml for off-road vehicles
44. Passenger cars with discharge capacity of 2L to 2.5L, 9 seats or less
45. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor that can be charged by plugging in an external power source. Cylinder capacity displacement exceeding 2000ml, but not exceeding 2500ml for 9 passenger cars and below
46. Off-road vehicles with discharge capacity of 3L to 4L
47. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor that can be charged by plugging in an external power source. Cylinder capacity displacement exceeding 3000ml, but not exceeding 4000ml for off-road vehicles
48. Diesel-powered off-road vehicles with discharge capacity of 2.5L to 3L
49. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor that can be charged by plugging in an external power source. Cylinder capacity displacement exceeding 2500ml, but not exceeding 3000ml for diesel-powered off-road vehicles
50. Passenger cars with discharge capacity of 2.5L to 3L, 9 seats or less
51. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor that can be charged by plugging in an external power source. Cylinder capacity displacement exceeding 2500ml, but not exceeding 3000ml for 9 passenger cars and below
52. Off-road vehicles with discharge capacity of less than 4L
53. Other vehicles equipped with an ignited reciprocating piston internal combustion engine and a drive motor that can be charged by plugging in an external power source. Cylinder capacity displacement not exceeding 4000ml for off-road vehicles
54. Other vehicles which are equipped with an ignited reciprocating piston internal combustion engine and a drive motor and can be charged by plugging in an external power source
55. Other vehicles that are equipped with a compression ignition type internal combustion engine (diesel or semi-diesel) and a drive motor, other than vehicles that can be charged by plugging in an external power source
56. Other vehicles which are equipped with an ignition reciprocating piston internal combustion engine and a drive motor and can be charged by plugging in an external power source
57. Other vehicles that are equipped with a compression-ignition reciprocating piston internal combustion engine and a drive motor that can be charged by plugging in an external power source
58. Other vehicles that only drive the motor
59. Other vehicles
60. Other gasoline trucks of less than 5 tons
61. Transmissions and parts for motor vehicles not classified
62. Liquefied Propane
63. Primary Shaped Polycarbonate
64. Supported catalysts with noble metals and their compounds as actives
65. Diagnostic or experimental reagents attached to backings, except for goods of tariff lines 32.02, 32.06
66. Chemical products and preparations for the chemical industry and related industries, not elsewhere specified
67. Products containing PFOS and its salts, perfluorooctanyl sulfonamide or perfluorooctane sulfonyl chloride in note 3 of this chapter
68. Items listed in note 3 of this chapter containing four, five, six, seven or octabromodiphenyl ethers
69. Contains 1,2,3,4,5,6-HCH (6,6,6) (ISO), including lindane (ISO, INN)
70. Primarily made of dimethyl (5-ethyl-2-methyl-2oxo-1,3,2-dioxaphosphorin-5-yl)methylphosphonate and double [(5-b Mixtures and products of 2-methyl-2-oxo-1,3,2-dioxaphosphorin-5-yl)methyl] methylphosphonate (FRC-1)
71. 38248600a articles listed in note 3 to this chapter containing PeCB (ISO) or Hexachlorobenzene (ISO)
72. Containing aldrin (ISO), toxaphene (ISO), chlordane (ISO), chlordecone (ISO), DDT (ISO) [Diptrix (INN), 1,1,1-trichloro-2 ,2-Bis(4-chlorophenyl)ethane], Dieldrin (ISO, INN), Endosulfan (ISO), Endrin (ISO), Heptachlor (ISO) or Mirex (ISO). The goods listed in note 3 of this chapter
73. Other carrier catalysts
74. Other polyesters
75. Reaction initiators, accelerators not elsewhere specified
76. Polyethylene with a primary shape specific gravity of less than 0.94
77. Acrylonitrile
78. Lubricants (without petroleum or oil extracted from bituminous minerals)
79. Diagnostic or experimental formulation reagents, whether or not attached to backings, other than those of heading 32.02, 32.06
80. Lubricant additives for oils not containing petroleum or extracted from bituminous minerals
81. Primary Shaped Epoxy Resin
82. Polyethylene Terephthalate Plate Film Foil Strips
83. Other self-adhesive plastic plates, sheets, films and other materials
84. Other plastic non-foam plastic sheets
85. Other plastic products
86. Other primary vinyl polymers
87. Other ethylene-α-olefin copolymers, specific gravity less than 0.94
88. Other primary shapes of acrylic polymers
89. Other primary shapes of pure polyvinyl chloride
90. Polysiloxane in primary shape
91. Other primary polysulphides, polysulfones and other tariff numbers as set forth in note 3 to chapter 39 are not listed.
92. Plastic plates, sheets, films, foils and strips, not elsewhere specified
93. 1,2-Dichloroethane (ISO)
94. Halogenated butyl rubber sheets, strips
95. Other heterocyclic compounds
96. Adhesives based on other rubber or plastics
97. Polyamide-6,6 slices
98. Other primary-shaped polyethers
99. Primary Shaped, Unplasticized Cellulose Acetate
100. Aromatic polyamides and their copolymers
101. Semi-aromatic polyamides and their copolymers
102. Other polyamides of primary shape
103. Other vinyl polymer plates, sheets, strips
104. Non-ionic organic surfactants
105. Lubricants (containing oil or oil extracted from bituminous minerals and less than 70% by weight)
106. Aircraft and other aircraft with an empty weight of more than 15,000kg but not exceeding 45,000kg
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Sen. Warner met with ARC Co-Chair last month in his Senate office in Washington
WASHINGTON — U.S. Sen. Mark R. Warner (D-VA) released the following statement after the U.S. Senate unanimously confirmed Tim Thomas, President Trump’s nominee to be the Federal Co-Chair of the Appalachian Regional Commission:
“I was proud to support Mr. Thomas’ nomination to lead federal efforts to foster economic development in Appalachia,” said Sen. Warner. “Despite the Administration’s attempt to defund the Appalachian Regional Commission, I worked with my colleagues on a bipartisan funding agreement this week that just increased its funding by $3 million—the highest level approved in decades. Now that he has been confirmed as its co-chair, I trust Mr. Thomas will carry out his duties with a clear focus on expanding economic opportunities in the region and I look forward to working together to achieve this.”
The Appalachian Regional Commission is a federal-state partnership that has invested in 25,000 projects across Appalachia’s 420 counties. For more than fifty years, ARC has provided funding and support for job-creating community projects across the 13 Appalachian states, producing an average of $204 million in annual earnings for a region often challenged by economic underdevelopment. Since its inception in 1965, ARC has generated over 300,000 jobs and $10 billion for the 25 million Americans living in Appalachia.
A bipartisan Congressional budget agreement passed by Congress this week included a $3 million increase in additional funding for ARC, for a total of $155 million in FY18. In his budget plan, President Trump had proposed eliminating funding for the ARC entirely. In response, Sen. Warner and a bipartisan coalition of Senators who represent Appalachian states called on President Trump to reverse his proposal to zero out funding for this important federal-state partnership. In 2017 alone, Sen. Warner announced over $7 million in ARC grant funding for projects in Virginia’s Appalachian counties.
Sen. Warner serves as a co-chair of the bipartisan Senate Appalachia Initiative, which has laid out a roadmap for bipartisan legislation to jumpstart economic growth in the region. He has introduced bipartisan legislation to support and encourage public-private partnerships in Appalachia that improve regional infrastructure, encourage entrepreneurship, and create jobs.
Mr. Thomas served on the state staff of U.S. Senate Majority Leader Mitch McConnell as a field representative based in the Senator’s Bowling Green office. A native Kentuckian, Thomas previously served in the administration of former Kentucky Governor Ernie Fletcher as a special assistant to the secretary of the Kentucky Environmental Cabinet, handling matters including legislative initiatives for the agency, according to the ARC In a meeting last month, Sen. Warner and Thomas discussed their shared priorities for Appalachia, including workforce development and combatting the opioid crisis.
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Warner, Capito, Manchin, Wicker Introduce Bipartisan Bill to Expand Economic Opportunity in Appalachia
Mar 19 2018
WASHINGTON – Today, U.S. Sens. Mark R. Warner (D-VA), Shelley Moore Capito (R-WV), Joe Manchin (D-WV), and Roger Wicker (R-MS) introduced bipartisan legislation to help local communities in Appalachia expand economic opportunity. The Appalachia Opportunity Act establishes a $100 million annual grant program to support and encourage public-private partnerships in Appalachia that will improve regional infrastructure, encourage entrepreneurship, and create jobs.
While federal-state partnerships like the Appalachian Regional Commission (ARC) have made great strides at helping the region modernize and adapt to economic shifts over the last several decades, the federal government and states are still largely tasked with selecting which of these projects receive funding. This bipartisan bill establishes a competitive grant program that would be administered by the U.S. Department of Agriculture (USDA) to incentivize local communities to engage in public-private partnerships that would advance local economic development projects. At $100 million annually, the new grant program would nearly double the level of federal funding specifically set aside for expanding economic development in Appalachia. The funds will come from the Dislocated Worker Reserve Fund, a program that provides assistance to dislocated workers who are disproportionately impacted by large layoffs and natural disasters.
“You shouldn’t have to leave your hometown to find a high-paying job and get a world-class education,” said Sen. Warner. “But Southwest Virginia and other parts of Appalachia have been hit hard by economic shifts of the last several decades. While there’s no magic formula that will fix all of the economic problems facing rural communities overnight, the federal government can and should do more to support homegrown initiatives that will expand economic opportunities in the region. This bipartisan bill incentivizes the private sector to make long-term investments in Appalachia, and encourages rural communities to experiment with new and innovative ways to create and attract 21st century jobs.”
“Federal investments and partnerships with local leaders are both critical in helping prepare Appalachian economies and communities for the future,”said Sen. Capito. “As we continue efforts to give our communities the tools they need to grow and prosper, encouraging collaborative partnerships between the public and private sectors is key for ensuring success and sustainability in the region. This bill will encourage cooperation and help deliver critical new resources for economic development in West Virginia and all of Appalachia.”
“Last fall I teamed up with several Senators from the Appalachian region to co-chair The Appalachia Initiative, and today I am excited to continue our important work to tackle the unique needs facing Appalachian communities,” said Sen. Manchin. “Rural communities in West Virginia are facing some tough challenges and grant programs like this will help foster the public-private partnerships needed to get local projects off the ground. This bipartisan bill is part of a comprehensive effort to help drive pragmatic, locally driven efforts to spur economic progress in Appalachian communities.”
“Over the past 50 years, targeted federal investments through the Appalachian Regional Commission have been a driving force for economic development and job creation in North Mississippi and greater Appalachia,” said Sen. Wicker. “This new program would provide additional competitive funding to spur long-term private investment and develop critical infrastructure, making a difference in the lives of the millions of people who call the region home.”
For ten years, the bill would provide $100 million annually to the Appalachia Innovation Program to fund ideas generated by local Appalachian communities. In order to be eligible for these grants, communities will convene public-private teams to collaborate on projects that increase economic growth and education in the Appalachian region. Teams will include representatives from local economic development boards, private companies and associations, and regional institutions of higher learning, including technical schools, community colleges, or four-year institutions.
In order to encourage collaboration across localities and improve the economy for the whole region, projects are required to involve at least two bordering counties, and have access to additional sources of funding representing at least 10 percent of the project’s overall cost, either through local matching funds or private sector investment. To be eligible, projects must also have a measurable economic impact, and seek to do at least one of the following:
- Create jobs
- Expand regional capacity of post-secondary education
- Grow tourism rates
- Benefit public health
- Upgrade regional infrastructure
“BPC Action applauds the introduction of the Appalachia Opportunity Grants Act, which contains recommendations from the Bipartisan Policy Center’s Appalachia Initiative. This bill responds to the economic challenges in Appalachia by offering a bipartisan approach to advance prosperity and accelerate growth for more than 25 million people that call this region home,” said Jason Grumet, President of the Bipartisan Policy Center.
"This is indeed a great day for the Appalachian Region. The bill almost doubles the resources dedicated to this region and will go a long way toward growing a viable future for the people of Appalachia. The structure is a direct linkage to federal funding for local people to solve their economic challenges with their own solutions. I applaud this long overdue effort,” said Thomas M. Hunter, Former Executive Director of the Appalachian Regional Commission.
“The Appalachia Opportunity Act will provide important resources to spur economic growth throughout the region. We thank Senator Warner for his leadership and applaud his ability to gain bipartisan support for his proposal. We look forward to participating in the public-private collaborative process that will identify worthy projects and work to realize the jobs they’ll bring for our people,” said Christian T. Beam, President & COO Appalachian Power Co.
“The UMWA supports every opportunity for economically devastated communities throughout Appalachia to revitalize themselves while increasing badly needed employment opportunities. The Appalachia Opportunity Act will help jump-start this process, and we wholeheartedly support it,” said Cecil E. Roberts, President of the United Mine Workers of America (UMWA).
“What an exciting outcome of our work on the BPC task force! This grant program will have a tangible impact on economic development across the regions of Appalachia. The focus on grant allocations to teams of public and private groups for collaboration on regional projects has great potential to create jobs, encourage entrepreneurship, and expand the regional capacity of higher education. I support the Appalachia Opportunity Act and look forward to its impact on the future UVa-Wise,” said Dr. Donna Price Henry, Chancellor of the University of Virginia’s College at Wise.
Sens. Warner and Manchin, along with Sens. David Perdue (R-GA) and Thom Tillis (R-NC), are co-chairs of the bipartisan Appalachia Initiative, a task force convened with the Bipartisan Policy Center to find pragmatic, bipartisan solutions to Appalachia’s challenges. Last year, they released a report with a set of bipartisan recommendations to boost economic growth in Appalachia.
A summary of the legislation can be found here. Full bill text can be found here.
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WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Banking Committee, released the following statement after the Senate voted 67-31 to pass S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act:
“The bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act that the Senate passed today will provide meaningful relief to Main Street. It will roll back unnecessary and burdensome regulations on credit unions and small community banks while ensuring that larger banks remain subject to the rules I helped put in place after the financial crisis. This bill is the result of years of tough negotiations between Democrats and Republicans and will help small lenders provide mortgages and other credit to hardworking Virginians and small businesses. While this bill does not include everything Democrats wanted nor everything Republicans wanted, I’m proud of my colleagues for putting differences aside, finding common ground, and passing this bipartisan legislation. The House of Representatives should move swiftly to take up and pass this sensible, bipartisan bill.”
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Senate Considers Warner-Backed Regulatory Relief Package to Grow Economy and Protect Consumers
Mar 06 2018
WASHINGTON – Today, the Senate voted 67-32 in favor of starting debate on S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, bipartisan legislation to grow the economy and protect consumers that was negotiated in part by Sen. Mark R. Warner (D-VA). Today Sen. Warner called for swift passage of the legislation, which will provide targeted relief for community banks and credit unions so they can improve access to capital and increase economic prosperity in the Commonwealth.
The legislation addresses some of the unintended consequences of the Dodd-Frank Act in order to make it easier for smaller community banks and credit unions to lend to Virginia businesses and families, which is good for households and the economy.
“The Senate is on the verge of passing major bipartisan legislation aimed at providing relief for small community banks, credit unions, and the customers they serve. As someone who helped put together the Dodd-Frank legislation, I know there are areas where we can help improve access to capital for consumers, farmers, and small businesses so they can grow the economy and create jobs,” said Sen. Warner. “Virginia’s community banks and credit unions did not cause the financial crisis, and they should not be held back by regulations intended for the big banks. I look forward to seeing the Senate pass this package of bipartisan measures that will provide relief for Main Street, strengthen consumer protections, and keep Wall Street accountable.”
Following the 2008 financial meltdown, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act to crack down on the worst Wall Street abuses and institute strict regulations to prevent another crisis. Sen. Warner played an important role in negotiating and drafting major portions of this legislation, which created new safeguards to protect our financial system and hold Wall Street accountable.
However, as with any major reform, the law also had some unintended consequences. Virginia has lost over a quarter of its community banks and nearly a third of its credit unions since Dodd-Frank was passed. In some cases, the law resulted in unnecessary and burdensome regulations on credit unions and small community banks that made it harder for them to lend money to help local businesses grow and create jobs.
“As a credit union, we have to adhere to the same regulations as large banks do. But we have to do it with a much smaller base – we only have 10,000 members and 20 employees – adhering to the same regulations that a behemoth like Bank of America has to adhere to,” said Lisa Lambrecht, President & CEO of Entrust Financial Credit Union in Henrico County. “I wish the federal government would understand that these one-size-fits-all regulations don’t work for credit unions. You have to remember; credit unions were formed to fill that gap that the larger established financial system was not serving.”
“In the rural areas, the larger institutions across the whole country have reduced their branches. The smaller banks have held their own, but we’re operating with 2000 less community banks a day than we were 12, 15 years ago. That’s over one fourth of community banks are gone — and I think a primary reason for that is regulatory fatigue,” said Lyn Hayth, President & CEO of the Bank of Botetourt.
“Every dollar we spend on increased compliance really doesn’t go to our capital. And if we could put that extra dollar into our capital, we could lend it back out into the community on a tenfold basis. So, our hope is that regulation can be decreased, and that we are able to take that capital that we save and invest it back into our communities,” said Alice Frazier, President & CEO of Bank of Charles Town in Middleburg.
“I think that community banks are the backbone of our country, and many of our rural markets. And not just our rural markets – but I think we serve a vital role to the growth of the economy,” said Mark Hanna, President of Farmers & Merchants Bank in Timberville.
The Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155) ensures that small lenders can provide mortgage and other credit to hardworking Americans, helping them and their families grow and start businesses. The bill also institutes several important consumer protections:
- Allows consumers to get one free year of fraud alerts, which will help consumers who have been impacted by situations like the Wells Fargo scandal or whose identities or personal information has been stolen.
- Unlimited free credit freezes and unfreezes, which helps consumers impacted by data breaches like the Equifax hack that compromised the personal information of approximately 145 million Americans.
- Provides free credit monitoring for all active-duty servicemembers.
- Protects the credit ratings of veterans wrongly penalized by medical bill payment delays by the Department of Veterans Affairs (VA). This measure would prohibit medical debt from services received through the Choice Program and other VA community care programs from being reported to credit reporting agencies for one year. In addition, it would establish a dispute process for veterans seeking to remove adverse actions already on their report.
- Prevents mortgage companies from immediately kicking tenants out of their rentals if the landlord is foreclosed upon.
- Encourages banks to report suspicious behavior if seniors could be getting financially scammed.
- Allows seriously delinquent private student loan borrowers a one-time offer to remove negative reporting from their credit reports after making a series of on-time payments.
The legislation was introduced in November after years of bipartisan negotiations among Sen. Warner, Senate Banking Committee Chairman Mike Crapo (R-ID) and Banking Committee members Senators Joe Donnelly (D-IN), Heidi Heitkamp (D-ND) and Jon Tester (D-MT). It is also co-sponsored by Sen. Tim Kaine (D-VA).
WASHINGTON — Today U.S. Sen. Mark R. Warner (D-VA), a member of the Senate Banking Committee, questioned Federal Reserve Board Chairman Jay Powell about the impact of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. This bipartisan bill would reduce regulatory burdens on community banks and credit unions and provide new protections to consumers. It is expected to come up for a vote in the Senate as soon as next week.
During Senator Warner’s questioning, Chairman Powell dispelled spurious claims that the bill would weaken the Fed’s oversight of regional banks with assets between $100 billion - $250 billion. This had previously been a core argument advanced by special interest opponents of the bipartisan bill. Following the hearing, Senator Warner released the following statement:
“Chairman Powell’s testimony confirms what I’ve been saying all along: our bipartisan bill provides relief for main street consumers and small community banks and credit unions, while maintaining Dodd-Frank’s strong oversight of Wall Street and larger financial institutions,” Senator Warner said. “As the Chairman testified today, under our bill, the Federal Reserve will continue to administer strong and frequent periodic stress testing of regional banks with assets between $100 and $250 billion and will implement a framework that applies tailored, enhanced prudential standards to those same banks. Anyone who says otherwise does not have their facts straight.”
A transcript of Senator Warner’s questioning of Fed Chairman Powell follows:
Senator Warner: I want to ask you two very important questions. Let me preface this by saying that, in my first year here, one of the most important pieces of legislation I have ever worked on was the Dodd-Frank legislation. I think Dodd-Frank, for all its challenges, has made our system remarkably stronger. But we are eight years later, and there is a broad bipartisan group of us, and we are going to debate next week legislation that would make some modifications. In this legislation, S. 2155, we have not changed the requirements of that the Fed perform annual tests on banks above $250 billion in assets. I think that’s terribly important to maintain. We do give, after an appropriate period of time, the Fed the ability to do a rulemaking, the ability to look at those banks between $100 and $250 billion in assets to continue to undergo stress tests on a periodic basis. In my view is that stress testing is the most important prudential standard, and that frequent stress tests are some of the best tools we have to prevent another financial crisis.
Can you give us your views on stress testing including how rigorous they should remain and how frequently should remain on banks between $100 and $250 billion dollars in assets?
Chairman Powell: We do believe that supervisory stress testing is the most successful regulatory innovation of the post-crisis era. We are strong believers in this tool, including for institutions of $100 - $250 billion. It would be our intent, if this bill is enacted, that these institutions would continue to have meaningful, strong, regular periodic stress tests – frequent stress tests. We see it as a very important tool for these institutions.
Senator Warner: I hope folks listening to this understand we are not touching anything on the largest institutions above $250 billion, on annual stress tests. And as the Chairman of the Fed has indicated, even amongst those banks between $100 and $250 billion, we are still going to have frequent periodic stress tests that are still going to be strong. And the legislation lays out, into some detail, some of the requirements that we would have in those stress tests.
My last question is this: In terms of overall enhanced prudential standards, we do move in this legislation from $50 billion to $100 billion. We give you in the group of institutions between $100 and $250 billion about an 18-month period to tailor those potentially standards more appropriately. As you indicated, we are ready have an institution below $250 billion that qualifies as a Systemically Important Financial Institution (SIFI). I would like to clarify for the record for folks who will watch the debate next week, that you will take this responsibility of this 18-month rulemaking and do a thorough examination of the banks that fall into that category. And those who are claiming that somehow all enhanced prudential regulations of banks that fall into that category are going to suddenly magically disappear — that sure as heck is not the intent of this individual, and I hope it is not the intent of the Fed.
Chairman Powell: What I see us doing is creating a framework. We’ll be looking at all of the institutions are in that area and all of the risks that might arise in banks between $100 billion and $250 billion. And we will create a framework for assessing where systemic risk might be, where there might be regional risks. We will look at everything, and that framework will then be in place in 18 months. If there are institutions that are currently in that population or, over time, become systemically risky or even risky to themselves – the way the legislation is written it gives us a lot of flexibility to do that – and we will have that in place. We have not been shy about finding systemic risk [in banks with total assets] under $250 billion. We will feel comfortable doing this job I believe.
Senator Warner: I look forward to the debate next week. A lot of members have different views, but I think it is very important when people go about talking about you doing away with stress tests or eliminating any kind of enhanced prudential regulations, that is not our intent. There may be some tailoring that goes on in this new category, but particularly for the larger institutions, the status quo is going to remain.
Thank you, Mr. Chairman.
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WASHINGTON – Today U.S. Senators Chris Van Hollen (D-Md.) and Roy Blunt (R-Mo.) led a bipartisan letter signed by 44 Senators to President Trump expressing support for United 2026 – a bid by the United States, Canada, and Mexico to jointly host the 2026 FIFA World Cup.
“We believe this effort presents an exceptional opportunity to showcase our nations’ shared passion for soccer and its positive impact in local communities and on the international stage,” the Senators wrote. “Dozens of U.S. cities that we represent have already conveyed their interest in being part of the United Bid effort that will showcase America, promote tourism, and stimulate economic growth.”
“Through a united World Cup bid, we have the opportunity to promote and celebrate the positive impact soccer has had for millions of Americans,” they continued. “We welcome your support for the United Bid to bring the 2026 FIFA World Cup to North America, and we look forward to working with you to advance this important effort.”
As part of the United 2026 effort, cities across the nation are pursuing opportunities to be part of the combined bid to host teams from around the world as well as matches drawing thousands of fans to the United States. If selected, this would be the first World Cup to be hosted in three countries. The Senators will continue to work with their colleagues in both the Senate and the House to further expand bipartisan support for the effort to bring the World Cup to the United States, Canada, and Mexico in 2026.
Senators Van Hollen and Blunt were joined by Senators Mark Warner (D-Va), John McCain (R-Ariz), Dianne Feinstein (D-Calif.), Kamala Harris (D-Calif.). Michael Bennet (D-Colo.), Cory Gardner (R-Colo.), Christopher Coons (D-Del.), Marco Rubio (R-Fla.), Johnny Isakson (R-Ga.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), Jerry Moran (R-Kan.), Ed Markey (D-Mass.), Elizabeth Warren (D-Mass.), Susan Collins (R-Maine), Angus King (I-Maine), Debbie Stabenow (D-Mich.), Gary Peters (D-Mich.), Amy Klobuchar (D-Minn.), Tina Smith (D-Minn.), Claire McCaskill (D-Mo.), Roger Wicker (R-Miss.), Richard Burr (R-N.C.), Thom Tillis (R-N.C.), Heidi Heitkamp (D-N.D.), John Hoeven (R-N.D.), Cory Booker (D-N.J.), Bob Menendez (D-N.J.), Catherine Cortez Masto (D-N.M.), Chuck Schumer (D-N.Y.), Dean Heller (R-Nev.), Ron Wyden (D-Ore.), Jeff Merkley (D-Ore.), Bob Casey (D-Pa.), Pat Toomey (R-Pa.), Jack Reed (D-R.I.), Bob Corker (R-Tenn.), Lamar Alexander (R-Tenn.), Mike Lee (R-Utah), Orrin Hatch (R-Utah), Tim Kaine (D-Va.), and Patty Murray (D-Wash.).
The full text of the letter is available here and below.
Dear Mr. President,
We write to express our support for the United Bid by Canada, Mexico and the United States to jointly host the 2026 FIFA World Cup. We believe this effort presents an exceptional opportunity to showcase our nations’ shared passion for soccer and its positive impact in local communities and on the international stage.
Millions of Americans play or watch soccer at youth, collegiate, recreational and professional levels today. The sport spans generations, cultures, and languages – connecting fans and athletes with others across the globe who have a common love for the game. Comprising a melting pot of identities, cultures, and races, Americans proudly unite behind their team in the World Cup competition, and enjoy ties to the multiplicity of nationalities that come together for this tournament every four years.
The 2026 FIFA World Cup, with a total of 48 participating national teams and 80 matches, will be the largest in the history of the competition. As one of three host nations, the United States would have the opportunity to deepen the relationship between our citizens and the extended global soccer community, and to further foster the spirit of sportsmanship and inclusivity that defines the sport. It would build on a successful legacy for our three nations, which together have hosted 13 FIFA-sponsored tournaments. Dozens of U.S. cities that we represent have already conveyed their interest in being part of the United Bid effort that will showcase America, promote tourism, and stimulate economic growth.
Through a united World Cup bid, we have the opportunity to promote and celebrate the positive impact soccer has had for millions of Americans. We welcome your support for the United Bid to bring the 2026 FIFA World Cup to North America, and we look forward to working with you to advance this important effort.
Sincerely,
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VA Delegation letter to Trump emphasizing the importance of the Hampton Roads Naval Community
Feb 09 2018
WASHINGTON – Today the entire Virginia delegation, led by Congressman Rob Wittman (VA-1), joined together to send a letter to President Trump, urging the administration not to consider relocating a nuclear powered aircraft carrier from NAVSTA Norfolk, Virginia to NAVSTA Mayport, Florida. This is in response to a letter sent by the Florida delegation last week requesting the move.
“As members of the Virginia Congressional delegation, we are writing to urge you to craft a Fiscal Year 2019 Presidential Budget based on a clearly articulated National Security Strategy, a National Defense Strategy, and responsible stewardship of taxpayer dollars – not on narrow interests disconnected from these priorities. At a time when our military continues to rebuild and restore readiness, critical taxpayer dollars should only be used to make our Army, Navy, Air Force, and Marine Corps more lethal and more capable,” the delegation wrote.
Strategically, the Navy does not have a stated requirement for moving an aircraft carrier to Florida. The Navy considered a similar move in 2008, but after studying the cost impacts – decided against it. The estimated nonrecurring cost in 2008 was $565 million, and an updated assessment in 2010 found that the cost increased to $589.7 million. We are once again in the same situation. Currently, Norfolk is home to all 5 of the Navy’s aircraft carriers on the east coast. The entire Hampton Roads area has clear strategic value as the existing east coast aircraft carrier hub by boasting a world-class harbor, ship repair and overhaul capabilities, as well as an unmatched confluence of joint warfare components, including surface, aviation, expeditionary, and special operations activities. The Navy has no shortage of necessary materials at NAVSTA Norfolk, and a move would be an irresponsible use of Navy funds.
“Greater value should be placed on current plans crafted by Navy leadership, based on current threats, rather than outdated reports drafted from almost a decade ago... Defense funding must be prioritized to restore readiness and defend the homeland, not to fund a non-existent requirement and duplicative capability that will cost the Navy nearly $1 billion over the next 15 years,” the delegation wrote.
Additional Virginia Delegation members signing the letter include U.S. Sens. Mark R. Warner and Tim Kaine, and U.S. Reps. Scott Taylor (VA-2), Bobby Scott (VA-3), Tom Garrett, Jr. (VA-5), Bob Goodlatte (VA-6), Dave Brat (VA-7), Don Beyer (VA-8), H. Morgan Griffith (VA-9), Barbara Comstock (VA-10), and Gerald E. Connolly (VA-11).
The full letter is included below and can be viewed here.
President Donald J. Trump
The White House
1600 Pennsylvania Avenue NW
Washington, DC 20500
Dear President Trump:
As members of the Virginia Congressional delegation, we are writing to urge you to craft a Fiscal Year 2019 Presidential Budget based on a clearly articulated National Security Strategy, a National Defense Strategy, and responsible stewardship of taxpayer dollars – not on narrow interests disconnected from these priorities. At a time when our military continues to rebuild and restore readiness, critical taxpayer dollars should only be used to make our Army, Navy, Air Force, and Marine Corps more lethal and more capable.
We were disturbed to hear of a letter by the Florida delegation requesting to move a Navy nuclear powered aircraft carrier to Naval Station (NAVSTA) Mayport citing “strategic and operational value.” The Navy annually briefs members of Congress on its Strategic Laydown and Dispersal Plan and, as of 2017, did not identify a need nor a desire to move an aircraft carrier from NAVSTA Norfolk to NAVSTA Mayport within the next 5 years. The Florida delegation’s letter in favor of such a move referenced Department of Defense (DoD) and Navy reports from 2009 and 2010 because the concept has not appeared in studies since. Greater value should be placed on current plans crafted by Navy leadership, based on current threats, rather than outdated reports drafted from almost a decade ago.
When the Navy studied the cost impacts of relocating an aircraft carrier from NAVSTA Norfolk to NAVSTA Mayport in 2008, the estimated nonrecurring cost was $565 million. In an updated assessment in 2010, the Navy found that the costs had increased to $589.7 million. This number only represents the up-front costs and not the day-to-day costs of maintaining such a capability. In 2008, the Navy estimated that homeporting an aircraft carrier at NAVSTA Mayport instead of NAVSTA Norfolk would result in a recurring annual cost of $25.5 million. Defense funding must be prioritized to restore readiness and defend the homeland, not to fund a non-existent requirement and duplicative capability that will cost the Navy nearly $1 billion over the next 15 years.
The entire Hampton Roads area has clear strategic value as the existing east coast aircraft carrier hub by boasting a world-class harbor, ship repair and overhaul capabilities, as well as an unmatched confluence of joint warfare components, including surface, aviation, expeditionary, and special operations activities. Additionally, the Master Jet Base at Naval Air Station Oceana hosts the Carrier Air Wings assigned to these ships and minimizes the transit times for aircraft conducting routine training operations aboard the ship. The Navy faces no shortage of necessary fleet resources in the form of nuclear ports, which include five sites in addition to NAVSTA Norfolk, Virginia: Bremerton, Washington; Everett, Washington; Pearl Harbor, Hawaii; Yokosuka, Japan; and San Diego, California. All six of these locations have the experience and capability needed to homeport a nuclear-powered aircraft carrier should the Navy need to pursue greater strategic and operational dispersal.
We strongly recommend that you remain consistent to your own Department of Defense’s plans and look to allocate funds in your Fiscal Year 2019 budget for areas of Navy’s needs based upon established requirements.
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WASHINGTON – U.S. Senators Jerry Moran (R-Kan.) and Mark Warner (D-Va.) – co-chairs of the Senate Aerospace Caucus – this week met with Aerospace Industries Association (AIA) President and Chief Executive Officer Eric Fanning, who was selected to lead the association effective January 1, 2018. In welcoming Mr. Fanning in his new capacity with AIA, Sens. Moran and Warner emphasized the caucus’s longstanding partnership with AIA and discussed collaborative ways to continue growing the aerospace industry as AIA prepares to celebrate its centennial anniversary.
“Our nation’s aerospace industry is driving innovation and pursuing cutting edge technologies, contributing both to U.S. national security and our economic competitiveness,” said Sen. Warner. “As Co-Chair of the Senate Aerospace Caucus, I look forward to working with my co-chair Senator Moran, the Aerospace Industries Association, and our manufacturers and suppliers on a range of critical issues, including workforce development, unmanned systems, increased R&D, defense modernization efforts, and ways to improve cybersecurity within these critical industries. Congratulations to Eric Fanning on his new position as President and CEO of AIA.”
“In Kansas – from cybersecurity to aircraft manufacturing and developing a talented workforce to maintain American supremacy – the aerospace industry has an impact on every corner of our state,” said Sen. Moran. “The aerospace industry is where a strong national defense and stable economy converge, and as co-chairs of the Senate Aerospace Caucus, Sen. Warner and I are committed to making certain that America’s defense, civil aviation and space sectors advance amidst global challenges. With extensive experience in the executive and legislative branches of our government, I know Eric shares this commitment, and I look forward to working with my caucus colleagues and industry leaders in safeguarding and promoting American innovation.”
“I’m honored to be working once again with Senators Moran and Warner,” said AIA President and CEO Eric Fanning. “I’ve seen firsthand their commitment to the aerospace industry, the critical role it plays in our nation’s security, and the enormous impact it has on our economy.”
Items to note:
- Fanning previously served as the 22nd Secretary of the Army, Chief of Staff to the Secretary of Defense, both Acting Secretary and Under Secretary of the Air Force, and has worked in the White House and on Capitol Hill.
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WASHINGTON, D.C. - U.S. Senators Mark Warner and Tim Kaine (both D-VA) joined Senator Brian Schatz (D-HI) to reintroduce the Federal Adjustment of Income Rates (FAIR) Act, a bill that would provide federal employees with a three percent pay increase in 2019. Since 2010, federal employees have lost more than a billion dollars in wages due to sequestration and a three-year freeze on federal pay. Congressman Gerry Connolly (D-VA) reintroduced this legislation in the House of Representatives as well.
“This bill is a an effort to recognize the hard work of federal workers in Virginia and across the country who have supported our country even as they’ve faced pay freezes, sequestration cuts, and government shutdowns,” the Senators said. “They deserve to be recognized for their service and dedication to this country and should receive fair compensation.”
The FAIR Act’s wage adjustment restores years of lost wage increases for federal employees. This legislation would ensure that federal employees serving across the country, in all 50 States and on behalf of constituents residing in every congressional district, earn a pay increase of three percent.
The FAIR Act is supported by the National Treasury Employees Union, the American Federation of Government Employees, the International Federation of Professional & Technical Engineers, the National Active and Retired Federal Employees Association, and the National Federation of Federal Employees.
The full text of the FAIR Act is available here.
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WASHINGTON, D.C. – U.S. Senators Mark R. Warner and Tim Kaine announced $350,000 in federal funds towards the development and implementation of a comprehensive economic development strategy for rural communities across Virginia. The funds will be awarded to planning district commissions in Accomack County, Smyth County, Russell County, Scott County, and Augusta County. The funding will be used to establish an economic development planning framework, process, and strategy that supports private capital investment and job creation in each region.
“These grant awards provide an opportunity for long-term economic planning, supporting growth and development in rural counties,” the Senators said. “These are important investments to promote job creation and draw in new business in these communities.”
- The Accomack-Northampton Planning District Commission in Accomack County will receive $70,000 for economic development planning.
- The Mount Rogers Planning District Commission in Smyth County will receive $70,000 for economic development planning.
- The Cumberland Plateau Planning District Commission in Russell County will receive $70,000 for economic development planning.
- The Lenowisco Planning District Commission in Scott County will receive $70,000 for economic development planning.
- The Central Shenandoah Planning District Commission in Augusta County will receive $70,000 for economic development planning.
This funding was awarded through the U.S. Department of Commerce’s Economic Development Administration’s Economic Development District Planning Awards. The Trump Administration’s fiscal year 2018 budget proposed to eliminate funding for the Economic Development Administration. Warner and Kaine wrote to the Senate Appropriations Committee requesting that this proposal be overruled.
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