Category: US Senate

Source: United States Senator for Nevada Cortez Masto

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Source: United States Senator Marsha Blackburn (R-Tenn)

WASHINGTON, D.C. – U.S. Senators Marsha Blackburn (R-Tenn.) and Tammy Baldwin (D-Wisc.) reintroduced the Facilitating Access to Innovative Diagnostics (FIND) Act to improve patient access to cutting-edge diagnostic technologies.

“Innovative technologies like diagnostic radiopharmaceuticals are important tools in detecting and treating diseases such as cancer and Alzheimer’s. The bipartisan FIND Act would increase patient access to more innovative treatment options while promoting further research and development opportunities for medical manufacturers,” said Senator Blackburn.

“Anyone who’s battled diseases like cancer or Alzheimer’s knows what a difference a clear and early diagnosis can make. And advanced imaging can be that difference, helping identify and diagnose a disease, inform more timely and appropriate treatment plans, and improve overall health care outcomes,” said Senator Baldwin. “I’m proud to introduce the FIND Act to expand access to this innovative technology and help more Americans get the treatment they need.”

WHAT THEY ARE SAYING: A Diverse Group Of Stakeholders Support The FIND Act

“Amyloid PET is an important diagnostic tool that can help ensure an early and accurate diagnosis, helping clinicians distinguish Alzheimer’s from other forms of dementia or memory loss, and ensure appropriate medical care and treatment. Unfortunately, a Medicare payment policy makes these tests largely unavailable. We are grateful to Sens. Blackburn and Baldwin for reintroducing the bipartisan FIND Act which will increase patient access to functional imaging and improved diagnosis accuracy,” said Rachel Conant, Vice President of Federal Affairs for the Alzheimer’s Association.

“New treatments offer hope in slowing the progression of Alzheimer’s, but their success depends on accurate diagnosis. Thankfully, the FIND Actwould revise payment policy for imaging diagnostics that facilitate these treatments. We’re grateful for the leadership of Senators Blackburn and Baldwin to address this issue and improve access to proven Alzheimer’s diagnostics,” said Jim Taylor, President and CEO of Voices of Alzheimer’s.

“The FIND Act would ensure that payment policy for serious conditions – from Alzheimer’s and Parkinson’s disease to prostate cancer and neuroendocrine tumors – keeps up with the progress achieved in medical science,” said Patrick Hope, Executive Director of the Medical Imaging and Technology Alliance. “We applaud Senators Marsha Blackburn and Tammy Baldwin for their leadership on this issue and look forward to working alongside them to expand patient access to innovative therapies.” 

“Diagnostic radiopharmaceuticals have been shown to provide more precise information about the presence and extent of disease and more accurate assessment of response to various treatments, thereby allowing the clinicians to make more informed decisions, saving costs and improving patient outcomes. We look forward to working with Senators Blackburn and Baldwin on advancing the FIND Act, which will make a meaningful difference in the lives of patients and providers alike,” said Munir Ghesani, MD, FACNM, FACR, President of the Society of Nuclear Medicine and Molecular Imaging (SNMMI).

“Diagnostic radiopharmaceuticals are an indispensable tool in detecting and diagnosing serious diseases in today’s medical landscape, yet they remain out of reach for many Medicare beneficiaries, so I strongly encourage colleagues of Senators Blackburn and Baldwin to support the Find Act. In addition, I urge patients and health care providers to contact their representatives to convey their support for this bipartisan bill and reinforce that the FIND Act ensures that patients and providers will have access to the latest tools and technologies. The FIND Act will improve patient health outcomes and help reduce the need for more invasive and expensive procedures,” said Michael J. Guastella, Executive Director of the Council on Radionuclides and Radiopharmaceuticals, Inc. (CORAR).
 

“Innovations in PET imaging are changing the way clinicians evaluate prostate cancer, make treatment decisions and monitor disease progression. We know that incorporating advanced PET into treatment planning for patients with recurrent prostate cancer increases disease-free survival rates, but access to this procedure is limited given that Medicare fails to pay separately for the drugs needed in these scans. The FIND Act, led by Senators Baldwin and Blackburn, addresses this oversight and would allow more care providers to offer this option,” said Ali Manson, Vice President of Government Relations and Advocacy for ZERO Prostate Cancer.

The FIND Act is supported by a diverse group of stakeholders, including AdCon Foundation; AdMeTech Foundation; Advanced Accelerator Applications/Novartis; Alamo Breast Cancer Foundation; Alliance for Aging Research; Alzheimer’s Association; American Brain Coalition; American College of Nuclear Medicine; American College of Radiology; American Parkinson Disease Association; American Society of Radiologic Technologists; American Society of Neuroradiology; AnCan Foundation; Arizona Prostate Cancer Coalition, Inc.; Biogen; Blue Earth Diagnostics; Bracco Diagnostics; Brian Grant Foundation; Cancer ABCs; Carcinoid Cancer Foundation; Cardinal Health; Cerveau Techologies, Inc.; Clarity Pharmaceuticals; Council on Radionuclides and Radiopharmaceuticals, Inc. (CORAR); Curium; Dallas Area Parkinson Society; Davis Phinney Foundation; Eckert & Ziegler Isotope Products; Eckert & Ziegler Radiopharma, Inc.; Eden Radioisotopes, LLC; Eli Lilly & Co.; Eisai; Friends of Parkinson’s; FORCE: Facing Hereditary Cancer Empowered; GE HealthCare Pharmaceutical Diagnostics; GO2 Foundation for Lung Cancer; Hawai’i Parkinson Association; Healing NET Foundation; Houston Area Parkinson Society; International Isotopes, Inc; Ionetix; ITM USA, Inc.; Jubilant Radiopharma; Lantheus Holdings, Inc.; Life Molecular Imaging (Formerly Piramal Imaging); Lobular Breast Cancer Alliance; Los Angeles Carcinoid Neuroendocrine Tumor Society; Lymphoma Research Foundation; Mayo Clinic Department of Radiology; METAvivor; Michael J. Fox Foundation for Parkinson’s Research; Michigan Parkinson’s Foundation; North American Neuroendocrine Tumor Society (NANETS); National Alliance of State Prostate Cancer Coalitions; National Association of Nuclear Pharmacies; Navidea Biopharmaceuticals; Neuroendocrine Tumor Research Foundation; NorCal CarciNET Community; Northern California PET; NorthStar Medical Technologies, LLC; Northwest Parkinson’s Foundation; Optimal Tracers; Parkinson Alliance; Parkinson Association of Alabama; Parkinson Association of Central Florida; Parkinson Association of Northern California; Parkinson Association of the Rockies; Parkinson’s Foundation, Parkinson’s Resources of Oregon; Parkinson’s Unity Walk; Parkinson & Movement Disorder Alliance; Parkinson Voice Project; Patient Empowerment Network; PharmaLogic; Pheo Para Alliance; Power for Parkinson’s; Prostate Conditions Education Council; RetireSafe; Right Scan Right Time; SHINE Medical Technologies; Siemens Healthineers; Society of Nuclear Medicine & Molecular Imaging (SNMMI); SOFIE; Sun Pharmaceutical Industries, Inc.; Telix Pharmaceuticals, Inc.; TerraPower Isotopes; Veterans Prostate Cancer Awareness, Inc.; Voices of Alzheimer’s; Wilkins Parkinson’s Foundation; and ZERO—The End of Prostate Cancer.

BACKGROUND:

• The Centers for Medicare and Medicaid Services (CMS) operates with a flawed payment structure that discourages life-saving diagnostic radiopharmaceutical technology for patients.
• The FIND Act would require CMS to unpackage newer, advanced diagnostic radiopharmaceuticals.
• The bill addresses the existing payment inequity to ensure Tennesseans have access to the most advanced technology and medical treatment options.

Source: United States Senator for West Virginia Joe Manchin

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Source: United States Senator for West Virginia Joe Manchin

May 16, 2023

Washington, DC— Senator Joe Manchin (D-WV), member of the U.S. Senate Appropriations Committee, led a bipartisan, bicameral letter to the U.S. House of Representatives and Senate leadership of the Appropriations Subcommittee on Defense, urging them to continue to invest in the Marine Corps Force Design initiatives. Force Design is the Marine Corps’ restructuring plan to modernize and prepare its forces to counter growing threats from China.

“As Members of Congress, we ask for a definable, applicable, and deliverable vision from our Armed Forces to get after the pacing threat while maintaining our stewardship of the taxpayer funding we’ve been entrusted with. The Marine Corps has delivered. It is now time for us to deliver and provide the support necessary to accelerate the Marine Corps’ full vision of Force Design. We cannot ask our Marines to stand toe-to-toe with our Nation’s adversaries without first standing behind them,” the Members wrote.

Force Design requires the Marine Corps to engage in a foundational change in its mission focus, shifting from three decades of sustained land operations to converting to a naval expeditionary force. The Marine Corps has already made significant progress in its modernization efforts, such as becoming more adaptable to maritime spaces, increasing flexibility and adaptability, and investing in new technologies. 

Senator Manchin was joined by Senators Mike Rounds (R-SD), Angus King (I-ME), Roger Wicker (R-MS), Richard Blumenthal (D-CT), Thom Tillis (R-NC), Mazie Hirono (D-HI), Tommy Tuberville (R-AL), Mark Kelly (D-AZ) and Tim Kaine (D-VA) and U.S. House of Representatives Jared Golden (D-ME), Mike Gallagher (R-WI), Seth Moulton (D-MA), Michael Turner (R-OH), Rob Wittman (R-VA) and Trent Kelly (R-MS).

The full letter is available below or here.

Dear Chairs and Ranking Members:

We write to you as you consider the Fiscal Year (FY) 2024 Department of Defense (DoD) authorization and appropriations bills, to urge your support of budgetary items that invest or accelerate Marine Corps Force Design initiatives.

The 2022 Annual Threat Assessment from the Intelligence Community (IC) identifies the Peoples Republic of China (PRC) as working to field a military by 2027 designed to deter U.S. intervention in a Taiwanese cross-Strait crisis. The 2022 National Security Strategy (NSS) echoes this sentiment and is reinforced by both the 2018 and 2022 National Defense Strategies (NDS) that identify the PRC as the only competitor with the intent and capacity to reshape the international order. Furthermore, the PRC’s aggressive actions in the Indo-Pacific and significant growth in defense spending have justified the redirection of our National Security priorities.  Bottom line, Marine Corps Force Design initiatives have been informed and directed by hard threat data across multiple administrations to accelerate modernization to meet the challenges of the 21st Century environment.

The Marine Corps continues to lead the Joint Force in Service-level modernization and redesign.  Last year, we detailed the urgent need to accelerate from sustained land-based operations to maritime campaigns and from non-state actors to peer competitors of China and Russia. This shift imposes a necessity to fully fund Marine Corps force design, talent management, and installations and logistics efforts to keep pace with critical and evolving strategic ends.

Force Design, the Marine Corps’ initiative to deter potential adversaries and effectively fight and win in a future conflict, continues to progress and directly applies the Service’s Title 10 responsibilities within our national security strategy. The Marine Corps is relying on Congress to support this effort, just as we rely on the Marine Corps to be ready when we least expect it and to serve as our Nation’s force in readiness. In prior years, the Commandant of the Marine Corps made difficult investment and divestment decisions that were a departure from institutional and doctrinal norms. Many of these necessary changes were openly challenged. However, we should commend the Marine Corps on its willingness to make difficult decisions for the Nation’s strategic advantage and security.

The Marine Corps’ ongoing implementation of Force Design has prioritized investments towards new technologies, formations, platforms, and capabilities. These prioritized efforts have increased lethality, mobility, and survivability to maintain a competitive advantage over our pacing competitor, China. Force Design, while necessary to compete against current and future adversaries, comes at a cost. A cost the Marine Corps internally managed while balancing their enduring role as the Nation’s global crisis response force. Since its beginnings in early 2020, the Marine Corps has internally allocated funding towards modernized investments with no increase to the Service’s budgetary topline, effectively resulting in more than $15.8 billion in cost savings to the DoD’s topline budget.

The Marine Corps has made significant progress modernizing over the past three and a half years. To remain ahead of our adversaries in an operating environment that evolves at a faster pace than ever before, adaptive and iterative change must be continuous and well-conceived. The Marine Corps’ Campaign of Learning (CoL) guides and informs modernization by providing a disciplined and structured mechanism for evaluation, and the Marine Corps has applied this methodology to ensure its efforts are as efficient and effective as possible. Notable areas of modernization since Force Design began are:

Concepts: The exploration of creative and adaptive concepts that enable Marine, naval, and joint forces. Concepts such as Expeditionary Advanced Base Operations, Stand-in-Forces, and a resilient Global Positioning Network that enable a forward, persistent, and integrated naval defense in depth; enables the fleet and joint force, alongside allies and partners, to win the reconnaissance-counter reconnaissance battle at every point along the competition continuum; and provides a regionally aligned, responsive, and scalable network of material, supplies, resources that enable the deployment, rapid employment, and sustainment of the Fleet Marine Force during competition, crisis response, and armed conflict.

Programs: Investment in relevant and modern programs of record that either provide new capabilities or sustain existing capabilities. The Marine Corps has focused its investments on capabilities that enable littoral movement & maneuver, maritime fires, sensing & information fusing, and command & control. In each of these capability “bins,” the Marine Corps has sought out technologies that will enable the current and future force to succeed. Examples of program investments include the CH-53K King Stallion, Amphibious Combat Vehicle (ACV), Joint Light Tactical Vehicle (JLTV), Navy/Marine Corps Expeditionary Ship Interdiction System (NMESIS), Marine Air Defense Integrated System (MADIS), F-35 Joint Strike Fighter, MQ-9A Extended Range (ER), Ground/Air Task-Oriented Radar (G/ATOR), Family of Integrated Targeting Cells (FITC), and Network on the Move (NOTM).

Experimentation: In line with the Service’s CoL, the Marine Corps pursued constant innovation through deliberate collaboration with research laboratories, industry, and academia after which FMF, joint force, and combatant command testing activities were leveraged during experimentation and wargaming events. These activities have been collectively assessed every quarter to iteratively inform Force Design and Development. Prominent experimentation conducted are:

• Adaptive Threat Force (ATF) – Real world scenario-based training of Marine Corps infantry units to identify adaptability in theoretical future threat scenarios.
• Marine Corps Warfighting Lab (MCWL) Wargaming – Provides data-driven wargaming capabilities to the entire joint force with artificial intelligence adversary integration.
• Infantry Battalion Experimentation (IBX) – The goal of this effort was to examine the utility of specific changes to the infantry in the context of conducting operations against a peer adversary; experiments were conducted with units from each Marine division. Experimentation began in FY21 and will continue into FY24.
• Marine Littoral Regiment (MLR) – Experiments concentrated on developing 3d MLR in Hawaii and in conjunction with regional exercises, such as Balikatan, Kamandag, Keen Sword, and Northern Edge.  Experimentation began in FY22 and will continue into FY24.
• Project Convergence (PC) – Experiments focused on joint all domain situational awareness; closing counter air/missile kill webs; joint integrated fires; and generating robust and scalable kill webs to defeat a multi-axis, multi-domain threat in the littorals. PC is a joint force initiative and will continue into FY24.

Force Design in Execution:

• III Marine Expeditionary Force (2019-Present) – The Marine Corps’ only forward postured MEF that is uniquely suited to validate new concepts such as EABO and SIF while supporting naval, joint, and allied and partnered forces with agile, capable, and lethal forces able to operate across the competition continuum.
• Japan-based F-35 JSF (2019-Present) – The second OCONUS-based Marine F-35 squadron reached full operational capability in May 2022, providing increased numbers of lethal 5th generation sensing and strike platforms to the Indo-Pacific.
• Marine Unmanned Aerial Vehicle Squadron 1 (2020-Present) – VMU-1 currently provides daily support to NAVCENT with MQ-9A ER air vehicles, enhancing Maritime Domain Awareness.
• Task Force 61/2 (2022-Present) – A proof of concept that placed Fleet Marine Forces in the Baltic, testing, refining, and validating concepts of employment for maritime domain awareness and closing kill webs, while also conducting real-world, time sensitive reconnaissance-counter reconnaissance that support Sixth Fleet operations.
• Third Marine Littoral Regiment (2022-Present) – 3d MLR was specifically optimized to persist in the Indo-Pacific and is integral to how III MEF competes, deters conflict, and defeats adversaries while reassuring allies and partners. 

Force Design 2030 is well underway, and we should fully support the Commandant’s efforts to uncouple from tradition and conventionally accepted doctrine and systems. Additionally, these capabilities cannot be successfully deployed without the expedited implementation of a 31-minimum fleet of amphibious ships and the Landing Ship Medium.

As Members of Congress, we ask for a definable, applicable, and deliverable vision from our Armed Forces to get after the pacing threat while maintaining our stewardship of the taxpayer funding we’ve been entrusted with. The Marine Corps has delivered. It is now time for us to deliver and provide the support necessary to accelerate the Marine Corps’ full vision of Force Design. We cannot ask our Marines to stand toe-to-toe with our Nation’s adversaries without first standing behind them. I look forward to joining my colleagues from both sides of the aisle on this urgent matter.

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Source: United States Senator for West Virginia Joe Manchin

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Source: United States Senator for South Dakota John Thune

Click here to watch the video.
WASHINGTON — U.S. Sen. John Thune (R-S.D.) today spoke on the Senate floor about the need to reform federal spending and the risk of the growing national debt. Thune noted that the interest on the debt will exceed spending on key programs like national defense, Medicare, and Social Security in the next few decades. He also outlined how the debt ceiling has historically provided an opportunity to agree to spending reforms and urged President Biden to get serious about negotiating with Speaker McCarthy and House Republicans.    

Thune’s remarks below (as prepared for delivery):
 
“Mr. President, talks on the debt ceiling continue, and the Republican and Democrat leaders of the House and Senate are meeting with President Biden again today.
 
“I hope that is a positive sign.
 
“Because if the president’s treasury secretary is correct, we could be two weeks away from the United States beginning to default on its debts – something that would have very serious consequences for our economy and for our nation’s financial standing.
 
“And if we’re going to get a debt limit increase, the president is going to have to negotiate with Speaker McCarthy and House Republicans.
 
“Really negotiate, Mr. President.
 
“Which means that President Biden is going to have to accept some real spending reforms.
 
“Because otherwise a debt limit increase is not going to make it through the House of Representatives.
 
“Those are just the facts, Mr. President.
 
“Democrats, of course, have been kicking and screaming at the idea of spending reforms – witness their frantic campaign to portray the responsible reforms in House Republicans’ bill as extreme.
 
“Apparently suggesting that we should return to 2022 discretionary spending levels for 2024 is an extreme position – despite the fact that we were clearly doing just fine at those levels mere months ago.
 
“The Senate Democrat leader came down to the floor last Thursday and suggested that Republicans were attempting to pair a debt ceiling increase with, quote, ‘unrelated partisan priorities.’
 
“‘Unrelated partisan priorities.’
 
“Let that just sink in for a minute, Mr. President.
 
“According to the Senate Democrat leader, spending reform is a partisan priority that has nothing to do with increasing our nation’s credit card limit. 
 
“Mr. President, if a discussion over increasing our nation’s credit card limit isn’t a good time to have a discussion about spending, I don’t know what is. 
 
“And if spending reform is just a Republican priority, then there’s something seriously wrong with the Democrat Party.
 
“Because with a national debt like ours, spending reform should be a priority for everyone.
 
“Our national debt currently stands at more than $31 trillion.
 
“$31 trillion.
 
“Our debt has already exceeded the size of our economy, and within a few short years, we are going to be spending more just meeting the interest on our nation’s debt than we will on national defense.
 
“How do Democrats not realize that a national debt of that size has serious consequences? 
 
“By 2044, we will be spending more on interest than on Medicare.
 
“And by 2050, we will be spending more on interest than on Social Security.
 
“That is barely going to leave enough money for the government to meet its most basic obligations, much less invest in all the new or expanded government programs Democrats would like to implement.
 
“And yet Democrats are apparently content to simply ignore this reality.
 
“It’s like they think that we’re going to find a pot of gold at the end of the rainbow to rescue us once we’ve spent the federal government into the ground.
 
“But there’s no magic pot of gold, Mr. President.
 
“And before Democrats suggest it, let me just say that taxing the rich will not provide enough money to dig us out of the hole we’re in.
 
“We have to find a way to rein in federal spending.
 
“Otherwise the size of our national debt is going to crush our economy – and seriously limit the federal government’s ability to meet even its most basic responsibilities, like funding Social Security and national defense.
 
“Mr. President, Democrats would like Americans to believe that the ‘clean’ debt ceiling bill they’re calling for is the standard when it comes to raising our nation’s credit card limit.
 
“But in fact that is very far from being the case – as the Democrat leader should know from his own experience in using the debt ceiling as leverage in negotiations. 
 
“As Democrats should be well aware, seven of the last 10 debt limit increases have included some mix of policy or budgetary changes rather than simply a clean increase.
 
“And historically spending reform has frequently gone hand-in-hand with debt ceiling legislation.
 
“Indeed, one expert recently noted in testimony before the Senate Budget Committee, and I quote, ‘of the eight largest deficit-reduction laws since 1985, all eight were attached to debt-limit bills.’
 
“Mr. President, I’m getting a little tired of hearing Democrats dance around the facts – or suggest that if Republicans just agree to the “clean” debt ceiling increase Democrats want, Democrats will be ready to talk about spending once we move on to the budget.
 
“Does anyone really believe that if Democrats won’t consider spending reforms now, they’ll develop a serious enthusiasm for reining in spending once we get to the budget?
 
“Somehow it doesn’t seem likely.
 
“Mr. President, Democrats and the president have spent a lot of energy over the past couple of weeks tearing down Republican proposals.
 
“If they’d spent half that time coming up with spending reforms of their own, we might already have a debt ceiling agreement.
 
“And I hope that the meeting at the White House later today is a sign that the president is actually getting serious about negotiating.
 
“Because if he isn’t, he will have only himself to blame if our nation defaults on its obligations.
 
“Democrats have already spent us into an inflation crisis.
 
“Let’s hope they don’t push us into a default crisis as well.
 
“Mr. President, I yield the floor.”

Source: United States Senator for South Dakota John Thune

Click here to watch the video.
WASHINGTON — U.S. Sen. John Thune (R-S.D.), ranking member of the Subcommittee on Taxation and Internal Revenue Service (IRS) Oversight, today discussed the Democrats’ plan to supersize the Internal Revenue Service’s enforcement arm while disproportionately funding customer service-related functions at the agency. Thune also discussed his IRS Funding Accountability Act, legislation that would give Congress a direct say in how the unprecedented $80 billion in new funding could be spent, hold the IRS more accountable, and provide greater transparency to taxpayers.
Excerpt of Thune’s remarks below:
 
“Last August, with the narrowest of majorities Democrats gave the IRS approximately $80 billion – a sum equal to six times the agency’s 2022 budget.
 
“Of the $80 billion provided to the IRS, more than half – about $46 billion – is directed toward enforcement activities, which includes increasing audits and hiring more enforcement agents. 
 
“But only 4 percent of the $80 billion – 4 percent – was earmarked for improving taxpayer services.
 
“That is an overwhelmingly disproportionate amount directed to increased enforcement compared to taxpayer services.
 
“The National Taxpayer Advocate herself criticized the lopsided funding for enforcement.
 
“Since the IRA’s enactment, Democrats have doubled-down and made calls to further supersize the IRS enforcement arm. 
 
“The President’s budget seeks an additional $29 billion in supplemental funding to the IRS for enforcement – again, in addition, to the $46 billion for enforcement the IRS received only months ago. 
 
“For context, the IRS’s supplemental enforcement funding amount alone eclipses appropriations for Customs and Border Patrol, which received approximately $18 billion in total this year. 
 
“Based on funding priorities, it seems that Democrats’ intent is to create a bigger and more intrusive enforcement-focused agency – without annual accountability to taxpayers and Congress.     
 
“While Republicans are open to discussions about IRS resources, efficiency, accountability, and improvements to taxpayer services should be prioritized – all of which are lacking in the Inflation Reduction Act.”

Source: United States Senator for South Carolina Tim Scott

Tuesday | May 16, 2023

WASHINGTON – At today’s U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing with the executives of Silicon Valley Bank and Signature Bank, Ranking Member Tim Scott (R-S.C.) outlined rampant mismanagement at the two failed banks and demanded answers and accountability while assuring Americans that our banking system is strong and resilient.

                                                                                                    Click here to watch Senator Scott’s full statement.

Ranking Member Scott’s opening remarks as delivered:

The last two months have shaken the banking sector. Not only did we experience three of the largest bank failures in American history—we also found out that our banking regulators were utterly asleep at the wheel. As I have said repeatedly, there were three major issues with the bank failures: first was bank mismanagement, supervisory failure, and rocketing inflation.

I am thankful that this Committee has been able to come together to conduct the type of oversight that is necessary for us to understand and appreciate the depth of the mismanagement and the challenges that have been presented to the American people.

And while today’s bank focus will be on the management, Thursday we’ll have the opportunity to talk about the supervisory failures. My Democratic colleagues will avoid the economic failure that landed us where we are today: when you spend and print trillions of dollars, leading to the highest inflation we’ve seen in my lifetime, with ten interest rate hikes, [this] is what happens. Ten interest rate hikes in about a year sends a signal of what is actually happening in the marketplace that seems to have been completely ignored by the bank execs. On top of that, our colleagues on the Left have decided to make Jared Bernstein – the architect of the Biden economy and the Biden failure – the Chairman of the CEA. 

But today, it’s high time that we figure out what went wrong from a bank management perspective. It is critically important that we understand how our banking system experienced two of the largest failures in history. That starts with getting answers from y’all.

I’d like to start with Mr. Becker. I ran a business for a while. And I’ll tell you, honestly, I’m shocked at the complete negligence and disregard for the economic realities that this country was facing. Under your leadership, SVB made significant bets on interest rates falling when everything indicated exactly the opposite. I am not an economist, I owned insurance agencies. But anyone that paid close attention to the economy over the past two years could have plainly seen that the Federal Reserve was going to continue to increase interest rates.

Truth be told, I don’t think you need to be an economist, or an insurance guy, or a senator to understand the direction, the trajectory, of the interest rate hikes that we were going to see.

But there was a JP Morgan analyst that said that SVB was already in trouble. I remember a blogger, financial blogger—I think it was November of the previous year—came to the same conclusion that the portfolio risk was very high and increasing. So I hope to hear your analysis on why you did not act on the ballooning risk, and how you failed to adapt to the increasingly vulnerable inflationary environment that impacted your bank. And more importantly, the customers of your bank.

The Federal Reserve report noted that your bank’s practices did not keep pace with the rapid growth in size and in risk.

Further, the Federal Reserve’s report also stated that the board of directors’ and risk management’s experience and capabilities were lacking for a bank of $200 billion. Not only did you fail to hire a Chief Risk Officer in a timely manner, and the definition of timely manner is several months—the bank went without its chief risk officer in place. That challenge exacerbates the situation that Americans came to realize. To me, it sounds like a recipe for disaster, and sadly, in part, it’s why we are here today.

Even more concerning, the Federal Reserve’s report stated that with respect to both liquidity and interest rate risk, your management team was more focused on chasing profitability than stability. Sounds like greed. Perhaps this is why your institution had 31 open supervisory findings when it failed, which is about three times the average number. That’s 31 notices that you received. Flashing red lights that something was desperately wrong.

But let me say this, SVB was an anomaly, and your lack of judgment, Mr. Becker, shows that you should not have been running the bank. To the American people, our true regional institutions are run by smart, competent individuals, and your money is safe.

It’s no doubt that the failure of SVB fed the bank run leading to the liquidity crisis that ended up creating the contagion [that] also impacted Signature Bank.

Signature Bank’s board of directors and management also pursued rapid, unrestrained growth without developing and maintaining adequate risk management practices and control appropriate for the size, complexity, and risk profile of the institution, nor did the management prioritize good corporate governance practices.

The FDIC report further states that Signature Bank did not always abide by the FDIC examiner’s concerns and was not always responsive or timely in addressing FDIC supervisory comments and recommendations.

Mr. Shay and Mr. Howell, I’ll be eager to hear you tell me why you thought it was okay to not respond in a timely manner. The laws are not above you – so I’d like to understand why you thought they were. Like I have said before, as a Charlestonian, if a restaurant decided to just ignore the safety inspectors, I am confident they would be shut down and the management would be replaced.

Americans watching this hearing today should see the examples of bad management and know that while we are demanding answers, and hopefully we will get something that sounds like an answer, this is not the norm. For the vast majority of our financial institutions, they are well-run, our banking system is strong, and your money is safe.

I thank the Chairman for working with me to get these executives before us, I look forward to hearing their comments.

Related Issues: 

Source: United States Senator Mike Braun (Indiana)

Monday, May 15, 2023

WASHINGTON – Senator Mike Braun released the following statement on the release of Special Counsel John Durham’s report.
 
“Special Counsel Durham’s report is thorough and damning: the Russia collusion investigation was a hoax from the get-go, was based on uncorroborated intel that was never corroborated, and should never have been opened. Media outlets and politicians that spread these baseless lies should issue retractions and apologies, and the politicizing of our justice system has to end.” – Senator Mike Braun
 
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Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON –U.S. Senators Bill Cassidy, M.D. (R-LA), Angus King (I-ME), and Kevin Cramer (R-ND), and U.S. Representatives Garret Graves (R-LA-06) and Seth Moulton (D-MA-06) today introduced a resolution to establish “Vets Get Outside Day” to support veterans struggling with mental health challenges. Nearly 460,000 veterans were diagnosed with traumatic brain injuries between 2020 and 2022, and there were 6,146 veteran suicide deaths in 2020. 

“We owe it to the men and women who traveled oceans to protect us to address the veteran suicide crisis,” said Dr. Cassidy. “Vets Get Outside Day is a positive step towards ensuring veterans know they have the help they need available to them.” 

“From beach walks to fishing trips to simply hearing a refreshing breeze in the forest, America’s extraordinary outdoor spaces can bring moments of calm during the most difficult times,” said Senator King. “I hope that ‘Vets Get Outside Day’ this year will encourage our veterans to find a relaxing outdoor space near them. It’s a simple way to promote the great outdoors and help these brave men and women who may be struggling with mental health conditions.”

“Fresh air and nature are often the best medicine, and there’s no better place to take advantage of outdoor opportunities than North Dakota. To combat veteran suicides, our resolution recognizes the positive impacts nature therapies can have on our veterans,” said Senator Cramer. 

“Veterans Get Outside Day encourages Veterans to experience the outdoors and engage in recreational activities such as hiking, biking, fishing, and hunting, and ultimately promote a passion for the outdoors. Studies show that nature-based therapy can work. I’m proud to join Congressman Moulton in introducing this resolution to support our Veterans,” said Representative Graves.

“Veterans have sacrificed so much for our country, and many face unique, lifelong health challenges as a result of their service. As a Marine veteran, I know firsthand how healing simply spending time outdoors can be. The moments where I can go on a long run or spend time on the water are sacred,” said Representative Moulton. “I’m proud to partner with my House and Senate colleagues to designate Vets Get Outside Day. This is a great way to remind every veteran to do something healing for themselves; and it’s another important step toward destigmatizing the national conversation around mental health. We are all in this together, and together we can build a community that leads the way on changing how we talk about mental health.”

The resolution calls on veterans battling post-traumatic stress disorder (PTSD), traumatic brain injury, depression, anxiety, or other mental health challenges to walk, run, hike, bike ride, or simply spend time outside on June 10, 2023 as part of an effort to battle mental illness. A goal of the effort is to encourage follow-on therapy available through various non-profits that specialize in nature therapies. 

Veterans in crisis can dial 9-8-8 and then press 1 to be connected with the Veterans Suicide and Crisis Lifeline.

Read the full resolution here.

Background

Last year, the Senate unanimously passed Cassidy’s Solid Start Act to strengthen the Department of Veterans Affairs’ (VA) Solid Start program to contact every veteran three times by phone in the first year after they leave active duty. The program helps connect veterans with VA programs and benefits, including mental health resources.

Cassidy also introduced the Mental Health Reform Reauthorization Act of 2022 to reauthorize and improve Cassidy’s historic 2016 mental health reform package.

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