Congressman Neguse Statement on Final Passage of Three-Bill Fiscal Year 2026 Minibus

Source: United States House of Representatives – Congressman Joe Neguse (D-Co 2)

On Thursday, January 15, 2026, the Senate passed a package of three spending bills to fund the Commerce, Justice, Energy and Interior departments through the end of September.

Washington, D.C. — Colorado Congressman Joe Neguse released the following statement after the Senate voted on final passage of the Commerce, Justice, Science (CJS); Energy and Water Development; and Interior and Environment Appropriations Act, 2026. While Rep. Neguse succeeded in protecting funding for vital programs at the National Oceanic and Atmospheric Administration (NOAA), he ultimately voted against the three funding bills in the House as a result of their omission of statutory language he proposed — on a bipartisan basis — to prevent the Trump administration’s reported plans to dismantle the National Center for Atmospheric Research (NCAR) in Boulder, Colorado.  

Neguse has forcefully condemned the White House’s attacks on the nation’s leading scientific research center, calling them reckless, dangerous, and blatantly retaliatory. During a House Rules Committee hearing last week, he filed an amendment to reiterate sustained federal support for NCAR. House Republicans rejected the amendment by a 7-3 vote. 

“Colorado’s research institutes and laboratories are central to the fabric of our state and our nation, and I’m deeply grateful to the colleagues who joined me in pushing back against the Trump administration’s attacks on the National Oceanic and Atmospheric Administration and the National Center for Atmospheric Research. While I’m proud that we succeeded in ensuring the CJS funding bill rolled back dangerous cuts to NOAA — preventing irreversible harm to critical programs — I could not, in good faith, support legislation that fails to safeguard the extraordinary work being done at NCAR. Dismantling this institution would be reckless, dangerous and place the United States at a serious competitive disadvantage. I urge the Trump administration to heed our bipartisan call for a halt to their attacks on this vital institution — and I’ll continue to work with Senators Bennet and Hickenlooper and the bipartisan coalition we’ve built to protect NCAR,” said Congressman Neguse.  

At the end of last year, Neguse spearheaded a bipartisan effort with Republican Congressman Jeff Hurd (CO-03) and Colorado Senators Michael Bennet and John Hickenlooper, urging congressional appropriators to prevent NCAR’s dismantling and protect its core capabilities. Their effort was supported by a coalition of nearly 100 lawmakers from both the House and Senate. 

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Rep. Panetta Statement Calling for Resignation, Removal, and Impeachment of Homeland Security Advisor Stephen Miller and DHS leadership

Source: United States House of Representatives – Congressman Jimmy Panetta (D-Calif)

Washington, DC Rep. Panetta released the following statement:

“The deadly shootings of people in communities across the country by Immigration and Customs Enforcement (ICE) and Customs and Border Protection (CBP) officers reveal a failure in leadership at the Department of Homeland Security (DHS) and in this Administration. The horrific shooting death of Renee Nicole Good in Minneapolis was unnecessary, but predictable based on the unprofessionalism and lack of training that pervades the ranks of ICE and CBP.

“The recent deadly and violent incompetence that we’ve seen, stems from the rushed implementation by DHS of President Trump’s deportation policy, that is created and driven by Homeland Security Advisor Stephen Miller. That massive immigration crackdown, along with the injection of $165 billion in funding for DHS from the purely partisan ‘One Big Beautiful Bill Act’, is not only growing the ranks of ICE and CBP officers but also pushing them through a reduced training program and pushing them away from the border and into urban and suburban settings across the nation.

“The ICE and CBP officers appear to be untrained for that environment, and unprofessional when it comes to confrontations with people and protestors. DHS Secretary Noem is responsible for implementing the Administration’s deportation policy and the standards and oversight that govern ICE and CBP operations. However, based on reporting and what we’ve seen, it appears that the ranks of ICE and CBP are filled with substandard officers that are poorly trained, sheltered from the consequences of their actions, and empowered to behave recklessly and with impunity. Moreover, and as we experienced after the shooting in Minneapolis, the Administration, including President Trump, provides irresponsible defenses and explanations for this ineptitude, which appear to normalize brutality, violence, and lawlessness, rather than accountability and transparency. That is why I continue to call for accountability through a full independent investigation into the shootings of people by ICE and CBP officers, including what transpired in Minnesota.

“Moreover, as the architect and implementor of this overreaching, failed, and dangerous deportation policy that makes our communities less safe, Stephen Miller, as well as the DHS Secretary, must resign or be removed from their positions. If President Trump refuses to remove these individuals from his Administration, the House and Senate must act accordingly. I support impeachment proceedings based on the accountability investigation that is currently being conducted by the Committee on Homeland Security and being led by Democratic ranking member Bennie Thompson.  Such an investigation will lay out all of the facts upon which formal impeachment proceedings will rest.

“Congress must act now to restrain Steven Miller and DHS leadership and stop the recklessness and violence by ICE and CBP. Now more than ever, Democrats and Republicans in Congress must fulfill our Constitutional responsibilities by checking this executive branch to ensure transparency, accountability, and safety in our communities.”

Steil Announces January Telephone Town Hall

Source: United States House of Representatives – Representative Bryan Steil (Wisconsin-1)

Janesville, WI – Congressman Bryan Steil (WI-01) announced he will be holding his monthly telephone town hall on Tuesday, January 20, at 4:00 p.m. CT. Congressman Steil has held numerous in-person listening sessions this Congress across the 1st District, including in Beloit, Bristol, Elkhorn, Janesville, and Mount Pleasant.

“One of my top priorities is to be available and accessible to Wisconsin families,” said Steil. “I look forward to hearing from residents about the challenges they are facing, discussing recent events in Washington, and having a productive conversation about how we can move our nation forward.”

Residents of the 1st Congressional District can sign up for Congressman Steil’s telephone town hall by going to Steil.house.gov/live or calling his office at (608) 752-4050.

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Warner, Kaine, Scott, McClellan Statement on U.S. District Court Ruling Allowing Construction of the Coastal Virginia Offshore Wind Project to Resume

Source: {United States House of Representatives – Congressman Bobby Scott (3rd District of Virginia)

Headline: Warner, Kaine, Scott, McClellan Statement on U.S. District Court Ruling Allowing Construction of the Coastal Virginia Offshore Wind Project to Resume

WASHINGTON, D.C. – Today, U.S. Senators Mark R. Warner and Tim Kaine, along with U.S. Representatives Bobby Scott and Jennifer McClellan issued the following statement after the U.S. District Court for the Eastern District of Virginia issued a preliminary injunction against the Trump Administration allowing Dominion Energy to resume construction of the Coastal Virginia Offshore Wind Project:

“We applaud today’s federal court decision granting Dominion Energy’s request for a preliminary injunction and allowing construction of the Coastal Virginia Offshore Wind (CVOW) project to resume. This project has already undergone years of rigorous review and is poised to deliver clean, reliable, and affordable energy while creating thousands of good-paying jobs in Hampton Roads. CVOW represents the kind of investment in domestic energy our region and nation need. 

“Today’s ruling is a victory for Virginians, who otherwise would face increased energy costs as a result of the Trump Administration’s shortsighted opposition to clean energy.  We will continue to work to protect this critical and growing industry and to ensure clean energy projects that have met every legal and regulatory requirement can move forward without undue political interference.”

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CRIME PREVENTION: Harder Secures Funding for New Stockton PD Real Time Crime Center in Federal Funding Package

Source: United States House of Representatives – Congressman Josh Harder (CA-10)

Also includes millions for Harder’s public safety projects at local law enforcement departments across the Valley

Funding passes on the heels of Stockton mass shooting, the deadliest in California last year

WASHINGTON – Today, following the horrific mass shooting in Stockton, Rep. Josh Harder (CA-09) announced that he secured $1 million in government funding legislation that just passed the U.S. House for a brand-new Real Time Crime Center (RTCC) at the Stockton Police Department. The RTCC will use new technology to gather information faster, allowing officers to identify crimes in progress, catch more criminals, and keep families safer. Harder also secured nearly $4 million for other public safety projects at local law enforcement departments across the Valley.

Stockton was shaken a month ago by a mass shooting that took the lives of three children and one adult while injuring thirteen others. According to the Gun Violence Archive, this was the deadliest mass shooting in California last year. In response, Harder took to the U.S. House floor to deliver an emotional tribute to the victims and redoubled his efforts to bring more federal resources to the Valley and help local law enforcement deliver justice.

“Our community was rocked a few weeks ago by a horrific mass shooting. We vowed that no family would ever experience this tragedy again, and this investment is a critical step towards making that goal a reality,” said Rep. Harder. “The Real Time Crime Center will bring brand-new technology, real time information, and world-class resources to our local departments – which means less crime and safer streets. I’m grateful for the officers who put their lives on the line every single day, and I’m committed to continuing to work with local, state, and federal partners to keep Valley families safe.”

“The Real-Time Crime Center represents the future of modern policing,” said Stockton Police Chief Stanley McFadden. “Congressman Josh Harder’s support allows us to leverage technology in real time, giving our officers the tools they need to make informed decisions by providing them critical information faster, enhancing officer safety, preventing crime, and delivering better outcomes for our community.”

In 2024, Harder secured more than $800,000 for an RTCC at the San Joaquin County Sheriff’s office, which includes a high-tech supercomputer for data analysis and to support crime prevention. That technology is actively assisting local law enforcement in the Stockton mass shooting investigation, including analyzing over 6,000 hours of camera footage from the investigation.

“Access to this level of computing capability will dramatically improve how we analyze data, respond to incidents, and stay ahead of emerging threats,” said San Joaquin County Sheriff Patrick Withrow. “This investment will help keep our county safer and stronger. I want to extend our sincere appreciation to Rep. Josh Harder for his continued support of this effort and ensuring San Joaquin County benefits from these critical tools.” 

After passing the U.S. House, this funding package is now headed to the U.S. Senate ahead of the January 30th government funding deadline.

Harder is laser-focused on ensuring first responders have the resources and support to keep Valley families safe. In addition to funding announced today, Harder has brought back $2.5 million for public safety projects across the Valley, as well as more than $3 million for the Stockton Police Department through the Byrne JAG grant program. Harder is also working to build support for new gang violence prevention initiatives, and his bill to invest in first responder training was just signed into law.

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Helsinki Commissioner Rep. Doggett Introduces Bipartisan Sanctions Package on Russian Energy

Source: United States House of Representatives – Congressman Lloyd Doggett (D-TX)

Contact: Luis Botello Faz

Washington, D.C.— An active member of the Congressional Ukraine Caucus and Helsinki Commission, U.S. Representative Lloyd Doggett (D-TX) introduced two bipartisan pieces of legislation to undercut the Russian war machine by strengthening the current ban on Russian petroleum products as well as prohibiting U.S. involvement in Russia’s energy sector. 

The Ending Importation of Laundered Russian Oil Act would close the “refining loophole” that allows Russian oil to be laundered through third-party countries and sold in the United States as gasoline and other petroleum products, and the No Aid for Russian Energy Act would ban U.S. companies and individuals—and their foreign subsidiaries—from providing petroleum equipment, software, or services to Russia.

Ending Importation of Laundered Russian Oil Act:

“While more military assistance to Ukraine remains the most urgent priority, much more must be done to reduce funding for Putin’s ‘well-oiled’ war machine,” said Rep. Doggett. “Russia is selling millions of barrels of oil that are refined through foreign refineries and resold around the world.  For too long, Americans have unknowingly been helping to fund both sides of this war. Though critical of refining in India, Trump has ignored the modest flow of laundered Russian oil still being imported to America, which represents enough income to buy thousands of deadly drones. The European Union is finally closing this “refining” loophole; we need to do the same.”

The bill is cosponsored by Don Bacon (R-NE), Gus Bilirakis (R-FL), Steve Cohen (D-TN), Brian Fitzpatrick (R-PA), Rich McCormick (R-GA), Gwen Moore (D-WI), Donald Norcross (D-NJ), Eleanor Holmes Norton (D-DC), Mike Quigley (D-IL), Brad Schneider (D-IL), Chris Smith (R-NJ), and Joe Wilson (R-SC).

No Aid for Russian Energy Act:

“As Putin continues to kill Ukrainians, Texas oilfield service companies have continued to help him fund the war by strengthening Russian energy production,” said Rep. Doggett. “This legislation would do what the Trump Administration should already have done—stop American companies from oiling the Putin war machine.”

Last year, Rep. Doggett led colleagues in bipartisan effort to demand a tightening of Russian oil sanctions and to question an exception granted to U.S. oilfield services companies to continue serving as accomplices to Vladimir Putin. The Biden Administration banned U.S. petroleum services from providing support to Russia in January 2025. However, U.S. oilfield services companies have continued to enable Russian oil despite U.S. sanctions through a vast network of foreign subsidiaries.

The bill is cosponsored by Don Bacon (R-NE), Gus Bilirakis (R-FL), Steve Cohen (D-TN), Brian Fitzpatrick (R-PA), Dan Goldman (D-NY), Tom Kean Jr. (R-NJ), Eleanor Holmes Norton (D-DC), and Mike Quigley (D-IL).

Quotes from Endorsing Organizations:

Endorsing organizations: Razom for Ukraine, Ukrainian Congress Committee of America (UCCA), B4Ukraine, and Foundation for Defense of Democracies (FDD) Action.

“New reports show U.S. companies, most notably Houston-based energy giant SLB, continue to enable Russia’s oil profits, which Moscow uses to finance its war against Ukraine. This ongoing engagement undermines sanctions and directly contradicts U.S. national interests. Washington must fully defund Russia’s oil sector by every available means. Deprived of American equipment and expertise, the sector would rapidly degrade. That is why B4Ukraine proudly supports this bill as a critical step toward cutting war funding and bringing a just peace closer.

A ban on imports of refined products from refineries running on Russian crude is also urgently needed. Between January 2024 and June 2025, the U.S. imported $3.6 bn of oil products from three refineries in India. Of this, an estimated $1.5 bn was processed using Russian crude. Because the volumes involved are marginal for the United States, experts agree this policy is unlikely to affect gas prices. What it will do is reduce demand for Russian oil and create clear incentives for refineries to move away from Russian crude if they wish to export to the U.S. market. Closing this loophole is therefore a common-sense step for the United States: it weakens Russia’s capacity to wage war while imposing no cost on American taxpayers.”  –  Nezir Sinani, Executive Director, B4Ukraine

“Russia’s ability to circumvent U.S. oil sanctions through refining loopholes and foreign subsidiaries represents a critical vulnerability in our efforts to pressure Putin’s regime. These bills address fundamental weaknesses that allow billions of dollars to continue flowing to Moscow. By closing the refining loophole and prohibiting companies from enabling Russian oil production through any corporate structure, Congress can ensure that American sanctions achieve their intended purpose: cutting off the financial lifeline that sustains Russia’s war in Ukraine. FDD Action is proud to endorse Rep. Doggett’s legislation, which deserves strong bipartisan support.”  –  Daniel Vaynshteyn, Associate Director for Government Relations, FDD Action

“Russia’s war machine runs on energy revenue. The Ending Importation of Laundered Russian Oil Act and the No Aid for Russian Energy Act close the ‘refining loophole’ and bar U.S. petroleum services—directly or through foreign subsidiaries—from helping fuel Putin’s aggression against Ukraine.” – Diana Godlevskaya, Director of Government Affairs, Razom for Ukraine

“Russia’s energy exports finance its war machine; cutting that revenue is not punishment—it is prevention. The Ukrainian Congress Committee of America (UCCA) underscores that robust energy sanctions are essential not only to Ukraine’s survival and freedom, but also to advancing U.S. national security interests by weakening authoritarian aggression, strengthening global stability, and upholding the rules-based international order. The urgent need for decisive action is underscored by Russia’s latest terror on Ukraine’s cities and critical infrastructure, including the devastating overnight missile and drone strikes that killed civilians, disrupted power and heat in freezing winter conditions, and damaged vital infrastructure on January 9, 2026, making clear that unchecked energy revenue only fuels further Russian aggression, imperialist ambitions and the genocide of Ukrainians.” – Michael Sawkiw, Jr., President, Ukrainian Congress Committee of America (UCCA)

Text of the Ending Importation of Laundered Russian Oil Act can be viewed here.

Text of the No Aid for Russian Energy Act can be viewed here.

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Congressman Vicente Gonzalez Urges President Trump to Protect Student Loan Borrowers’ Paychecks

Source: United States House of Representatives – Congressman Vicente Gonzalez (15th District of Texas)

Amid an affordability crisis, South Texas student loan borrowers in default cannot afford to lose up to 15% of their wages

Contact: Alexis Torres

Washington, D.C.—As prices on everyday goods continue to rise from tariffs and millions of Americans see their health care premiums skyrocket, Congressman Vicente Gonzalez (TX-34) urged President Trump today to ensure his Administration does not garnish up to 15% of wages from student loan borrowers who have defaulted on payments and work with Congress to protect Americans’ paychecks and prevent irreparable damage to the economy. Despite the U.S. Department of Education’s announcement of a delay on wage garnishment, it remains unclear how long this temporary pause will be in effect.

Congressman Gonzalez writes, “As you may know, an estimated five million borrowers across the country have defaulted on their student loans, including an estimated 461,000 in the State of Texas – that is a collective debt of $1.67 trillion. In Texas alone, the defaulted debt is $9.5 million. To put things further into perspective, the median wage in the 34th Congressional District of Texas is $55,000 with the average student debt being $22,309. Many of my constituents are already having to choose between paying down debt or covering the necessities. Garnishing wages will only push families into further financial hardship.”

“Furthermore, borrowers who default will see their credit ratings plumet and encounter difficulties in purchasing homes, cars, and accessing credit cards further hindering any chance at upward economic mobility,” the Congressman continued.

In addition to potential wage garnishment, the U.S. Department of Education has taken steps to limit student loan repayment options that were designed to help keep monthly payments low for working Americans. This includes a pending agreement to eliminate the Saving on a Valuable Education (SAVE) repayment plan, which provided the most affordable and flexible option for borrowers. Once again, the Administration is creating an economic crisis of its own making while having the authority to enact immediate relief.

In the letter, Congressman Gonzalez also writes, “The federal student loan moratorium was the right call by your previous Administration. This was instrumental in ensuring millions of Americans stayed afloat as they found ways to pay back their student debt. It is imperative we protect our students who want to better themselves through education and not punish them for their pursuit of a better life and well-paying jobs.” 

“I urge you and your Administration to act swiftly and reverse this decision and put America first. I stand ready to work with you to find an alternative such as a moratorium on collection or a bailout similar to the one provided to Argentina,” the Congressman concludes.

The letter in full can be read here.

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Following ICE Surge in Minnesota, Rep. Craig Introduces Articles of Impeachment Against DHS Sec. Kristi Noem

Source: United States House of Representatives – Congresswoman Angie Craig (MN-02)

WASHINGTON, DC — Today, U.S. Representative Angie Craig joined Rep. Robin Kelly (IL-01) in introducing Articles of Impeachment against Department of Homeland Security (DHS) Secretary Kristi Noem, whose leadership has wreaked havoc on Minnesota communities and recently resulted in the killing of Minneapolis mother Renee Nicole Good.   

In the wake of the recent Immigration and Customs Enforcement (ICE) surge in Minnesota, Rep. Craig has led the fight against Secretary Noem’s continued efforts to strip Minnesotans of due processpush Minnesota state and local authorities out of the investigation of Renee Good’s killing and prevent Members of Congress from exercising their right to conduct oversight of federal immigration facilities. Rep. Craig and her colleagues have introduced three impeachment articles, citing obstruction of Congress, violation of public trust and self-dealing.  

“Secretary Noem has shown us that she will do whatever it takes to advance President Trump’s heartless and dangerous immigration agenda,” said Rep. Craig. “Under her leadership, DHS has repeatedly ignored due process, denied Members of Congress their right to conduct oversight of immigration detention facilities and used immigrants as political pawns. This month, her political stunts in Minneapolis got a woman killed. Secretary Noem is a danger to every single Minnesotan – and that’s why today, I’m formally introducing Articles of Impeachment. Enough is enough.” 

Following the murder of Renee Good by an ICE officer in South Minneapolis, Rep. Craig demanded that federal agencies, who had refused to share critical evidence with Minnesota’s Bureau of Criminal Apprehension (BCA), work with state and local law enforcement to conduct a full and fair investigation into the incident.  

Rep. Craig then attempted to conduct a Congressional oversight visit of the regional ICE detention center at the Whipple Federal Building in Minneapolis. She, Rep. Ilhan Omar (MN-05) and Rep. Kelly Morrison (MN-03) were met with armed ICE agents and ultimately denied entry to the facility. Following the visit, Secretary Noem released a statement that inaccurately portrayed the events of the day and denied the Members’ legal right to conduct unannounced oversight visits. 

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Davids Leads Bipartisan, Bi-State Delegation Letter Commending State Department on Kansas City Passport Agency

Source: United States House of Representatives – Congresswoman Sharice Davids (KS-3)

Today, Representative Sharice Davids (D-KS-03) led a bipartisan, bicameral Kansas–Missouri delegation in thanking U.S. Secretary of State Marco Rubio for his collaborative efforts to swiftly develop a new Kansas City Passport Agency. The letter underscores the urgent need for improved passport access in the region and the significant relief the new agency will provide to families, workers, and businesses across Kansas and Missouri.

Along with Davids, the letter was signed by Senator Jerry Moran (R-KS) and Representatives Mark Alford (R-MO-04), Wesley Bell (D-MO-01), Emanuel Cleaver (D-MO-05), Bob Onder (R-MO-03), Derek Schmidt (R-KS-02), Ron Estes (R-KS-04), Tracey Mann (R-KS-01), and Ann Wagner (R-MO-02), reflecting broad bipartisan support from both states.

“Please accept our utmost appreciation for your collaboration in the long-awaited Passport Agency construction in Kansas City,” wrote the Members. “This project will significantly strengthen communications within our states, expand opportunities, and enhance the overall well-being of the families and businesses we serve. We are grateful for your commitment to this matter and the Department of State resources that have been dedicated to these efforts.”

The delegation highlighted years of constituent concerns about delayed and inaccessible passport services that have forced Kansans and Missourians to miss weddings, honeymoons, funerals, time-sensitive work travel, and other critical life events.

Without a local passport agency, residents of the Kansas City metro area have been required to travel hours for expedited assistance — including trips of more than six hours to Minneapolis, seven hours to Hot Springs, Arkansas, and more than eight hours to cities like Dallas and Denver.

The delegation noted that, once all newly announced passport facilities open nationwide, 96 percent of Americans will live within a five-hour drive of a passport agency — a substantial improvement from 2023.

In 2024, Davids and Cleaver broke the news about Kansas City being selected as a Passport Agency location. Now, the Department of State has broken ground on the facility. The pair also previously urged the U.S. Department of State to provide answers for the dramatic delays in processing passport applications.

Read Davids’ full letter here or below:

Dear Secretary Rubio,

We write to commend the U.S. Department of State on their collaborative efforts to swiftly develop the new Kansas City Passport Agency. In 2023, after we heard from many constituents in Kansas and Missouri, our respective delegations took action to highlight this issue and re-emphasize the need for a Passport Agency within the Kansas City metro area.

Our offices have heard directly from constituents whose delayed or inaccessible passport services caused them to miss weddings, honeymoons, time-sensitive work travel, funerals, and other once-in-a-lifetime or critical obligations.

Currently, Kansans and Missourians are burdened with hours-long trips to receive expedited passport assistance. Specifically, from the Kansas City Metro Area, travel times to the nearest agencies include:

  • Minneapolis, MN: 6.5 hours
  • Hot Springs, AK: 7 hours
  • Chicago, IL: 7.5 hours
  • Dallas, TX: 8 hours
  • Denver, CO: 8.5 hours

Soon, our constituents will have convenient access to a passport agency close to — if not directly in — their own community.

The future Kansas City Passport Agency will make travel and passport maintenance more accessible by shortening commutes and wait times for processing and renewal services for Kansans and Missourians. Once the additionally announced new passport facilities open for operation, ninety-six percent of Americans will be within a five-hour drive of a passport agency for urgent or emergency travel. Though this commute is still lengthy, it is a notable improvement and expansion from 2023. 

The Kansas City Passport Agency will allow residents in Kansas, Missouri, and surrounding areas to receive federal assistance with increased accessibility and faster means to manage passport inquiries or possible issues that may arise with acquiring government documents. 

Please accept our utmost appreciation for your collaboration in the long-awaited Passport Agency construction in Kansas City. This project will significantly strengthen communications within our states, expand opportunities, and enhance the overall well-being of the families and businesses we serve. 

We are grateful for your commitment to this matter and the Department of State resources that have been dedicated to these efforts. We remain committed to supporting the development of the Kansas City Passport Agency at every stage and appreciate the significant impact of your involvement in this process.

Sincerely, 

Foster Introduces Legislation to Safeguard U.S. Financial System

Source: United States House of Representatives – Congressman Bill Foster (11th District of Illinois)

Washington, DC – Today, Congressman Bill Foster (D-IL) introduced the Enhancing Financial Stability Research and Oversight Act. The legislation would establish minimum budget and staffing levels for the Office of Financial Research (OFR) and the Financial Stability Oversight Council (FSOC), adjusted for inflation, to prevent misguided attempts to undermine our top financial stability watchdogs.

The OFR and FSOC were created as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to monitor for and address potential risks to the stability of the U.S. financial system. During Trump’s first term, his administration cut staffing at OFR and FSOC by nearly 50 percent and 18 percent, respectively. Since Trump returned to office, Treasury Secretary Scott Bessent has proposed cutting FSOC’s budget by 32 percent

“I worked in Congress to help create the OFR and FSOC in the wake of the 2008 financial crisis to monitor the U.S. financial system for vulnerabilities or risks that could lead to another economic crisis,” said Rep. Foster. “For years, Republicans have tried to cut funding for these agencies, which would weaken their ability to protect our economic system. This legislation would help protect the important work these agencies do and insulate them from misguided efforts that only serve to put American consumers at risk.”

A copy of the bill can be found here

Cosponsors of the bill include Representatives Brad Sherman (D-CA), Joyce Beatty (D-OH), Sean Casten (D-IL), and Nydia Velázquez (D-NY). 

Congressman Foster serves as Ranking Member of the Financial Services Subcommittee on Financial Institutions. Congressman Sherman serves as Ranking Member of the Financial Services Subcommittee on Capital Markets. Congresswoman Beatty serves as Ranking Member of the Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions. 

 

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