Representative French Hill presses Secretaries Yellen and Blinken to swiftly implement the REPO Act to support Ukraine

WASHINGTON, D.C. - Rep. French Hill (R-AR), alongside House Financial Services Committee Ranking Member Rep. Maxine Waters (D-CA) and House Foreign Affairs Committee Ranking Member Rep. Greg Meeks (D-NY), sent a letter to Treasury Secretary Janet Yellen and Secretary of State Antony Blinken urging for the swift and full implementation of the Rebuilding Prosperity and Opportunity for Ukrainians Act, or the REPO Act, a bipartisan piece of legislation signed into law ordering the seizure of Russian sovereign assets held in the United States. These assets will be transferred to help with Ukraine’s reconstruction and recovery from the harm caused by Russia’s invasion.

 Read the full letter:

 Dear Secretary Yellen and Secretary Blinken:

We are writing to commend the Administration for its March 14th statement at the Kyiv Polytechnical Institute committing the Administration to seizing all Russian sovereign assets in the United States to help Ukraine as authorized by the bipartisan Rebuilding Prosperity and Opportunity for Ukrainians Act (REPO Act, Public Law 118-50). We also applaud Secretary Blinken’s statement to work with our G7 allies to ensure that all Russian assets worldwide are seized to maximize the amount of funds used as the initial payment to Ukraine for damages inflicted by Russia’s illegal aggression under international law in 2014 and again in 2022.

We have been sponsors and champions of this legislation since it was first introduced. With your assistance, we want to see it swiftly and fully implemented by the President in order to maximize the Russian sovereign assets that the United States can provide to Ukraine for its reconstruction and recovery. The REPO Act provides the President with statutory authority to seize, confiscate, vest, and then transfer Russian sovereign assets as effectively and efficiently as possible to help bolster Ukraine’s economy and infrastructure. Moreover, this will help to ensure Ukraine’s continued existence as a free democracy and sovereign nation. In this respect, the economic war facing Ukraine from Russia is as critical to win as the military campaign in which they now have been engaged for more than ten years after Russia’s first illegal act of aggression in 2014.

As part of our Constitutional responsibility to oversee the Executive branch of our government, we are writing to inform you that we intend to exercise our authority to hear from you and other senior Administration witnesses in order to maximize the chances for success in Ukraine. We look forward to receiving and reviewing the required reports, notifications, and Presidential certifications as required by the new law.

We urge you to work promptly and directly with the President to launch the first required reporting requirements required under the law through an Executive Order or other means under the new law. Specifically, we believe it is crucial to get timely, accurate, and actionable information on the amounts and sources of all Russian sovereign assets as defined in Section 2(6) that are within the jurisdiction and reach of the United States. As you know, this definition includes not only assets of the Russian Central Bank, National Wealth Fund, and Ministry of Finance, but also any other funds or property of the Russian government, including any subdivision, agency, or instrumentality.

We wish to stress that the definition in the new law includes all Russian sovereign assets held in U.S. financial institutions and other financial institutions defined in the new law, including all correspondent banking accounts and offshore partnerships maintained by U.S. financial institutions. As you know, once fully implemented by the Administration, the new law requires all covered financial institutions to report to the Treasury Department any Russian sovereign asset in their accounts that are subject to sanctions. U.S. institutions are necessarily involved in the management of Russian sovereign assets in the form of U.S. dollars produced by coupons on securities or dollars deposited when U.S. securities matured. Whether already segregated or commingled with other funds for management on behalf of a foreign financial institution, the U.S. institution must work with its foreign partners to identify and report on these holdings that are subject to sanctions, both for reasons of prudential risk management as well as compliance with the new law. The U.S. institutions must also segregate such holdings for the full range of possible actions contemplated in Section 104. Properly implemented, this new law bolsters the U.S. ability to exert its full and complete authority over overseas Russian assets that interact with the jurisdiction of the United States. Any action by U.S. or foreign banks to conceal Russian sovereign assets covered by this law could be a form of criminal sanctions evasion.

As you draft the required orders, licenses, and/or regulations that will be issued to comply with Section 104(a) and Section 106 of the new law and meet the 90-day reporting deadline, if not sooner, we urge you to ensure that the reporting requirements issued by the Administration cover all possible Russian sovereign assets subject to our jurisdiction. This includes not just the Russian Central Bank reserves, estimated by the Administration at various times to be in the range of $5 to 8 billion, but also all other Russian sovereign assets as enumerated in the law and described above.

Swift action to launch the new reporting requirements will also help further our common objective of clearly identifying and reporting all available assets as a first step toward their transfer, seizure, or confiscation to vest in the new Ukraine Support Fund. By proceeding in this manner deliberately and quickly, we also ensure that the U.S. Government is protecting U.S. taxpayer interests by using Russian money first to compensate Ukraine for the damages Russian President Vladimir Putin has and continues to inflict upon Ukraine due to Russian illegal aggression. We also hope that you will use your good offices with the President to accelerate these reporting requirements so you are in a position to provide us with the required reports well in advance of the 90-day requirement, which is July 23, 2024.

Further, your swift action—already applauded by many policy makers in Europe—will spur the EU and member states to also act swiftly. The overwhelmingly unanimous vote on April 16 by the Parliamentary Assembly of the Council of Europe to adopt a resolution calling for frozen Russian assets to be used for Ukraine’s benefit, as well as the recent introduction of a similar measure to the REPO Act in the UK House of Commons, provide that full indication. Given that the great majority of Russian sovereign assets are held in Europe, effective diplomacy is absolutely essential for aiding Ukraine. Acting in coordination with our European counterparts also protects our economy and financial system here at home.

Thank you for your consideration of our views. We look forward to working closely with you as Congress begins its oversight of the Administration’s implementation of the REPO for Ukrainians Act in ways that will optimize the benefits for our citizens as well as the people of Ukraine.

Representative Hill provisions included in package fighting against foreign adversaries and strengthening national security

WASHINGTON, D.C. - Today, Rep. French Hill (AR-02) issued the following statement after three of his bills passed the House as part of significant, strategic, and critical legislation to support U.S. allies Ukraine, Israel, and Taiwan. 

“As our allies in Ukraine, Israel, and Taiwan face threats against their freedom, providing U.S. aid was dire. Russia’s Vladimir Putin will not stop until he takes Ukraine, China’s Xi Jingping seeks to follow Putin’s aggressive and illegal footsteps in his pursuit of Taiwan, and Iran and Iran-backed terror groups are relentless in their attacks against our strongest Middle East ally, Israel. 

“It should be brutally obvious that Putin is responsible for the destruction his army has caused in Ukraine and bears the sole burden of paying for Ukraine’s reconstruction. The REPO Act that House Foreign Affairs Committee Chairman Michael McCaul (TX-10) and I authored was a crucial part of our assistance to Ukraine as it allows Russian sovereign assets held in the United States to be converted for Ukraine’s reconstruction – all while saving U.S. taxpayer money. 

“Syrian President Bashar al-Assad is a transnational drug kingpin who exploits his dangerous drug captagon to generate billions in illicit funding and devastate families in Syria and in the region. It is crucial that we take further action to disrupt and dismantle the proliferation of captagon as it fuels Assad’s terror partnership with the Iranian regime and before it makes its way west to American shores. My bill, the Illicit Captagon Trafficking Suppression Act, does exactly that by directly targeting and sanctioning those involved with the proliferation of captagon. 

“Iran is the top state sponsor of terrorism and profits from their alliances with other terror regimes in the region, and the citizens of Iran deserve transparency about their corrupt, authoritarian leaders. While most of the population lives in poverty, Iranian leaders are focused on funding terrorism and enriching themselves. My bill, the Holding Iranian Leaders Accountable Act, exposes the finances of Iran’s theocratic leaders and cracks down on the financial institutions that facilitate Iran’s terror. 

“I am pleased that Speaker Johnson and House Leadership secured the important passage of my bills and crucial supplemental aid to our allies today – the world was watching, and we delivered.”  

Further Background: 

H.R. 8038 - 21st Century Peace through Strength Act: This legislation includes three of Rep. Hill’s bills:

• H.R. 4175 - Rebuilding Economic Prosperity and Opportunity for Ukrainians (REPO) Act: This legislation would utilize Russian assets to pay for the Ukrainian current financing gap and long-term reconstruction by giving the U.S. President the authority to seize, transfer, or vest Russian assets within U.S. jurisdiction into an international fund for the sole purpose of Ukraine’s eventual reconstruction.

• H.R. 6245 - Holding Iranian Leaders Accountable Act: This legislation would expose the finances of Iran’s authoritarian and theocratic leaders and crack down on financial institutions that maintain accounts in connection with those funds.

• H.R. 4681 - Illicit Captagon Trafficking Suppression Act: This legislation would issue new, direct sanctions against the perpetrators who illicitly produce and traffic captagon.

H.R.8035 - Ukraine Security Supplemental Appropriations Act: This bill would provide $60.8 billion in aid to Ukraine for defense purposes. $48.3 billion (79%) of this total will fund the U.S. defense industrial base. 

H.R.8034 - Israel Security Supplemental Appropriations Act: This bill would provide $26.38 billion to support Israel as it defends itself Iran and Iran-backed terror groups such as Hamas. It also would reimburse U.S. military operations in response to the recent attacks. 

H.R.8036 - Indo-Pacific Security Supplemental Appropriations Act: This bill would provide $8.12 billion to assist Taiwan as they continue their efforts to counter the Chinese Communist Party and ensure strong deterrence in the Indo-Pacific.

U.S Rep. French Hill provides update on his trip to Ukraine

KUAR | By Ronak Patel

Last month, U.S Rep. French Hill of Arkansas’ Second Congressional District visited Ukraine. In an interview with Arkansas PBS, Hill said he wanted to get a better understanding of what was happening with the war and find out how military aid was being used.

"As I evaluate President Biden’s request for additional aid for Ukraine, this visit in country will inform me as to the most effective use of further funding for Ukraine as they continue their defense of their nation against Russian aggression,” Hill said in a press release.

There are members of Hill’s party, the Republicans, who are reluctant to provide more aid. Hill said those members are reluctant to support more aid because they believe Europe needs to provide more aid.

U.S Rep. French Hill provides update on his trip to Ukraine

Office Of Congressman French Hill

U.S Rep. French Hill, R-Little Rock, spoke about his recent trip to Ukraine. He said he made the trip with fellow lawmakers to get a better understanding of what was happening in Ukraine.

YEAREND: War, weather drive 2022 ag rollercoaster

By Mary Hightower

LITTLE ROCK — Markets seeking stability after a year of COVID found new turbulence in 2022 as war erupted in the Ukraine and Mid-South farmers found themselves on a weather rollercoaster ride.

WEATHER — Widespread drought and a rainy planting season took farmers on a rollercoaster ride in 2022.

A spring with too much rain, followed by a summer of too much drought, overshadowed any market optimism going into planting time.

“As farmers were in the field preparing to plant their crop, Russia invaded Ukraine fueling uncertainty across the world and in agricultural input markets,” said Hunter Biram, extension economist for the University of Arkansas. “We saw prices paid for chemicals, fertilizer, and fuels increase by about 10 to15 percent over 2021 after there was a 30 percent increase in the prices paid for chemicals, 60 percent increase in prices paid for fertilizer, and 50 percent  increase in the prices paid for fuels relative to 2020

“Any potential relief the high commodity prices provided was essentially eliminated by these increases in input prices,” Biram said.     

According to the 2023 Division of Agriculture crop enterprise budgets, nitrogen fertilizer is projected to be about 6 percent lower relative to 2022 but still 14 percent higher relative to 2021. Phosphate and potash are projected to be up some over 2022 at around 1.6 percent and 0.5 percent higher, respectively. Diammonium phosphate, known as DAP, and defoliant, key inputs used in cotton production, are projected to be up 7 percent and 10 percent respectively over 2022. Insecticides and fungicides, which are key inputs used in rice production are projected to be up 98 percent and 18 percent, respectively, over 2022.  

Spring rains came — lots of it — as farmers were getting crops in the ground, slowing progress and worse, “causing a great deal of yield loss. According to the U.S. Department of Agriculture Risk Management Agency,  of the $1.4 billion in rain-related losses across the U.S., $0.4 billion were primarily in the Mid-South states,” Biram said. "In Arkansas, we saw $171 million in losses account for half of the total coverage purchased in 2022. Prevented planting claims were the primary driver of losses with 81 percent of the losses directly attributed to prevented planting." 

Economist Hunter Biram

Too much water turned to too little as summer began. Farmers in Arkansas had to make some tough choices.

“Drought struck the entire United States which resulted in significant crop losses in Texas, Oklahoma, and parts of the east coast,” Biram said. “Of the $3.9 billion in total drought-related losses across the U.S., $2.4 billion were in the Southeast.”

Arkansas weathered the drought better than other states, thanks to irrigation. Arkansas ranks third nationally in terms of acres under irrigation. However, the drought would find another way to hit farmers in Arkansas and elsewhere, as it dropped the Mississippi River to historically low levels. The levels were so low, the river was closed to traffic between Osecola and Greenville, Mississippi. Elevator prices followed the river levels.

“These price losses at the local grain elevator came in the form of extremely weak basis during arguably the most unfortunate time: harvest,” Biram said. “During the usual harvest window, basis or the local cash price less the relevant futures price, fell from about 40 cents over to 125 under at Helena, Arkansas.

“Once the river levels increased, basis strengthened to about 50 over and has stayed relatively consistent at this level even though most new crop delivery from the 2022 harvest is finished,” he said.

According to the November estimates from the National Agricultural Statistics Service, Arkansas corn was expected to yield 176 bushels per acre, down from 184 bushels per acre in 2021. Cotton was forecast to yield 1,166 pounds per acre in 2022, compared to the record-setting 1,248 pounds per acre in the previous year. Peanuts were expected to yield 5,000 pounds per acre, same as 2021. All rice was expected to yield 7,450 hundredweight per acre in 2022, down from 7,630 the previous year. Soybeans were expected to improve on 2021, rising to 53 bushels per acre — which would be a new state record average yield — up from 52 bushels the previous year.

To learn about extension programs in Arkansas, contact your local Cooperative Extension Service agent or visit www.uaex.uada.edu. Follow us on Twitter and Instagram at @AR_Extension. To learn more about Division of Agriculture research, visit the Arkansas Agricultural Experiment Station website: https://aaes.uada.edu. Follow on Twitter at @ArkAgResearch. To learn more about the Division of Agriculture, visit https://uada.edu/. Follow us on Twitter at @AgInArk.

AUDIO: Governor Hutchinson’s Weekly Address | The Ukrainian War Hits Close to Home

LITTLE ROCK – Brent Renaud, who grew up in Little Rock, traveled the world to tell the stories of the overlooked with the hope that the world could never again overlook them. Brent’s films made the stories personal.

Three weeks ago, after Russia invaded Ukraine, Brent traveled there to tell the story of Ukrainian refugees who were fleeing the unprovoked attack on their nation.

On Sunday, Russian soldiers shot and killed Brent as he was traveling to film Ukrainians who were escaping their country. His story has made this war personal. Brent’s death reminds us that the war is much closer to Arkansas than the 6,000 miles between Little Rock and Kyiv.

There are other Arkansas connections. Kateryna Pitchford is a Ukrainian who is an assistant professor at Central Baptist College in Conway. She speaks daily to relatives and friends in her hometown of Dnipro. At the Arkansas Leadership Prayer Breakfast two weeks ago, Kateryna prayed for her country. This week, she shared her story with employees of munitions companies in East Camden.

Those aerospace and defense companies in south Arkansas bring the war close to home. Firms such as General Dynamics, Aerojet Rocketdyne, and Lockheed Martin build warheads and propulsion systems that Ukraine’s defenders are using to resist Russia’s brutal assault.

And now Brent Renaud, an Arkansas treasure, has died in that war as he documented the tragedy for millions who were forced to leave their homes. Brent  “devoted his life to telling the stories of overlooked people,” as his brother and partner, Craig, told Time magazine.

Brent was the first American journalist to die reporting about the war.  Ukrainian President Volodymyr Zelenskyy sent a letter of condolence to Brent’s family. Brent was a “talented and brave journalist (who) lost his life while documenting human tragedy, devastation and suffering of the millions of Ukrainians,” President Zelenskyy wrote.

Gabe Gentry met Brent and Craig a decade ago when he helped them put on the Little Rock Film Festival, which the brothers founded. Gabe spent a month with Brent as he documented the ISIS invasion of Iraq. Brent’s demeanor and patience earned the trust of the people whose story he was filming. Regardless of the situation, Brent remained calm. Gabe says Brent was “a patient listener. When he did speak, the words had weight.”

Many Arkansans first learned of the Renaud brothers through their 10-part documentary Off to War, which told the story of the Arkansas National Guard’s year-long deployment to Iraq through the eyes of the soldiers as well as their families back in Arkansas.

For such people as Vladimir Putin, Brent Renaud was a threat. As the Dallas Morning News said in an editorial: “(Brent’s) work represented something that is terribly dangerous to autocrats and absolutely crucial for democracy. He was gathering facts. He was shining a light on the terror being waged in Ukraine.”

Brent Renaud lost his life in his effort to tell the story of this war and its victims. His life and death have made the war personal for Arkansas, although as one of his fellow filmmakers said, Brent would be uncomfortable with the attention and accolades. But for the moment, his life has become the story, an innocent man killed by the global ambitions of a single corrupt leader. His death – and the deaths of millions of innocent Ukrainians – calls the world to act with urgency against Vladimir Putin. Our grief and anger over this brutal and unprovoked invasion should forge in us the will to end this assault. Brent has showed us why we must do this. It’s up to us to figure out how.                                 

Governor rallies defense industry employees for work in Ukraine

by Talk Business & Politics staff (staff2@talkbusiness.net)

Gov. Asa Hutchinson led a rally in Camden on Monday (March 14) in support of the aerospace defense industry that produces weapons being used to defend the country of Ukraine.

Hutchinson was joined by Ukrainian native Professor Kateryna Pitchford, who is an assistant professor at Central Baptist College in Conway, and Arkansas Secretary of Commerce Mike Preston.

Military exports are Arkansas’ No. 1 export product. There are more than 2,700 workers in Camden’s Highland Industrial Park, where explosive munitions are produced. Some of the weapons include tank killers, anti-air defenses, and other missiles.

https://talkbusiness.net/2022/03/governor-rallies-defense-industry-employees-for-work-in-ukraine/

U.S. cattle markets face rising grain costs with Russian invasion of Ukraine

by Kim Souza (ksouza@talkbusiness.net)

While the fighting in Ukraine is half a world away from the U.S. the impacts are being felt in the food supply chain, according to Derrell Peel, extension livestock marketing specialist at Oklahoma State University.

Peel said the war continues to inject uncertainty into global commodity markets creating direct and indirect impacts on producers in the food chain. He said cattle markets are seeing indirect impacts from the volatile crop markets for grains which are fed to live cattle for finishing ahead of slaughter.

https://talkbusiness.net/2022/03/u-s-cattle-markets-face-rising-grain-costs-with-russian-invasion-of-ukraine/

Grain, fertilizer, fuel prices impacted by Russian war in Ukraine

by George Jared (gjared@talkbusiness.net)

Russia’s invasion of Ukraine has impacted many economic sectors on a global scale and agriculture will be directly affected on several fronts. Grain markets have become more volatile and high fertilizer and fuel prices are going even higher.

Russia and Ukraine account for about 29% of global wheat trade and Russia is the world’s top wheat exporter. Ukraine accounts for about 16% of global corn exports. Scott Stiles, agricultural economist for the University of Arkansas System Division of Agriculture, said the situation will offer both opportunities and hardships for growers in Arkansas and elsewhere.

Oil prices traded at more than $122 per barrel on Monday (March 7) after it spiked for a short time to $130 per barrel. Gas prices inched towards all-time highs across the U.S. at $4 per gallon. Diesel prices are even higher and several analysts predict oil could rise to $200 a barrel before the conflict is over.

https://talkbusiness.net/2022/03/grain-fertilizer-fuel-prices-impacted-by-russian-war-in-ukraine/

AUDIO: Governor Hutchinson’s Weekly Address | Arkansas’s Support for Ukraine

LITTLE ROCK – In the week since Russia invaded Ukraine, Arkansas has joined most of the world in condemning the unprovoked assault. Today I’d like to share the story of a woman from Ukraine who is watching the war from Arkansas and praying for her relatives and friends who are sheltering in basements in her homeland. Kateryna Pitchford’s story highlights the reality of the war for the rest of us.

Kateryna came to the United States in 2004 and is an associate professor of business at Central Baptist College in Conway. She was born in eastern Ukraine in 1982. The Russian invasion is one more chapter of horror for Kateryna’s family. A century ago, her great-grandparents and grandmother suffered under Soviet Russia. Kateryna grew up under the USSR, and she was nine when the Soviet Union broke up in 1991.

Thirty years later, Kateryna and her family live in uncertainty and nightmare. She communicates daily with her friends and family in Dnipro and Kyiv as they send images and videos by phone. A cousin showed Kateryna the inside of her refrigerator to assure Kateryna they had enough food. A friend who has supplies for two weeks says the nearby grocery store has sold out. Some remain in their homes, comforting their children as the sirens continually pierce the air; others continue to work. Ukrainians are brave, but they are very afraid by this unprovoked aggression and air attacks on civilians.

Kateryna participated in the Arkansas Leadership Prayer Breakfast at the mansion on Thursday. She recited the Lord’s Prayer in the Ukrainian language, followed by prayer for Ukraine in English.

The international support encourages her. She is proud to inform friends in Ukraine that the Hellfire and Stinger missiles going to their country are made in her home state. She tells them Arkansas is helping.

General Dynamics makes those missile in Camden, and every Javelin anti-tank weapon carries a Camden warhead. Aerojet makes the propulsion system in Camden. The missiles are known for their power to destroy tanks, buildings, and helicopters.

The killing of innocent citizens is a terrible evil, and this invasion of Ukraine ranks as the worst attack in Europe since the end of World War II. The Russians are violating the sovereignty and freedom of Ukraine. The free world must support Ukraine with all the defensive arms it can muster. We should not pull our punches, and Mr. Putin must pay a high price for this invasion.

Mr. Putin underestimated the resolve of the Ukrainians and the reaction of the free world. He thought Ukraine would simply fold, but he has found that his attack has hardened the loyalty and courage of Ukrainians into a resistance that may save the country. Ukrainians love their country and don’t want to leave or turn it over to Russian governance.

The sanctions are essential, but we all want to do more. In Arkansas, I directed a review of our investments, and our alcohol distributers agreed to no longer buy Russian vodka. We need to do more, and I am hopeful that much more is being done covertly to help Ukraine.