Boozman, Moran, Lankford, Blackburn, Cramer & Braun urge VA to protect VA home loans from costly energy conservation standards

WASHINGTON –– U.S. Senator John Boozman (R-AR), a senior member of the Senate Veterans’ Affairs Committee, joined Ranking Member Jerry Moran (R-KS) and Senators James Lankford (R-OK), Marsha Blackburn (R-TN), Kevin Cramer (R-ND) and Mike Braun (R-IN) to raise concerns to Department of Veterans Affairs (VA) Secretary Denis McDonough about how recently adopted Department of Housing and Urban Development (HUD) and Department of Agriculture (USDA) energy conservation policies could impact the cost of VA home loans for veterans.

On April 26, HUD and USDA announced they would be implementing the 2021 version of the International Energy Conservation Code (IECC) as the minimum energy efficiency standards for the financing of new single and multifamily homes. 

“If adopted by the Department of Veterans Affairs, we are concerned that the revised standards could negatively affect the availability, affordability, and competitiveness of VA home loans for veterans,” wrote the senators. “Declining to finance any loans for new homes that do not meet these increased requirements, the agencies put accessible homeownership in jeopardy for thousands of veterans. Both rental and housing costs have risen at the fastest rates in decades, and any proposals that raise the cost of home building must be meticulously examined.”

“NAHB commends Sen. Moran for urging the VA Secretary to produce the department’s own analysis on how the 2021 IECC would affect housing affordability and the ability of veterans to obtain VA home loans,” said National Association of Home Builders Chairman Carl Harris. “Studies have shown that requiring new construction to adopt to the 2021 IECC can add as much as $31,000 to the price of a new home and that it would require up to 90 years for a home buyer to realize a payback on the added upfront cost of the home. Sen. Moran and the nation’s home builders are concerned that if VA were to adopt the 2021 IECC, it would prevent many of our nation’s veterans from purchasing a new home using a VA home loan.” 

The full text of the letter can be found below.

Dear Secretary McDonough,

We write to raise significant concerns about the Department of Housing and Urban Development’s (HUD) and Department of Agriculture’s (USDA) recently adopted revised energy standards for newly constructed homes insured or guaranteed by their respective Departments.

We are particularly concerned with the impact of the agencies’ final determination, implementing the 2021 version of the International Energy Conservation Code (IECC), on veteran homebuyers. By only financing new homes if they are built to the 2021 IECC standards, HUD and USDA describe the potential for a market where “new construction for Federal Housing Administration borrowers would decline.”  If adopted by the Department of Veterans Affairs (VA), we are concerned that the revised standards could negatively affect the availability, affordability, and competitiveness of VA home loans for veterans.

Recent estimates indicate that even a one thousand dollar increase in home prices would price over one hundred thousand Americans out of the housing market.  As mortgage rates hover around seven percent, the revised standards could lead prospective homeowners to pay tens of thousands of dollars more over the course of a 30-year mortgage. Included in the Regulatory Impact Analysis, HUD and USDA rightly recognize that “lower-income households are less willing than higher-income ones to accept longer payback periods for energy-efficient investments.” Declining to finance any loans for new homes that do not meet these increased requirements, the agencies put accessible homeownership in jeopardy for thousands of veterans.

Both rental and housing costs have risen at the fastest rates in decades, and any proposals that raise the cost of home building must be meticulously examined. Additionally, it is our duty to ensure that veterans have robust access to VA-financed home loans. In turn, we respectfully call your attention to a directive included in the Senate’s Fiscal Year 2025 Military Construction and Veterans Affairs Appropriations Committee Report on the revised energy standards and look forward to VA’s evaluation of how adoption would impact costs for veteran homebuyers, including the availability, affordability, and competitiveness of VA home loans.

Arkansas coalition receives $99.9 million EPA grant for environmental projects

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

A coalition of groups representing Northwest Arkansas, the Fort Smith metro and central Arkansas will receive $99.999 million from the Environmental Protection Agency (EPA) to support climate change reduction efforts in the three areas.

According to Monday’s (July 22) EPA announcement, the grant funds will pay for technologies and programs that reduce harmful emissions, and pay for infrastructure, housing, and other “competitive economy” developments “needed for a clean energy future.”

“When estimates provided by all selected applicants are combined, the proposed projects would reduce greenhouse gas pollution by as much as 971 million metric tons of carbon dioxide equivalent by 2050, roughly the emissions from 5 million average homes’ energy use each year for over 25 years,” noted the EPA press release announcing the funds.

Arkansas coalition receives $99.9 million EPA grant for environmental projects

Attorney General Griffin applauds emergency stay halting President Biden's unlawful student debt cancellation plan

LITTLE ROCK – Attorney General Tim Griffin today issued the following statement in response to the U.S. Eighth Circuit Court of Appeals granting an emergency stay in the matter of Missouri v. Biden, again halting the Biden administration’s evolving attempt to cancel student debt:

“This is the latest blow to President Biden’s unlawful plans to cancel student loans without congressional approval. Our coalition won at the lower court last month, and we have continued to win in the Eighth Circuit. The President is disregarding the separation of powers in the Constitution and the fundamentals so clearly articulated in Schoolhouse Rock. I am grateful the courts continue to prevent President Biden from doing an end-run around Congress.”

Griffin is the co-lead in the lawsuit with Missouri Attorney General Andrew Bailey. They are joined in the suit by the attorneys general of Florida, Georgia, North Dakota, Ohio, and Oklahoma.

To read the order, click here.

Governor Sanders, Sen. Cotton speak to RNC on Tuesday

by Roby Brock (roby@talkbusiness.net)

On a night dedicated to law and order and toughness on crime, Republican convention-goers heard from a plethora of 2020 and 2024 Presidential candidates and two high-profile Arkansas politicians mentioned as future candidates for higher office.

Florida Gov. Ron DeSantis, Florida U.S. Sen. Marco Rubio, former United Nations Ambassador and former South Carolina Gov. Nikki Haley, former U.S. Housing Secretary Ben Carson, and Vivek Ramaswamy all took the stage to unite behind the Republican Presidential nominee, former President Donald Trump.

Carson was one of the few speakers to reference Trump’s recent convictions in New York on a case under appeal involving hush money payments to adult film star Stormy Daniels. Carson also noted the dismissal of a Florida special counsel case involving Trump’s handling of classified documents.

Governor Sanders, Sen. Cotton speak to RNC on Tuesday

Brazilian pulp manufacturer acquires Pine Bluff paper mill for $110 million

by Roby Brock (roby@talkbusiness.net)

Pactiv Evergreen Inc. announced it has signed a definitive agreement to sell its Pine Bluff, Arkansas paper mill and Waynesville, North Carolina extrusion facility to global paper and pulp producer Suzano S.A.

The $110 million cash transaction is expected to close in the fourth quarter of this year.

Suzano has agreed to offer employment to several hundred current employees at Pine Bluff and Waynesville.

The Pine Bluff mill produces liquid packaging board and cupstock used to make fresh beverage cartons, paper cups and other fiber-based food and beverage packaging. Waynesville provides incremental extrusion capacity for the board produced at Pine Bluff.

Brazilian pulp manufacturer acquires Pine Bluff paper mill for $110 million

Marshals Museum first year attendance around 65,000; new board member named

by Tina Alvey Dale (tdale@talkbusiness.net)

With an attendance of around 65,000, the U.S. Marshals Museum has had a good inaugural year, according to Ben Johnson, museum president and CEO. He said attendance for the first year is “really great in the post-COVID world.”

Initial studies suggested the museum could average around 100,000 to 150,000 visitors annually.

“We didn’t really know what to expect. We hoped for higher numbers, but we’ve been very active. The traffic really has been awesome,” Johnson said, adding that he expects year No. 2 to be even better with a growing number of programs.

Marshals Museum first year attendance around 65,000; new board member named

La Ñina boosts the Panama Canal; Houthi threat drives up shipping costs through the Suez

By Mary Hightower
U of A System Division of Agriculture

LITTLE ROCK — While La Ñina is helping ease the traffic knots at the Panama Canal, repeated attacks by Houthis — some fatal — have driven shippers to find alternatives to the Suez Canal, said Ryan Loy, extension economist for the University of Arkansas System Division of Agriculture.

More than a quarter of the soybeans grown in the U.S. are exported through the Panama Canal, says Ryan Loy, extension economist. (U of A System Division of Agricultre photo)

The Panama Canal is a key route for global trade, including for Arkansas commodities such as soybeans and corn. In March, the United Nations Conference on Trade and Development said that traffic through the Panama Canal had dropped 49 percent since 2021 and 42 percent in the Suez Canal during the same period.

“About 26 percent of U.S. soybeans and 17 percent of U.S. corn is transported via the Panama Canal,” Loy said. “And this is important to us, especially in Arkansas, because a lot of our grain goes down the Mississippi River to the Port of New Orleans.”

Arkansas’s export soybeans and corn go through the Panama Canal to get to Asia, Loy noted.

Long-term drought across Central America was strangling the Panama Canal. While the passage connects two oceans, the water used to raise and lower ships between the coasts comes from Gatun Lake, a fresh water body. Each ship transit requires 52 million gallons of water. The lake fell to its lowest levels in five years last June, hitting 79.5 feet.

“It was a very dire situation,” Loy said. The alternative to the canal would mean sailing around Cape Horn at the bottom of South America, costly in fuel and fraught with dangerous weather.

Lower lake levels meant shallower water in the locks. The Panama Canal Authority ended up restricting the number of ships making transits. Ships that could make the trip had to carry less cargo to prevent their hulls from hitting bottom.

However, the return of La Ñina has meant replenishing rain for the lake and the canal authority has not only increased the number of ships allowed through, but also allowed heavier ships that sit more deeply in the water.

As of July 11, the canal authority was “increasing the number to 33 ships a day. Then on July 22, they’re going to allow 34 ships a day and on Aug. 5, they will open up one more spot for the Neopanamax ships.”

“Neopanamax” refers to the largest ships than can pass through the canal’s newest locks, which opened in 2016. These vessels can be up to 1,202 feet long, 168 feet wide and have a draft of 50 feet. Draft is the distance between the ship’s waterline and its lowest point.

“This is very close to what they used to do —  38 ships a day — so we’re getting close to normal,” Loy said.  “Just for comparison, in November 2023, they were at 24 ships a day, so you can see how much we’ve kind of improved since then.”

Should drought return the canal to its restricted state and if China’s soybean crop is poor, “that leaves Brazil an opportunity,” he said.

Brazil is a key rival to the U.S. for soybean trade and doesn’t rely on the Panama Canal.

“Brazil can come in and say, we don’t need the Panama Canal. We can transport our grain via rail and trucks to the Pacific. They have a lot of it and it’s much cheaper,” Loy said. “So those are the kind of implications of what could happen if the drought comes back.”

Suez Canal

The Suez Canal is a critical route, carrying an estimated 12-15 percent of global trade.

The Operational Land Imager on the Landsat 8 satellite acquired these images of the Suez Canal’s mid-section, showing the canal after expansion was completed in 2016. (Image courtesy NASA).

Since starting in November 2023, Houthi attacks in the Suez Canal have become fiercer, resulting in the deaths of four crewmembers from attacks on two ships, the MV True Confidence and the Tutor.

MarineTraffic.com, which tracks global shipping, reported a 79.6 percent reduction in dry bulk carriers — whose shipments include grain — passing through the Suez, just 24 ships in June, compared to 118 in June 2023. The amount of cargo passing through the canal in May was 44.9 million tons, down from 142.9 million tons in May 2023.

The U.S. Defense Intelligence Agency said many shippers were opting to avoid the canal and the Houthis, including British Petroleum, Evergreen, CMA CGM, Hapag Loyd and Maersk.

Maersk resumed its use of the canal in June, since taking the the Cape of Good Hope route around the tip of South Africa added an estimated $1 million in fuel costs and one to two weeks in additional transit time, according to the U.S. Naval Institute. Rounding the cape is still perilous, with one ship running aground and another losing cargo, according to Bloomberg.

The Suez Canal’s decreased traffic meant the port authority’s yearly revenues were nearly halved, from $648 million last year to $337 million, Loy said.

“The areas surrounding this are also impacted, too, because people's jobs, people's livelihoods depend on traffic through the Suez Canal,” he said, and “that’s tough for that region.”

Houthis are only attacking ships affiliated with the U.S., Israel and their allies, affecting insurance premiums for the carriers.

“The total premium for U.S.-based cargo is 1.7 percent of total freight on board,” Loy said. “Because they’re not attacking Chinese ships, the Chinese premium is just 0.2 percent of the value of total freight on board.”

Where does this leave consumers?

“I'm surprised that we haven't seen much increase in items at the grocery store, even vehicles, or whatever it may be, anything besides grain, that are separate from our inflation issues,” Loy said. “The expected big ripple effect is having a little bit less of an impact than most people thought.”

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

Cotton, Colleagues to Garland: Terminate DOJ Official Who Committed Perjury

Washington, D.C. — Senator Tom Cotton (R-Arkansas) led nine of his Senate Judiciary Committee colleagues today in sending a letter to Attorney General Merrick Garland, urging him to terminate Kristen Clarke, the Department of Justice’s (DOJ) Assistant Attorney General for Civil Rights. The senators detailed how Ms. Clarke committed perjury during the nomination process for her current role by lying to Congress.

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Senators Lindsey Graham (R-South Carolina), Marsha Blackburn (R-Tennessee), Josh Hawley (R-Missouri), Mike Lee (R-Utah), Chuck Grassley (R-Iowa), Ted Cruz (R-Texas), Thom Tillis (R-North Carolina), John Kennedy (R-Louisiana), and John Cornyn (R-Texas) co-signed the letter.

In part, the senators wrote:

“During her nomination to her current role, Ms. Clarke was asked if she had ‘ever been arrested for or accused of committing a violent crime against any person.’ Ms. Clarke was unequivocal, responding under oath to the Senate Judiciary Committee, ‘No.’ That was a lie. Ms. Clarke has now admitted that she was arrested in 2006 for attacking and injuring someone with a knife. It has also recently come to light that, shortly before the full Senate voted on her nomination, Ms. Clarke and her publicist contacted the man she attacked in an attempt to cover up her false testimony.”

Full text of the letter may be found here and below.

July 12, 2024

The Honorable Merrick Garland
U.S. Department of Justice
950 Pennsylvania Avenue, NW
Washington, DC 20530-0001

Dear Attorney General Garland,

I write regarding an act of perjury committed by Kristen Clarke, Assistant Attorney General for Civil Rights. I call for Ms. Clarke’s immediate termination and removal from office.

During her nomination to her current role, Ms. Clarke was asked if she had “ever been arrested for or accused of committing a violent crime against any person.” Ms. Clarke was unequivocal, responding under oath to the Senate Judiciary Committee, “No.” That was a lie. Ms. Clarke has now admitted that she was arrested in 2006 for attacking and injuring someone with a knife. It has also recently come to light that, shortly before the full Senate voted on her nomination, Ms. Clarke and her publicist contacted the man she attacked in an attempt to cover up her false testimony.

Lying to Congress under oath is a felony.

The last time you were before the Senate Judiciary Committee, you said, “The integrity of our legal system is premised on adherence to the rule of law. In order to have confidence in our Department and in our democracy, the American people must be able to trust that we will adhere to the rule of law in everything that we do.” Ms. Clarke does not meet this standard and must be immediately terminated.

Thank you for your prompt attention to this important matter.

Sincerely,

UAMS Designated a 2024-2025 Best Hospital; Rated High-Performing in Nine Areas

By Linda Satter

U.S. News & World Report has named the University of Arkansas for Medical Sciences (UAMS) as a 2024-2025 Best Hospital.

In the magazine’s annual Best Hospitals edition, released today, UAMS was named Best Hospital in the Little Rock metropolitan area, in a tie with Baptist Health Medical Center.

UAMS also received “high performing” designations for the following nine treatments or procedures:

• Colon cancer surgery

• Heart failure

• Hip fracture

• Hip replacement

• Knee replacement

• Leukemia, lymphoma and myeloma

• Lung cancer surgery

• Pneumonia

• Stroke

UAMS Designated a 2024-2025 Best Hospital; Rated High-Performing in Nine Areas

National Institutes of Health Awards $31.7 Million to UAMS Translational Research Institute

By David Robinson

The University of Arkansas for Medical Sciences (UAMS) Translational Research Institute announced today that it will receive $31.7 million to continue its role in a national effort to accelerate discoveries for the toughest health challenges facing Arkansans and people across the United States.

The funding by the National Center for Advancing Translational Sciences (NCATS) at the National Institutes of Health (NIH) puts UAMS among an elite group of research centers. The highly competitive Clinical and Translational Science Award (CTSA) goes to only about 60 research institutions nationwide.

“This award attests to the unique capabilities of UAMS researchers in advancing discoveries and treatments,” U.S. Sen. John Boozman said in a statement provided by his office. “The institute has helped put UAMS in position to conduct exceptional, innovative science that’s on par with the best research institutions in the country. We can be proud this outstanding work is occurring right here in our state to improve the lives of Arkansans and all Americans.”

National Institutes of Health Awards $31.7 Million to UAMS Translational Research Institute

UAMS Chancellor Cam Patterson, M.D., MBA, announced the UAMS Translational Research Institute's Clinical and Translational Science Award during a news conference Wednesday. Image by Evan Lewis

$893 million committed to I-55 bridge replacement on Arkansas-Tennessee border

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

The Arkansas Department of Transportation (ARDOT) and the Tennessee Department of Transportation (TDOT) were jointly awarded on Friday (July 12) a $393.75 million grant by the U.S. Department of Transportation to use toward the replacement of the Interstate 55 bridge over the Mississippi River between West Memphis, Ark., and Memphis, Tenn.

ARDOT and TDOT were co-applicants for the grant to replace the aging, 75-year-old bridge. Federal officials announced the historic grant, allowing the project to move forward. A press conference is scheduled for Thursday, July 18 in Memphis to provide more details.

The grant is funded through the Bridge Investment Program under President Biden’s bipartisan Infrastructure Investment and Jobs Act, which received no votes from Arkansas’ all GOP Congressional delegation.

$893 million committed to I-55 bridge replacement on Arkansas-Tennessee border

Firms prepare clients for possible nationwide TikTok ban

by Jeff Della Rosa (JDellaRosa@nwabj.com)

With the looming threat of a TikTok ban, marketing agencies and influencers are bracing for a big change. In April, President Joe Biden signed a law requiring ByteDance, the parent company of TikTok, to divest the business or face a U.S. ban of the platform.

According to Forbes, 7 million businesses advertise on the platform, and 1 million influencers earn a living by making videos on TikTok. The creator economy is a $250 billion industry expected to double by 2027. This year, 92% of brands look to increase their influencer marketing investment.

According to eMarketer, TikTok is a popular choice for brands to reach a wider audience, but it’s not the only platform for commerce. Brands using TikTok’s e-commerce platform, TikTok Shop, often sell on multiple platforms. However, replicating the success of selling on TikTok might pose a challenge for some, especially those benefiting from the platform’s viral product reviews.

Firms prepare clients for possible nationwide TikTok ban

U.S. Congressman French Hill urges Federal Reserve to make payments easier for American families and small businesses

WASHINGTON, D.C. - Rep. French Hill (AR-02) led a bipartisan, bicameral letter to Federal Reserve Chair Jay Powell with Senator Cynthia Lummis (R-WY), Senator Chris Van Hollen (D-MD), Rep. Young Kim (R-CA), Rep. Ayanna Pressley (D-MA), and Rep. Nikema Williams (D-GA) about modernizing our nation’s existing payments infrastructure by expanding the operating days and hours of interbank settlement services to support operations over weekends and holidays, and ultimately 24 hours a day, 7 days a week, 365 days a year.

In their letter to Chair Powell, the lawmakers write:

Dear Chair Powell, 

We write to you about modernizing our nation’s existing payments infrastructure by expanding the operating days and hours of interbank settlement services to support operations over weekends and holidays, and ultimately 24x7x365.

We were pleased to see the Federal Reserve Board announce last month that it is taking steps to expand the operating days and hours of the National Settlement Service (NSS) and Fedwire Funds Service (Fedwire) to 22x7x365 in 2027.

The Federal Reserve’s 2015 report titled Strategies for Improving the U.S. Payment System acknowledged that this expansion “has the potential to empower private-sector innovation around solutions for making payments faster, safer, and more efficient” for consumers and businesses. In the last nine years since the publishing of this report, the Federal Reserve has made progress on several key priorities. Since the report’s publication, we have seen multiple expansions in the operating days and hours of interbank settlement services to accommodate faster and more efficient interbank payments.

The ACH Network currently processes and clears payments 23¼ hours every banking day, but private-sector ACH operators can only conduct interbank settlement when the wholesale payment services are open and available. Expanding the operating days and hours of the NSS and Fedwire will further allow the ACH Network to settle payments during additional days and times of the week, and it will enable the continued adoption of real-time payments.

This would benefit workers and consumers by enabling people to receive funds for payroll Direct Deposits on weekends and holidays, which is especially important for gig workers and those working shifts. It would also allow Americans to transfer money between accounts at night and on weekends and holidays, something they currently cannot do. Enabling ACH payments to settle on weekends and holidays through expanded days and hours can help consumers manage their own cash flow, pay their bills on time, and avoid late fees, as well as reduce the overall cost of payments to consumers. Expanding the days and hours of interbank settlement services would also especially benefit small businesses by allowing for quicker access to funds from card sales instead of having to wait for the next banking day.

As the Federal Reserve’s own staff memo to the Board of Governors states, expanding the operating hours would “improve the nation’s payment and settlement infrastructure … [and] support the safety and efficiency of the U.S. payments system.” Doing so would also bring other benefits such as “improving the credit risk and operational efficiency of … retail payment arrangements, spurring innovation in new or enhanced private-sector payment solutions, and supporting more efficient cross-border payment flows, among others.”

We believe it is important for the Federal Reserve to prioritize its work and act swiftly to expand the operating days and hours of the NSS and Fedwire. Please respond to the following questions by July 31, 2024:

• How did the Federal Reserve Board reach its decision to propose expanding the operating hours no sooner than 2027? Please describe the rationale in detail, including why the Board proposed a two-year delay following the implementation of the ISO 20022 message format for Fedwire in March 2025, and whether any other time periods were considered.

• What factors would the Federal Reserve consider as it potentially expands the operating hours sooner than 2027?

• How is the Federal Reserve thinking about an expansion of operating hours to the full 24x7x365 versus 22x7x365? What kind of feedback will the Federal Reserve consider regarding the constraints, preferences, and demand related to full 24x7 operating hours?

• What technological, operational, infrastructure, staffing, resource, risk, and other factors are the Federal Reserve analyzing as it considers expanding the operating days and hours of its wholesale payment services? Please expand on the “operational and technical changes” that expanded hours would impose on the Reserve Banks and participants.

Bipartisan legislation introduced to study impact of cell phones in schools

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WASHINGTON - Today, Reps. Bruce Westerman (AR-04), David Trone (MD-06), Jake LaTurner (KS-02), and Jason Crow (CO-06) introduced the Focus on Learning Act, bipartisan legislation that would require the U.S. Department of Education (ED) to complete a study on the effects of cell phone use in K-12 classrooms and its impact on students’ mental health and academic performance.

“Any parent, teacher, or administrator can tell you that cell phones are the leading distraction and source of anxiety for students in school. Our Focus on Learning Act is a bipartisan solution to bridge the gap in data of the real-time effects of cell phone usage in schools so we can support local communities in alleviating those distractions and cultivating the best possible learning environment for our students,” said Congressman Westerman. “I’m proud to lead this bicameral effort with my friend and fellow Arkansan, Senator Cotton, and I look forward to continued collaboration on this important issue.” 

“Prioritizing student mental health is how we ensure young folks receive the best education possible. The Focus on Learning Act aims to do just that by conducting a study on cell phone use in schools,” said Congressman Trone. “By limiting cell phones in schools, we could also limit one of the main causes of stress and anxiety for students. In Congress, I’ll always work to ensure young people are set up for success.”

“It is critical to the development of our children that we understand the impact that cellphones have on their mental health and academic performance,” said Congressman LaTurner. “The Focus on Learning Act will help ensure that schools are free of distractions that may hinder a student’s education.”

"As a Dad, I’m concerned about the impact of cell phone use on our kids' mental health and academic success," said Congressman Crow. "Proud to lead the Focus on Learning Act with Rep. Westerman to research the effects of increased phone use and give our kids the best opportunity to succeed.”

BACKGROUND:

• Since 2012, test scores have steeply declined nationwide, presumably correlated with the increased presence of cell phones in schools.

• Recent students show that three-quarters of U.S. teens feel more happy/peaceful when they are away from their phones.

• As research is being conducted in scholarly settings, there’s a gap in data on the real-time effects of cell phone usage in classrooms and its impact on the learning and mental health of students.

FOCUS ON LEARNING SUMMARY:

• Requires the U.S. Department of Education (ED) to complete a study on the effects of cell phone use in K-12 classrooms on students’ mental health and academic performance.

• Authorizes $5 million annually for the next five years for a pilot program that provides students with secure containers to store cell phones during school hours.

• The pilot program will allow exceptions for students with health conditions, disabilities, and non-English speakers.

• Participating schools will have a communication system in place to allow teachers, students, and administrators to communicate with local emergency responders in case of an emergency.

• U.S. Senators Tom Cotton (R-AR) and Tim Kaine (D-VA) are cosponsors of the Senate companion Focus on Learning Act.

Click here for the full bill text.

Boozman Opening Statement at Hearing of Oversight of Digital Commodities

WASHINGTON—U.S. Senator John Boozman (R-AR), ranking member of the U.S. Senate Committee on Agriculture, Nutrition, and Forestry, released the following opening remarks, as prepared, at the hearing to conduct oversight of digital commodities.

Thank you, Madame Chair. Welcome to my colleagues and, again, thank you for calling today’s hearing on the current state of digital commodities. I would also like to welcome Commodity Futures Trading Commission (CFTC) Chairman [Rostin] Behnam. We appreciate your hard work and as the Chair said, you certainly are not a stranger to this committee. We appreciate your willingness to come over and visit us as we request.

As the Ranking Member of this committee, I have consistently said in the past that I believe the CFTC is the right agency to regulate spot digital commodities. I still believe that to be true. The CFTC’ s principle-based approach has proven to effectively protect consumers in the derivatives market, and I believe with the appropriate authorities this same approach will protect consumers in the digital commodities space. At the same time, as policymakers we must also protect innovation and provide the regulatory certainty businesses need to maintain their operations in the United States. 

The Chair has been drafting legislation that would give the CFTC the authority to regulate spot digital commodity trading. We have had many, many conversations and my staff have been working closely with hers on her proposal for the last several weeks. I am committed to continue to work in good faith on legislation to give the CFTC the authorities it needs.

Digital commodities and the regulatory issues they raise are complex and not well understood. I believe as a committee we have a responsibility to help educate our colleagues and the public on these issues and I would like to see us do more to better understand what policies are needed and why. Hopefully today’s hearing will begin to fill that gap. 

Additionally, as we proceed as a committee, it is vital that we limit our policy proposals to the agencies that we have jurisdiction over—in this case the CFTC. We do not have authority over the Securities and Exchange Commission, the Treasury Department, the Federal Reserve. The oversight of those agencies is clearly outside the jurisdiction of this committee. Any legislation reported out of this committee should not direct or require anything of agencies not under our authority.

Finally, I believe that we must have broad support within the community we wish to regulate if we ultimately want to protect consumers and innovation. I and my staff have had numerous meetings with those who would be covered by the proposed legislation. The frank and honest feedback we have received from these discussions does not lead me to believe the necessary level of support for this proposal to be successful currently exists among stakeholders – and people are working very hard to try and rectify that. 

Again, I am committed to working with the Chairwoman on her proposal to regulate digital commodities. Today’s hearing is a good start. I look forward to hearing the thoughts of Chairman Behnam and the questions posed by our colleagues. 

Live cattle prices at an all-time high

by Kim Souza (ksouza@talkbusiness.net)

High live cattle prices are pushing beef production down and pushing retail beef prices higher during the summer grilling season. Cattle prices were at an all-time high at mid-year, according to Derrell Peel, livestock marketing specialist with Oklahoma State University Extension.

Peel reports fed steers averaged $195.81 per hundredweight, with large steers priced at $255.41 per hundredweight at auctions before July 4. He said high live weight prices have pushed beef production down 1.6% from the same six-month period a year ago. Steer slaughter is down 1.7% and heifer slaughter is down 1.5% from a year ago. Peel said higher steer and heifer carcass weights are more than offsetting the modest decreases in slaughter.

Wholesale choice boxed beef prices are equal to one year ago at $328.96 in early July. Peel said wholesale prices for popular grilling steaks are strong at midyear increasing the demand for ground beef and pushing those prices to record levels. Peel said the 83.3% lean ground beef hit a wholesale record price of $3.26 per pound in early July.

Live cattle prices at an all-time high

Cotton introduces legislation to mandate review of cases that used Chevron as basis

Washington, D.C. — Senator Tom Cotton (R-Arkansas) today introduced the Bureaucratic Overreach Review Act. The legislation would review federal court decisions on laws, regulations, and legal cases that used the recently overturned Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc. case as the basis for their decisions. The bill would also direct federal agencies to review litigation where the agency relied upon Chevron to support its interpretation of a regulation or law.

“Overturning Chevron was a victory for Americans and the Constitution. Congress should make laws, not unelected bureaucrats. My legislation will make sure the verdicts that used Chevron to justify government overreach are reviewed,” said Senator Cotton.

Text of the bill may be found here.

The Bureaucratic Overreach Review Act would:

• Require the Government Accountability Office to submit a report to Congress that identifies where the federal courts have relied upon Chevron to reach a decision in favor of deference.

• Require federal agencies to conduct a review of cases where the agency was a party and accorded Chevron deference.

U.S. Senators Boozman, Moran, Colleagues Call on VA to Correct Policies Impacting Veteran Access to Care

WASHINGTON – U.S. Senator John Boozman (R-AR), a senior member of the Senate Veterans’ Affairs Committee, joined Ranking Member Jerry Moran (R-KS) in urging Department of Veterans Affairs (VA) Secretary Denis McDonough to quickly correct policy initiatives making it harder for veterans to receive care.

In 2018, Congress passed the MISSION Act, which increased access to care for veterans by expanding their ability to be seen by health care providers in their communities. However, recent actions by VA leaders indicate the department may be limiting community care options for veterans.

“Congress has never failed to provide VA with the resources required to fulfill its mission,” wrote the Senators. “If you believe that VA lacks the funding to provide the level of access to care that veterans deserve in VA and in the community, it is incumbent on you to reprioritize resources from non-patient care areas and reduce waste, fraud, and abuse, not to unilaterally implement purported cost-savings measures that, even as an unintended consequence, decrease veteran choice and endanger veteran lives.”

Boozman and Moran were joined on the letter by Sens. Chuck Grassley (R-IA), John Cornyn (R-TX), John Thune (R-SD), Jim Risch (R-ID), Marco Rubio (R-FL), Ted Cruz (R-TX), Deb Fischer (R-NE), James Lankford (R-OK), Steve Daines (R-MT), Mike Rounds (R-SD), Thom Tillis (R-NC), Joni Ernst (R-IA), Dan Sullivan (R-AK), Marsha Blackburn (R-TN), Kevin Cramer (R-ND), Rick Scott (R-FL), Tommy Tuberville (R-AL) and Ted Budd (R-NC). 

Read the letter here and below. 

Dear Secretary McDonough,

We write to you today to reaffirm veterans’ right to community care and to urge you to quickly correct policy initiatives that are endangering the lives of veterans. Ten years ago, the Department of Veterans Affairs (VA) suffered through a nationwide access to care crisis. Six years ago, the enactment of the MISSION Act expanded the ability of veterans to seek care in the community. For countless veterans, the convenience, accessibility, and control that community care offers is life-saving. In the years since the MISSION Act was enacted, the VA healthcare system has seen significant increases in enrollment, utilization, and reliance, as well as improvements in key measures of quality and veteran trust. However, a recent shift in strategy at VA is jeopardizing these significant gains for our veterans.

In January, Dr. Shereef Elnahal, Under Secretary for Health, commissioned a panel (“Red Team”) to “assess the trends and drivers of increasing community care spending.” VA leaders – including yourself – addressed the Red Team and provided it with select data and briefings that contributed to the conclusion that frames community care as “a potential existential threat” to VA’s direct care system, rather than the vital lifeline it is for veterans and for VA. Among the Red Team’s recommendations are suggestions that VA save money by reducing community care referrals for veterans seeking emergency, oncology, and mental health care. Veterans in need of these services are among the most vulnerable and high-risk. It is unconscionable that VA would consider leaving them with fewer options to seek needed care. 

VA claims that the Red Team’s work was independent, and that their findings are still under consideration. However, a dramatic increase in the number of reports from veterans and their family members, as well as from whistleblowers working in VA medical facilities, about administrative practices suggest that VA is already operating in accordance with the Red Team’s recommendations. For example, in one recent case, VA cancelled the community care authorization of a veteran who had just two treatments left to complete a course of successful chemotherapy in his hometown. In another case, VA denied a veteran with a recurrence of cancer the opportunity to seek radiation and chemotherapy in the community, as he did during his previous cancer battle, following surgery that will leave him unable to communicate and without a means of transportation to-and-from his VA medical center.

We are also hearing from a number of veterans who had been receiving non-narcotic pain relief treatments outside of VA medical facilities who are now having their community care authorizations revoked. This appears to stem from another Red Team recommendation. Many of the veterans in this situation who have contacted our offices for help have been offered few alternatives in place of community care other than VA-provided opioid prescriptions. In one case, an opioid prescription was the only alternate treatment VA offered a veteran recovering from an addiction. This is contrary not just to law, veteran preference, and best medical interest but also to VA’s Opioid Safety Initiative, which has a stated goal of decreasing opioid prescriptions among veterans and better utilizing non-narcotic methods of managing pain. 

In line with these examples from veterans, VA whistleblowers have disclosed the establishment of burdensome processes to have VA medical center leaders highly scrutinize community care referrals in an effort to recapture care in VA medical facilities. Given that the VA healthcare system recently initiated a strategic hiring pause and is actively working to reduce staff by 10,000 employees, we share the concern expressed by these whistleblowers about the impact that increased reliance on VA’s direct care system will have not just on wait times for veterans in need of care, but also on VA staff who are already being asked to do more with less. Independently, these policy goals are cause for concern. Together, they risk the welfare of veterans and VA’s workforce.

We are also alarmed by the volume of concerns we are hearing from veterans and VA staff who attribute limitations on care in the community to a lack of funding for VA. You have assured us that VA has adequate funding and VA’s most recent budget submission, for the second fiscal year in a row, did not request additional funding over the advance appropriations VA received in the last budget cycle. Yet, veterans and VA staff continue to assert that they are unable to move forward with community care referrals because of alleged budget shortfalls. Congress has never failed to provide VA with the resources required to fulfill its mission. Furthermore, VA data shows that community care is more cost-effective than VA’s direct care system, with VA’s projections of global relative value units (RVUs) showing an average cost of just $58 per RVU in the community compared to $116 per RVU in the direct care system. Regardless, if you believe that VA lacks the funding to provide the level of access to care that veterans deserve, in VA and in the community, it is incumbent on you to reprioritize resources from non-patient care areas and reduce waste, fraud, and abuse, not to unilaterally implement purported cost-savings measures that, even as an unintended consequence, decrease veteran choice and endanger veteran lives.

Many of the veterans who have shared their complaints with our offices are willing to do whatever it takes to continue accessing care in their communities. This includes paying out of pocket, even if they are on limited incomes. The MISSION Act was designed, in part, to avoid this unacceptable outcome. VA must embrace both the spirit and letter of that transformational piece of legislation to ensure this does not continue. Doing anything less is detrimental to the progress VA has made through the MISSION Act and a personal affront to veterans across the country.

For these reasons and more, we ask that you act without delay to refute the Red Team’s recommendations and issue guidance and retraining materials to all VA staff reaffirming veterans’ right to seek community care. Our nation’s veterans are waiting. 

Thank you for your attention to this matter.

Four of 11 Arkansas-based publicly-held companies post share gains through June

by Kim Souza (ksouza@talkbusiness.net)

Among the 11 largest Arkansas-based publicly traded companies, only four reported gains in their stock prices over the first two quarters ending June 28. Most of the decliners were among banks and shipping companies based in the state.

The largest Arkansas stock by market cap is Bentonville-based Walmart which closed out the first half of 2024 with stock gains of 28.92%, the highest growth among its Arkansas cohorts. Walmart shares (NYSE: WMT) closed on June 28 at $67.71 compared to $52.52 where the stock opened trading on Jan. 2. Walmart also grew its market capitalization by $122.7 billion since Jan. 2, the first trading day of the year. The market capitalization of Walmart shares closed out the first half of 2024 at $544.63 billion.

Close behind Walmart is El Dorado-based Murphy USA. The gasoline and convenience retailer operates more than 1,700 U.S. stores. Shares of Murphy USA (NYSE: MUSA) increased in value by 28.48% in the first six months of 2024. The stock opened the year at $365.39 and closed at $469.46 on June 28. The share price has retreated from weaker-than-expected earnings reported in May. However, the company has grown its market capitalization to $9.6 billion, up from $7.58 billion at the start of 2024.

Four of 11 Arkansas-based publicly-held companies post share gains through June

Paddlesports see national rise in fatalities

BY Randy Zellers

LITTLE ROCK — Sales of canoes, kayaks and paddleboards have surged since 2020, with more Americans than ever taking to the water aboard a paddling craft. According to the U.S. Coast Guard, boating fatalities associated with padding craft have increased as well.

According to the USCG’s 2023 Boating Statistics, 304 injuries requiring medical attention were recorded last year from paddle craft operators, resulting in 189 fatalities. This accounted for nearly one-third of the total boating fatalities recorded during the year. Arkansas, however, bucked this trend, recording only two fatalities.

Sydney Grant, AGFC boating safety coordinator at the Arkansas Game and Fish Commission’s Hot Springs regional office, says boaters should still pay heed to the warning, especially as the summer sun drives many more users to Arkansas’s waterways.

“Motorboats still make up the vast majority of our accidents and fatalities here,” Grant said. “But we want everyone out there to make it home safely, and it really only takes a little extra effort to do so.”

Paddlesports see national rise in fatalities