Government

Martin J. Gruenberg Sworn in as 22nd FDIC Chairman

AICC Economic, Financial, Government, Home, News, USA

WASHINGTON – Martin J. Gruenberg was sworn in today as the 22nd Chairman of the Federal Deposit Insurance Corporation (FDIC). Travis Hill, who will serve as Vice Chairman, and Jonathan McKernan, who will serve as Director, were also sworn in as members of the FDIC’s Board of Directors (the Board).

“I am honored to serve again as Chairman of the FDIC,” said Chairman Gruenberg. “I look forward to working closely with my fellow Board members to carry out the FDIC’s critically important mission of safety and soundness, consumer protection, and financial stability.”

Vice Chairman Hill said, “It is a tremendous honor to have been appointed to serve as an FDIC Board member. I look forward to engaging with my fellow Board members, the FDIC staff, and counterparts at other agencies regarding the many important issues facing the FDIC.”

Director McKernan added, “The FDIC’s mission resonates deeply with me, as the stability and public confidence in the nation’s financial system is critical to a strong and growing American economy. I am eager to work with my colleagues on the Board and the FDIC staff to do my part to fulfill the agency’s vital mission.”

Chairman Gruenberg is the longest serving member of the Board, first joining as Vice Chairman in August of 2005. He previously served as FDIC Chairman from November 2012 to June 2018. Learn more about the Chairmen of the FDIC.

Prior to his appointment, Vice Chairman Hill served as Senior Advisor to the FDIC Chairman and Deputy to the FDIC Chairman for Policy from July 2018 until February 2022, and, prior to that, as Senior Counsel at the Senate Committee on Banking, Housing, and Urban Affairs.

Director McKernan previously served as Senior Counsel at the Federal Housing Finance Agency, on detail as Counsel on the staff of the Senate Committee on Banking, Housing, and Urban Affairs, and as Senior Policy Advisor at the U.S. Treasury Department and to Senator Bob Corker. Prior to his government service, from 2007 to 2017, Director McKernan was an attorney in private practice focused on banking and consumer financial law.

President Biden appointed Chairman Gruenberg for a term of five years as Chairman and a six-year term as a Director on the Board; Vice Chairman Hill for a term of six years; and Director McKernan to serve for an expiring term until May 31, 2024. The Board will now have a full complement of members for the first time since June 4, 2015.

The Board is comprised of five members who are appointed by the President of the United States and confirmed by the Senate. The chairman, vice chairman and inside director are appointed to six-year terms on the Board. The remaining two Board members are the Comptroller of the Currency and the Director of the Consumer Financial Protection Bureau. No more than three members of the Board can be from the same political party.

USPTO and WIPO agree to partner on dispute resolution efforts related to standard essential patents

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WASHINGTON — The United States Patent and Trademark Office (USPTO) and the World Intellectual Property Organization (WIPO) today agreed to undertake joint efforts to facilitate the resolution of disputes related to standard essential patents.

Standard essential patents, or SEPs, are patents that have been declared essential to a given technical standard. As part of the standards-setting process, patent owners may agree to license SEPs on fair, reasonable, and nondiscriminatory (FRAND) terms. Standards touch all aspects of modern life and include video compression, wireless communication technologies, computer connection standards, automotive technology, and more.

“International standards, and the role of patents that are essential to them, play an important role in promoting a strong national and global economy,” said Under Secretary of Commerce for Intellectual Property and USPTO Director Kathi Vidal. “The USPTO is grateful that Director General Tang recognized the USPTO’s leadership role in advancing discussions on standard essential patent policies. Our work with WIPO underscores the USPTO’s view that SEP policy is an international issue of international importance. This agreement will leverage existing resources at both the USPTO and WIPO, supporting options to enhance the efficiency of licensing of standard essential patents, and promote resolution of disputes related to those standards.”

The signing of the memorandum of understanding occurred during a meeting this week between Director Vidal and WIPO Director General Daren Tang on the sidelines of WIPO’s General Assembly in Geneva, Switzerland.

Under the terms of the agreement, the USPTO and WIPO will:

  • Cooperate on activities that will lend efficiency and effectiveness to the resolution of disputed standard essential patent matters by leveraging existing WIPO Arbitration and Mediation Center and USPTO resources, and
  • Engage in stakeholder outreach to raise awareness of the services provided by the WIPO Arbitration and Mediation Center through joint USPTO-WIPO programs.

The agreement will continue in operation for five years from the date of signing.

“We appreciate all the work Director General Tang and WIPO have done in this critical area. We look forward to a successful collaboration and engaging stakeholders to ensure we shape dispute resolution that will facilitate participation and implementation of standards by all innovators including small to medium-sized enterprises,” remarked Director Vidal.

“Alternative Dispute Resolution (ADR) has time and again demonstrated its value in the efficient and timely resolution of commercial disputes. In the last few years, the WIPO Arbitration and Mediation Center has been facilitating the resolution of SEP-related disputes and the new collaboration with the USPTO is an exciting development which will contribute to improving the efficiency of standard implementation,” noted Director General Tang.

U.S. DEPARTMENT OF COMMERCE INVESTS $915,120 IN CARES ACT RECOVERY ASSISTANCE TO SUPPORT TRAVEL AND TOURISM SECTORS IN LAS VEGAS, NEVADA

AICC Business, Government, Home, Investment, Membership, News and Press, Travel, USA

WASHINGTON – August 19, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $915,120 CARES Act Recovery Assistance grant to the Nevada System of Higher Education, Las Vegas, Nevada, to support the post-pandemic revitalization of Nevada’s travel and tourism sectors. This EDA grant, to be matched with $228,780 in local investment, is expected to create 13 jobs and retain 120 jobs.

“The Economic Development Administration is committed to helping communities across the nation implement strategies to mitigate economic hardships brought on by the coronavirus pandemic,” said Maiea Sellers, Acting Director of EDA’s Seattle Regional Office. “This EDA investment will support the University of Nevada at Las Vegas’s Hospitality and Entertainment COVID-19 Labs in providing business resilience consultation to small and medium-sized enterprises in the region.”

“I’m so glad to see the University of Nevada, Las Vegas get these EDA funds to support programs to revitalize our hard-hit tourism and travel industry,” said Senator Catherine Cortez Masto. “This is exactly why I worked so hard to advocate for these resources to aid Nevada, so that states like ours that depend on these industries would have the support they need to recover from the pandemic.”

“Travel and tourism play a critical role in the success of Nevada’s economy,” said Senator Jacky Rosen. “During the COVID-19 pandemic, these key industries were hit hard, resulting in business closures, job losses, and economic hardship for Nevada’s communities. In the Senate, in my role as Chair of the Senate Subcommittee on Tourism, Trade, and Export Promotion, I have been committed to reviving travel and tourism in Nevada. I am glad to see that this Economic Development Administration grant – funded through the CARES Act, which I proudly supported – will help restore our state’s travel, tourism, and hospitality sectors to their pre-pandemic vitality. I will continue working to ensure that Nevada and its industries have the resources they need to fully recover from the challenges of this pandemic.”

“As the Chair of the Subcommittee on Economic Development, I am proud of my work to secure these dollars in support of Southern Nevada’s economic recovery,” said Congresswoman Dina Titus (NV-01). “UNLV has one of the nation’s premiere hospitality programs, and these grant dollars will further support our travel and hospitality small businesses as they navigate the challenges posed by the coronavirus pandemic.”

This project is funded under the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136 PDF), which provided EDA with $1.5 billion for economic assistance programs to help communities prevent, prepare for, and respond to coronavirus. EDA CARES Act Recovery Assistance, which is being administered under the authority of the bureau’s flexible Economic Adjustment Assistance(EAA) (PDF) program, provides a wide-range of financial assistance to eligible communities and regions as they respond to and recover from the impacts of the coronavirus pandemic.

Upcoming Event: Apollo 50: The Role of Intellectual Property in Space Commerce

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USPTO Graphic on Apollo 50 July 23, 2019 event. U.S. Patent and Trademark Office (USPTO)

Date And Time
Tue, July 23, 2019
2:00 PM – 4:30 PM EDT

Location
U.S. Patent and Trademark Office
Clara Barton Auditorium
600 Dulany Street
Alexandria, VA 22314
United States

Event description:
Apollo 50: The role of intellectual property in space commerce

To commemorate the 50th anniversary of the moon landing, the USPTO will host an event focused on space innovation, technology transfer from the Apollo missions, and an overview of the current administration’s policy on space exploration, commerce, and industry.

Featured speakers include federal government executives, astronauts, inventors, and commercial space industry executives:
United States Secretary of Commerce Wilbur Ross
NASA Administrator Jim Bridenstine
Under Secretary of Commerce for Intellectual Property and Director of the USPTO Andrei Iancu
Director of the Office of Space Commerce Kevin O’Connell
Deputy Under Secretary of Commerce for Intellectual Property and Deputy Director of the USPTO Laura Peter
Former Associate Director, Satellite Servicing Capabilities Office, NASA and National Inventors Hall of Fame inductee Frank Cepollina
Astronaut Kathryn Sullivan
Astronaut Paul Richards
VP and General Manager of Strategic Operations of Ball Aerospace Debra Facktor
CEO of NanoRacks Jeffrey Manber
Founder and Chief Strategy Officer of Slingshot Aerospace Melanie Stricklan

USDA Announces Investments in Water and Wastewater Infrastructure in 23 States

AICC Agriculture, Business, Government, Home, Investment, News and Press, Water

WASHINGTON, March 26, 2019 – Acting Assistant to the Secretary for Rural Development Joel Baxley today announced that USDA is investing $116 million to help rebuild and improve rural water infrastructure for 171,000 rural Americans in 23 states.

“Helping to bring modern water and wastewater infrastructure to rural communities will increase economic opportunities and improve the quality of life for rural residents,” Baxley said. “The investments USDA is announcing today are foundational to health, safety and economic development in rural communities across America.”

USDA is working with local partners to provide financing for 49 water and environmental infrastructure projects. The funding is being provided through the Water and Waste Disposal Loan and Grant program. It can be used for drinking water, stormwater drainage and waste disposal systems for rural communities with 10,000 or fewer residents.

Eligible communities and water districts can apply online on the interactive RD Apply tool or through one of USDA Rural Development’s state or field offices.

Below are some examples of the investments USDA is making:

In Arkansas, Lake City will use a $2.3 million loan to modernize its wastewater treatment and collection system, which serves more than 2,000 residents. This project will improve the system’s capacity and reliability.
Rensselaer, Ind., is receiving a $3.4 million loan and a $1.7 million grant to connect three unserved areas of the city to the sewer system and to replace the main lift station. The homes that will be connected are currently served by individual septic systems. This project will benefit nearly 6,000 residents.
The city of Franklin, Idaho, is receiving a $900,000 loan and a $522,000 grant to increase the supply of water available to the Franklin Water System. The city’s water storage and spring boxes will be rehabilitated, and approximately two miles of pipe that connect the springs to the water system will be replaced. This project will also add two backup wells. It will provide more than 600 of the city’s residents and businesses with reliable water quantity and quality.
USDA is making investments in rural communities in: Alabama, Arkansas, Arizona, California, Georgia, Iowa, Idaho, Illinois, Indiana, Kentucky, Maine, Michigan, Mississippi, North Carolina, Nebraska, New Mexico, Ohio, Oklahoma, Pennsylvania, South Dakota, Texas, Utah and Washington.

In April 2017, President Donald J. Trump established the Interagency Task Force on Agriculture and Rural Prosperity to identify legislative, regulatory and policy changes that could promote agriculture and prosperity in rural communities. In January 2018, Secretary Perdue presented the Task Force’s findings to President Trump. These findings included 31 recommendations to align the federal government with state, local and tribal governments to take advantage of opportunities that exist in rural America. Increasing investments in rural infrastructure is a key recommendation of the task force.

U.S. Commerce Secretary Wilbur L. Ross was present the Minority Business Development Agency 50th Anniversary Celebration

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March 5th, U.S. Commerce Secretary Wilbur L. Ross was present and remarks at the Minority Business Development Agency (MBDA) 50th Anniversary Celebration in Washington.

Ross said, A lot of dedicated, passionate people have made it possible for the Minority Business Development Agency to achieve such a milestone. Congratulations! And thank you — to all the people who work in the small but mighty MBDA — for maintaining a five-decade tradition of excellence. Your service is needed now more than ever to assure the success and growth of minority-owned businesses throughout our nation.<

Ross said, The professional staff of MBDA have worked every day for 50 years with minority businesses throughout the country. When the agency was created, there were a scant 400,000 minority-owned businesses in the United States. Today, there are 11 million, up from four million in 2002.

When we look at minority employer firms, they generate $1.3 trillion in annual sales and have created more than 8.7 million jobs. That is a very big number, but with today’s fast-growing minority population, we need a lot more that we can grow to size and scale.

Since the agency’s inception, it is estimated that MBDA has worked with more than 13 million minority firms in the United States.  And, in just the last five fiscal years, MBDA helped facilitate almost $29 billion in contracts and financing to minority enterprises impacting 111,000 jobs.

One of the most promising avenues to individual prosperity and financial security is owning your own company. It is part of the American heritage and the American dream. And it is the reason so many aspiring people elsewhere in the world want to come to the United States: because it is relatively easy to start a business.

A great feature of the American society is we do not hold failure against anyone who tries. Every serial entrepreneur has had some failures, but they are outweighed by the subsequent successes. Most business start-ups consist of just one or two people initially, and they ramp up from there. With the advent of eCommerce and social media, it is easier than ever before for new companies to gain the attention of large numbers of customers.

Gross Domestic Product, Fourth Quarter and Annual 2018 (Initial Estimate)

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Real gross domestic product (GDP) Feb 28th, increased at an annual rate of 2.6 percent in the fourth quarter of 2018, according to the “initial” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.4 percent.

Due to the recent partial government shutdown, this initial report for the fourth quarter and annual GDP for 2018 replaces the release of the “advance” estimate originally scheduled for January 30th and the “second” estimate originally scheduled for February 28th.

The Bureau emphasized that the fourth-quarter initial estimate released today is based on source data that are incomplete or subject to further revision by the source agency. Updated estimates for the fourth quarter, based on more complete data, will be released on March 28, 2019.

The increase in real GDP in the fourth quarter reflected positive contributions from personal consumption expenditures (PCE), nonresidential fixed investment, exports, private inventory investment, and federal government spending. Those were partly offset by negative contributions from residential fixed investment, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.

The deceleration in real GDP growth in the fourth quarter reflected decelerations in private inventory investment, PCE, and federal government spending and a downturn in state and local government spending. These movements were partly offset by an upturn in exports and an acceleration in nonresidential fixed investment. Imports increased less in the fourth quarter than in the third quarter.

Current dollar GDP increased 4.6 percent, or $233.2 billion, in the fourth quarter to a level of $20.89 trillion. In the third quarter, current-dollar GDP increased 4.9 percent, or $246.3 billion.

The price index for gross domestic purchases increased 1.6 percent in the fourth quarter, compared with an increase of 1.8 percent in the third quarter. The PCE price index increased 1.5 percent, compared with an increase of 1.6 percent. Excluding food and energy prices, the PCE price index increased 1.7 percent, compared with an increase of 1.6 percent.

Personal Income

Current-dollar personal incomeincreased $225.1 billion in the fourth quarter, compared with an increase of $190.6 billion in the third quarter. The acceleration in personal income reflected an upturn in farm proprietors’ income and accelerations in personal dividend income and personal interest income. Compensation of employees decelerated.

Disposable personal income increased $218.7 billion, or 5.7 percent, in the fourth quarter, compared with an increase of $160.9 billion, or 4.2 percent, in the third quarter. Real disposable personal income increased 4.2 percent, compared with an increase of 2.6 percent.

Personal saving was $1.06 trillion in the fourth quarter, compared with $996.0 billion in the third quarter. The personal saving rate — personal saving as a percentage of disposable personal income — was 6.7 percent in the fourth quarter, compared with 6.4 percent in the third quarter.

Updates to third quarter GDI

For the third quarter of 2018, the percent change in real GDI was revised from 4.3 percent to 4.6 percent based on newly available tabulations from the BLS Quarterly Census of Employment and Wages program.

2018 GDP

Real GDP increased 2.9 percent in 2018 (from the 2017 annual level to the 2018 annual level), compared with an increase of 2.2 percent in 2017.

The increase in real GDP in 2018 primarily reflected positive contributions from PCE, nonresidential fixed investment, exports, federal government spending, private inventory investment, and state and local government spending that were slightly offset by a small negative contribution from residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.

The acceleration in real GDP from 2017 to 2018 primarily reflected accelerations in nonresidential fixed investment, private inventory investment, federal government spending, exports, and PCE, and an upturn in state and local government spending that were partly offset by a downturn in residential investment.

Current-dollar GDP increased 5.2 percent, or $1.02 trillion, in 2018 to a level of $20.50 trillion, compared with an increase of 4.2 percent, or $778.2 billion, in 2017.

The price index for gross domestic purchases increased 2.2 percent in 2018, compared with an increase of 1.9 percent in 2017. The PCE price index increased 2.0 percent, compared with an increase of 1.8 percent. Excluding food and energy prices, the PCE price index increased 1.9 percent, compared with an increase of 1.6 percent.

During 2018 (measured from the fourth quarter of 2017 to the fourth quarter of 2018), real GDP increased 3.1 percent, compared with an increase of 2.5 percent during 2017. The price index for gross domestic purchases increased 2.1 percent during 2018, compared with an increase of 1.9 percent during 2017.

McMahon: President Trump Encourages Congress to Work Together to Unlock the Extraordinary Promise of America’s Future

AICC Business, Government, Home, Information, News and Press

WASHINGTON – Feb 5th, U.S. Small Business Administration Administrator Linda E. McMahon issued the following response to President Donald J. Trump’s 2019 State of the Union Address:

“President Trump delivered an optimistic vision for American greatness that included a bold and inclusive agenda rooted in shared values. He extended a good-faith offer to Congress to work with him to lower the cost of health care and prescription drugs, rebuild American infrastructure, establish safe and legal immigration, protect American workers from unfair trade practices, and strengthen national security. The booming Trump economy provides irrefutable validation of the President’s pro-growth governing philosophy. The agenda he proposed will expand prosperity for all Americans, while providing innovative solutions to some of the most important challenges facing small businesses.”

Statement Regarding the United States Delegation to China

AICC Export, Government, Home, Information, News and Press, Trade

Washington, DC – The Office of the U.S. Trade Representative (USTR) today announced the members of an official delegation from the United States to China to discuss the trade relationship between the two countries beginning Monday, January 7, 2019.  

Members of the United States Delegation:

  • Ambassador Jeffrey Gerrish, Deputy U.S. Trade Representative
  • Ambassador Gregg Doud, USTR Chief Agricultural Negotiator
  • Under Secretary for Trade and Foreign Agricultural Affairs Ted McKinney, U.S. Department of Agriculture
  • Under Secretary of Commerce for International Trade Gilbert B. Kaplan, U.S. Department of Commerce
  • Assistant Secretary for Fossil Energy Steven Winberg, U.S. Department of Energy
  • Under Secretary for International Affairs David Malpass, U.S. Department of the Treasury 

The delegation will be accompanied by senior officials from the White House, USTR, and the U.S. departments of Agriculture, Commerce, Energy, State, and Treasury.

Tax Cuts Act a Win for American Business and the American Worker

AICC Economic, Financial, Government, Home, Information, News and Press, White House

Photo of White House event celebrating passage of the Tax Cuts and Jobs Act.

Earlier this week, Congress passed the first overhaul of the U.S. tax system in more than three decades. The historic Tax Cuts and Jobs Act will cut taxes across the board for working families and businesses both large and small. The Act also will make American more competitive, will bolster continued job creation and will help increase wages for American workers.

“President Trump’s tax plan will make our tax code more simple and fair, and help American business stay competitive. Accomplishing these objectives will lead to increased economic growth, and, most importantly, better jobs for the American worker.” – Secretary of Commerce Wilbur Ross.

Highlights of the Tax Cuts Act for include:

• Bigger paychecks for American workers. The Tax Cuts Act provides $5.5 trillion in tax cuts by nearly doubling the standard deduction, doubling the child tax credit, protecting tax savings for higher education and retirement, and lowering rates across the board. It also repeals ObamaCare’s individual mandate tax, 80 percent of which hit households earning less than $50,000 a year in 2016.

• Putting American businesses on a level playing field with foreign competitors. America’s corporate tax rate will go from being the highest in the developed world to below the average for Organisation of Economic Co-operation and Development (OECD) countries. A one-time tax on corporate earnings stashed overseas will end the incentive for companies to keep their profits outside of the United States.

• Eliminating dozens of special interest tax breaks and loopholes. The Tax Cuts Act will raise $4 trillion in revenue to help offset tax cuts by closing the door on dozens of corporate accounting tricks. The bill eliminates a loophole used to deduct compensation for executives earning more than $1 million a year.