Watch Kennedy’s remarks here.

WASHINGTON – Sen. John Kennedy (R-La.), the top Republican on the Senate Appropriations Subcommittee on Energy and Water Development, today highlighted taxpayer interests at a subcommittee hearing focused on the Army Corps of Engineers.  

Excerpts include:

“Hurricane Katrina, as we all know, was a Cat Five hurricane. It hit New Orleans, August 29th, 2005—not just New Orleans, it hit all of south Louisiana. . . . It caused unprecedented losses. We had 1800 fatalities, $125 billion in damage. There was a 28-foot storm surge, 85-foot waves.”

. . .

“The Corps improved approximately 70 miles of interior risk reduction structures within the levee that encircles the New Orleans metropolitan region. Among the Corps’ technically advanced engineering solutions, HSDRRS [Hurricane and Storm Damage Risk Reduction System] now includes a surge barrier wall that’s 1.8 miles long. It’s an engineering marvel. It’s the largest design build Civil Works project in your history, one of the—maybe the largest in America’s history.

“HSDRRS also includes the largest drainage pump station in the world. HSDRRS works and has already spared lives and property, saved taxpayers millions of dollars in my area from expensive storm recovery. Last year, Hurricane Ida hit us. Category Four storm. It hit southeast Louisiana. Its surge would have overtopped our levees before your good work.”

Kennedy also had the following exchange with Lieutenant General Scott A. Spellmon, Chief of Engineers and Commanding General at the U.S. Army Corps of Engineers:

Kennedy: “With the exception of a really small number of projects, less than one percent, is it not true that Congress doesn’t authorize construction of proposed Corps projects without a comprehensive study that can take up to years to complete, to determine if the project’s economically justified? Is that accurate?” 

Spellmon: “Yes, sir.”

Kennedy: “That study’s also got to show that the project’s environmentally sound, right?”

Spellmon: “Yes, sir, that’s correct.”

Kennedy: “Technically feasible, is that correct?”

Spellmon: “Yes, Senator.”

Kennedy: “So, somebody just can’t call you folks up at the Corps and say, ‘I’ve got a project, and I want it done, and you better get it done.’ It doesn’t work that way, does it?”

Spellmon: “That’s correct, Senator. It does not.”

Kennedy: “Alright. And, in your years at the Corps, what percentage of all Corps projects have been authorized for congressional—by Congress—for construction without meeting this three-part test?”

Spellmon: “Sir, I’ve been with the Corps six-and-a-half years. I’m not aware of any.”

Kennedy: “Any? Every project has had to be economically justified, environmentally sound, and technically feasible, based on any objective study?”

Spellmon: “Senator, that’s correct.”

Kennedy: “Not by politicians?”

Spellmon: “That’s correct.”

. . .

Kennedy: “Ok. And, not to put too fine a point on it, but one of the things that the Corps looks at in this study, which can take years, is whether the taxpayers are getting a return on their investment. In other words, the benefits have to substantially outweigh the costs. Is that right?”

Spellmon: “Yes sir, that’s correct.”

Video of Kennedy’s comments is available here.

WASHINGTON – Sen. John Kennedy (R-La.) today joined Republican members of the Senate Banking Committee in unveiling a draft package of bills that would accelerate America’s economic growth. The draft’s working title is the JOBS Act 4.0.

“The American economy is the greatest in all of human history because of free markets, and the JOBS Act 4.0 will make it even stronger by promoting a healthy market for investors and companies alike. This package will help companies to trade more easily, improve their access to private capital and make meaningful reforms to the SEC,” said Kennedy.

“The JOBS Act helped to revitalize interest in the public markets and spur economic growth, but it is clear significant work remains to be done to give retail investors access to higher returns and ensure American markets remain the deepest and most liquid in the world. The discussion draft we’re releasing today incorporates ideas from entrepreneurs, retail investors, and others, and includes numerous provisions with strong bipartisan support. I look forward to continue working with both Republican and Democrat colleagues on a final product that accelerates economic growth and spurs new job creation across the U.S,” said Sen. Pat Toomey (R-Pa.), ranking member of the Banking Committee.

The discussion draft of the JOBS Act 4.0 takes into account stakeholder feedback and represents the collective efforts of Senate Republicans to introduce 24 bills, four of which currently have bipartisan support. Kennedy authored six of those 24 bills.

The JOBS Act 4.0 would:

• Encourage companies to be publicly-traded: includes eight initiatives to encourage companies to become publicly-traded, particularly during earlier growth stages, when investors have the chance to earn the highest returns.
• Improve the market for private capital: includes six initiatives to reduce costs associated with seeking capital by appropriately tailoring regulations for small businesses.
• Enhance retail investor access to investment opportunities: includes seven initiatives to prevent retail investors from being excluded from certain investment opportunities.
• Improve regulatory oversight: includes seven initiatives to enhance investor protection and privacy and to update outdated statutory and regulatory provisions.

 Kennedy has introduced six bills in this package, including:

• The Expanding Access to Capital for Rural Job Creators Act would examine problems that small businesses in rural areas face when they attempt to access capital. The bill would require the Securities and Exchange Commission (SEC) Office of the Advocate for Small Business Capital Formation to submit an annual report on the unique challenges small businesses in rural areas face when trying to secure capital.
• The Main Street Growth Act would expand small companies’ access to capital markets through dedicated exchanges known as “venture exchanges” for trading stocks. The bill would give investors more access to the potential growth opportunities that small companies offer.
• The Tracking Bad Actors Act of 2022 would protect the public from financial crime and abuse by creating a public database of people who have committed financial crimes or have civil liability for financial misdeeds. 
• The Protecting Investors’ Personally Identifiable Information Act would protect information that could reveal the identity of American investors by prohibiting the SEC from requiring brokers to submit investors’ personally identifiable information to its Consolidated Audit Trail.
• The Intelligent Tick Study Act would require the SEC to look at the economic impact that trading increments—called ticks—of over and under one penny has on the stock market. The bill would help small companies be traded more efficiently by allowing the SEC, through rulemaking, to determine appropriate tick sizes for small companies that are publicly traded.
• The Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2021 would help small business owners access the services of small business merger and acquisition (M&A) brokers. The bill would allow small business M&A brokers to organize sales and purchases of ownership and control of private companies without registering as “broker-dealers” with the SEC and the Financial Industry Regulatory Authority. This would remove bureaucratic roadblocks, making their services more affordable and accessible to small business owners who need help buying or selling companies. 

The discussion draft of this legislation is available here.

A fact sheet on the JOBS Act 4.0 is available here.

A section-by-section summary of the package is available here.

WASHINGTON – The Senate today passed the Save the Liberty Theatre Act, which Sen. John Kennedy (R-La.) introduced in the Senate and Rep. Mike Johnson (R-La.) introduced in the House. The bill would allow the city of Eunice to restore its historic Liberty Theatre and is on its way to President Joe Biden’s desk.

“The Liberty Theatre is a historic part of Eunice’s culture. The Save the Liberty Theatre Act will cut through bureaucratic hurdles so that Eunice can restore this century-old part of their community. It was a pleasure to work with Congressman Johnson to preserve this jewel of Acadiana,” said Kennedy. 

“With a proper restoration, this special landmark will be enjoyed for generations to come. I commend Senator John Kennedy for so capably guiding this bill through the Senate and we look forward to President Biden’s signature,” said Johnson.

The National Park Service owns a section of the Liberty Theatre that provides a handicap accessible entrance, but this ownership interest in the property is hindering efforts to restore the theater. The Save the Liberty Theatre Act would grant Eunice full ownership of the theater property so that the city can begin restoration efforts.

Text of the Save the Liberty Theatre Act is available here.

WASHINGTON – Sen. John Kennedy (R-La.), today introduced the Intelligent Tick Study Act to require the Securities and Exchange Commission (SEC) to look at the economic impact that trading in increments—called ticks—of over and under one penny has on the stock market. The bill would also allow the SEC, through rulemaking, to determine appropriate tick sizes for small companies that are publicly traded.

“The one-size-fits-all penny increment makes it more challenging for small companies to trade. I’m introducing the Intelligent Tick Study Act to help level the playing field so that small companies can be traded and raise capital more efficiently,” said Kennedy.

Text of the bill is available here.