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Smith's Research & Gradings
Volume: 
XXX1
Issue: 
9
Author: 
May 22, 2023

Smith's Research & Gradings

Smith's Joins President Biden's National Infrastructure Advisory Council

Smith's Joins President Biden's National Infrastructure Advisory Council

Terence M. Smith, CEO, Smith's Research & Gradings has agreed to join President Biden's National Infrastructure Advisory Council. The President's National Infrastructure Advisory Council (NIAC) includes executive leaders from private sector and state/local government who advise the White House on how to reduce physical and cyber risks and improve the security and resilience of the nation's critical infrastructure sectors. The NIAC is administered on behalf of the President in accordance with the Federal Advisory Committee Act under the authority of the Secretary of the U.S. Department of Homeland Security by the U.S. Cybersecurity and Infrastructure Security Agency. "I am honored to serve on the NIAC and it is my pleasure to work with this amazing group of people," according to Mr. Smith.

The President's NIAC members' specialized cross-sector expertise offers new perspectives and solutions to complex problems, as well as real-world insight and a collective independent voice. The NIAC is established under Section 10 of Executive Order (EO) 13231, dated October 16, 2001, as amended, and continued and amended under the authority of EO 14048, dated September 30, 2021. This council operates under the provisions of the Federal Advisory Committee Act (FACA), 5, U.S.C.

When asked about his work on the NIAC, Mr. Smith explained, "The NIAC may establish subcommittees or ad hoc groups for any purpose consistent with its charter and with the approval of the Designated Federal Officer. Such subcommittees may not work independently of the chartered council and must report their recommendations and advice to the NIAC for full deliberation and discussion. Subcommittees have no authority to make decisions or to arrive at a consensus for/on behalf of NIAC and may not report or provide advice or recommendations directly to the Federal Government or any other entity other than the NIAC."

Take notice

Stay on top of the latest global news that can impact your investment strategy.

Treasury Launches State & Local Recovery Funds

The US Treasury launched the Coronavirus State and Local Fiscal Recovery Funds, established by the American Rescue Plan Act of 2021, to provide $350 billion in emergency funding for state, local, territorial, and Tribal governments.

Pandemic Event Risk: National Emergency Extended

The National Emergency has been extended according to a letter from President Joe Biden to The Congress of the United States.

Treasury Secretary to Close COVID-19 Lending Facilities

On Thursday, November 19, Treasury Secretary Mnuchin sent a letter to Fed Chair Powell indicating that he would be allowing most of the Fed's 13(3) emergency lending facilities to expire at year-end, and requesting that the Fed "return unused funds to the Treasury" in order for Congress to "re-appropriate $455 billion, consisting of $429 billion in excess Treasury funds for the Federal Reserve facilities and $26 billion in unused Treasury direct loan funds."

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