Trump Still Aims to Control the CARES Fund

by Paden Kegan

Trump recently removed the Inspector General who was supposed to head the committee tasked to oversee the disbursements of the CARES Act Fund. The creation of an oversight committee was one of the conditions fought hard for by both Democratic and Republican Senators in approving the release of the $2.2 trillion government funds under the guidelines of the Coronavirus Aid, Relief and Economic Security Act or The CARES Act.

 

Yet Trump who had stated beforehand that he intends to be the sole “oversight” in controlling and monitoring the release of the funds, has taken action to circumvent that condition. In a move that is typical of this incumbent U.S. president who has no regard for ethics, Trump removed Glenn Fine as acting Department of Defense Inspector General.

IG Fine gave Congress no reason to worry in leading the Pandemic Response Accountability Committee that was set up in connection with the approval of the CARES law. After all, he has served as Inspector General for the Department of Justice for 11 years, whilst keeping an excellent nonpartisan record in carrying out his duties.

Trump did not fire Glen HInes but merely sent him back to his former position of principal Deputy Inspector General for the Dept. Of Defense (DoD) before he assumed the position of Acting IG for the said department. Had Trump designated another Inspector General to replace Fine as DoD head, Trump’s action might not be a cause for concern.

Instead, Trump designated Jason Abend, a Trump-appointed senior policy adviser at U.S. Customs and Border Protection (CBP), as the new Inspector General of DoD. The move also effectively placed Abend as head of the CARES oversight committee.

How Jason Abend’s Qualifications Compare to Glen Fine

Glen Fine has a long record of serving as Inspector General for the Department of Justice, a position he held during the presidency of Bill Clinton. In 2015, Fines accepted a post to become the Principal Deputy Inspector General of the DoD. In January 2016 and under the Obama Administration, Fine became the acting inspector general for the same department.

Apparently, what Trump did was to demote instead of promote Fine as a full-fledged Inspector General at the Department of Defense.

In contrast, before Jason Abend was appointed by Trump as Senior Policy Advisor of the U.S. CBP, he worked as a special agent of the Inspector General offices at the Department of Housing and Urban Development and at the Federal HOusing Finance Agency.

A special agent is basically a federal law enforcement officer tasked to conduct investigations related to minor criminal or non-criminal cases. A special agent has no authority to investigate major criminal cases, Obviously, Abend’s credentials in becoming the Inspector General of the Department of Defense is not as well-founded as that of Glen Fine’s.

 

After announcing Abend as the new IG for DoD, Trump had given instructions for the CARES Act oversight committee, to first pass on to the White House any information that it intends to forward to Congress.

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House Ethics Committee Orders Republican Rep. McMorris Rodgers to Return $7,500 in Misused Funds

by Paden Kegan

Prior to the close of 2019, the House Ethics Committee concluded its 5-year investigation on how the staffers in Rep, McMorris Rodgers office made improper use of campaign funds and official resources! including staff time, travel funds and congressional office space in carrying out political activities. According the Ethics Committee Report, poor record keeping and “sloppy practices” dating as far back as 2008 had contributed to the improper use of campaign funds.

In light of the findings, the panel chaired by Florida Democratic Rep. Ted Deutch, imposed sanctions on Rep. Cathy McMorris Rodgers, ordering her to pay over $7,500 as reimbursement of the misused government funds, including payments for official consultants using campaign funds, as well as accepting voluntary services for political purposes.

The extensive documents compiled reflected a “concerning pattern” of how the staffers in the office of Representative McMorris Rodgers frequently demonstrated indifference to the laws under the Federal Election Campaign Act (FECA) and the rules and regulations set forth in House Rule XXIII. House Rule XXII of the House Code of Official Conduct,

What the FECA Laws and Rules Describe as Proper Use of Campaign Funds and Resources

The House Rules state that Campaign Funds, which include goods and services procured with campaign funds, are separate from the official resources available to congressional members. House rules govern campaign funds including those allotted for state or local elections. The Federal Election Campaign Act (FECA) on the other hand, governs campaign funds used for election to a federal office.

Primarily, a House Member, Delegate, or Resident Commissioner shall keep campaign funds separate from personal funds; nor in any manner convert campaign funds for personal use even if said amount represents excess of a legitimate and verifiable use for campaign purposes. Basically campaign funds cover only bona fide political or campaign expenditures.

Moreover, there are certain exceptions and limitations that must be observed if ever campaign funds will be used for official House purposes.

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Save And Invest With Your Insurer

by Sissy Hall

Savers and investors do not always have to go to their banks for savings or investment products. There are also insurers in the shop window.

“Life insurance is widespread,” says lawyer Nathalie Labeeuw (Cazimir). ‘Almost everyone I know has a life insurance policy in portfolio. But often they are not aware of this themselves. They have an investment portfolio that they do not know is packed in a life insurance policy. “

Insurance For The Purpose Of Savings

For investors with a lot of patience

Savings insurance has long been one of the most popular savings products. But due to years of low-interest rates, very few are opting for this type of savings. The guaranteed interest varies from 1 to even 0 percent. In the latter case, the saver is already entirely dependent on the possible participation in profit. ‘The insurers do advertise an interest rate, but after deducting the costs there is hardly anything left for the saver. There is not even compensation for the loss of purchasing power due to inflation,” says Andreas Vets van Stremersch, Van Broekhoven, and Partners. After all, savers also have to take into account the entry costs with every new deposit, which with some insurers can go up to 3.5 percent.

“At the moment, savings insurance is primarily a tax vehicle that allows savers to escape 30 percent withholding tax,” says Vets. It is possible to escape this if the policy has a term of more than eight years and the capital is actually paid out more than eight years after the policy was taken out. Nor is a 30 percent withholding tax payable if the policyholder is the only insured person and beneficiary and the policy also provides for a death capital of at least 130 percent of the total amount of the premiums paid.

Savers should therefore only invest capital in a savings insurance policy that they can miss for at least eight years. ‘It is quite paradoxical: savings insurance is aimed at the small, cautious investor, while the latter must immediately keep in mind an investment horizon of eight years. We tend to associate such a long investment horizon with more risky investments, “says Vets.

For those who want more return (and can handle more risk)

Because the yields of savings insurance are so low, the insurers are increasingly pushing their customers towards branch 23 investment insurance policies. These are actually investment funds with an insurance sauce over it. The potential return is higher, but the same applies to the risks. ‘They are insurance contracts whose value evolves with the chosen fund. Extra insurance costs will be charged. So those costs add up quickly for the investor. ”

Because in addition to the entry costs, which, just like with the savings insurance, vary from 1 to 3 percent, management costs are charged. On the other hand, there is something in return: no withholding tax and no stock exchange tax are payable on the sale. Yet Vets is a cool lover of investment insurance: ‘You better opt for the similar underlying investment fund at the bank. You then put the costs in your own pocket and not in those of the insurer. ”

There are various types of insurance that can yield profit in the future with the exemption of burial insurance even if it’s among the best burial insurance for seniors which had been designed to cover expenses at the onset of death and may benefit relatives and loved ones more than the insurer.

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