Representative Joel Kitchens
Rep. Kitchens released the following statement regarding Foxconn CEO Terry Gou’s announcement of the purchase of a six-story building in downtown Green Bay to be the site of a new Innovation Center that will focus on research and development: “I am thrilled about the announcement that Foxconn will be coming to Northeast Wisconsin. Foxconn’s new Innovation Center will create at least 200 new jobs in the high technology field and produce numerous additional benefits to the local economy.
“This facility is the latest step in the revitalization of the business climate of Green Bay and Northeast Wisconsin. Coupled with the building of a 55,000-square-foot Science, Technology, Engineering and Mathematics (STEM) Center at UWGB and the creation of a College of Engineering, our area is well positioned to develop, attract and retain the young talent we will need going into the future. This facility will significantly contribute to Green Bay’s position as a vibrant and attractive destination for young people and a center for expanding technology advancement.
“Since Foxconn CEO Terry Gou announced the company would call Wisconsin home by building a $10 billion dollar electronics manufacturing campus in Mount Pleasant, they have continually exceeded expectations and made clear their objective to have a long-term presence in Wisconsin. The new Innovation Center, together with the planned North American Headquarters in Milwaukee, demonstrate a commitment to our entire state. This announcement emphatically demonstrates that the positive economic impact of Foxconn will not be confined to Southeast Wisconsin, but will be felt throughout Wisconsin.”
Source: Kitchens press release
Congressman Mike Gallagher
Rep. Gallagher sat down with United States Trade Representative Robert Lighthizer to address trade issues and their impact on Northeast Wisconsin farmers, manufacturers, and families. In addition to addressing unfair trade practices by China and threats to our dairy industry, they also discussed the renegotiation of the North American Free Trade Agreement (NAFTA). The U.S. Trade Representative is responsible for developing and coordinating U.S. international trade, commodity, and direct investment policy, and overseeing negotiations with other countries.
Following the meeting, Rep. Gallagher released the following statement: “Today I met with Ambassador Robert Lighthizer to share directly the concerns our farmers and manufacturers have over the state of tariffs and trade in the U.S. During our meeting, I urged the administration to re-consider any policy changes that risk forcing great Wisconsin companies, like Harley Davidson, to produce less in our state and more overseas. I also urged Ambassador Lighthizer to continue pushing Canada to get rid of its unfair trade barriers on our dairy products. The health of our economy in the 8th District depends on local farmers and manufacturers being able to sell their goods abroad and on a level-playing field. This is why we should be working with our allies to open markets and get tough on countries like China who continue to cheat the system. Today’s conversation is just one of many that I will be having with the administration, and my colleagues in Congress, to help prevent Northeast Wisconsin from getting caught in the crossfire of any trade disputes.”
Source: Gallagher press release
Senator Tammy Baldwin
Amid concerns surrounding the accelerating pace of stock buybacks in U.S. capital markets, U.S. Senators Tammy Baldwin, Chris Van Hollen (D-MD) and Minority Leader Chuck Schumer (D-NY) are leading their colleagues to call on U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton to open a public comment period to review the SEC’s current rules around stock buybacks, which haven’t been updated in more than a decade. In 1982, the SEC finalized rule 10b-18, which, for the first time, allowed public companies to buy back their stock without fear of being charged with stock market manipulation. Since that time, there has been a 40,000 percent increase in stock buybacks. In a recent CNBC interview, SEC Commissioner Robert Jackson discussed the dramatic increase in stock buybacks after the Republican tax bill passed Congress and was signed into law by President Trump. So far this year, corporations have announced more than $480 billion in stock buybacks, overwhelmingly benefiting top executives and leaving the middle class behind.
In the letter to Chairman Clayton, the Senators stated, “We write with concerns about the accelerating pace of stock buybacks in U.S. capital markets. The Securities and Exchange Commission (“SEC” or “the Commission”) last updated Rule 10b-18, which governs stock buybacks, in 2003. Since that time, there have been significant changes in executive compensation practices, shareholder activism, and investing technology. Therefore, we respectfully request that the Commission begin a process to review how companies are conducting buybacks under Rule 10b-18 and whether corporate insiders are exploiting buybacks to sell shares received as executive pay at inflated prices.”
Source: Baldwin press release
Senator Ron Johnson
Sen. Johnson released the following statement regarding his vote on the Senate farm bill: “While the bill voted on today included many worthy provisions, it failed to take even small steps to reform runaway government spending on programs that have little if anything to do with Wisconsin’s farm families. I hope to be able to support a final, improved version that includes sufficient, lasting reforms. In the meantime, I will continue to advocate for Wisconsin’s agriculture community and do whatever I can to make sure Wisconsin farmers have the opportunity to sell their goods at fair prices around the world.”
Source: Johnson press release
President Donald Trump
Michael Cohen, President Donald Trump’s embattled former lawyer, distanced himself from his longtime boss in an interview with ABC News. “I put family and country first,” Cohen told ABC’s George Stephanopoulos in an off-camera interview published Monday. “To be crystal clear, my wife, my daughter and my son, and this country have my first loyalty,” Cohen said.
It’s a marked shift in tone for Cohen, who had previously touted his role as Trump’s loyal and pugnacious fixer. But after FBI agents raided his properties in April, seizing thousands of items and sparking a lengthy court battle even before any charges have been filed, Cohen has reportedly been more amenable to working with federal prosecutors, ABC reported.