Rounds, Sinema Introduce Legislation to Increase Transparency and Accountability for Financial Regulators

Rounds, Sinema Introduce Legislation to Increase Transparency and Accountability for Financial Regulators

WASHINGTON – U.S. Senators Mike Rounds (R-S.D.), a member of the Senate Committee on Banking, Housing, and Urban Affairs, and Kyrsten Sinema (I-Ariz.) introduced legislation to increase transparency and accountability within the Financial Stability Oversight Council (FSOC). The FSOC Improvement Act would enhance transparency and procedural fairness of the systemically important financial institutions (SIFI) designation process.

Specifically, this legislation would codify 2019 guidance that requires FSOC to determine whether systemic risks could be better addressed through means other than designating a financial institution as a SIFI. It would also require them to consult with the primary regulator and the company on other means to address potential threats to financial stability. Finally, the legislation enhances transparency at the FSOC by requiring the council and its member agencies to report on crisis planning activities and potential threats.

“I believe the FSOC Improvement Act is a crucial step towards enhancing the effectiveness and transparency of our financial regulatory system,” said Rounds. “SIFI designation is a blunt tool that comes with a significant increase in regulatory burden for individual companies. By allowing an affected institution to modify its business, structure or operations prior to the SIFI designation, we are creating a more resilient financial environment for the American people, fostering economic growth and stability.”

“We’re fueling growth and creating careers for Arizonans while increasing transparency,” said Sinema.

Rounds first introduced the FSOC Improvement Act in 2018 during the 115th Congress. Rounds reintroduced this legislation to the 116th Congress in 2019, with Sinema as an original cosponsor.

Click HERE for full bill text.

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Zikmund Announces Senate Re-election

Zikmund Announces Senate Re-election

SIOUX FALLS–District 14 State Senator Larry Zikmund announced his intent to seek reelection for the Legislature today. A respected leader in the Capitol and Sioux Falls, Larry is an experienced and effective public servant advocating for the people of District 14.

“District 14 voters have honored me with the support over the years, and I’ll work hard to earn their support again in 2024,” said Zikmund. “South Dakota is moving forward in the right direction, but we need to keep working on the issues impacting Sioux Falls’ growth and prosperity. Experience matters, and that’s what I’m offering District 14.”

Zikmund was first elected to the South Dakota House of Representatives in 2014, where he served until winning the vacant Senate seat in 2020. He is a member of the state budget setting Appropriations Committee, the Vice-Chair of the Military and Veterans Affairs Committee, and member of the Retirement Laws. A veteran himself, Zikmund is especially proud of his work to support active service members, veterans and their families including his leadership to help build the new South Dakota Veterans Cemetery in Sioux Falls.

District 14 encompasses southeast Sioux Falls in Minnehaha County between Cliff Avenue and Veterans Parkway. Election Day is Nov. 5, 2024.

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HJR 5001 sent to 41st day in committee

A measure to ask South Dakota voters to choose for themselves whether they would like the same opportunity to choose their Attorney General and other offices in a primary election as they have to select their Governor or legislators failed in committee after sponsors could not convince the House State Affairs Committee to send the resolution on to the floor.

House Joint Resolution 5001, a measure proposing and submitting to the voters at the next general election an amendment to the Constitution of the State of South Dakota, requiring all non-judicial offices elected by a statewide vote to be nominated at a primary election failed to gather sufficient votes in committee to move the measure to the floor after testimony from several interested parties, including South Dakota Republican Chairman and Senator John Wiik.

The discussion over moving offices out of the convention process has arisen after a trend has emerged at State Republican Conventions of groups of activists registering as precinct people showing up only to vote, and not otherwise participating in any Republican Party activities. Controversy over these activists grew after the last Republican convention after many of the agitators forced a vote  to make the convention free, which would have bankrupted the Republican Party. The measure narrowly lost by 5 votes.

It remains to be seen if the proposal will come back in another form during this legislative session, but this remains a problem which the Republican Party will have to face in the months to come.

Keintz for Lt. Gov closes, dumps cash back into House committee

Had an observant reader catch this and sent it over..

“Interesting campaign finance tidbit is that Keintz terminated her Lt. Account and transferred $3,352.56 to her Keintz for House.”

Sending a bigger pot of money over to an equally dormant account that had $133 in it… why would this be? The speculation is whether Jennifer is going to join her running mate Jamie Smith with both attempting a return to the legislature in 2024.

More to come.

HJR 5001 Proponents drop bombshell letter of support from 7 of 9 living past SDGOP Chairs

Proponents of House Joint Resolution 5001 to propose a vote to choose whether to switch South Dakota to a primary voting system for all statewide offices just dropped a huge bombshell in their pursuit of legislative success.

This afternoon HJR 5001 prime sponsor Rep. Tyler Tordsen released a letter of support from 7 of the 8 9 living past South Dakota Republican Party chairmen, representing over a quarter century of GOP leadership, urging passage of the measure:

The only ones missing from this list, the 8th living past State Republican Party chair and immediate past Chairman Dan Lederman, currently sits on the State Republican Party’s Executive Board and also serves as chairman of the Union County Republican Party. The 9th, also not signing the letter is former GOP Chair Arlene Ham.  (My bad, I missed Arlene when I wrote this, who served as party chair in the late 70’s. Arlene is 88 years old, and I hope she is with us for many more years to come – she’s a great lady!)

The letter is an open letter to all Republicans noting in part:

This constitutional amendment will guarantee that every Republican has a voice in the party’s nominations for Secretary of State, Attorney General, State Auditor, State Treasurer, Commissioner of School and Public Lands, and Public Utilities Commissioner.

We have each had the privilege of leading our party as State Republican Chair, and we know that our South Dakota Republican Party is a strong, growing party. We need to keep the momentum going and invite more participation and engagement in our elections. That’s what HJR 5001 will do.

It’s time to let every Republican participate in our party’s nomination process, and to make our state convention a time of unity as we join together for the fall campaign. We ask you to please vote Yes on HJR 5001. 

This will weigh on the minds of members of the House State Affairs committee who will be hearing the measure tomorrow morning at 7:45. The committee includes as members several sponsors of the measure on the panel.

Good information for legislators when they consider HJR 5001 tomorrow..

Pulled up a couple of posts I did this last year during the debate over SB40 which both contain  information which continues to be valid during the debates being held in the legislature beginning tomorrow over House Joint Resolution 5001, which proposes to put it to a decision of voters whether or not they want to continue allowing political parties to nominating several statewide candidates at a convention, or to allow all Republicans to weigh in. First, from a post I made on Feb 14, 2023..

..It would be interesting to look at the public offices in South Dakota where we select the partisan candidates in a primary election process to represent those parties in the November election, and those we select at the Republican or Democrat State Conventions.

  • US Senate – Primary
  • US House – Primary
  • Governor – Primary
  • Lt. Gov – Convention
  • Atty General – Convention
  • Secretary of State – Convention
  • State Auditor – Convention
  • State Treasurer – Convention
  • School & Lands – Convention
  • Public Utilities Commission – Convention
  • State Senate – Primary
  • State House – Primary
  • Circuit Court Judge – Primary (if more than 2 for each seat)
  • County Commissioners – Primary
  • State’s Attorney – Primary
  • Sheriff – Primary
  • County Auditor – Primary (and/or county finance officer)
  • County Treasurer – Primary
  • Register of Deeds – Primary
  • Primary Coroner – Primary (or appointment after 2023 per HB 1057)

and.. If you think about it, the argument against the constitutional offices being decided by the voters in a primary is largely being made by precinct people.. who themselves are chosen in a primary.  I imagine they would be the first people against precinct committee positions being chosen and filled by a small group of party insiders.

Read that post here.

Next, a post that goes back further in state history, to the last time the legislature had a debate of this nature, when it was decided to move several offices at the top of the ticket away from party conventions to a statewide primary:

Apparently, up until that time, those candidates had been vetted exclusively by party nominating committees, and by 1929, legislators had had enough complaints that they had to do something to change the system. From the Aberdeen American News, via Argus Leader, 22 Jan 1929, Tue  Page 6
It appears that the problem before was that the choices that ended up in front of them were not great via that party system of vetting, and “party followers are too often given the choice of voting in the fall for a candidate they do not want.”

Read that entire post here.

We’re starting to hear a lot of misinformation in the debate over HJR 5001

So far, I think I’ve read it a couple of times today on how South Dakota Republicans have had precinct people since about 1917. And the people claiming this are woefully misinformed.

If someone is going to talk about the issue, they at least owe everyone the duty of honesty and accuracy.  I wrote about this last year during the debate over SB40, and it remains true.. Precinct people were not part of the process until 1990:

In the 1990 GOP convention when GOP Chair Dwight Adams (Doing double duty as Mickelson re-election chair) threw the doors open to bring more people into the process in exchange for precinct peoples labor, it was lauded as an expansion of the process.  In fact, I wrote about it in Dakotawarcollege’s early days waaaaay back in 2005:

Dwight took the party representation for the State Party convention and blew it wide open. He went from having county representation comprised of only a few select individuals on a county wide basis to opening it up to dozens or more per county. He opened up participation and guaranteed that precinct level representatives would be part of county delegations at the state convention. What he did was in effect a molding of the command structure of the party to a military model. It was an organized and well defined structure from the state chairman at the top down the precinct level.

The system was transformed! The “carrot” was that the precinct level people could vote for the candidate of their choice and on issues at convention. But in turn, they also had to be active in precinct level activities, such as poll watching, etc. This in turn gives the party a literally endless pool of volunteers and activists – activists, many of whom someday might be candidates.

With the simple change of a set of rules, the number of people who attended conventions exploded. While the loyal opposition still might be pushing 100 or so for their convention, in some years the GOP has had numbers exceeding 800 or more. (Why do you think Frank Kloucek sometimes makes an appearance at our convention? It’s where the people are). County GOP meetings have people attending simply because they identify themselves as precinct people – another positive effect.

I would make the argument that no other single factor has helped ensure the party’s continued electoral success than making it more participatory. It’s not that people didn’t identify before – party registration numbers illustrated that – but more people than ever could dig into the nuts and bolts work that happens behind the scenes with the party.

You can read that entire piece here at Dakotawarcollege Classic.

The issue that has come about since I wrote that piece in 2005 is that there’s a lot of the precinct process that has changed in the years since 1990.  Technology has made precinct watchers obsolete. The phone tree has been replaced with auto dialers and call centers, and a lot of their job has gone away.  But, while the call to action for working together has gone away, it’s been replaced in some cases by those who have no interest in being representative of their communities for the GOP, and are more interested in weaponizing the process. These are the people who are recruited for one candidate, only to vote and never be seen again.  These are the same people who complain incessantly that when a convention is held, it should all be a free lunch, as a number attempted to do in 2022.

Read my entire post here.

Agree or disagree with the proposal, please quit making things up, people.

At rally Toby Doeden proclaims he will promote traditional family values such as “marrying young and having children.”

When I was writing about kooky Toby Doeden statements yesterday, it was more for humor’s sake, but apparently at a rally he held yesterday, it sounds as if he underlined some of his batsh*t crazy, promoted unfounded conspiracies, and demanded a return to the days when people were “marrying young and having children.”

From the Aberdeen Insider:

“Whether they’re Republicans or Democrats, they’re all part of the same oligarchy system,” Doeden said, stressing his belief that political outsiders like himself and Former President Donald Trump are the way forward.

He made claims that Johnson has been recruiting left-leaning individuals who plan to switch parties and run for the South Dakota Legislature.

and..

Doeden also said he will stand to promote traditional family values, such as marrying young and having children, and what he calls other conservative, Christian values.

Read the entire story here (subscription required).

“oligarchy system?” Why do I have the feeling we’re paying far too much attention at this point?

First off, for starters, does he have any examples that Dusty Johnson is recruiting “left-leaning” individuals to run for the legislature?  Or who those people are? Because it sounds like he’s just talking out of his tail.  Secondly, the whole “marrying young and having children” line sounds as if he wants to impose some sort of religious theocracy on the country.

At this point, I’m happy to encourage my 16 year old to get good grades, pick up his room and get the dogs out. I don’t need to push him to get married and reproduce at this point.

The more we hear, the less seriously we should be considering the Doeden candidacy. But, I will admit – it provides a lot of comedy.

Release: South Dakota Retailers Elect President, Officers, Board Members 

South Dakota Retailers Elect President, Officers, Board Members

PIERRE, SD – Kevin Nyberg of Nyberg’s Ace and Dakota Workwear in Sioux Falls and Watertown has been elected President of the South Dakota Retailers Association Board of Directors. Board members are responsible for setting general policies, establishing goals and objectives, and determining legislative positions for the influential statewide business organization, founded in 1897.

Having served on the board since 2016, Nyberg officially received the gavel from outgoing President Travis Anderberg of Miller during the association’s annual business conference on January 8 in Pierre.

“It’s an honor to serve as President of one of the country’s oldest and largest state retail associations,” Nyberg said. “I’m proud to follow my dad’s service in leading this organization that does so much to support businesses in communities throughout South Dakota.”

Nyberg’s father Roy also served as Retailers Association President in 1989.

In addition to Nyberg, three other business owners were named as officers: Sarah Hustead of Wall Drug as President-Elect, Jason Harms of Harms Oil Company as Secretary-Treasurer, and Travis Anderberg of Miller Rexall Drug as Past-President.

Four first-term board members were elected to serve in 2024, including Angi Hanzlik of Berry + Basil in Chamberlain, Andy Jerke of James Valley Landscape Solutions in Mitchell, Samantha Tupper of Wink’s Fine Jewelry in Brookings, and Pat Wiederhold of Granite Sports in Hill City.

“Our board consists of outstanding South Dakota business professionals, and our newest members are no exception,” said Executive Director Nathan Sanderson. “With their dedication and expertise, we will continue to provide our members with unmatched information, advocacy, and services.”

Outgoing board members were also recognized for their contributions: Jenny Behlings of Jenny’s Floral in Custer, Gary Cammack of Cammack Ranch Supply in Union Center, Clancy Kingsbury of Who’s Hobby House in Rapid City, and Hillarey Warner of HH Design in Britton.

To view a complete list of South Dakota Retailers Association board members or to find out more about their efforts to foster a successful business climate in South Dakota, visit sdra.org/sdrabod.

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