Category: Uncategorized

(From my mailbox – PP)

Don’t Be Fooled: Hedge Funds Aren’t the Bad Guys
by Jeana Goosman, Goosman Law Office

When we think of what moves South Dakota’s economy, we think of the usual drivers of productivity, such as mining, agriculture, manufacturing, and even tourism. The people who work in those industries are proud to do so, providing for their families and their state. Even though these industries are at top of mind, they aren’t the only pistons in South Dakota’s economic engine.

Hedge funds, a misunderstood but highly active aspect of the financial services economy, work to secure financial stability for millions of Americans and deliver for South Dakota.

Many people don’t realize that university endowments, non-profits, and pensions invest in hedge funds to grow their market portfolios. It happens across the country and it happens here in South Dakota. As these hedge fund–managed portfolios grow, the gains are passed on to underlying investors. In many cases, that means retirees, charities, and aspiring college students. Organizations representing these investors rely heavily on hedge funds to secure their financial stability, so that they may provide for those that depend on them. If our elected officials in Washington D.C. fail to understand this and pass too many restrictions on hedge funds, it’s the underlying investors that will suffer the consequences.

Education is a must for our children and young adults in South Dakota. As the cost of higher education becomes more and more expensive nationwide, hedge funds are actively securing the financial stability of university endowments, which results in more scholarships granted to aspiring South Dakota college students. Across the Mount Rushmore state, colleges invest in hedge funds for their students. The University of South Dakota Foundation, representing one of the largest universities in the state, invests $41 Million; Augustana College invests $7 million and the South Dakota School of Mines and Technology Foundation invests $2 million. It’s simple: without hedge funds, both the financial stability of these academic institutions and the academic future of many of their students would be in jeopardy.

Charities and non-profits do a tremendous amount of good for South Dakota. Communities both large and small rely on them for wide variety of services and acts of good will. I saw this firsthand during my time as a member of the South Dakota House of Representatives. Hedge funds take investments made by charities and non-profits and grow them over time, passing the benefits to our communities through the organizations that serve them.

In addition to providing for colleges and charities, hedge funds also secure the retirement future of thousands of South Dakotans. The South Dakota Retirement System invests $81 Million in hedge funds on behalf of 89,685 plan participants. This money grows through the smart, sophisticated investment strategies hedge funds utilize. As pensions grow, their beneficiaries can take solace in the fact that their financial wellbeing is in good hands. After all the past year has brought, peace of mind has become extraordinarily valuable. Fortunately, through growing investments made by pensions, hedge funds are delivering peace of mind to South Dakota retirees.

The message from all those invested in hedge funds is clear: this critical component of the economy exists on Wall Street, but delivers for Main Street Americans. Politicians and regulators need to internalize this message and remember it throughout the current legislative session. Punitive measures designed to punish hedge funds will only hurt retirees, charities, and hardworking people across South Dakota.

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Jeana Goosmann is the CEO and Managing Partner of Goosmann Law Firm.  She regularly appears on media as the voice of legal.  Jeana represents multinational corporations, elected officials, billionaires on Forbes list, and entrepreneurs.

 

So my Facebook feed has been filled lately with images of the School Board race out in the State’s second largest community. And I just can’t help it, but there’s things that I see in this race that just kind of bug me from a campaign point of view.

First off, candidate Natalie Slack. Did no one bother to tell her that she really, really needed to take an honest look at her social media before she ran?  The only thing that’s to her advantage is that there’s plenty that’s too profane for her opponents to use in print. Case in point:

And if she’s not leaning towards the profane, she’s doing her best on-line to tell Rapid City Voters that she is a lot more liberal than they are in fairly conservative Rapid City.

I think I’d archived the post I originally did several years back on the topic telling candidates to “police your social media” before you announce as a candidate, but for crying out loud, it seems like she’s done the opposite. It’s as if she’s actively taken a stand to defund the policing of her social media.

I can’t help but think there are a number of parents who just aren’t cool with a school board member declaring what she did about removing a rib and the acts 2019 could commit after that. And never mind wanting “someone who has done drugs and been in therapy” for President.

To sum it up, I think it could have a negative effect on her campaign.

On the more conservative side of the aisle, there’s some weird things going on with candidate logos.

Why did Deb Baker ruin the instant readability of her logo by doing that weird “half-B” thing with the first letter of her last name? Honestly, it was pretty good until someone made that mistake.  I can’t repeat it often enough – In political campaigns, don’t mess with changing letters into weird design elements. It makes them hard to read as you’re driving by.

In campaigns, you’re trying to drill down a message in a matter of days or weeks. Don’t make that task more difficult by making it tougher to read when you drive by the darn sign.

Then we have what’s going on for RC School Board candidate Breanna Funke:

What’s with that weird glyph in the middle of everything? It reminded me of the logo for recording something on my iPhone in iPhone message, but that’s not it. Maybe it’s just bugging me because I don’t see the purpose.

In chasing it down, it’s otherwise known as “Sound Of Waves Line Logo Template Illustration Design” from CanStockPhoto.

So, it’s a stock photo of sound waves someone bought off a website? Now it makes even less sense. To my knowledge, she isn’t a well known sound engineer or DJ. Which begs the question, why?

It looks like it’s some random graphic that was dropped in there because the designer simply wanted to make it look like they gave more than 5 minutes to the design. I’m not sure how it contributes to the design, except to take up space that where they could have made the name bigger.

I’m not sure how they could have made it worse. Oh wait – Here’s the yard sign:

By adding a slogan to the mish-mash, they managed to make the name smaller by taking up 1/4 of the sign with the graphic they bought off the stock graphic website. And then jammed it all together so no one can read it as they drive by.

Who does this? Because as one of your more expensive items in a campaign, it’s not something that you want to goof up.

The other candidates have logos/signs which could be better, but these stood out. So take a look, and try not to make the same mistakes yourself.

Stay tuned.

Governors to DOJ: Continue Investigation into Anti-Competitive Practices in the Meatpacking Industry

PIERRE, S.D. – Today, Governor Kristi Noem and five other governors wrote to the United States Department of Justice (DOJ), asking them to continue their investigation into anti-competitive practices in the meatpacking industry. The DOJ had originally sent investigative demands to the nation’s four largest meatpackers in May 2020.

“Perhaps no person embodies the independent and untamable spirit of the United States better than the cattle producer,” wrote Governor Noem and the other governors. “But this way of life is under threat. Decades of consolidation in meatpacking has significantly limited the options that producers have to market their cattle and has created a situation where one segment of the beef industry has near total control over the entire market.”

The governors highlighted the threat to consumers as prices of meat at the grocery store continue to rise, all while beef producers are struggling to make ends meet.

“The consistently high prices realized on the boxed beef side are not being reflected on the producer side, forcing consumers to pay a premium for beef while threatening many of our producers with the loss of their business,” wrote the governors.

Governor Noem was joined in signing the letter by Iowa Governor Kim Reynolds, Montana Governor Greg Gianforte, Nebraska Governor Pete Ricketts, North Dakota Governor Doug Burgum, and Oklahoma Governor Kevin Stitt. You can read the governors’ letter here.

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Thune: America Must Continue to Lead the World in Automated Vehicle Technology

“For automated vehicle technology to advance, it is imperative that the regulatory framework catch up with private-sector innovation… Unfortunately, bipartisan agreement on my amendment collapsed when special interests expressed their opposition, despite major efforts to accommodate their concerns.”

Click here or on the picture above to watch the video. 

WASHINGTON — U.S. Sen. John Thune (R-S.D.) today discussed his work to develop a bipartisan legislative framework to govern the testing and deployment of automated vehicles (AVs) and his amendment to the Endless Frontier Act, which would’ve helped keep the United States ahead of China in the AV revolution. Thune expressed his disappointment that Democrats blocked his amendment due to pressure from outside interest groups, which is ultimately not in the best interest of our economy or the American people. AVs have the power to transform the way we move in numerous ways, making the transportation system safer, more efficient, and more accessible.

 

Thune Calls For Judiciary Committee Hearing on Potential Beef Market Manipulation

“It is essential that we hold the highly concentrated meatpacker industry accountable to the consumers and producers who depend on it. And I will continue to press the Department of Justice to thoroughly investigate this situation.”

Click here or on the picture above to watch the video. 

WASHINGTON — U.S. Sen. John Thune (R-S.D.) today called on the Senate Judiciary Committee to hold a hearing on the possible improper and anticompetitive activity in the cattle market. Thune also spoke on the Senate floor about his ongoing effort to press the Department of Justice to investigate this potentially uncompetitive behavior. He recently encouraged Attorney General Merrick Garland to make this investigation a priority so ranchers and consumers can learn more about how this is affecting cattle prices and prices at grocery stores across the country. Thune noted that while the Justice Department agreed to start an investigation following an earlier request, it hasn’t shown any indication that the investigation is ongoing, nor has it released any results to the public.

Click here for full text of Thune’s letter to Senate Judiciary Committee Chair Dick Durbin (D-Ill.).

Flags at Half-Staff in Honor of Victims of San Jose Tragedy

PIERRE, S.D. – Today, Governor Kristi Noem ordered that flags be flown at half-staff statewide, effective immediately until sundown on May 30, 2021, in honor of the victims of the recent tragedy in San Jose.

This is in response to a proclamation by President Joseph R. Biden, which can be found here.

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Interesting story on FOX News, where it sounds as if Democrat strategists and poll watchers are convinced more and more that people are fatigued with woke culture, and it may become a great hammer for Republicans to use against Democrats:

“Wokeness is kryptonite for Democrats,” Haidt wrote. “Most people hate it, other than the progressive activists. If you just look at Americans’ policy preferences, Dems should be winning big majorities. But we have strong negative partisanship, and when people are faced with a party that seems to want to defund the police and rename schools, rather than open them, all while crime is rising and kids’ welfare is falling, the left flank of the party is just so easy for Republicans to run against.”

That belief is shared by Democratic strategist James Carville, who made perhaps an even bolder statement on how cancel culture will impact the party last month.

“Wokeness is a problem and everyone knows it,” he said. “It’s hard to talk to anybody today — and I talk to lots of people in the Democratic Party — who doesn’t say this. But they don’t want to say it out loud.”

Read the entire story here.

We get plently of wokism in South Dakota, with our elected democrats with examples such as Sioux Falls City Councilor Patrick Starr deriding Mt. Rushmore as “vandalism,”  and State Representative Erin Healy dismissing the country’s founders  on the monument as merely “slave holders.”

If we’re to take anything away from the story, it’s looking more and more like wokeness could cause Democrats an electoral headache in the next election as voters rebel against the self-righteous.

My latest podcast guest is a rising star in the Republican party, Governor Kristi Noem of South Dakota. Growing up on a ranch, she learned many life lessons that she shares in this episode. @govkristinoemhttps://t.co/AqcGqmE8e5

— Newt Gingrich (@newtgingrich) May 11, 2021

Courtney, Johnson Introduce Bipartisan Bill to Allow Active-Duty Servicemembers to Count Full Service Period Towards Public Service Loan Forgiveness

NORWICH, CT—Today, Rep. Joe Courtney (CT-02) and Rep. Dusty Johnson (SD-AL) introduced the Recognizing Military Service in PSLF Act, a new bipartisan bill that would finally enable American service members to count the full length of their service towards their student loan forgiveness. Although they are currently eligible for Public Service Loan Forgiveness (PSLF), existing rules prevent many active duty servicemembers who have deployed far away from their families from applying their full period of service towards PSLF—meaning that they are made to complete a longer period of service before qualifying for student loan forgiveness. The Recognizing Military Service in PSLF Act would ensure that American servicemembers have their full service periods appropriately counted towards their loan forgiveness.

Courtney was joined by Rep. Johnson, a fellow member of the House Armed Services Committee, as an original co-sponsor upon introducing the bill today. The Senate companion to the Recognizing Military Service in PSLF Act is sponsored by Senators Maggie Hasson (D-NH) and Marco Rubio (R-FL), and co-sponsored by Senators Tim Kaine (D-VA), Kevin Cramer (R-ND), Jack Reed (D-RI), Lisa Murkowski (R-AK), and Tammy Duckworth (D-IL). The legislation has earned the endorsement of veterans service organizations including Veterans Education Services and Student Veterans of America.

“There are no public servants more deserving of our gratitude and support than our servicemembers, especially those deployed around the globe, far away from their families,” said Congressman Courtney. “The Public Service Loan Forgiveness program was designed to encourage and support people who dedicate their careers to serving our communities and our country, and our servicemembers and National Guard members shouldn’t be barred from taking full advantage of its benefits while they’ve been deployed on active-duty. Rep. Johnson and I have teamed up before to move bipartisan bills across the finish line for the folks who wear our nation’s uniform, and I’m glad to join him once again to advance this effort. Our troops and their families deserve the full benefit of student loan forgiveness that they’ve earned while serving overseas, and this bill will help them get it.”

“Servicemembers time in the military is eligible for public service student loan forgiveness except while they are on active duty deployment. That policy makes no sense. I’m proud to partner with Rep. Courtney to make certain all military service time is counted towards this critical military benefit,” said Congressman Johnson.

Currently, service members are eligible for Public Service Loan Forgiveness (PSLF), which means they can enroll in income-driven repayment plans that will result in student loan forgiveness after ten years of qualifying service. Servicemembers also have access to student loan deferment and forbearance periods during military deployments. These loan deferment and forbearance periods are intended to account for the unique financial impacts of deployment on a servicemember’s family, but currently those periods do not count as PSLF qualifying payments—meaning that if a servicemember chooses to put their loans into deferment or forbearance during a deployment, they will need to complete a longer overall period of service before qualifying for student loan forgiveness.

The bipartisan Recognizing Military Service in PSLF Act would count military student loan deferment or forbearance as qualifying payments to PSLF so that servicemembers who deploy have their full time of service appropriately counted towards their loan forgiveness. The bill would extend the new coverage to:

• Active-duty service members deployed overseas on a combat tour;
• Active-duty service members deployed away from their families and home station to support a Department of Defense mission;
• National Guard and Reserve members brought onto active duty orders for more than 30 days to support a federal mission, such as an overseas deployment or U.S. disaster relief;
• National Guard members brought on to state active duty orders to support a state mission, which includes those members who have been supporting the COVID-19 pandemic response.

Reps. Courtney and Johnson have worked together successfully in and outside of the House Armed Services Committee to support America’s servicemembers and their families. In August 2020, they co-led the introduction of the Impact Aid Coronavirus Relief Act (H.R. 8075), a bill that provided support to public schools that serve high percentages of children from military families and others. Their bipartisan bill was passed by the House in October 2020, and was signed into law by President Trump on December 7, 2020.

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Governor Noem Asks Board of Regents to Preserve Honest, Patriotic Education

PIERRE, S.D. – Yesterday, Governor Kristi Noem asked the South Dakota Board of Regents to set policies that preserve honest, patriotic education throughout South Dakota’s institutions of higher learning. You can read the her letter, which was sent to each individual member of the Board, here.

“As governor, I have become increasingly concerned about a growing movement throughout the country to reject patriotic education and downplay the positive revolution in human affairs set in motion by our Founders,” wrote Governor Noem. “Our children and grandchildren should understand the full picture of our nation’s history – our fundamental values, our greatest achievements, and the long struggles to overcome injustice as well.  Our next generation must also learn about our triumphs as well as our mistakes, with those mistakes being examined in context.”

In the letter, Governor Noem urged the Board of Regents to consider:

1. Whether funds are being used to advance or promote the 1619 Project, Critical Race Theory, or any similar theory; or requiring, compelling, or otherwise directing students to personally affirm, adopt, or adhere to any such beliefs or tenets;
2. Whether South Dakota’s post-secondary public institutions remain a place of learning, not indoctrination;
3. Whether diversity offices in post-secondary public institutions are still working within the scope of their original mission, or whether they have experienced inappropriate “mission creep.”

“I trust you will agree with me that we need to preserve honest, patriotic education throughout South Dakota – education that that cultivates in our next generation both a profound love of our country and a realistic picture of its virtues and challenges,” continued Governor Noem. “I look forward to working together with the Board of Regents on this goal.”

This past legislative session, Governor Noem advocated for and signed legislation to enhance civics curriculum at the K-12 level. She recently became the first officeholder in America to sign the “1776 Pledge to Save Our Schools.” Last week, Department of Education Secretary Tiffany Sanderson and State Historian Dr. Ben Jones wrote to the Biden Administration to push back on their proposed policies advocating for the teaching of the 1619 Project and Critical Race Theory.

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