Darkish cash group launches marketing campaign to push Portland-area leaders for outcomes on police reforms, homelessness, cleanup efforts

A new anonymously funded political group launched a campaign on Friday to encourage elected leaders in the Portland area to move faster and better coordinate to address challenges viewed by unnamed donors as the greatest challenges in the city.

Many of the things they want to do, from creating safe homes for people on the streets to reducing gun violence, are in great demand with voters and officials from across the political spectrum. But they do not have easy solutions and there is no broad consensus on which steps to take in the right direction.

The dark money charity People for Portland began broadcasting television spots Friday urging officials at all levels of government to “end the humanitarian crisis on our streets, reform the police force, restore public safety and cleanse our once beautiful city “.

“Portland is still full of potential, but the politicians are doing too little, too slowly, to save our broken city,” says a woman in the TV ad as black and white pictures of tent camps, graffiti and headlines about murders pass by.

“Let’s tell the politicians to do their job to save the city we love,” concludes the ad, suggesting that people go to the group’s website and sign up for unspecified future political activity.

With the group’s funders remaining largely anonymous, the two longtime political advisors who lead the campaign have a more public role in the appeal. Dan Lavey, who has worked for independents and Republicans like Chris Dudley, and Kevin Looper, who has worked for progressive causes and Democratic candidates like Governor Kate Brown, are partners in this effort.

Under state and federal campaign funding rules, it is legal for the group’s donors to remain anonymous under their establishment as a political nonprofit.

Looper said in an interview on Friday that the central problem Portland is facing is “the lack of courage among elected officials … which makes them more afraid to do wrong than to do something”.

The campaign targets every elected official with ties to the Portland area, including city officials, district officials, metro regional government councilors, the sheriff and district attorney, state lawmakers, and the Portland-home governor who is also from Portland. Through digital and television advertising, the total cost of which they rejected, Lavey and Looper plan to urge local voters to contact their elected leaders and urge them to take action on People for Portland’s priorities.

“We need to get the public more involved so … elected officials at all levels feel the heat of the people they represent,” Lavey said.

Local leaders, particularly on the Portland City Council, are already working to resolve most of the problems that People for Portland lament. But the group says they want them to get results faster.

That includes making body-worn cameras mandatory for the Portland Police Department, which the U.S. Department of Justice asked the city to enforce July. Portland Mayor Ted Wheeler directed the police bureau this month to prepare for body-worn cameras, including researching various camera systems and getting bids. OPB reported. Long a vocal opponent of body-worn devices, Commissioner Jo Ann Hardesty said she was learning how to use the technology successfully in other cities, OPB said.

People for Portland urged the city to request the body-worn cameras in a comment sent to The Oregonian / OregonLive and made separately available to the newsroom on Friday.

The city commissioners are already in the process of defining six locations where it will be built Protected Villages with showers, toilets, laundry service, psychiatric care and case managers. The move is tied to the latest from the city council politics in the evacuation of camps, which lowered the bar for the removal of “high impact” camps, in part because of the idea that people could move to the city-sanctioned villages.

The city and other regional and state government agencies also began concerted efforts to accelerate garbage collection and landfill cleaning in the Portland area after service cuts and lack of coordination resulted in solid waste accumulations around the city during the last year. However, the group says governments have more to do and “professional sanitation is an expected basic function of government”.

In addition, People for Portland wants Multnomah County’s District Attorney Mike Schmidt and other prosecutors to “prosecute those involved in violence and vandalism” during demonstrations, according to a form letter posted on the group’s website. Schmidt has obtained guilty pleadings and multi-year prison sentences for several people charged with arson, window smashing and other vandalism in connection with nighttime protests in downtown and other parts of the city.

People for Portland Cities Survey paid for by FM3 Research as proof that many Portlanders agree with its priorities and want local executives to deliver faster results. According to the group, a poll of more than 800 likely voters conducted more than three months ago showed that 84% of respondents agreed that tent camps are a “humanitarian emergency” that requires more urgent action from city and county officials, and 85% supported it Redirecting existing taxpayers’ money to create “50 Safe Sanitary Villages” for the homeless across the city. When it comes to public safety, the group cites survey results that found 62% of respondents said the Portland police force could be reformed, 91% supported police body cameras, and 49% believed the city had too few police officers. 84 percent of respondents agreed that law enforcement agencies “should aggressively pursue the small number of people who use protests to cover for property damage and violence”.

Finally, People for Portland asked if Portland voters would stand against the city and county incumbents in the next election if things didn’t get better. Almost nine out of ten eligible voters surveyed said they did.

A poll of 300 Portland residents conducted by Portland firm DHM Research for The Oregonian / OregonLive over a very similar period April 30 through May 6 found that 42% said the city should hire more police officers . Most of the city dwellers surveyed said the police presence should remain unchanged (30%) or decrease (24%).

Lavey and Looper repeatedly pointed out a short timeframe – Looper suggested two years – in which elected leaders need to make significant improvements to prevent Portland from becoming a “lost city” in which a critical mass of people have decided not to renew commercial leases and stop supporting elements of a vibrant city like art.

Andrew Hoan, CEO and President of the Portland Business Alliance, did not immediately respond to a call Friday afternoon asking whether the group supports the People for Portland campaign.

However, two well-known business owners expressed their support. Businessman and philanthropist Jordan Schnitzer, whose commercial real estate company owns Portland real estate, said he had “been approached about funding,” met with the group, and believed the campaign had “some good goals.”

“I support anything that helps Portland get back on track,” said Schnitzer, who refused to say whether he made a donation to People for Portland.

Tim Boyle, President and CEO of Columbia Sportswear Company, was open about his support for the group in an interview Friday. “I contributed some money to surveys to validate what everyone in town thought was right,” said Boyle. “The city is close to my heart, I grew up here.”

“Every elected official in the state of Oregon, especially the senior official, is all complicit in the problem we have in Portland today,” Boyle said. “Half of them live in Portland, the other half visit Portland, and it’s a shame they don’t actively move forward on all the issues that are clearly visible to everyone.”

Boyle said some Columbia Sportswear Company employees cited problems in the city as the reason they were leaving, and some potential hires turned down jobs they should have worked in the city.

“I’m more than happy to talk about this out loud and put my name on my loudness,” said Boyle. “I’m not a black money person.”

– Hillary Borrud

hborrud@oregonian.com; @hborrud

High US regulators pledge to hunt reforms for cash markets

Top regulators promise to press ahead with reforms in a key corner of U.S. financial markets that the Federal Reserve and Treasury Department hurried after they were churned during the coronavirus outbreak in Spring 2020

June 11, 2021, 11:28 pm

3 minutes read

Members of the Financial Stability Oversight Council discussed reforms targeting so-called short-term finance markets, which include trillions of dollars in money market mutual funds.

The board of directors is an inter-agency group led by Treasury Secretary Janet Yellen who said the 2020 crisis prompted “extreme political intervention” by the Federal Reserve and the Treasury Department to restore order to the market.

Federal Reserve Chairman Jerome Powell, also a member of the council, said the 2020 crisis was triggered by a “jump in cash” that prompted the Fed to step in with reserve funding to calm the turmoil.

“Rapid repayments on money market funds resulted from the liquidity pressure and exacerbated it in turn,” he told the panel.

Powell said that after the Fed created a money market mutual funds liquidity facility with $ 10 billion in assistance from the Treasury Department, “the turmoil has eased, conditions in short-term finance markets have improved and access to credit has improved.”

The council received a closed briefing from staff at the Securities and Exchange Commission on the comments they had gathered on the reforms that need to be pursued to make short-term finance markets more resilient in times of financial crisis.

SEC Chairman Gary Gensler told the group during its open meeting that he had directed SEC officials to develop recommendations that the five-member SEC can vote on. Yellen said she fully supports the SEC’s efforts to reform the current system.

Councilors also expressed concern that the global financial system is not moving fast enough to prepare for the transition from LIBOR, the London interbank supply rate that has served as the benchmark rate for trillions of dollars in financial contracts.

The regulatory authorities have supported the switch from the LIBOR rate to the Secured Overnight Financing Rate (SOFR) by the end of this year.

However, Yellen and other officials expressed concern that not enough was being done to prepare for the move from LIBOR to SOFR.

“More needs to be done to enable an orderly transition,” Yellen told the panel. “While important advances are being made in some segments of the market, others, including corporate lending, are far behind what they should be at this stage of transition.”

Fed’s Quarles says regulators to put out cash market fund reforms in July

FILE PHOTO: Randal K. Quarles, vice chairman of the Federal Reserve Board of Governors, testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on “Oversight of Financial Regulators” on Capitol Hill in Washington, United States, on Dec. 5, 2019 . REUTERS / Erin Scott / FIle Photo

WASHINGTON (Reuters) – A group of financial regulators will prepare recommendations in July to improve the resilience of money market funds and minimize the likelihood of them needing government assistance in the future, Randal Quarles, vice chairman of the US Federal Reserve, said Tuesday.

Quarles, in his capacity as head of the Financial Stability Board, said the group would focus on the relationship between money market funds and the short-term finance market, particularly the commercial paper market, after a liquidity crisis led to a run on these funds in March last year government intervention was required.

Reporting by Pete Schroeder; Adaptation by Paul Simao

Main U.S. Anti-Cash Laundering Reforms Change into Regulation | Jones Day

This comment and our previous comment “Congress passes major anti-money laundering reforms in the US, “describe the main provisions of the new laws and when they were implemented.

Advantageous possession (Section 6403): CTA discourages the use of Shell companies as a tool to conceal and move illegal funds by establishing uniform federal standards for the disclosure and reporting of beneficial ownership information by corporations, limited liability companies, and similar entities. The CTA requires “reporting companies” to report information to FinCEN to identify individuals who directly or indirectly own or control 25% or more of the ownership interests in the company, as well as those who have “material control” over the company. According to the AMLA, the Minister of Finance must enact the regulations by January 1, 2022. Within one year of issuing these rules, the secretary must revise the FinCEN client due diligence rule. Existing reporting entities must disclose beneficial ownership information to FinCEN within two years of the effective date of the beneficial ownership rules enacted by the Treasury Secretary. After the new regulations come into effect, start-up companies will need to provide beneficial ownership information to FinCEN at the time of incorporation. Reporting Entities must also update their beneficial ownership information within one year of a change in beneficial ownership.

Safe haven for law enforcement cooperation (Section 6306): From January 1, 2021, the GwG will offer financial institutions a safe haven from liability for opening a customer account or a customer transaction upon written application by a federal law enforcement authority, provided that this law enforcement authority grants an advance notification to FinCEN of the intention to address such a written request to the financial institution.

Foreign banking records from US correspondence accounts (Section 6308): The AMLA extends the powers of the Treasury Department and the Department of Justice (“DOJ”) to subpoena documents from a non-US bank that has a correspondence account in the US. The AMLA grants the DOJ the power to subpoena records from non-US banks in relation to correspondent accounts as before, but now includes records from all accounts at the foreign bank that are the subject of US criminal law, civil foreclosures and investigations related to it Are money laundering. The return dates must be specified in these summons. However, prior to the return date, the non-US bank has the option of requesting the competent US district court to lift the subpoena.

FinCEN No-Action Letter Process (Section 6305): According to the AMLA, the FinCEN director must decide in consultation with the Attorney General, the federal and state financial supervisory authorities, as well as other government agencies, whether to set up a procedure for issuing non-action letters upon request from financial institutions in relation to interpretations of the Banking Secrecy Act (“BSA”) and the USA PATRIOT Act. These agencies are required to submit findings and related decisions to the Senate Banking, Housing, and Urban Affairs Committee and House Financial Services Committee by June 30, 2021.

Whistleblower Awards (Section 6314): AMLA is updating whistleblower rewards program in the Treasury to improve the incentives for reporting potential AML violations and to significantly increase the thresholds for awarding rewards. Although this section is self-executing, the Secretary of the Treasury also retains the ability to issue rules and regulations necessary to implement the provisions of this section.

Pilot for cross-border information exchange (Sec. 6212): Under the AMLA, the Ministry of Finance must set up a pilot program for the exchange of SARs and SAR information by financial institutions with their overseas branches, subsidiaries and affiliates, except in sanctioned jurisdictions, by January 1, 2022, to combat illegal activities. The pilot program ends after three years, but the Treasury can extend it for two years.

Anti-Money Laundering / Terrorist Financing (“AML / CFT”) priorities (Section 6101): The Treasury Department, in consultation with the DOJ, Functional Regulators, State Regulators, and National Safety Regulators, must set AML / CFT priorities by June 30, 2021 that are in line with the National Security Strategy. Financial institutions must incorporate these priorities into their AML / CFT programs, and FinCEN has 180 days from setting those priorities to legislate to implement them. FinCEN has to review and update the AML / CFT priorities every four years in consultation with the other regulatory authorities. FinCEN must publish threat patterns and trend information at least twice a year. In order to share these priorities, the GwG calls on FinCEN to communicate regularly with financial institutions and supervisory authorities and to give and receive feedback from them.

Risk reduction through financial institutions (§ 6215): The GwG requires minimum standards to cover risk reduction (avoidance or closure of accounts) for customers with higher risk by financial institutions. By January 1, 2022, the Comptroller General must submit a report on financial services risk reduction to the Senate Banking, Housing, and Urban Affairs Committee and the House Financial Services Committee. Once the report has been submitted, the Minister of Finance, along with other public and private stakeholders, will have to conduct a formal review and propose changes. One year after this analysis has been carried out, the Treasury Secretary must submit a report to the congressional committees with the findings and an ongoing strategy for reducing risk.

FinCEN domestic connection (§ 6107): After coming into force, the GwG authorizes FinCEN to set up an office for domestic connections within FinCEN, which is responsible for contacting BSA officials at financial institutions. By January 1, 2022, and every five years thereafter for five years, the FinCEN director will submit a progress update report to the Senate Banking, Housing and Urban Affairs Committee and the House Financial Services Committee.

FinCEN Foreign Financial Intelligence Liaisons (Section 6108): Upon entry into force, the AMLA expands FinCEN’s international coordination efforts by authorizing FinCEN to set up at least six foreign financial news liaison officers at US embassies to build relationships and encourage engagement with their foreign counterparts. The AML is providing the Treasury with US $ 60 million annually for the next four years to provide technical assistance abroad and to promote compliance with international standards and best practices for the establishment of AMLA / CFT programs.

Innovation officer (§ 6208): After coming into force, the GwG authorizes FinCEN to determine the position of the BSA innovation officer. One year after FinCEN enacts regulations to set up a FinCEN exchange, the FinCEN director must appoint a BSA innovation officer to link public relations with law enforcement agencies and help implement new financial services technologies that further the goals of the BSA. The federal financial service agencies must also determine the position of the BSA innovation officer within their agencies.

Optimization of reporting (Section 6204): The Treasury Department must evaluate SAR and currency transaction reports and send a report to Congress by January 1, 2022, reflecting its findings on reducing the onerous requirements and associated regulatory frameworks. Until 2032, the Ministry of Finance must reassess the reporting thresholds at least every five years and, if necessary, propose regulations (Section 6205).

Older foreign policy figures (§ 6313): With the entry into force of the AMLA, the penalties for concealing or misrepresenting ownership of certain assets will be expanded, with high-ranking foreign policy figures and their immediate family members being prohibited from concealing control over these assets.