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SEC Commissioner Peirce Issues Remarks at the International Institute on Capital Formation
WASHINGTON, April 25 -- The Securities and Exchange Commission issued the following remarks on April 24, 2026, by Commissioner Hester M. Peirce at the International Institute on Capital Formation:
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Green Lighting Capital Formation: Remarks at the SEC International Institute on Capital Formation
Welcome to the SEC's International Institute on Capital Formation. My views are my own as a Commissioner and not necessarily those of the SEC or my fellow Commissioners.
I am delighted that during this week you are having the opportunity to hear from many of my colleagues about various aspects of
... Show Full Article
WASHINGTON, April 25 -- The Securities and Exchange Commission issued the following remarks on April 24, 2026, by Commissioner Hester M. Peirce at the International Institute on Capital Formation:
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Green Lighting Capital Formation: Remarks at the SEC International Institute on Capital Formation
Welcome to the SEC's International Institute on Capital Formation. My views are my own as a Commissioner and not necessarily those of the SEC or my fellow Commissioners.
I am delighted that during this week you are having the opportunity to hear from many of my colleagues about various aspects ofcapital formation. Capital formation is one of my favorite topics; if done well, it can alter the course of a nation. The prosperity of future generations requires the current investment of capital in worthwhile endeavors. Good regulation can foster healthy capital formation. A shared, sensible approach to regulating capital formation globally can help to bring the world together for the mutual benefit of people all over the world.
The best resource the world has--even in this artificial intelligence era--is the human mind. Some of your nations are overflowing with that resource as reflected in the low median age of your populations.[1] Through a combination of material (food, shelter, and clothing), emotional, and educational support, we must empower our young people to develop their minds so they can tackle humanity's many challenges. We also need to fuel their problem-solving capabilities and creativity by facilitating their access to the financial resources they need to experiment and ultimately to commercialize their ideas.
Some nations entrust to the government the important task of finding and funding ingenuity. After all, if getting capital into the right hands to empower bright minds is so important for human prosperity, shouldn't the government manage the process? Certainly not! Governmental efforts to allocate capital tend to inhibit, rather than encourage, human flourishing. First, governments are too slow and ponderous to be able to shift capital flows in response to changing technology and societal needs. Second, when the government controls the funding spigot, political and bureaucratic connections tend to overshadow merit in driving capital. Third and relatedly, companies and entrepreneurs start to pay more attention to what government--which will determine their funding fate--wants than to what their actual and potential customers might want. Government ends up driving decisions about what problems to work on and which solutions to pursue. Fourth, government decision-makers--generally isolated from innovators and insulated from the consequences of bad decisions--tend not to be good at predicting what problems will need to be solved and how they should be solved. For all these reasons, capital allocated directly by government or indirectly by government nudges often does not go to the highest and best use. Misallocated capital prevents the economy from growing as rapidly as it otherwise would and prevents societal problems from being solved as quickly as they should be.
The task of allocating capital is simply too important for government or any other single entity to manage. Here is where private capital markets of the sort the SEC regulates come in. By bringing together a huge, dispersed, heterogeneous, self-motivated set of capital providers and an ever-changing set of companies in need of capital, private capital markets facilitate testing by many independent minds of different proposals for using capital. Does the system work perfectly? No, but the more participants and the wider the diversity of perspectives offering and competing for capital in the private markets, the more effective the markets will be at finding and funding solutions to human problems. The multiplicity of voices and viewpoints in the private markets means that capital allocation decisions are constantly being tested. The ability of anyone--regardless of her familial, political, or social connections--to come to those markets and make a pitch for funding is another strength of a market-driven economy. Good regulation encourages broad participation by funders and by companies seeking funding. So rather than making decisions about how capital should be allocated, governments should create an environment conducive to optimal private decision-making.
My hope is that this Institute will prompt robust thought and discussion about how to regulate well. What types of rules give investors the confidence to put their money into enterprises run by talented strangers? What types of rules ensure that a person who has a good plan for putting capital to work can find that capital even if she does not have wealthy or politically connected friends? How can a regulator administer and enforce rules in a manner that is not arbitrary or overbearing but ensures that rules are taken seriously?
The goal is a ruleset that works for both investors with capital and entrepreneurs and growing companies in need of capital. In the infancy of the Securities Act of 1933, which governs the issuance of securities, an official of the predecessor entity to the SEC explained:
The Securities Act is not predicated upon the theory that the interests of investors are in conflict with the interests of the issuers. On the contrary, it embodies a recognition of the fact that the investor and the corporation are mutually dependent. Neither can continue to prosper at the expense of the other.[2]
Well-functioning capital markets enable entrepreneurs to focus on finding solutions to society's problems and enable investors to share in the successful entrepreneur's returns.
I was originally scheduled to address this conference on November 20th of last year, but we had a government shutdown--another reason that markets, which stay open, are better capital allocators than governments. November 20th was meaningful because on the same date in 1923 one of my favorite entrepreneurs, Garrett Morgan, who lived and worked in Cleveland, Ohio, patented a new traffic light.[3] The invention was Morgan's solution to preventing collisions like one that he had witnessed. In contrast to the old lights that switched from stop to go with no transition period, Morgan's "T-shaped pole unit . . . featured three positions: Stop, Go, and an all-directional stop position."[4] Morgan installed the first of those traffic lights a few miles from where I attended high school.[5] Another of his inventions--the Morgan National Safety Hood--protected people battling fires from breathing noxious fumes.[6] He was able to use the hood himself in a harrowing rescue effort during a tunnel fire under Lake Erie in 1916.[7] Morgan--even in the face of obstacles including prejudice from the very people whom he sought to help--was a serial inventor: someone who, in the words of his granddaughter, "couldn't help himself when he saw a problem. He had a humanitarian spirit that needed to help."[8]
A century later, another Cleveland entrepreneur, Gary Wnek, is carrying on the Morgan tradition of serial innovation. He has developed a material to absorb shocks when people fall and, like Morgan, a fire-protective technology--Wnek's invention is a flame-retardant coating for metals and plastics.[9] As Wnek puts it, "It's a life skill to think about a need . . . [and] to evaluate how well it is being met and propose a solution."[10]
Identifying needs and solutions is the innovator's spontaneous response to life's challenges. Consider Jim Moylan, who developed the now ubiquitous dashboard arrow pointing to the side of the car with the gas tank after an uncomfortable wrong guess on a borrowed car at a gas station during a rain storm.[11] Marie Van Brittan Brown, troubled by increasing crime rates in her neighborhood, patented with her husband an early and sophisticated forerunner of the modern home security system in the 1960s.[12] Author Lorraine Marchand identified Brown's "innovation mindset": "She observed a significant need--in her case, that basic need of personal safety for herself and her family--and was motivated to find a solution."[13] More recently, Dr. Elizabeth Clayborne, developed a device to stop nosebleeds after seeing so many patients coming into the emergency room suffering from them and, in her words, she "couldn't stop thinking about it."[14] To raise money to bring her patented device to market, she used a whole range of funding mechanisms: a business accelerator, angel investors, friends, family, venture capital funds, and crowdfunding.[15] Andrew Smith Hallidie, who died on this date in 1900, iterated on the metal wire his father had developed to improve mining operations, build suspension bridges, and replace overtaxed horses in San Francisco with the cable cars that still climb the city's hills.[16] In addition to facing many engineering challenges of building a cable car, Hallidie struggled to find financial backers; in the words of one author, "A less determined man would have given up in despair."[17]
Innovators like Morgan, Wnek, Moylan, Brown, Clayborne, and Hallidie should inspire capital markets regulators to facilitate effective capital formation. Private citizens observing problems around them and setting about to solve them without any grand government plan improve our societies and our economies. Human ingenuity matters, but so does the money, and the way we regulate the capital markets affects whether funding is available. If we do our jobs well, private markets will support these innovators as they identify problems, solve them, and bring their solutions to market. Regulating to facilitate the flow of capital to people who cannot stop themselves from helping others is a noble pursuit. It requires great care and considerable restraint: our job is not to do the matchmaking, but to create a regulatory environment conducive to money and ideas meeting. I look forward to working with all of you in this room in that delicate and important effort. Let us collaborate to ensure that our capital markets serve as a mechanism for empowering our citizens to develop their talents and to use them to serve humanity.
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[1] See, e.g., Median Age by Country 2026, WORLD POPULATION REVIEW, https://worldpopulationreview.com/country-rankings/median-age (last visited Apr. 1, 2026).
[2] Baldwin B. Baine, Chief, Sec. Div. of the Fed. Trade Comm'n, Address on the Securities Act of 1933, at 4 (Sep. 12, 1933), https://www.sec.gov/news/speech/1933/091233bane.pdf.
[3] See Safer Stop and Go: Garret Morgan's Traffic Signal Legacy Inventor, Invention, and Patent, U.S. DEP'T OF TRANSP. FED. HIGHWAY ADMIN., https://highways.dot.gov/highway-history/general-highway-history/safer-stop-and-go-garrett-morgans-traffic-signal-legacy (last visited Apr. 3, 2026).
[4] The Morgan Traffic Signal Question, FORT WORTH MODELA FORD CLUB, https://fortworthmodela.org/the-morgan-traffic-signal/ (last visited Apr. 3, 2026).
[5] See Frank W. Lewis, Cleveland inventor Garret Morgan and his most famous innovation to be celebrated this weekend, SIGNAL CLEVELAND (Nov. 15, 2023), https://signalcleveland.org/willoughby-to-celebrate-cleveland-inventor-garrett-morgan-and-his-most-famous-innovation/.
[6] See Breathing Device, U.S. Patent No. 1,113,675 (filed Aug. 19, 1912) (issued Oct. 13, 1914), 1499081601852437232-01113675; see also Improvement in Breathing Device, U.S. Patent No. 1,090,936 (filed Sep. 21, 1912) (issued Mar. 24, 1914), 1499089161234980325-01090936.
[7] See Garrett Morgan Saves the Day, OHIO MEMORY (July 20, 2021), https://ohiomemory.ohiohistory.org/archives/5458.
[8] Of courage and caution, U.S. PAT. AND TRADE OFF., https://www.uspto.gov/learning-and-resources/journeys-innovation/historical-stories/courage-and-caution (last visited Apr. 3, 2026).
[9] See Diana Steele, Gary Wnek's curiosity sends him in wide-ranging directions, CASE W. RSRV. UNIV., https://case.edu/think/spring2025/material-solutions.html (last visited Apr. 3, 2026).
[10] Id.
[11] See Ben Cohen, The Genius Whose Simple Invention Saved Us from Shame at the Gas Station, WALL ST. J. (Jan. 2, 2026, at 18:00 ET), https://www.wsj.com/business/autos/ford-gas-arrow-inventor-jim-moylan-6b2ef066?msockid=367293e5bbeb6faa3e938511ba1b6e6e.
[12] See Home Security System Utilizing Television Surveillance, U.S. Patent No. 3,482,037 (filed Aug. 1, 1966) (issued Dec. 2, 1969), https://patents.google.com/patent/US3482037A/en ("A video and audio security system for a house under control of an occupant thereof. The system includes a video scanning device at the entrance door of the house to scan a visitor outside the door, and includes audio intercommunication equipment inside and outside the door for conversing with the vis[i]tor outside the door. A lock is provided for the door with releasing means for the lock manually controlled by the occupant of the house."); see also Laura Hilgers, A Brief History of the Invention of the Home Security Alarm, SMITHSONIAN MAGAZINE (Mar. 2021), https://www.smithsonianmag.com/innovation/history-home-security-alarm-180977002/.
[13] Lorraine H. Marchand, The Innovative Mindset of Marie Van Brittan Brown, COLUMBIA UNIV. PRESS BLOG (Feb. 12, 2022), https://cupblog.org/2022/02/21/the-innovative-mindset-of-marie-van-brittan-brown-lorraine-marchand/.
[14] Patty Zamora, Turning an idea into a viable company, CASE W. RSRV. UNIV. (Oct. 21, 2025), https://case.edu/news/turning-idea-viable-company.
[15] Id.
[16] See U.S. DEP'T OF TRANSP., HIST. CONTEXT REP. FOR TRANSIT RAIL SYS. DEV. 1, 88 (Jun. 2017), transit.dot.gov/sites/fta.dot.gov/files/docs/regulations-and-guidance/environmental-programs/63526/ftahistoriccontextreport508compliant.pdf; Edgar Myron Kahn, Andrew Smith Hallidie, Museum of the City of San Francisco, http://www.sfmuseum.org/bio/hallidie.html (last visited April 22, 2026). Hallidie explained: "I was largely induced to think over the matter from seeing the difficulty and pain the horses experienced in hauling the cars up Jackson Street, from Kearny to Stockton Street, on which street four or five horses were needed for the purpose-the driving being accompanied by the free use of the whip and voice, and occasionally by the horses falling and being dragged down the hill on their sides, by the car loaded with passengers sliding on its track....." Id.
[17] Id.
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Original text here: https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-sec-international-institute-capital-formation-042426
SEC Charges Private Equity Fund Adviser & Co-Founder in Alleged Fraud
WASHINGTON, April 25 -- The Securities and Exchange Commission issued the following litigation release (No. 1:26-cv-03408; S.D.N.Y. filed Apr. 24, 2026):
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Securities and Exchange Commission v. Jay S. Lucas and Lucas Brand Equity, LLC, No. 1:26-cv-03408 (S.D.N.Y. filed Apr. 24, 2026)
On April 24, 2026, the Securities and Exchange Commission filed fraud charges against Jay S. Lucas and Lucas Brand Equity, LLC ("LBE"), an unregistered investment adviser Lucas controlled, for allegedly making fraudulent misrepresentations to investors and misappropriating investor money.
According to the SEC's
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WASHINGTON, April 25 -- The Securities and Exchange Commission issued the following litigation release (No. 1:26-cv-03408; S.D.N.Y. filed Apr. 24, 2026):
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Securities and Exchange Commission v. Jay S. Lucas and Lucas Brand Equity, LLC, No. 1:26-cv-03408 (S.D.N.Y. filed Apr. 24, 2026)
On April 24, 2026, the Securities and Exchange Commission filed fraud charges against Jay S. Lucas and Lucas Brand Equity, LLC ("LBE"), an unregistered investment adviser Lucas controlled, for allegedly making fraudulent misrepresentations to investors and misappropriating investor money.
According to the SEC'scomplaint, between 2013 and 2025 Lucas and LBE fraudulently induced hundreds of individuals to invest more than $50 million in three private equity funds they advised, Lucas Brand Equity LP, Lucas Brand Equity Emerging Growth LP, and Lucas Brand Equity Wellness Growth LP. The SEC alleges that Lucas and LBE told investors that their money would be used to invest in early stage or startup companies in the wellness, beauty, and skincare sectors, but instead Lucas and LBE misappropriated millions of dollars to fund Lucas's personal expenses and other business interests, and used investor money for rent on residences, alimony payments, wedding expenses, personal real estate investments, payments to a political consultant, and funding a New Hampshire newspaper Lucas owned. The SEC further alleges that Lucas and LBE made other material misrepresentations to investors about the use of investor funds, management expenses, audits, and the nature of fund assets, and failed to disclose a financial conflict of interest regarding a fund portfolio company that received the largest amount of investor funds. In addition, the SEC alleges that Lucas misappropriated investor money from an investment vehicle he created to invest in Flags of Valor, LLC, a Virginia-based company that produces flags and other patriotic decorations.
The SEC's complaint, filed in the United States District Court for the Southern District of New York, charges Lucas and LBE with violating Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1), 206(2) and 206(4) of the Investments Advisers Act of 1940 and Rule 206(4)-8 thereunder. The complaint seeks permanent injunctions, disgorgement with prejudgment interest, and civil penalties.
On December 18, 2025, in a parallel criminal action, the United States Attorney's Office for the Southern District of New York announced an indictment charging Lucas with securities fraud, investment adviser fraud, wire fraud, and money laundering.
The SEC's investigation was conducted by David Frisof, Brian Vann, Ann Rosenfield, and Margaret Vizzi and was supervised by Brian Quinn and Michael Brennan. The team was assisted by Daniel Faigus of the Division of Examinations. The litigation will be led by Anna Area under the supervision of James Carlson. The SEC appreciates the assistance of the United States Attorney's Office for the Southern District of New York and the Federal Bureau of Investigation.
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Resources
* SEC Complaint (https://www.sec.gov/files/litigation/complaints/2026/comp26538.pdf)
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Original text here: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-26538
President Trump Issues Statement on Armenian Remembrance Day
WASHINGTON, April 25 -- President Trump issued the following statement on April 24, 2026, on Armenian Remembrance Day:
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Today, we pay tribute to the countless Armenians who were exiled and brutally massacred during the Meds Yeghern. We stand in steadfast solidarity with every Armenian American and Armenians around the world during this day of remembrance for the devastating events that occurred over 100 years ago, which continue to live in the collective memories of these communities today.
This solemn chapter in human history will forever stand as a testament to the unbreakable spirit
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WASHINGTON, April 25 -- President Trump issued the following statement on April 24, 2026, on Armenian Remembrance Day:
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Today, we pay tribute to the countless Armenians who were exiled and brutally massacred during the Meds Yeghern. We stand in steadfast solidarity with every Armenian American and Armenians around the world during this day of remembrance for the devastating events that occurred over 100 years ago, which continue to live in the collective memories of these communities today.
This solemn chapter in human history will forever stand as a testament to the unbreakable spiritof the Armenian people and the hope at the center of Christianity. We honor the profound strength and resolve displayed by the Armenians in overcoming the tremendous tragedies of the past and forging a greater future that is defined by enduring prosperity, security, and peace. We commit to standing with them.
Together, the United States and Armenia will continue our work toward building a more secure and prosperous world. My Administration is strengthening our strategic partnership by delivering significant opportunities for the Armenian people and promoting lasting stability across the South Caucasus region. And now, Americans and Armenians stand side by side on the historic Board of Peace, united in our purpose to usher in a new era of peace through strength.
This Armenian Remembrance Day, as we mourn the innocent souls who perished during the tragedy of the Meds Yeghern, we renew our sacred calling to protect the innocent, advance the cause for peace among all people, and cultivate a deep reverence for Almighty God, who sustains us through every trial and triumph.
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Original text here: https://www.whitehouse.gov/briefings-statements/2026/04/presidential-message-on-armenian-remembrance-day/
Oak Ridge Resident Inspectors Activity Report for Week Ending April 3, 2026
WASHINGTON, April 25 -- The Defense Nuclear Facilities Safety Board Resident Inspector at the Oak Ridge National Laboratory issued the following activity report for the week ending April 3, 2026:
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Oak Ridge Resident Inspectors Activity Report for Week Ending April 3, 2026
ORNL Building 2026: During initiation of the routine monthly diesel generator test, both safety significant confinement ventilation system (CVS) fans lost power and could not be immediately restarted. The loss of the fans resulted in actuation of the safety significant low differential pressure alarms, causing the facility
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WASHINGTON, April 25 -- The Defense Nuclear Facilities Safety Board Resident Inspector at the Oak Ridge National Laboratory issued the following activity report for the week ending April 3, 2026:
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Oak Ridge Resident Inspectors Activity Report for Week Ending April 3, 2026
ORNL Building 2026: During initiation of the routine monthly diesel generator test, both safety significant confinement ventilation system (CVS) fans lost power and could not be immediately restarted. The loss of the fans resulted in actuation of the safety significant low differential pressure alarms, causing the facilityto enter an unplanned limiting condition for operation (LCO) and complete the required technical safety requirement (TSR) actions. Electricians identified that a breaker had unexpectedly tripped due to an electrical fault during the test and suspended the generator testing. Electricians restored normal power to the fans once they determined it was safe to do so. Upon restoration of power, the facility manager verified the TSR surveillance requirements were met, declared the system operable, and exited the LCO. Isotek initially filed an occurrence report for performance degradation of a safety significant system, as the loss of the electrical support system prevented satisfactory performance of the fans' design function when the system was required to be operable. Isotek staff, along with OREM staff, met to further discuss the cause of the abnormal condition, the effects on the equipment, and the occurrence reporting criteria in DOE Order 232.2A, Occurrence Reporting and Processing of Operations Information. Isotek concluded that loss of the safety significant fans was the result of a tripped electrical breaker that performed its intended function of removing power due to an electrical fault in the system. Although the area fell below the TSR-required differential pressure due to an unexpected condition, fan function was reestablished by restoring the normal power supply. The physical primary confinement boundaries remained intact, and support components in the safety significant boundary operated as expected and were not degraded. Based on meeting these conditions, Isotek determined that this abnormal condition does not meet the criteria of an occurrence report and canceled the initial notification. A resident inspector reviewed the circumstances around the occurrence report and its subsequent cancellation, the credited functions of the CVS, and the TSR. The resident inspector concluded that the loss of the electrical support system, which leads to the unplanned loss of a safety significant fan and entry into an unplanned LCO, meets the occurrence reporting criteria in DOE Order 232.2A.
Building 9215: A resident inspector attended an operational safety board meeting for the electrorefining process. During the meeting, the process engineer revealed that CNS has unknowingly been operating the system with approximately 1.6 kilograms more enriched uranium in the electrorefining cell than the mass tracking software or the personnel operating the equipment had accounted for since the startup in October 2025. Following the meeting, CNS entered this issue as an event in the contractor assurance system and started the formal investigation process. During the initial startup of the electrorefining process, there was a problem with data transfer between the software system the plant analytical laboratory uses and the mass tracking software. CNS personnel manually entered enriched uranium concentration values into the mass tracking software without understanding that the software would not run the subsequent calculation that would have accounted for the additional material. CNS placed the electrorefining operations on hold pending the completion of the investigation and corrective actions.
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Original text here: https://www.dnfsb.gov/sites/default/files/2026-04/Oak%20Ridge%20Week%20Ending%20April%203%202026.pdf
Oak Ridge Resident Inspectors Activity Report for Week Ending April 10, 2026
WASHINGTON, April 25 -- The Defense Nuclear Facilities Safety Board Resident Inspector at the Oak Ridge National Laboratory issued the following activity report for the week ending April 10, 2026:
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Oak Ridge Resident Inspectors Activity Report for Week Ending April 10, 2026
Building 9212: A resident inspector observed the final qualification board for an enriched uranium operations production supervisor. The board selected questions for the candidate that adequately covered topics such as nuclear criticality safety, abnormal scenarios involving safetybasis-credited systems, and work controls.
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WASHINGTON, April 25 -- The Defense Nuclear Facilities Safety Board Resident Inspector at the Oak Ridge National Laboratory issued the following activity report for the week ending April 10, 2026:
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Oak Ridge Resident Inspectors Activity Report for Week Ending April 10, 2026
Building 9212: A resident inspector observed the final qualification board for an enriched uranium operations production supervisor. The board selected questions for the candidate that adequately covered topics such as nuclear criticality safety, abnormal scenarios involving safetybasis-credited systems, and work controls.The board was well conducted, and the board members did not ask leading questions, which would have provided additional information to unduly lead the candidate to successfully answer the question. Make-or-break questions were appropriately identified with specific parts of the answers marked as critical attributes in advance of the board. The attributes informed the board of the minimum amount of knowledge required to be demonstrated to pass the question. The final grading of the candidate's responses, and how the candidate performed overall during the board, was clear and in accordance with the CNS oral board procedure.
Building 9204-2E: A resident inspector attended an event investigation and subsequent critique for an incorrectly wired electrical junction box that caused sparking. The electrical junction box was part of the nuclear facility electrical modernization project that was installed in 2017 (see 9/2/2022 report). CNS operators were restoring power to one of the large ventilation systems after a maintenance outage when they observed sparking and heard a sizzling sound coming from an electrical junction box. CNS secured and locked out the electrical junction box and conducted an inspection of the internal circuits. CNS discovered multiple electrical code violations, including the density to which the junction box was overly packed with wiring and connections. CNS started the initial investigation and then had to pause the investigation to perform thermal scans of the electrical junction box in question to validate that it was in a safe configuration. CNS also performed thermal scans of the other electrical junction boxes installed by the project and did not find any anomalies. Although these thermal scans were performed, the size of the junction boxes does not allow a scan of this type to penetrate much past the exterior of the box, which limits the value of the thermal scans. CNS generated work orders to open the other electrical junction boxes completed as part of the nuclear facility electrical modernization project. However, these are not scheduled to be completed for approximately two months. CNS views the risk of running the systems for the two months prior to performing the follow-up inspections as acceptable.
While performing maintenance inspections associated with the repair of the melted wiring and connections in the initial electrical junction box, one of the wires contacted the scaffolding and produced a spark. CNS had locked out all electrical that was running to the junction box prior to the repair work but subsequently discovered 110 VAC wiring for lighting circuits that were not on the drawings. CNS filed an occurrence report for the 110 VAC event but not for the initial sparking issue with the high voltage, even though both events fit the occurrence reporting criteria for a 2D(2)L event for "any discovery of an uncontrolled hazardous energy source (e.g., live electrical power circuit, etc.)." The reporting criteria in the CNS procedure also has further sitespecific guidance that states, "This criteria is used for a hazardous electrical energy control process or program issue found during a hazardous electrical energy evolution that did not result in a person coming into contact with or the discovery of live electrical power circuits or parts."
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Original text here: https://www.dnfsb.gov/sites/default/files/2026-04/Oak%20Ridge%20Week%20Ending%20April%2010%202026.pdf
Federal Reserve Bank of Richmond: 'U.S. Import Tariffs in 2025: Realized Tariff Rates, Import Prices, and Local Labor-Market Effects'
RICHMOND, Virginia, April 25 (TNSLrpt) -- The Federal Reserve Bank of Richmond issued the following white paper (No. 26-08) in April 2026 by Marina Azzimonti and Jacob Titcomb entitled "U.S. Import Tariffs in 2025: Realized Tariff Rates, Import Prices, and Local Labor-Market Effects."
Here are excerpts:
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This paper analyzes the effect of the 2025 U.S. import tariffs on import prices and local labor-markets. To that end, we use highly disaggregated customs data to construct realized tariff rates from actual duty collections, rather than announced statutory schedules. An important contribution
... Show Full Article
RICHMOND, Virginia, April 25 (TNSLrpt) -- The Federal Reserve Bank of Richmond issued the following white paper (No. 26-08) in April 2026 by Marina Azzimonti and Jacob Titcomb entitled "U.S. Import Tariffs in 2025: Realized Tariff Rates, Import Prices, and Local Labor-Market Effects."
Here are excerpts:
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This paper analyzes the effect of the 2025 U.S. import tariffs on import prices and local labor-markets. To that end, we use highly disaggregated customs data to construct realized tariff rates from actual duty collections, rather than announced statutory schedules. An important contributionis that we document a large and persistent gap between the two measures, driven by within-country product reallocation, cross-country sourcing shifts, and implementation frictions. This implies that statutory rates are a poor proxy for the trade shock that firms actually faced.
Using realized tariffs, we find that pass-through of realized tariffs into import prices was close to one hundred percent, with negligible adjustment by foreign exporters and a significant reduction in import quantities. When we examine local labor-market consequences of the increase in import tariffs, we find that counties which are more exposed to import-competing sectors experienced small declines in unemployment and that rising input costs weighed marginally on labor-force participation. Both effects, though heterogeneous across space, are economically negligible.
In contrast to the 2018-2019 tariff episode, where rising input costs dominated, resulting in lower manufacturing employment, the 2025 tariffs did not generate large labor-market changes in either direction.
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View full text here: https://www.richmondfed.org/-/media/RichmondFedOrg/publications/research/working_papers/2026/wp26-08.pdf
[Category: Fed]
FEMA Approves Over $837,000 to Support Mitigation Projects in Pennsylvania
WASHINGTON, April 25 -- The U.S. Department of Homeland Security Federal Emergency Management Agency issued the following news release on April 24, 2026:
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FEMA Approves Over $837,000 to Support Mitigation Projects in Pennsylvania
Philadelphia, Pa. -- Today, FEMA announced $837,780 in funding to Pennsylvania for long-term projects that will make local communities more resilient to disasters.
This funding is part of the more than $137 million that FEMA announced today for more than 50 projects nationwide. Under DHS Secretary Markwayne Mullin's leadership, FEMA is working diligently to address
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WASHINGTON, April 25 -- The U.S. Department of Homeland Security Federal Emergency Management Agency issued the following news release on April 24, 2026:
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FEMA Approves Over $837,000 to Support Mitigation Projects in Pennsylvania
Philadelphia, Pa. -- Today, FEMA announced $837,780 in funding to Pennsylvania for long-term projects that will make local communities more resilient to disasters.
This funding is part of the more than $137 million that FEMA announced today for more than 50 projects nationwide. Under DHS Secretary Markwayne Mullin's leadership, FEMA is working diligently to addressthe backlog of funding requests. Even 69 days into the current lapse in appropriations, the longest ever in U.S history, DHS and FEMA are delivering resources to states across the country.
This funding includes:
* $837,780 to the Commonwealth of Pennsylvania for state management costs including technical assistance and the efficient administration of funding awards across the commonwealth.
These awards are distributed through FEMA's Hazard Mitigation Grant Program, which empowers states, local governments, tribal nations, and territories to complete activities and projects that activities and projects that enhance their resilience.
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Original text here: https://www.fema.gov/press-release/20260424/fema-approves-over-837000-support-mitigation-projects-pennsylvania
