WASHINGTON, D.C. – Congressman Blaine Luetkemeyer (MO-03) released the following statement regarding a two-year delay in the capital requirements of the Current Expected Credit Loss (CECL) accounting standard from federal regulators that was announced today.
“Today’s announcement should be the nail in the coffin for CECL. For years financial institutions, consumer advocates, members of Congress from both sides of the aisle, and now prudential regulators have warned that the procyclical nature of CECL threatens lending capabilities and would have disastrous effects in an economic downturn. With the economic effects of COVID-19, we now have a real-life case study of its procyclicality and exacerbation of stress on financial institutions’ balance sheets that cannot be ignored. While a two-year delay in the capital requirements of CECL is certainly welcomed news, it is long-passed time that FASB fully rescind the standard. The fact that they have not done so by this point further suggests the board itself is in desperate need of fundamental reform.”
Background: Last year, Congressman Luetkemeyer led a bipartisan letter to Treasury Secretary Steven Mnuchin urging FSOC to require OFR to conduct a study on the CECL accounting standard. He also introduced the Responsible Accounting Standards Act, legislation that would increase accountability at FASB by requiring it to follow the Administrative Procedure Act. Luetkemeyer also joined a bipartisan group of colleagues on legislation that would stop and study the potential impacts of CECL.
Last week, Congressman Luetkemeyer introduced legislation to delay the implementation of CECL in order to free up billions of dollars for financial institutions to lend to the small businesses and consumers who have been affected by the spread of the coronavirus. He also led a letter to Congressional leadership requesting a CECL delay be included in Congress’ third coronavirus funding package, and joined colleague Congressman Gregory Meeks in sending a bipartisan letter to FASB urging the suspension of the implementation of CECL in response to the coronavirus.Read More
WASHINGTON, D.C. – Congressman Blaine Luetkemeyer (MO-03) released the following statement regarding House passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the third phase of the coronavirus response.
“This bill provides the badly-needed resources and supplies for hospitals and our medical community who are working around the clock to keep people safe. It gives relief for families who need help to make ends meet and supports businesses to make sure they can stay afloat and continue to provide their employees with paychecks. As President Trump has said, we can’t let the perfect be the enemy of the good. While far from perfect, this is a good bill and its passage was critical to getting this country the relief it so desperately needs and through this crisis.”Read More
WASHINGTON, D.C. – Today, the entire Missouri congressional delegation, including U.S. Senators Roy Blunt and Josh Hawley, and U.S. Representatives Sam Graves, Blaine Luetkemeyer, Emanuel Cleaver, II, Vicky Hartzler, Ann Wagner, Wm. Lacy Clay, Billy Long, and Jason Smith, sent a letter urging President Trump to support Governor Mike Parson’s disaster declaration request for the state to adequately respond to the Coronavirus (COVID-19) outbreak. The disaster declaration is a necessary step in order for the state to access critically important federal resources.
“In many Missouri communities, efforts to prevent and mitigate the spread of the virus are constrained by inadequate access to resources, including personal protective equipment. Businesses have been adversely affected by this virus, leaving workers and business owners without income. Multiple sectors of industry and state and local governments lack the capacity to counteract the negative economic impacts caused by the virus. Access to federal resources may better equip Missouri communities to appropriately respond to this public health emergency,” the delegation wrote. “We respectfully request your prompt action to ensure that our communities receive the immediate support needed to respond to this unprecedented disaster.”
Gov. Parson has requested Individual Assistance for Disaster Unemployment Assistance and the Crisis Counseling Program, Public Assistance for Debris Removal and Emergency Protective Measures, as well as Hazard Mitigation.
Click HERE to read the full letter.Read More
WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) released the following statement regarding continued obstruction from Congressional Democrats on the passage of the third coronavirus funding package.
“Today, we saw a new all-time low in the Democrats’ attack on the President and disregard for the American people. They voted down the phase three coronavirus funding package in the Senate for the second time while Speaker Pelosi introduced her own bill that focuses on limiting border security efforts, weakening American election standards, and the socialist Green New Deal – items that have absolutely nothing to do with the global health crisis we’re facing. There is no time to waste on their partisan theatrics. American families, workers, businesses, and medical community need help now.”Read More
WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) joined Congressman Gregory Meeks (NY-05) in sending a letter urging the Financial Accounting Standard Board (FASB) to suspend implementation of the Current Expected Credit Loss (CECL) accounting standard in response to the coronavirus.
“There is simply too much uncertainty at this time to implement a foundational change to our financial accounting system… we call on FASB to suspend CECL implementation, and allow for further study on the economic implications of this new accounting standard,” said the members.
Click HERE to read the letter.Read More
WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) led a letter to Congressional Leadership requesting a delay in the Current Expected Credit Loss (CECL) accounting standard be included in Congress’ third coronavirus funding package.
“It is clear that CECL poses a significant threat to exacerbate the current economic instability and could blunt the effectiveness of the measures already taken and those being currently considered,” the members said in the letter. “I urge [Leadership] to include the elimination or substantial delay of CECL in any package moving through Congress.
Click HERE to read the letter.Read More
As Missouri and the country continues our response to the spread of COVID-19, or coronavirus, it is important that we continue listening to the advice of the medical community and following the guidance of the Centers of Disease Control and Prevention (CDC) and Missouri Department of Health and Senior Services. The state of Missouri has a 24-hour hotline staffed by medical professional that can be reached at (877) 435-8411. The website health.MO.gov also has information and guidance on best practices. The CDC’s website, CDC.gov is also a great source of information.
Two weeks ago, Congress passed an $8 billion emergency funding bill to help federal, state, and local health agencies respond to the outbreak. Initial efforts like increased testing capabilities and the development and dissemination of a vaccine were included in this bill. And this past Wednesday, the President signed the Families First Coronavirus Response Act that provides an even more comprehensive relief effort like free testing, paid sick leave, enhanced unemployment insurance and food assistance for children who receive free and reduced lunch at school. These bills have been designed to bridge the gap for the people of this country while our medical professionals work to slow the spread of the coronavirus.
While daily news cycles are filled with concerning information, as I speak with people here in Missouri I find encouragement in the response of many of our communities. This week I spoke with group of small business owners in Union. They are finding innovative ways to keep businesses running and workers employed. Likewise, people in the communities are rallying around their local businesses and supporting them every way they can. As we saw with the floods and tornadoes last summer, the worst of times often bring out the best in people. This is no different.
With that said, some businesses are going to need help, and the Small Business Administration has programs to provide that help. Earlier this week I, along with the rest of the Missouri congressional delegation, sent a letter to the Trump Administration in support of Governor Parson’s request for small business assistance for our state. This disaster assistance from the Small Business Administration will make low-interest loans available for Missouri’s small business community to use for payroll, accounts payable, fixed debts and other expenses that have been impacted by the spread of this virus. If your business is looking for guidance or assistance please visit sba.gov/local-assistance/find/ to find a local SBA office.
We lost our first Missourian to coronavirus this week. It’s a sobering reminder of how precious life is. Please continue being vigilant with your health and look after your family and loved ones. Missourians are resilient, and we will get through this. In the meantime, if you need assistance please use the resources available and never hesitate to call or contact my office. We are here to help.
WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) and the entire Missouri congressional delegation sent a letter to the Small Business Administration (SBA) in support of the Governor Mike Parson’s request for SBA Disaster Assistance in response to COVID-19, also called the coronavirus.
“Small businesses are the heart and soul in every community across Missouri and are the number one driver of new job creation in our nation. However, in the coming days and weeks, small businesses across our state will be struggling to keep their doors open as our nation responds to the ongoing threat of COVID-19,” said the delegation in the letter. “We request urgent approval for the state of Missouri’s request to be eligible for these disaster relief loans.”
More information about the SBA disaster assistance in response to COVID-19 can be found HERE.
The Missouri congressional delegation letter to the Small Business Administration can be found HERE.Read More
WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) released the following statement regarding the first positive coronavirus test in Cole County, Missouri.
“We learned this evening that an individual in Cole County has tested positive for coronavirus. First and foremost, we’re praying for the patient and their family. I understand the person is quarantined and receiving medical attention. I encourage everyone to continue listening to medical professionals, following the guidelines of the CDC and Missouri Department of Health and Senior Services, and remain vigilant about your own health and that of your family.”Read More
Missouri has been – and remains – home to some of the most impressive women you could ever hope to meet. Every March, we celebrate Women’s History Month to honor the women in our lives and thank them for the incredible contributions Missouri women make to our families, communities, towns, and state.
Missouri’s own Annie White Baxter was a pioneer for women serving in government. She became the first female county clerk in America and was the first female to ever be elected to public office in Missouri. She was nominated to run by an all-male committee and was elected Jasper County Clerk in 1891 -- at a time when most women did not work. She, almost single-handedly, laid the groundwork for the countless women who have since served our state and country, including my Congressional colleagues Congresswoman Ann Wagner and Congresswoman Vicki Hartzler. These women shape the future of our country in Congress every day and I am extremely proud to serve alongside them.
Susan Blow is another outstanding Missourian who is now referred to as the “Mother of the Public Kindergarten Movement.” On a trip to Germany in 1870, Susan learned about the early childhood education being developed there by Friedrich Froebel called “kindergarten” and how beneficial it could be to younger children. Prior to Susan’s passion for making kindergarten accessible for all children, it was a luxury afforded to only the wealthiest children. But Susan recognized the developmental benefits and need for all children to have access early education, and the program she established in her first kindergarten program in St. Louis became the model for the country.
Finally, Laura Ingalls Wilder is one of Missouri’s most famous authors who wrote the “Little House on the Prairie” series about her life growing up on the new frontier in the Midwest. As an adult, she settled with her husband here in Missouri and wrote the acclaimed series from her home in Mansfield. This series was so beloved that it was turned into a very popular television series in the 1970’s. The coming of age story resonated not only with Missourians, but Americans across the country and painted a picture of how our parents and grandparents built this region.These women all played significant roles in shaping our state and country and helped blaze a trail for many of the women who came after them. I am a proud husband, father to two daughters, and grandfather to two granddaughters, and am so thankful we live in a time where women are afforded the opportunities to prosper. I look forward to witnessing more incredible contributions to our state and country from the next generation of leaders. Read More
2230 Rayburn HOB
Washington, DC 20515
As the Congressman from the 3rd Congressional District of Missouri, Blaine is committed to representing the interests of the hard-working people by being a strong voice for them in Washington, D.C.
Representing the 13 counties that make up the 3rd Congressional District of Missouri, Blaine is a native of St. Elizabeth, Mo. He has lived in the district with his family for four generations and he operates a 160-acre farm there.
Along with his strong agriculture background, Blaine was also a small businessman, having been in the banking and insurance business. He has also served as a bank regulator for the state of Missouri earlier in his career.
From 1999 to 2005, Blaine was a Missouri State Representative and served as Chairman of the Financial Services Committee and was elected by his colleagues to serve as the House Republican Caucus Chairman. After leaving office, he was appointed by Gov. Matt Blunt to serve as the Director of the Missouri Division of Tourism.
Blaine was first elected to Congress in November 2008, and was re-elected in 2010, 2012, 2014, and 2016.
In the 115th Congress, Blaine serves as a member of the House Financial Services Committee and as Chairman of Financial Institutions and Consumer Credit Subcommittee. In addition, Blaine serves as vice chairman of the House Small Business Committee.
In the 113th Congress, Blaine was ranked Missouri’s most effective lawmaker. The Legislative Effectiveness Project, run by professors at the University of Virginia and Vanderbilt University, measures how successful a given representative is at getting things done. The average score for any given member in the 113th Congress was 1.0. Blaine received a 2.344.
Blaine is a member of the Knights of Columbus, Eldon Chamber of Commerce, Missouri Farm Bureau, National Rifle Association and a lifelong member of St. Lawrence Catholic Church. He is a graduate of Lincoln University in Jefferson City, Mo., where he earned a degree with distinction in political science and a minor in business administration.
Blaine and his wife, Jackie, have three children and six grandchildren.
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The CARES Act provides badly-needed resources for our medical community who is working around the clock to keep us… https://t.co/QCR9zee3ac
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