January 5, 2024

Luetkemeyer To Retire Following 2024 Session

Congressman Blaine Luetkemeyer announced Thursday that he will not run for re-election in 2024. Luetkemeyer, who has represented the 3rd Congressional District of Missouri in the U.S. House of Representatives since 2009, will complete his current term and retire at the conclusion of the 2024 congressional session in December.

“As I finish up my last term, I look forward to continuing to work with all my constituents on their myriad of issues as well as work on the many difficult and serious problems confronting our great country,” Luetkemeyer said. “As we tackle the many challenges we face, I hope we remember what someone once said that ‘the greatness of our country is not found in the halls of Congress but in the hearts and homes of our people.’ That assessment is still true today. As we look to the future, I believe that if we work hard, stay together, and believe in ourselves our best days are indeed still ahead.”

In the 118th Congress, Luetkemeyer serves on the House Financial Services Committee as chairman of the Subcommittee on National Security, Illicit Finance and International Financial Institutions and on the House Small Business Committee.

“Congressman Luetkemeyer has been a great leader for our state in Washington,” said MBA President and CEO Jackson Hataway. “With his knowledge and expertise of the banking industry, Congressman Luetkemeyer has sponsored legislation that promotes and strengthens economic prosperity for communities throughout our state and nation. We thank him for his leadership and look forward to working with Congressman Luetkemeyer in his last year to continue that legacy.”

St. Louis Fed Names New President and CEO

The Federal Reserve Bank of St. Louis named Alberto G. Musalem as its next president and CEO, effective April 2. Musalem will represent the Eighth Federal Reserve District in national monetary policymaking on the Federal Open Market Committee and will lead the 1,500 employees of the St. Louis Fed.

Musalem has more than 27 years of public and private sector experience in economic policy, finance and markets. Most recently, he was CEO, co-chief investment officer and co-founder of Evince Asset Management, a quantitative investment technology company. He previously served as executive vice president and senior advisor to the president at the Federal Reserve Bank of New York, where he was head of integrated policy analysis, international affairs and a member of the Bank’s Management Committee.

Musalem will be the 13th president of the St. Louis Fed. He succeeds Jim Bullard, who resigned from his role in July 2023 after 15 years as the St. Louis Fed’s president and CEO. Musalem will fulfill the remainder of Bullard’s current five-year term that began March 1, 2021, and ends Feb. 28, 2026, at which time Musalem will be considered for reappointment under a process established by the Federal Reserve Board of Governors for all Reserve bank presidents. St. Louis Fed First Vice President Kathy O’Neill will continue to serve as interim president and CEO until April 2.

Parson Bans Foreign Adversaries From Owning Ag Land Near Critical Military Facilities

Gov. Mike Parson issued an executive order Tuesday banning individuals and businesses from nations designated as foreign adversaries from purchasing agricultural land within a 10-mile radius of critical military facilities in Missouri.

Executive Order 24-01 bans any citizen, resident or business from a foreign adversary from owning or acquiring Missouri agriculture land within 10 miles of critical military facilities. Nations currently classified as foreign adversaries include China, Cuba, Iran, North Korea, Russia and Venezuela. For the purposes of this order, "critical military facilities" refers to all staffed military facilities in Missouri. The order does not affect existing landowners.

Currently, foreign agricultural land purchases are capped at 1% of the total agricultural land across the state, as outlined in state statute Section 442.571, RSMo. Parson’s executive order creates more stringent requirements for these land purchases and requires approval from the Missouri Department of Agriculture before any foreign acquisitions of agricultural land. The order also requires disclosing certain information to MDA before any foreign entity acquires Missouri agricultural land.

2024 State Legislative Session Begins; MOBUCK$ Portal Closes

The 2024 Missouri state legislative session began Wednesday, Jan 3. As previously shared by MBA, several bills supported by MBA have been pre-filed, including an increase to the cap for the MOBUCK$ program (from $800 million to $1.2 billion). Administered by the Missouri State Treasurer, the MOBUCK$ application portal reopened Tuesday after it had been closed since May 2023 because of sharp increase in demand for linked deposits. The portal didn’t remain open for very long as it was shut down Tuesday — the same day it reopened — because applications for new linked deposits exhausted all funding that was available.

Sen. Sandy Crawford, R-Buffalo, and Rep. Terry Thompson, R-Lexington, are sponsoring legislation to increase the MOBUCK$ cap. The House Financial Institutions Committee is scheduled to hear Thompson’s bill at 10 a.m. Tuesday, Jan. 9. 

“Demand for the MOBUCK$ program is high, as shown by the number of applications submitted this week,” said MBA Senior Vice President David Kent. “Legislative action is needed by the Missouri General Assembly to increase the cap so more farmers and ag producers can access low-interest loans.”

During the legislative session, MBA recaps the latest news from the Missouri General Assembly in its MBA Legislative Update. To receive this weekly e-newsletter, contact MBA.

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