Latest news with #Responsible
Yahoo
12-07-2025
- Business
- Yahoo
Pentagon provided $2.4tn to private arms firms to ‘fund war and weapons', report finds
A new study of defense department spending previewed exclusively to the Guardian shows that most of the Pentagon's discretionary spending from 2020 to 2024 has gone to outside military contractors, providing a $2.4tn boon in public funds to private firms in what was described as a 'continuing and massive transfer of wealth from taxpayers to fund war and weapons manufacturing'. The report from the Quincy Institute for Responsible Statecraft and Costs of War project at Brown University said that the Trump administration's new Pentagon budget will push annual US military spending past the $1tn mark. That will deliver a projected windfall of more than half a trillion dollars that will be shared among top arms firms such as Lockheed Martin and Raytheon as well as a growing military tech sector with close allies in the administration such as JD Vance, the report said. Related: Hegseth falsely cited weapon shortages in halting shipments to Ukraine, Democrats say The report is compiled of statistics of Pentagon spending and contracts from 2020 to 2024, during which time the top five Pentagon contractors (Lockheed Martin, Raytheon, Boeing, General Dynamics and Northrop Grumman) received $771bn in contract awards. Overall, private firms received approximately 54% of the department's discretionary spending of $4.4tn over that period. Taking into account supplemental funding for the Pentagon passed by Congress under Trump's 'One Big Beautiful Bill Act', the report said, the US military budget will have nearly doubled this century, increasing 99% since 2000. The rapid growth in military spending that began under the Bush administration's post-9/11 and the 'global war on terror' has now been continued on spending to counter China as the US's main rival in the 21st century, as well record foreign arms transfers to Israel and Ukraine. 'The US withdrawal from Afghanistan in September 2021 did not result in a peace dividend,' the authors of the report wrote. 'Instead, President Biden requested, and Congress authorized, even higher annual budgets for the Pentagon, and President Trump is continuing that same trajectory of escalating military budgets.' That contradicts early indications from Trump in February that he could cut military spending in half, adding that he would tell China and Russia that 'there's no reason for us to be spending almost $1tn on the military … and I'm going to say we can spend this on other things'. Instead, the spending bill pushed by Trump through Congress included a $157bn spending boost for the Pentagon. The growth in spending will increasingly benefit firms in the 'military tech' sector who represent tech companies like SpaceX, Palantir and Anduril, the report said, that are 'deeply embedded in the Trump administration, which should give it an upper hand in the budget battles to come'. 'High Pentagon budgets are often justified because the funds are 'for the troops',' said William D Hartung, senior research fellow at the Quincy Institute for Responsible Statecraft and an author of the report. 'But as this paper shows, the majority of the department's budget goes to corporations, money that has as much to do with special interest lobbying as it does with any rational defense planning. Much of this funding has been wasted on dysfunctional or overpriced weapons systems and extravagant compensation packages.' 'These figures represent a continuing and massive transfer of wealth from taxpayers to fund war and weapons manufacturing,' said Stephanie Savell, director of the Costs of War project. Calculated for inflation, the military spending dwarfs an approximate $356bn that Congress had appropriated for US diplomacy, development and humanitarian aid. The Trump administration has continued to slash money spent on aid. Last month, the Guardian revealed that a White House review of grants to the state department recommended a near total cut on democracy promotion programs. The Guardian has contacted the Pentagon for comment.
Hans India
19-06-2025
- Business
- Hans India
Sa-Dhan Launches Toll-Free Number to Strengthen Grievance Redressal in Microfinance Sector
Bengaluru: Amidst growing concern around borrower stress, delinquencies, and the evolving regulatory landscape, Sa-Dhan—the RBI-recognised Self-Regulatory Organisation (SRO) for the microfinance sector—hosted a national conclave today in Bengaluru titled 'Emerging Role of Microfinance in the Changing Financial Landscape.' The day-long event brought together senior leaders, institutional heads, and compliance experts to reflect on the state of microfinance, introduce practical tools for client protection, and engage with emerging challenges including recent policy developments in Karnataka. At the centre of the discussions was the launch of a toll-free grievance redressal number and the release of a Client Grievance Redressal Mechanism (CGRM) manual, developed with M2i Consulting. These steps mark a sector-wide push to improve transparency, client trust and institutional accountability. Delivering the keynote at the inaugural session, Jiji Mammen, Executive Director and CEO of Sa-Dhan, reinforced this view. 'Responsible lending and client protection are at the heart of financial inclusion,' he said. 'A robust grievance redressal mechanism is central to this effort — not just in form, but in spirit. It must be implemented meaningfully to ensure that clients feel heard and supported at every step.' The event brought together senior leaders and compliance heads from across the sector. The first panel reflected on microfinance's role in reaching underserved communities and its resilience through recent disruptions. While the sector comprises only 3% of India's total retail finance market, its impact is significant. Panellists spoke of the need for tailored, tech-enabled solutions that retain the human touch. The CGRM manual, launched by Deepak Alok of M2i, is designed to help especially smaller MFIs build effective internal systems. It includes process flows, escalation protocols and tools to support ongoing training and monitoring. A second panel explored how grievance redressal is becoming central to institutional strategy. Participants from Ujjivan SFB, IDF Financial Services, Spandana Sphoorty and Svamaan Financial Services shared evolving practices—from board-level oversight to mystery audits and gender-sensitive support structures. The new toll-free helpline is managed in-house and currently operates in Hindi and English, with plans to expand to ten regional languages. It serves as a second-level grievance platform—bridging the gap between the MFI and the RBI. Closing the event, Somesh Dayal, Deputy Director at Sa-Dhan, shared plans to roll out the manual across regions over the next six months, through webinars and in-person training sessions for grievance and compliance officers. As borrower protection gains ground in both policy and practice, the conclave underscored the sector's shared commitment: not just to meet regulations, but to strengthen trust and accountability where it matters most—at the client level.
Yahoo
12-06-2025
- Business
- Yahoo
New GOP bill would protect AI companies from lawsuits if they offer transparency
Sen. Cynthia Lummis, R-Wyo., is introducing legislation Thursday that would shield artificial intelligence developers from an array of civil liability lawsuits provided they meet certain disclosure requirements. Lummis' bill, the Responsible Innovation and Safe Expertise Act, seeks to clarify that doctors, lawyers, financial advisers, engineers and other professionals who use AI programs in their decision-making retain legal liability for any errors they make — so long as AI developers publicly disclose how their systems work. 'This legislation doesn't create blanket immunity for AI — in fact, it requires AI developers to publicly disclose model specifications so professionals can make informed decisions about the AI tools they choose to utilize,' Lummis, a member of the Commerce Committee, said in a statement first shared with NBC News. 'It also means that licensed professionals are ultimately responsible for the advice and decisions they make. This is smart policy for the digital age that protects innovation, demands transparency, and puts professionals and their clients first.' Lummis' office touted the bill as the first piece of federal legislation that offers clear guidelines for AI liability in a professional context. The measure would not govern liability for other AI elements, such as self-driving vehicles, and it would not provide immunity when AI developers act recklessly or willfully engage in misconduct. 'AI is transforming industries — medicine, law, engineering, finance — and becoming embedded in professional tools that shape critical decisions,' her office said in a release. 'But outdated liability rules discourage innovation, exposing developers to unbounded legal risk even when trained professionals are using these tools.' Exactly who is liable when AI is used in sensitive medical, legal or financial situations is a bit of a gray area, with some states seeking to enact their own standards. The House-passed 'One Big Beautiful Bill,' which is advancing through Congress and supported by President Donald Trump, includes a provision that would ban states from enacting any AI regulations for 10 years. Senate Republicans last week proposed changing the provision to instead block federal funding for broadband projects to states that regulate AI. Both Democratic and Republican state officials have criticized the effort to prohibit state-level regulations over the next decade, while AI executives have argued that varying state laws would stifle industry growth when the United States is in stiff competition with countries like China. This article was originally published on
NBC News
12-06-2025
- Business
- NBC News
New GOP bill would protect AI companies from lawsuits if they offer transparency
Sen. Cynthia Lummis, R-Wyo., is introducing legislation Thursday that would shield artificial intelligence developers from an array of civil liability lawsuits provided they meet certain disclosure requirements. Lummis' bill, the Responsible Innovation and Safe Expertise Act, seeks to clarify that doctors, lawyers, financial advisers, engineers and other professionals who use AI programs in their decision-making retain legal liability for any errors they make — so long as AI developers publicly disclose how their systems work. 'This legislation doesn't create blanket immunity for AI — in fact, it requires AI developers to publicly disclose model specifications so professionals can make informed decisions about the AI tools they choose to utilize,' Lummis, a member of the Commerce Committee, said in a statement first shared with NBC News. 'It also means that licensed professionals are ultimately responsible for the advice and decisions they make. This is smart policy for the digital age that protects innovation, demands transparency, and puts professionals and their clients first.' Lummis' office touted the bill as the first piece of federal legislation that offers clear guidelines for AI liability in a professional context. The measure would not govern liability for other AI elements, such as self-driving vehicles, and it would not provide immunity when AI developers act recklessly or willfully engage in misconduct. 'AI is transforming industries — medicine, law, engineering, finance — and becoming embedded in professional tools that shape critical decisions,' her office said in a release. 'But outdated liability rules discourage innovation, exposing developers to unbounded legal risk even when trained professionals are using these tools.' Exactly who is liable when AI is used in sensitive medical, legal or financial situations is a bit of a gray area, with some states seeking to enact their own standards. The House-passed 'One Big Beautiful Bill,' which is advancing through Congress and supported by President Donald Trump, includes a provision that would ban states from enacting any AI regulations for 10 years. Senate Republicans last week proposed changing the provision to instead block federal funding for broadband projects to states that regulate AI. Both Democratic and Republican state officials have criticized the effort to prohibit state-level regulations over the next decade, while AI executives have argued that varying state laws would stifle industry growth when the United States is in stiff competition with countries like China.
Agriland
11-06-2025
- Business
- Agriland
Oireachtas agri committee to grill stakeholders on vet medicines bill
The Joint Oireachtas Committee on Agriculture, and Food will hear from stakeholder bodies in the veterinary sector this week on the Veterinary Medicinal Products, Medicated Feed and Fertilisers Regulation Act 2023. The committee will meet today (Wednesday, June 11) from 3:30p.m for an examination of the impacts of the bill. The meeting will take place in Committee Room 4 of Leinster House. From 3:30p.m to 4:20p.m representatives from Merchants Alliance Ireland will address the Oireachtas committee. Merchants Alliance Ireland was formed by the Irish Co-operative Organisation Society (ICOS), the Irish Licensed Merchants Association (ILMA) and Acorn Independent Merchants, to represent mutually shared interests on areas of joint concern for the agricultural merchants and retail sector. The representatives addressing the meeting will include Ray Doyle, livestock and environmental services executive for ICOS, as well as Barry Larkin, Terence O'Shea, and Ollie Ryan. Then from 4:20p.m to 5:10p.m the committee will hear from officials from the Department of Agriculture, Food and the Marine. These officials will include Bill Callanan, the department's chief inspector, as well as officials from the department's veterinary section. Finally, from 5:10p.m, the committee will hear from representatives from both the Veterinary Council of Ireland (VCI), which regulates veterinary medicine in Ireland, and Veterinary Ireland, which represents the veterinary profession. Speaking ahead of the meeting, the Oireachtas committee chairperson, Fianna Fáil Cork North-West TD Aindrias Moynihan, said: 'Our committee moves focus and welcomes representatives from the Merchants Alliance Ireland, the Department of Agriculture, Food and the Marine, Veterinary Council of Ireland and Veterinary Ireland to examine the impacts of the Veterinary Medicinal Products, Medicated Feed and Fertilisers Regulation Act 2023. 'This act aims to update regulations on veterinary medicines, medicated feed, and fertilisers and looks to improve animal health, reduce antimicrobial resistance, and enhance regulatory oversight in the veterinary sector,' Moynihan said. Some of the main issues that will be discussed at the committee this evening include: The National Veterinary Prescription System (NVPS), a database to record veterinary prescriptions, allowing people responsible for animals to purchase medicines from authorised dispensers; Responsible use of antimicrobials, including restrictions on prophylactic use and requirements for metaphylaxis prescriptions; Licensing and enforcement, including new licensing requirements and enforcement measures to ensure compliance. The Joint Oireachtas Committee on Agriculture and Food has 14 members, nine TDs and five senators. The membership of the committee is as follows: TDs: Aindrias Moynihan (chairperson) – Cork North-West, Fianna Fáil; William Aird (deputy chairperson) – Laois, Fine Gael; Peter 'Chap' Cleere – Carlow-Kilkenny, Fianna Fáil; Joe Cooney – Clare, Fine Gael; Michael Fitzmaurice – Roscommon-Galway, Independent Ireland; Danny Healy-Rae – Kerry, independent; Martin Kenny – Sligo-Leitrim, Sinn Féin; Paul Lawless – Mayo, Aontú; Natasha Newsome Drennan – Carlow-Kilkenny, Sinn Féin. Senators (all elected from Agricultural Panel): Victor Boyhan – independent; Paraic Brady – Fine Gael; Joanne Collins – Sinn Féin; Paul Daly – Fianna Fáil; Eileen Lynch – Fine Gael.
