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Wisconsin experts explain the collapse of tech-focused banks

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The collapse of the Silicon Valley and Silvergate Banks over the weekend has financial markets shaken up, but Wisconsin banks are well-positioned to handle the problems.

UW-Madison finance professor Roberto Robatto says looser banking regulations were a factor in the bank’s collapse. 

“There was exceptions, a regulatory exception that were made for so-called medium-sized banks, like Silicon Valley Banks, they lobbied a lot for that. And again, this is the consequence.”

Central Wisconsin financial advisor Meryl (MER-l) Kelch says the issues that plagued the recreantly-shuttered institution aren’t issues around here. 

“We make conservative loans to houses that actually exist, conservatively valued.”

Robatto says the bottom line is that the bank ran out of money after making lots of decisions that relied on the government keeping interest rates low. On Monday, President Joe Biden says the government will cover people with money in the bank, but not its stockholders. 

Assembly Republicans pass school safety bills

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Republicans in the Wisconsin Assembly on Tuesday approved a pair of bills relating to school safety. One would require schools to gather data on disorderly conduct and violent crimes that are reported to police with charges or tickets issued. The bill would also require schools to report the data to the Department of Public Instruction, which would add it to annual school report cards.

“This is a tool that parents deserve and community members deserve. So they could find out what’s going on and see how safe their kids are at school right now,” said author, Representative Cindi Duchow (R-Town of Delafield).

Companion legislation from Representative William Penterman (R-Columbus) would require hiring of a school resource officer if serious offenses become a problem.

“If there are 100 incidences which are spelled out in the bill, what would fall under that, that take place within a five month period,” Penterman explained. “And then 25 of those result in a arrests being made taking place, again, on school grounds, in the school classroom, for sporting events, any of those sort of things, then that would require a school resource officer to need to be hired at that school by the start of the next school year. “

The bill also calls for Governor Tony Evers to use federal COVID-19 funds to reimburse costs over the next three school years. Neither bill received any Democratic votes.

DHS warns of scams targeting FoodShare members

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The Wisconsin Department of Health Services is investigating a scam which is targeting FoodShare members with text messages.

“Individuals are receiving a fake text message that’s telling them to share their FoodShare information,” said Tabitha Reminger with the DHS Office of Inspector General. “This is called phishing. And so you can get it on your own personal phone number saying confirm your FoodShare benefits by giving your card number your PIN, they might ask your birth, your date of birth, your social security number, any of that personal information.”

Reminger advises FoodShare members to not respond to any such texts, and to monitor their accounts and report any account discrepancies to their local office or the DHS Office of Inspector General.

There’s also a separate “skimming” scam targeting point of sale machines, which can allow scammers to access FoodShare accounts and make purchases.

“Monitor your benefits, making sure you’re checking whether it be online or in the app, checking your benefits in your spending,” advises Reminger. “And if you see any suspicious activity, they can report that activity. And then also changing your pin often, just like you should for your own personal debit card.”

Daylight saving time is a good time to give your home a safety check

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While you’re changing your clocks this weekend, make sure to give your other safety supplies a once over.

Andrew Beckett with Wisconsin Emergency Management says everyone should be sure to have some essentials in case the power and water go out. 

“Make sure that it has essential items like nonperishable food, and enough water to support you and anyone else in your house for 72 hours.”

It’s time to also give your home’s emergency supplies a check, says Beckett. “Flashlights, batteries, first aid kits, making sure that all those things are there. In addition to that, it’s a great time to you know, go around and check the smoke and carbon monoxide detectors in your home and make sure that they’re working properly.”

Also be sure to check to see if your fire extinguisher is still charged, and make sure you’ve got copies of important documents you’ll need in case of a natural disaster in a safe, secure place.

‘Tibet Day’ proclaimed in Wisconsin

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WRN photo

Wisconsin’s Tibetan community commemorated the anniversary of a March 10, 1959 uprising in Lhasa, the capital city of Tibet, against Communist Chinese occupation of the country. Thousands of Tibetans lost their lives in the ensuing uprising.

Tibet, or the Tibet Autonomous Region, was annexed by China in 1950.

Governor Tony Evers issued a proclamation, designating March 10 as Tibet Day in Wisconsin. Madison Mayor Satya Rhodes-Conway and Dane County Executive Joe Parisi issued similar proclamations, and raised the Tibetan national flag at the City-County Building in downtown Madison, where members of the Wisconsin Tibetan Association gathered to mark the day.

Democrats reintroduce Economic Bill of rights

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Democrats in the legislature make another push for an Economic Bill of Rights for Wisconsin. At a Thursday press conference, Angela Lang with Black Leaders Organizing Communities in Milwaukee spoke at a Thursday press conference.

“We will see safer communities, once we understand that when people have their basic economic freedoms met, it makes our whole state better.”

Democrats have twice failed to get any support from Republicans for this effort. “What I would ask of my Republican colleagues is to focus on what Wisconsinites are asking us to do,” said Representative Kristina Shelton of Green Bay. “We are always open to having conversations with our friends across the aisle. So far none have come forward,” said Madison Representative Francesca Hong.

The resolution supports a living income, affordable health care and child care, safe housing, and clean water.

Bills relating to school security pass Assembly Education committee

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Legislation requiring Wisconsin high schools to collect data on crimes including sexual assault and homicide passed the Assembly education committee Wednesday.

The bill’s author, Representative Cindi Duchow (R-Delafield) said parents want to know what’s happening in their school. “They want to know what’s happening their school at 8am, and at 8pm. Because I don’t care if it’s somebody from outside the school that comes in and does something wrong. That’s someone who’s in my building where my kid is, and I want to know that.”

Committee Democrats questioned the validity of the data to be collected as the bill advanced to the full Assembly on a party line vote. Committee Republicans also passed a bill requiring the Evers administration to use American Rescue Plan money to help hire school security.

State Republicans signal intentions of striking down new school vaccination rules

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The head of the state legislature’s rules committee wants to strike down new guidelines for child vaccinations.

That’s following a hearing where the Department of Health Services staff explained why the changes will help prevent serious illnesses. Doctor Ryan Westergaard from DHS says the goal is to prevent new outbreaks of whopping cough and prevent deaths from meningitis. “We aim to do everything that we know how to do, apply every tool that has been shown to be effective and safe, to keep our communities healthy. We believe that the only acceptable number of childhood deaths from vaccine-preventable diseases is zero.”

But State Senator Steve Nass told Dr. Westergaard he couldn’t trust anything Westergaard said after the state’s response to COVID-19.

“Honest to God, that made me so angry back then. And even now, I’ll be honest with you when I see you, I refer to you as Wisconsin’s Dr. Fauci.”

Nass calls the rules “arbitrary and capricious.”

Lawmaker says Safe Haven Laws may have prevented newborn death

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The discovery of an infant’s body in Whitewater over the weekend need not have happened. Representative Barbara Dittrich (R-Oconomowoc) said the state’s Safe Haven Laws provide an opportunity to surrender a newborn child to law enforcement or a hospital up to 72 hours after birth with zero questions asked.

Hospitals, law enforcement, and the state Department of Children and Families all have information on Safe Haven. Dittrich said she’s frustrated this sort of thing keeps happening, and efforts may need to be stepped up to educate Wisconsinites on it.

Whitewater police said the newborn’s body was found Saturday morning in a field near a mobile home park.

Group opposing F-35s at Truax dismissive of Baldwin outreach

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U.S. Senator Tammy Baldwin’s office announced last week that the Wisconsin Department of Military Affairs is receiving a federal grant to conduct community outreach, noise mitigation planning, and prepare for arrival of F-35 fighter jets at Madison’s Truax Field.

WASHINGTON, D.C. – Today, U.S. Senator Tammy Baldwin announced that the Wisconsin Department of Military Affairs (WDMA) is receiving a $798,000 grant from the Department of Defense to conduct community outreach, noise mitigation planning, and prepare for the F-35s arrival at Truax Field.

 

“I am proud to help deliver resources to plan for the arrival of the F-35s and make this project work for the Madison community,” said Senator Baldwin. “I am committed to continuing to listen to and work with the Dane County community to ensure that the 115th Fighter Wing is a good steward of our land, air, and water, including creating and implementing a plan to mitigate noise for those in the area.”

 

“We are grateful to Sen Baldwin and OLDCC for supporting our efforts to ensure that the concerns of the communities around Truax Field are heard and addressed,” said Major General Knapp, Wisconsin Adjutant General. “With this grant, we are excited to partner with Dane County Regional Airport through increased community engagement and continued emphasis on compatible use best management practices. As a result, we hope to achieve community awareness and noise mitigation solutions that will last into the future.”

 

“The Dane County Regional Airport recognizes the importance of engaging our neighboring residents in two-way conversations on topics that matter to all of us,” said Kim Jones, Airport Director at the Dane County Regional Airport. “We are grateful to Senator Baldwin for leading the effort to secure the resources that will set us up for success in partnering on those conversations.” 

 

The grant will fund community outreach initiatives – including town halls and multilingual education initiatives – and prepare a feasibility study to assess noise mitigation options for impacted neighborhoods and develop best practices for mitigation. The grant was awarded by the Department of Defense Office of Local Defense Community Corporation which provides technical and financial assistance to states and local governments to analyze and implement actions necessary to foster, protect and enhance military installation sustainability.

Members of of a  group opposing the jets are underwhelmed. “I think it’s just incredible hypocrisy, the whole thing,” said Tom Boswell, a community organizer with the group Safe Skies Clean Water. “Particularly this idea that she’s going to give us a grant to do community outreach and noise mitigation. We’ve been trying to talk to her for four years now and she has been totally unreceptive.”

Boswell called the $798,000 grant from the Department of Defense “chump change,” and cited the costs of the next generation, nuclear capable fighter jets. “I don’t know if the public is aware that each one of those jets cost $110 million. That’s the real price of them. And so that means 20 times 110 million comes out to something like $200 million. That’s just the price to bring jets here.”    

Opponents of the jets cite concerns about noise, and claim efforts to mitigate that in the neighborhoods surrounding the Wisconsin Air National Guard base at Truax will fall short of what’s needed. They’re also worried about PFAs contamination.

“I don’t have the words to describe how dismissive and minimizing she is of the magnitude of the threats,” said Safe Skies Leader Ellen Magee in a press release. Baldwin’s office did not respond to a request for comment. The first F-35s are expected to arrive this spring.