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NRC Proposes Major Update to Radioactive Waste Disposal Rules

FDIC Board of Directors Meeting

BOARD MEETING | JUNE 25, 2026 FDIC Board of Directors Meeting Today, the Federal Deposit Insurance Corporation’s Board of Directors met in open session to consider the following matters. Materials and information relative to the open Board actions are available on the Board Matters webpage . Items Addressed in Open Session: Notice of Proposed Rulemaking: Resolution Submissions Required for Covered Insured Depository Institutions Statement by Chairman Travis Hill Press Release Financial Institution Letter Notice of Proposed Rulemaking: Assessments Thresholds, Rate Schedules, and Adjustments Statement by Chairman Travis Hill Press Release Financial Institution Letter Notice of Proposed Rulemaking: Disclosure of Information Statement by Chairman Travis Hill Press Release Financial Institution Letter A recording of the full webcast of the open session is available. Board Materials The FDIC does not send unsolicited email. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe . CONNECT WITH US

Treasury Sanctions Rwandan Gold Refinery and Network Enabling Illicit Conflict Minerals Trade

U.S. Department of the Treasury Office of Public Affairs Press Release: June 25, 2026 Contact: Treasury Public Affairs, Press@treasury.gov Treasury Sanctions Rwandan Gold Refinery and Network Enabling Illicit Conflict Minerals Trade WASHINGTON —Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on a network working in coordination with the Rwandan-backed March 23 Movement (M23) to illegally smuggle minerals from eastern Democratic Republic of the Congo (DRC) to Rwanda. This action supports the historic U.S.-brokered Washington Accords for Peace and Prosperity , signed on December 4, 2025, by the leaders of the DRC and Rwanda. It reinforces their commitment to implement a Regional Economic Integration Framework designed to expand trade and investment, strengthen transparency across critical minerals supply chains, and lay the foundation for greater long-term economic opportunity throughout the region. “The United States will not allow rogue groups to profit from the illicit mineral trade and destabilize the region,” said Secretary of the Treasury Scott Bessent . “The Democratic Republic of the Congo’s mineral wealth rightfully belongs to the Congolese people. Under President Trump’s leadership, we will continue to take decisive action against those who enable violence, exploitation, and attacks against the Congolese people.” M23—designated by both the United States and the United Nations as an armed group—has committed numerous human rights abuses and continues to undermine regional peace efforts. M23’s control and trafficking of illicit minerals directly fuel its destabilizing operations and further exacerbates the humanitarian crisis in the DRC. CONFLICT MINERALS: FUNDING VIOLENCE AND UNDERMINING GLOBAL SUPPLY CHAINS The United States is a key partner to the DRC and Rwanda in implementing the vision of the Washington Accords brokered by President Trump to achieve lasting peace and establish a fully licit and transparent regional minerals sector. Disrupting conflict mineral networks and encouraging all supply chain actors to exercise greater due diligence is necessary to create the space for the DRC, Rwanda, and other partners to build a new system that will reinforce peace, drive economic growth for the people of the region, and contribute to secure global supply chains. On August 12, 2025 , Treasury took action against a network of entities linked to illegal mining in the DRC. As Treasury highlighted in that designation, the trafficking of conflict minerals is linked to violence and abuses against civilians and impedes responsible and legal investment in the region that would benefit local communities. Treasury has taken several actions targeting actors driving the conflict in eastern DRC since Rwanda and the DRC signed the Washington Accords, including on March 2, 2026 , April 30, 2026 , and most recently on June 2, 2026 . As Treasury highlighted in these previous designations, M23 has captured large portions of territory in eastern DRC, including the capitals of North and South Kivu provinces, Goma and Bukavu, with direct military, financial, and logistical support from the military of Rwanda, known as the Rwanda Defence Force (RDF). OFAC sanctioned the RDF on March 2, 2026 for actively supporting, training, and fighting alongside M23, including supporting M23 as it seized these critical regions in eastern DRC. These regions are home to strategic mining sites that are rich in mineral wealth rightfully belonging to the Congolese people, and M23 has exploited this wealth to purchase weapons and equipment, pay fighters, and commit abuses targeting Congolese civilians. On July 8, 2024, the U.S. Department of State highlighted concerns with the illicit trade and exploitation of certain minerals that contribute to ongoing instability in eastern DRC. The United States remains concerned about the conflict and humanitarian crisis in eastern DRC, as well as the role that the illicit trade of minerals continues to play in financing the conflict. In many cases, minerals sourced from eastern DRC are smuggled through Rwanda before being transported to major refining and processing countries, such as China. Minerals sourced from conflict-affected areas directly or indirectly benefit armed groups, who raise funds by selling minerals and imposing illegal “taxation” schemes, often in collusion with corrupt local officials. In addition, the mines controlled by armed groups like M23 are linked to a wide range of human rights abuse, such as forced labor, child labor, and sexual and gender-based violence, as well as dangerous working conditions, as evidenced by the March 2026 collapse of a mine shaft at the M23-controlled Rubaya coltan mine in eastern DRC that killed over 200 people, including children. MINERALS LAUNDERING SCHEME Since M23’s take over of the provincial capitals, Gasabo Gold Refinery LTD ( Gasabo Gold ) has acted as a key partner to Rwandan government officials and M23 rebels as they sourced and transported gold out of eastern DRC. Following the removal of gold from mines in RDF/M23-occupied areas in South Kivu, Rwandan government forces have had strict oversight of the gold until it reached Gasabo Gold. RDF soldiers and M23 rebels have ensured the safe transport of gold from M23-held areas to Rusizi District, Rwanda, immediately over the border from Bukavu, DRC to Gasabo Gold in Kigali, Rwanda, via ground or air transport. Upon reaching Gasabo Gold, RDF and M23 personnel have handed the gold over to Gasabo Gold personnel, who immediately began the gold refinement process. In early 2026 at least 60 kg of gold, representing millions of dollars in value, were moved from eastern DRC to Gasabo Gold through this scheme. The European Union previously designated Gasabo Gold for its role in transporting illegally extracted gold from the DRC. Jean Malic Kalima ( Kalima ) is the Chairman of Gasabo Gold, while Bosco Kayobotsi runs its day-to-day operations as General Manager. Kalima also controls the Rwandan mining companies Bugambira Mines LTD ( Bugambira Mines ), Wolfram Mining and Processing LTD ( Wolfram Mining ), and Rwinkwavu Mining Corporation LTD ( Rwinkwavu Mining ). Gasabo Gold is being designated pursuant to E.O. 13413, as amended, for having materially assisted, sponsored, or provided financial, material, logistical, or technological support for, or goods or services in support of, M23. In addition, Gasabo Gold is being designated pursuant to E.O. 13413, as amended, for being responsible for or complicit in, or having engaged in, directly or indirectly, support to persons, including armed groups, involved in activities that threaten the peace, security, or stability of the Democratic Republic of the Congo or that undermine democratic processes or institutions in the Democratic Republic of the Congo, through the illicit trade in natural resources of the Democratic Republic of the Congo. Kalima and Kayobotsi are being designated pursuant to E.O. 13413, as amended, for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Gasabo Gold. Bugambira Mines, Wolfram Mining, and Rwinkwavu Mining are being designated pursuant to E.O. 13413, as amended, for being owned or controlled by, or having acted or purported to act for or on behalf of, directly or indirectly, Kalima. SANCTIONS IMPLICATIONS As a result of today’s action, all property and interests in property of the designated or blocked person described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to OFAC. In addition, any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked. Unless authorized by a general or specific license issued by OFAC, or exempt, OFAC’s regulations generally prohibit all transactions by U.S. persons or within (or transiting) the United States that involve any property or interests in property of blocked persons. Violations of U.S. sanctions may result in the imposition of civil or criminal penalties on U.S. and foreign persons. OFAC may impose civil penalties for sanctions violations on a strict liability basis. OFAC’s Economic Sanctions Enforcement Guidelines provide more information regarding OFAC’s enforcement of U.S. economic sanctions. In addition, financial institutions and other persons may risk exposure to sanctions for engaging in certain transactions or activities involving designated or otherwise blocked persons. The prohibitions include the making of any contribution or provision of funds, goods, or services by, to, or for the benefit of any designated or blocked person, or the receipt of any contribution or provision of funds, goods, or services from any such person. Non-U.S. persons are also prohibited from causing or conspiring to cause U.S. persons to wittingly or unwittingly violate U.S. sanctions, as well as engaging in conduct that evades U.S. sanctions. Individuals located in the U.S. or abroad who provide information about sanctions violations to Treasury’s Financial Crimes Enforcement Network whistleblower incentive program may be eligible for awards if the information they provide leads to a successful enforcement action that results in monetary penalties exceeding $1,000,000. The power and integrity of OFAC sanctions derive not only from OFAC’s ability to designate and add persons to the Specially Designated Nationals and Blocked Persons List (SDN List), but also from its willingness to remove persons from the SDN List consistent with the law. The ultimate goal of sanctions is not to punish, but to bring about a positive change in behavior. For information concerning the process for seeking removal from an OFAC list, including the SDN List, or to submit a request, please refer to OFAC’s guidance on Filing a Petition for Removal from an OFAC List . Click here for more information on the person designated today . ###

CFTC Seeks Public Comment on Notice of Proposed Rulemaking Concerning Data Reporting Requirements for Certain Event Contracts

Federal Reserve Board announces termination of enforcement action with Jiko Group, Inc.

Federal Reserve Board announces termination of enforcement action with Jiko Group, Inc.

Federal Reserve Board issues enforcement action with employee of Bank of Eufaula and S N B Bancshares, Inc.

Federal Reserve Board issues enforcement action with employee of Bank of Eufaula and S N B Bancshares, Inc.

NRC Advisory: NRC Posts Ginna’s Subsequent License Renewal Application

Federal Reserve Board's annual bank stress test confirms that large banks are well positioned to weather a severe recession and able to continue to lend to households and businesses

Federal Reserve Board's annual bank stress test confirms that large banks are well positioned to weather a severe recession and able to continue to lend to households and businesses

SEC Appoints Kathleen Hutchinson as Director of Office of International Affairs

The Securities and Exchange Commission has appointed Kathleen M. Hutchinson as Director of the agency’s Office of International Affairs (OIA). OIA advises the Commission on international policy matters, coordinates with foreign authorities across the…

Sunshine Act Notice: FDIC Board of Directors Meeting

SUNSHINE ACT MEETING NOTICE The FDIC Board of Directors will meet in an open session: Date and Time: Thursday, June 25, 2026 | 2:00 p.m. ET Place: The Board meeting will be open to public observation by webcast . Members of the media should contact the Office of Communications by Wednesday, June 24, at MediaRequests@FDIC.gov to attend in person from FDIC Headquarters, 550 17th Street, NW, Washington, DC. Read Notice & Agenda The FDIC does not send unsolicited email. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe . CONNECT WITH US

Treasury Concludes the Artificial Intelligence Innovation Series

U.S. Department of the Treasury Office of Public Affairs Press Release: June 24 , 2026 Contact: Treasury Public Affairs, Press@Treasury.gov Treasury Concludes the Artificial Intelligence Innovation Series WASHINGTON — The U.S. Department of the Treasury’s Office of the Financial Stability Oversight Council (FSOC) and the Artificial Intelligence (AI) Transformation Office (AITO) held the fourth and final roundtable of the AI Innovation Series on May 19, 2026. This public-private initiative supports the continued strength and resilience of the U.S. financial system in an era of accelerating technological change. “The global economy is undergoing a period of rapid transformation with breakthrough advances in AI,” said Treasury Secretary Scott Bessent . “The AI Innovation Series discussions reinforced that countries that deploy this technology most effectively will shape the next era of growth, and under the guidance of President Trump, America will continue to lead the way. We will continue working with the financial sector to ensure that regulatory approaches keep pace with technological developments and enable responsible AI adoption that enhances the strength of the U.S. financial system.” “Through the Innovation Series, we convened industry leaders and regulators to ensure that policy initiatives facilitate AI adoption without compromising safety and soundness. In the financial services sector, regulatory frameworks built for a different era can result in a reluctance to innovate, and that reluctance in itself can become a source of financial stability risk,” said Christina Skinner, Deputy Assistant Secretary for FSOC . “As the roundtable discussions emphasized, when financial institutions cannot deploy tools that enhance their security, resilience, and global competitiveness, the economy as a whole suffers.” “AI adoption is moving from experimentation to implementation across both the public and private sectors,” said Paras Malik, Treasury’s Chief AI Officer and Counselor to the Secretary . “As participants highlighted throughout the AI Innovation Series, the challenge is no longer defining AI strategies—it is operationalizing them at scale. As AI becomes increasingly embedded in financial services, maintaining trust, resilience, and effective governance will be essential. Treasury will continue engaging with industry, regulators, and technology leaders to better understand how these capabilities are being deployed and their implications for the financial system.” BACKGROUND The AI Innovation Series convened a variety of financial institutions, technology firms, and regulators for cross-sector dialogue on high-value AI use cases, practical approaches to scaling innovation, and regulatory impediments to adoption. Roundtable participants highlighted AI’s potential to support financial stability and drive economic growth; enhance productivity; and combat increasingly sophisticated cyber-attacks, fraud, and financial crimes. They emphasized the need for governance and regulatory frameworks to evolve alongside the rapid technological change. They also requested greater regulatory clarity and harmonization as well as continued public-private engagement to support responsible innovation. AI INNOVATION SERIES The AI Innovation Series supports Treasury’s implementation of Executive Order 14179 , “Removing Barriers to American Leadership in Artificial Intelligence,” and the Administration’s AI Action Plan. The initiative consisted of four roundtables from March through May focused on AI strategy and governance, value generation and efficiency, cybersecurity and risk management considerations, and financial stability and economic security implications. Insights from the roundtables will inform Treasury’s and FSOC’s ongoing efforts to ensure that regulatory policy encourages innovation, enhances financial stability, and maintains U.S. leadership globally. Additional information on the AI Innovation Series, including readouts from each roundtable, is available here . ###

Sec. Bessent at Economic Club of New York’s America 250 Gala Dinner: American Economic Statecraft in the 21st Century

U.S. Department of the Treasury Office of Public Affairs Press Release: June 23, 2026 Contact: Treasury Public Affairs, Press@treasury.gov Remarks from Secretary of the Treasury Scott Bessent at The Economic Club of New York’s America 250 Gala Dinner: American Economic Statecraft in the 21st Century As prepared for delivery. Thank you for the invitation to be here on this wonderful occasion. As a long-time member of the Economic Club of New York, I know that it occupies a place of great significance in our nation’s discourse. For generations, few institutions have done more to shape how we confront the defining questions of the day. And yet, across all those years, tonight’s gathering is without precedent as we assemble on the eve of an extraordinary moment in our history. Over the coming days, we will celebrate 250 years of the American story and the proposition with which it began: that a free people answer to no power but their own. But milestones of this magnitude demand more than ceremony. They ask something of us. They invite us to reflect on the creation of our country, of course, but no less, on its condition. Indeed, the most fitting way to honor those who founded this nation is to meet the great challenges of our own time with the same resolve that they brought to theirs. And in that spirit, under President Trump’s leadership, the U.S. Treasury is working to restore economic security as the foundation that allows a nation to fulfill its most basic obligations. In my remarks before the Economic Club of Dallas, I detailed how the structural vulnerabilities that we allowed to accumulate over time precipitated a drift into dependence. And last month before the Reagan Library, I noted that under President Trump, America has awoken to the risks we can no longer ignore and is now attuned to the responsibilities we can no longer neglect. So tonight, I would like to take the next step and describe our strategy for economic statecraft, by which I mean the disciplined use of America’s economic power in service of our sovereignty. For the better part of a century, the United States was the principal architect and guarantor of an open global economic system that delivered enormous benefits. It raised our allies from the ruins of war, widened the channels of global trade, lifted standards of living, and attained a position of influence that remains unmatched in modern history. But the success of a system does not absolve us from revisiting its assumptions. America shaped the postwar order in a world in which our overriding task was to help allies rebuild their economies and defend against the specter of communism. We accepted asymmetries because they served a larger strategic purpose. We opened our market because it helped to create a more prosperous world. And we tolerated imbalances because American economic strength appeared unassailable. Over time, however, those choices hardened into habits. Habits into assumptions. And assumptions, left unexamined, into vulnerabilities. We came to believe that access to the American market could be extended without condition—and therefore without consequence. We assumed that closer economic integration would result in a greater convergence of interests. That supply chains would function in every crisis. Low prices would compensate for lost capacity. And above all, that other countries would treat our firms as fairly as we had treated theirs. Of course, those assumptions failed to materialize. Some slowly, others all at once. In recent decades, we’ve watched strategic industries migrate abroad; critical supply chains concentrate in jurisdictions that do not share our interests; foreign subsidies, forced technology transfer, discriminatory taxation, and non-market practices distort competition; and American firms grow to global scale, only to become targets of policies designed to constrain or replace them. Beneath each of those outcomes lay an economic policy that became unmoored from our national strategy. We’ve emboldened other countries to exploit our dependence as leverage. And to repair those imbalances with the world is not to retreat from it. On the contrary, it is to engage on terms that make America stronger. It is to insist on trade that is fair, reciprocal, and consistent with our national interest. And it is to more closely bind what we should have never allowed to cleave: our economic and national security. So tonight, guided by these priorities, I want to organize our approach to economic statecraft under President Trump around five core principles. The first is that economic security begins with national capacity. We have rediscovered at great cost what Hamilton taught us around the time of our founding: that every nation “ought to endeavor to possess within itself all the essentials of national supply.” That our strength, in other words, is derived from what we can build, for the nation that cannot produce what it needs is not truly secure. The nation that depends on its adversaries for critical inputs is not truly sovereign. And the nation that reduces its economics to consumption is not truly prosperous. Instead, as Hamilton put it, it is essential to “[enlarge] the sphere of our domestic commerce,” because economic security begins at home. It begins with the capacity to build, invent, finance, and scale the industries that will define the next century, among them semiconductors, AI, quantum computing, advanced manufacturing, shipbuilding, critical minerals, and pharmaceuticals, to name only a few. More than sectors of the economy, these are the sources of national power. And America must lead in each of them. In today’s economy, supply chains are the domain in which that leadership is tested. Yet for years, the question that seemed to consume both our political and commercial class was: Where is the lowest cost? That question still matters, but it is no longer sufficient. We must also ask: Can this supply chain survive a crisis? Can it withstand coercion? Can it continue operating during a pandemic, cyberattack, war, or financial shock? Does it depend on a country that could use economic leverage against us? Does it expose American firms to intellectual property theft? Does it leave our military, hospitals, energy system, or financial system vulnerable? Of course, supply chain resilience does not require every component to be domestic from beginning to end. That would be unrealistic and unnecessary. But it does compel us to know where our vulnerabilities are and to reduce them before a crisis rears itself. It requires diversifying away from dangerous concentrations. And that we build enough capacity at home to ensure that the American people are never at the mercy of a foreign chokepoint abroad. The second principle is that America’s openness will be matched by reciprocity, which is the basis of durable cooperation. No economic relationship can remain healthy if one side opens its market while the other closes its own. No partnership can remain sustainable if American workers and firms are asked to absorb imbalances in the name of harmony. And no open system can survive if that openness is exploited by countries that do not practice it themselves. The United States remains the best economic partner in the world. To partner with us is to gain access to the deepest, most dynamic markets; the preeminent role of our dollar; and an ecosystem of innovation that has pushed the boundaries of the possible for two and a half centuries. Those benefits are substantial. But under President Trump, they are no longer unconditional. Countries cannot seek access to our market while denying fair access to theirs. They cannot invite American capital while imposing discriminatory taxes and investment obligations aimed at American companies. They cannot benefit from American security while adopting industrial policies that exclude American technology. They cannot ask American firms to invest, hire, and innovate, and then require those firms to localize intellectual property, transfer know-how, or satisfy indigenous innovation requirements designed to favor domestic champions. And they cannot participate in the dollar-based financial system while serving as conduits for the evasion of sanctions, illicit finance, or strategic leakage. America welcomes its partners and we are stronger because of them. But our partnership now carries expectations. And, in some instances, non-negotiable obligations. Of course, we will continue to distinguish legitimate regulation from discrimination. Every sovereign nation has the right to regulate in ways that serve its own public interest. The United States respects that responsibility. But regulation descends into discrimination when it targets American firms because they are American. Taxation becomes retribution when it is structured to single out American companies. And industrial policy is wielded as a tool of exclusion when it uses local-content rules, forced localization, procurement bias, or indigenous innovation requirements to shut American firms out of fair competition. These differences are not difficult to discern. And the United States possesses many tools at its disposal to remedy practices that distort trade and undermine reciprocity. We will always seek to use those tools judiciously—but we will never hesitate to use them decisively. The third principle is that America will write the rules of the next economy. Of course, unlike much of the last century, the next era of economic competition will not be confined to the movement of goods across oceans and ports. It will be shaped by the platforms, systems, and protocols through which commerce flows in the twenty-first century. In each of these domains, standards can become strategy, for the nation that fails to help write the rules of the next economy will sooner or later answer to those that did. If authoritarian or mercantilist systems write those standards for their own advantage, the global economy will become more coercive and less favorable to American interests. If America and our partners set open, secure, market-based standards, then the twenty-first century economy will tilt toward freedom and prosperity by rewarding innovation, protecting intellectual property, and ensuring that competition is not distorted by discrimination. That is the system America should champion. And it is the system that our partners have every reason to build together with us. I think, for example, of the new frontiers in financial technologies. Digital assets, stablecoins, tokenization, and new payment systems will help to shape the future of money. The United States should not consign itself to the sidelines while that future is built elsewhere. We should support innovation that strengthens the dollar, improves efficiency, expands access, and preserves the integrity of the financial system. And we should insist that new technologies meet our standards for transparency, security, consumer protection, and law enforcement access. The fourth principle is that financial leadership is a central instrument of statecraft. And as Treasury Secretary, I see its workings every day. There is nothing accidental about the dollar’s place in the world. Its broad usage reflects the depth of our markets, the strength of our rule of law, the credibility of our institutions, and the scale of our economy. Of course, that leadership role bestows enormous advantages, among them lower borrowing costs, deeper capital markets, enhanced sanctions capabilities, and great influence across the global financial system. But it also imposes obligations that we cannot ignore. Sanctions evasion, terrorist finance, proliferation finance, cybercrime, narcotics trafficking, and corruption all exploit weaknesses in the financial system. Treasury’s job is to protect the integrity of the financial system by rooting out these abuses—and to deploy this power with discipline. Sanctions must be targeted, enforceable, and connected to strategy. And they must be paired with diplomacy, compliance, intelligence, and coordination with partners. The fifth and most important principle is that economic statecraft must serve the American people. The purpose of American economic statecraft is to connect national power with household prosperity. We need an economy in which our working families are not merely consumers of what the world produces, but participants in what America builds. An economy in which no community is asked to accept permanent decline as the cost of global efficiency. An economy in which the gains of national strength are broadly shared beyond the boardrooms and trading floors to the families and communities who sustain it. America’s competitive advantage has never been confined to the bounty of our natural resources or the depth of our capital markets. It has always resided in the character and the capacity of our people; the entrepreneur with the temerity to turn an idea into an enterprise, the worker with the ability to master new trades and new technologies that didn’t exist a decade ago, and the institutions that allow their freedom and confidence to flourish. The purpose of economic statecraft is to restore that confidence. It is to affirm to the American people that our openness and strength can go together. That partnership abroad can reinforce prosperity at home. That we can retain the dynamism of our markets while defending the foundations of our national interests. That America can welcome investment and trade without accepting dependency or decline. So, what should the world expect from the United States? Our partners should expect clarity. They should expect a nation committed to strong alliances and productive economic relationships. A nation that welcomes fair competition, rewards investment, and believes in open commerce. But they should also expect a nation that is now more aware of its interests—and more prepared to protect them. A nation that insists on reciprocity. That shields its firms from discriminatory treatment. Secures its critical supply chains. Enforces sanctions and combats illicit finance. A United States, in short, that will not allow economic policy to grow detached from national strategy. Our adversaries, meanwhile, should expect resolve. Attempts to weaponize supply chains, steal technology, evade sanctions, manipulate markets, or coerce our partners will not go unanswered. We will build resilience before crises occur. We will work with partners wherever possible. And we will act whenever necessary. Finally, the American people should expect that the Trump Administration will continue to put their security and prosperity first. They should expect policy that rewards work, investment, production, and innovation. Leadership that understands how productive capacity is power. An economy whose success is measured not merely by what it produces, but by whom it lifts. These are not new ambitions. Indeed, they are among the most abiding ones we hold. So as we approach a great national milestone, we would do well to remember that our founders left us more than a Republic; they bequeathed a roadmap powerful enough to sustain it for two and a half centuries. Of course, our founders scarcely could have foreseen the world we inhabit today. The industries we have built. The technologies we have invented. The prosperity we have created. Or the power we have come to attain. But what they did understand was something far more enduring: that the fortunes of a nation are shaped by the energies of its people. That great insight has been the source of America’s strength since its founding. It’s what transformed a small republic on the edge of a continent into the most prosperous nation over the long sweep of human civilization. It now falls on us to preserve that inheritance, not by seeking a smaller role in the world, but a stronger foundation for our leadership. Not by seeking conflict, but by insisting on fair competition. By ensuring that our openness serves to strengthen America, and the partnerships we form are worthy of the name. Those are reasonable expectations for any nation. They are also necessary ones for the United States, for we have been, and will remain, the most important economic partner in the world. But we are now a partner with higher standards and greater expectations. We are a partner that has regained knowledge of the value that we offer—and the will, once again, to defend it. That is American economic statecraft in the twenty-first century. Open to the world while anchored at home. Confident in our strengths and clear-eyed about our interests. And committed, above all, to the security, prosperity, and freedom of our people for the next 250 years and well beyond. Thank you. ###