Kay Ivey announces special election days for House District 55
Governor Kay Ivey on Thursday signed a proclamation to set the special election dates for Alabama House District 55. This State House was vacated when Fred “Coach” Plump (D-Birmingham) resigned in May after pleading guilty to charges by the U.S. Department of Justice of wire fraud conspiracy and obstruction of justice. Governor Ivey set the special primary election for Tuesday, September 26, 2023. The special primary runoff, if necessary, will be held on Tuesday, October 24, 2023. The special general election will be on Tuesday, January 9, 2024. “Those in public office must be held to the highest standard, and it is unfortunate that the good folks in House District 55 have been left without representation due to poor decisions made by the individual who formerly held this seat,” said Governor Ivey. “I encourage everyone in this district to get out and vote during this special election to ensure you have a strong voice advocating for you in the Alabama Legislature going forward.” The deadline for qualifying with the two major political parties will be Tuesday, July 25, 2023, at 5:00 p.m. The deadline for all independent candidates and/or minor parties is Tuesday, September 26, 2023, at 5:00 p.m. House District 55 represents portions of Jefferson County, including Fairfield and Birmingham. Plump was a Democrat, and HD55 is a heavily Democratic-leaning District. There are 105 members of the Alabama House of Representatives. This seat will be filled before the 2024 Alabama Regular Session in February, but HD55 likely will not be represented in the likely special session on congressional redistricting. To connect with the author of this story or to comment, email brandonmreporter@gmail.com.
Katie Britt joins letter to DOE addressing transformer rule that could result in supply chain issues
Last week, U.S. Senator Katie Britt last week joined U.S. Senator Bill Hagerty (R-Tenn.) and a bipartisan group of 45 other colleagues in sending a letter to Department of Energy (DOE) Secretary Jennifer Granholm expressing their concerns about a proposed rule by the DOE that increases efficiency standards on distribution transformers. The Senators said that the transformers are a critical piece of infrastructure for the nation’s power grid. The new rule, they contend, comes at a time when the availability of essential grid components remains a significant challenge for the electric power industry and while the industry is struggling due to a substantial increase in demand, supply chain issues, and a skilled workforce shortage. “Instead of meeting the challenges of today – grid reliability, national security, and supply chain efficiency – President Biden chooses to regulate to a different reality, one that only serves his reckless Green New Deal priorities,” said Senator Katie Britt. “I urge this Administration to rescind this rule and commit to a solution that supports current steel industry capabilities.” The Sens. wrote, “Currently, the United States only has one domestic producer of amorphous steel. Moving to amorphous steel cores, as proposed by DOE, would require this sole domestic supplier to rapidly scale operations from its current market share of less than five percent to accommodate the entire distribution transformer market. Such a recalibration of the supply chain will further delay manufacturing production timelines – currently estimated to be a minimum of 18 months to two years.” The Senators acknowledged the actions that this and previous administrations have already taken in recognition of the challenges associated with distribution transformer supply chains but warned that this proposed rule would negate these advancements. “By phasing out the primary market for U.S.-produced GOES, the Proposed Rule could jeopardize this progress, putting everyday American families at risk,” the Sens. explained. “Further, we are concerned that requiring the use of amorphous steel for new distribution transformers could put the administration’s electrification goals at risk by exacerbating an existing grid vulnerability. At the same time, we recognize the numerous and often underappreciated benefits of energy efficiency and support the overall goal of reducing wasteful electrical losses in our distribution grid. We believe the most prudent course of action is to let both GOES and amorphous steel cores coexist in the market, as they do today without government mandates, for new installations as we ramp up domestic production and reorient supply chains.” The Sens. urged the DOE to refrain from promulgating the final rule. “We are committed to working with you to identify short and long-term solutions to the supply chain shortage of these critical grid components with a goal of building a robust domestic market and a more efficient and reliable grid for decades to come,” the Senators concluded. The Proposed Rule would require that the power industry stop installing the industry standard grain-oriented electrical steel (GOES) for all distribution transformers and shift to new transformers with amorphous steel cores. “The Biden-Harris Administration continues to use every means available to reduce America’s carbon footprint while strengthening our security posture and lowering energy costs,” said Sec. Granholm. “Efficient distribution transformers enhance the resilience of our nation’s energy grid and make it possible to deliver affordable electrical power to consumers in every corner of America. By modernizing their energy-conservation standards, we’re ensuring that this critical component of our electricity system operates as efficiently and inexpensively as possible.” The Biden DOE estimates that the proposed standards would reduce U.S. CO2 emissions by 340 million metric tons over the next 30 years—an amount roughly equal to the annual emissions of 90 coal-fired power plants. DOE also expects the proposed rule to generate over ten quads of energy savings and approximately $15 billion in savings to the nation from 30 years of shipments. There is only one domestic producer of amorphous steel core transformers. Katie Britt was elected to the U.S. Senate in 2022. She is an attorney, a native of Enterprise, a former Chief of Staff for Sen. Richard Shelby, former President and CEO of the Business Council of Alabama, and a graduate of the University of Alabama and the University of Alabama School of Law. To connect with the author of this story or to comment, email brandonmreporter@gmail.com.
Representatives Barry Moore and Kim Schrier introduce Forest Data Modernization Act
Last week, Rep. Barry Moore introduced the bicameral, bipartisan Forest Data Modernization Act with cosponsor Congresswoman Kim Schrier (D-Washington). The sponsors say that this legislation modernizes the technologies and data collection methods used by the Forest Inventory and Analysis Program (FIA) to meet growing market demand and support sustainable forest management decisions. “Alabama foresters deserve updated technology and easily accessible data to help meet the demands of a rapidly growing market,” said Rep. Moore. “I am grateful to Rep. Schrier for joining me to introduce legislation that ensures foresters, forestry stakeholders, and the American public have access to standardized, high-quality data to support their decisions.” “Mitigating risk in our forests has become ever more important with increasing intensity of wildfires and lengthening wildfire season throughout the West,” said Rep. Schrier. “Land managers and fire chiefs need reliable information about forest health to effectively work to prevent fire, mobilize wildland firefighters during fire, and perform forest restoration work afterward. This legislation will strengthen the FIA program to provide critical data needed to prevent and fight fire more effectively.” United States Senators Bill Cassidy (R-Louisiana) and Jon Ossoff (D-Georgia) have introduced S.1743, the Senate version of this legislation. The Forest Data Modernization Act specifically provides: Dave Tenny is the President and CEO of the National Alliance of Forest Owners (NAFO). “We applaud Representatives Schrier and Moore on the introduction of The Forest Data Modernization Act, which will support private working forests, the communities that depend on them, and the environmental benefits they provide,” said President Tenny. “This bipartisan bill is a significant stride towards bolstering the U.S. Forest Inventory and Analysis (FIA) program, ensuring that private working forest owners receive the accurate and pertinent forest and forest-carbon data they require. Investing in modernizing the FIA program will support the forest stewardship, market innovation, and rural job creation while also promoting the economic, environmental, and climate benefits private working forests provide. The National Alliance of Forest Owners (NAFO) eagerly anticipates collaborating with Representatives Schrier and Moore, as well as the entire Congress, to strengthen forest stewardship through the successful passage of the Forest Data Modernization Act.” This legislation is endorsed by the National Alliance of Forest Owners, National Association of State Foresters, Society of American Foresters, American Forest Foundation, The Nature Conservancy, Washington State University, Vermont Woodlands Association, Appalachian Mountain Club, Enviva, National Woodland Owners Association, L&C Carbon, Congressional Sportsmen’s Foundation, and Rural Voices for Conservation Coalition. Over 70% of Alabama is forested – the vast majority of which is under private land ownership. Forestry and forest products, along with agriculture, remain the state of Alabama’s largest industries. Alabama wood is used for products such as paper, lumber, power line poles, plywood, shavings for the poultry and equine industries, particle board, furniture, charcoal, and other construction materials. Alabama’s forests also trap carbon from the atmosphere while providing habitat for a vast cornucopia of birds, mammals, reptiles, amphibians, insects, and more including some endangered species. Barry Moore is in his second term representing Alabama’s Second Congressional District. He previously served the people of Coffee County in the Alabama House of Representatives from 2010 to 2018. He and his wife operate a small waste management company in Enterprise, where they are natives. Moore is a veteran and a graduate of Auburn University. To connect with the author of this story or to comment, email brandonmreporter@gmail.com.
Alabama wins Silver Shovel Award for 2022 economic development successes
Last week the State of Alabama was awarded a Silver Shovel Award. Alabama Governor Kay Ivey announced that Area Development, a national business publication, has selected Alabama for its Silver Shovel Award. This is in recognition of the state’s economic development successes during 2022. “The Silver Shovel Award is yet another testament to Alabama’s strong pro-business environment and to the talented workers that help companies from around the world grow and thrive,” said Gov. Ivey. “This honor also demonstrates that our efforts to create good jobs and spark economic growth are producing results in Sweet Home Alabama.” 👏: Once again, Alabama has claimed a Silver Shovel Award from @AreaDevelopment for our 2022 economic success. Just last year, companies made $10.1 billion in capital investment in Alabama, shattering our previous record! ⬇️ #alpolitics (1/2) — Governor Kay Ivey (@GovernorKayIvey) June 7, 2023 Area Development also cited Atlanta-based Novelis’s plan to invest more than $2.5 billion to build a new low-carbon recycling and rolling plant in Baldwin County as one of its ‘Projects of the Year.’ The project in Bay Minette is expected to create 1,000 jobs. Economic Developer Dr. Nicole Jones told Alabama Today, “Area Development Magazine has been a leading publication in our industry for over five decades. The selection of Alabama for a Silver Shovel Award is a testament to teamwork; the public and private sectors have collaborated and created an environment conducive to business. Since being elevated to the Governor’s office in 2017 after then-Gov. Robert Bentley’s resignation, Ivey has put a strong emphasis on economic development and competing for new capital investment. Since becoming Governor, Ivey has announced new capital projects of $41 billion, creating 80,000 new jobs for Alabamians and creating the lowest unemployment numbers in the history of the state along the way. Ivey’s economic development team is led by Greg Canfield – who is the Secretary of the Alabama Department of Commerce. “Last year was a remarkable one for Alabama’s economic development team,” said Sec. Canfield. “Not only did these professionals secure high-impact growth projects for the state during 2022, but they also managed to set records while doing it. Their efforts are creating exciting new career opportunities for Alabama citizens and enhanced growth possibilities for communities across the state,” he added. “And we’re not slowing down.” In 2022 the state compiled $10.1 billion in announcements of companies building or expanding facilities in the state. This shattered the old record of $8.1 billion set in 2018. The Silver Shovel Award recognized these record results for Alabama’s economic development team. This $10.1 billion in capital investment last year will create over 13,000 jobs across Alabama and stimulate economic growth in both urban and rural areas of the state. “Companies consider many factors in the site selection process, such as a quality and skilled workforce, infrastructure, pro-business policies, community-oriented towns, and school systems, and the proximity to customers and vendors,” Jones explained. “An estimated 13,000 new jobs will result from new facilities and the expansion of existing sites throughout Alabama.” Area Development magazine’s annual Shovel Awards recognize state economic development agencies that drive significant job creation through innovative policies, infrastructure improvements, processes, and promotions that attract new employers and investments in new and expanded facilities. The awards are presented annually to states that have achieved significant success in terms of job creation and economic impact. Factors that go into this calculation include the number of high-valued added jobs per capita, amount of investment, number of new facilities, and industry diversity of the submitted projects. Alabama qualified for a Silver Shovel award in the 4- to 6-million population category. Other winners in the category were South Carolina and Wisconsin. 2022 was marked nationally with large-scale projects related to electric vehicles. Area Development singled out two projects in Alabama: Hyundai’s $300 million investment to launch EV production at its Montgomery plant and Hyundai Mobis’ $205 million battery module plant nearby. Area Development also highlighted growth plans in Alabama by Airbus, First Solar, United Launch Alliance, Manna Beverages & Ventures, and Diego. This is far from the first time the magazine has honored Alabama with Shovel Awards. It received Gold Shovel Awards in 2006, 2013, 2019, and 2021, and Silver Shovel Awards for 2007–2012, 2014–2018, and now in 2022. Last September, Area Development reported that Alabama ranked Number 6 in its annual “Best States for Doing Business” survey, containing a sustained run for the state in that list’s Top 10. To connect with the author of this story or to comment, email brandonmreporter@gmail.com.
Personnel update: Tommy Tuberville aide Jordan Mills named Senior Director of Government Relations for Williams & Jensen law firm
Jordan Mills, Regional Director for Senator Tommy Tuberville, has been named Senior Director of Government Relations for D.C.-based law firm Williams & Jensen. The law firm focuses on federal lobbying. “I am thrilled to welcome Jordan to our firm,” said Susan Hirschmann, Chairman and CEO of Williams & Jensen. “After working successfully with Senator Tuberville, he brings a wealth of knowledge and deep relationships to the Williams & Jensen team. Alabama has always been my home, and I look forward to expanding our firm’s work in the state. Jordan will play a major role in that endeavor.” Jordan most recently managed relationships in East Alabama for Sen. Tuberville. Jordan contributed to regional economic development efforts and guided local leaders through the annual federal appropriations process. He developed lasting relationships with policymakers in Washington and elected officials across Alabama. “Jordan has been a strong representative of mine, and we’ll miss him. Fortunately, he’ll still be advocating for the people of Alabama, and I’m confident he’ll be successful in whatever he pursues,” said Tuberville. In a release announcing Jordan’s hire Tubberville said, “It was incredibly important to assemble a robust, knowledgeable team with strong Alabama roots, and I am confident the team constructed we have will serve the people of Alabama well. My team understands that the government works for the people, not the other way around. We’re here to help.” The release went on to describe Jordan’s background saying, “Jordan Mills will serve as Auburn Regional Director. Mills was born and raised in Montgomery, AL. After high school he received a scholarship to play baseball at Lurleen B Wallace in Andalusia, AL. After finishing his career at LBW Jordan attended Troy University at Montgomery. Jordan found a passion for entrepreneurship at the age of 21 when he helped start the first of 3 businesses. He now lives in Auburn, AL. with his wife Riki of 16 years and their 3 children.” Prior to joining the Senator’s staff, Jordan helped start multiple small businesses in the state. The Montgomery native currently lives in Auburn with his wife and their three children. “Serving on Senator Tuberville’s team has been the honor of a lifetime,” said Jordan. “I look forward to continuing my work to help make Alabama the best it can be in my new role as I advise Alabama companies and public entities on the federal appropriations process and how to most effectively engage with Washington leaders. Williams & Jensen’s reputation speaks for itself, and I am thankful for the opportunity to be a part of such a highly regarded firm.” Williams & Jensen is one of the top lobbying firms for the past 25 years, with a clientele of leading companies, trade associations, and institutions.
Democrats and Republicans share core values but still distrust each other
Americans on the right and the left have a lot more in common than they might think — including their strong distrust of each other. A survey published on Wednesday finds that when asked about core values, including fairness, compassion, and personal responsibility, about nine in 10 Democrats and Republicans agreed they were very or extremely important. Yet only about a third of either group said they believed the same was true for the opposing party. The results of the poll, conducted by NORC at the University of Chicago and the nonprofit group Starts With Us, reveal a stark truth at the source of the polarization that has a powerful grip on American politics: While most Americans agree on the core principles underlying American democracy, they no longer recognize that the other side also holds those values. “This is a hidden opportunity for Americans to reestablish a sense of shared values,” said Tom Fishman, chief executive at Starts With Us, a nonpartisan organization that works to bridge political polarization. Americans from both parties need to understand that they still share common values, he said, and to recognize their misconceptions about the opposing party. Americans have a long tradition of quarrelsome politics, dating back to before the Boston Tea Party. But with the notable exception of the Civil War, a sense of unity has kept those forces of division at bay. Experts who study partisanship and trust say that while a certain amount of polarization is natural, it can become a significant problem when it’s exploited by political parties or when one party no longer views the other as legitimate opposition but as an enemy. A number of factors are cited as possible causes for an increase in division, including the decline and fragmentation of legitimate news sources, politicians who stoke distrust, and social media platforms that spread misinformation while too often sorting users into echo chambers where they seldom encounter an opposing view. This loss of unity is tied to growing distrust in the media, government, science, and public health while political anger has sometimes boiled over into hate speech or violence like that seen on Jan. 6, 2021, when supporters of then-President Donald Trump violently attacked the U.S. Capitol in a bid to overturn the Republican’s 2020 election loss to Democrat Joe Biden. “When you get worried is when polarization turns into dehumanization — a sense that the other is somehow less than human, or evil, or unable to share your decent human values,” said Nealin Parker, executive director of Common Ground USA, a group that works to resolve conflict by building trust among Americans. “That should be concerning to anybody, because those are the necessary psychological steps to doing harm to each other.” In the survey, respondents were asked to rate the importance of six principles: personal responsibility, fair enforcement of the law, representative government, government accountability, compassion and respect across differences, and learning from the past. In each case, about 90% of both Democrats and Republicans rated these values as very or extremely important. When asked if members of the opposing party thought those values were very or extremely important, however, about two-thirds of respondents said no. For example, while 91% of Republicans said they think it’s very or extremely important that citizens should learn from the past to improve the country, only about a third of Democrats said they believed that to be true of GOP voters. And while only 31% of Republicans say Democrats believe government accountability is very or extremely important, 90% of Democratic respondents said they do. The findings reflect a phenomenon known as “affective polarization,” in which disagreements are based on animosity and a lack of trust instead of an actual debate over values or policy. Julia Minson, a professor who studies conflict and collaboration at Harvard University’s Harvard Kennedy School, said recognizing common values is a good start to bridging America’s divides. Too often, Minson said, “We ascribe negative things to people we disagree with. We see them as an adversary that doesn’t want to be a partner. It’s very much about emotions and trust and largely divorced from actual differences.” ___ The nationwide survey of 1,003 adults was conducted May 11-15 using NORC’s probability-based AmeriSpeak Panel, which is designed to be representative of the U.S. population. The margin of sampling error is plus or minus 4.3 percentage points. Republished with the permission of The Associated Press.
Punishing winds, possible tornadoes inflict damage as storms cross U.S. South
Damaging winds and possible tornadoes toppled trees, damaged buildings, and blew cars off a highway Wednesday as powerful storms crossed the South from Texas to Georgia. The National Weather Service issued numerous tornado warnings, mainly in southeast Alabama and southwest Georgia, and cautioned that gusts of hurricane-force winds exceeding 90 mph (145 kph) were possible in parts of northeast Louisiana and central Mississippi. Some areas also were pelted with large hail. Forecasters said severe storm threats could persist into Thursday, with the greatest risk across southern Alabama and Georgia into the Florida Panhandle as well as Oklahoma and parts of northern Texas and southern Kansas. Felecia Bowser, meteorologist in charge for the National Weather Service in Tallahassee, Florida, called the far-reaching inland storm system unprecedented for this time of year. “In June, we’re usually gearing up more for tropical weather,” Bowser said. “This type of widespread, aggressive precipitation that we’re seeing today usually occurs more so in the spring.” Two people escaped unharmed from a home that was destroyed Wednesday as storms raked rural southwest Georgia, Calhoun County Sheriff Josh Hilton said. He told WALB-TV the home in Quail County Plantation, near the county line with neighboring Early County, was demolished. Video posted on social media showed a large funnel cloud churning on the horizon near the rural city of Blakely, and officials in nearby communities reported downed trees and snapped power lines. Connie Hobbs, the elected commission chairman for neighboring Baker County, said hail stones up to golf-ball size rained down in her yard. Tornado warnings were issued for southwest Georgia’s largest city, Albany, and surrounding Dougherty County on Wednesday afternoon. County government spokeswoman Wendy Howell said there had been no reports of significant damage or injuries. “The big concern is flooding,” Howell said as rain hammered at windows Wednesday evening. “We’re such a flat area, and there’s already water standing” on and alongside the roads. In Alabama, the Eufaula Police Department said confirmed tornado damage was reported in the city near the Georgia state line. Eufaula Mayor Jack Tibbs told WSFA-TV that no injuries were immediately reported, but the storm collapsed a wall of a building and downed 30 or 40 trees. Local news outlets showed viewer-submitted video of a tornado rumbling through nearby Henry County, Alabama, and of roof damage in the area. Sheriff Larry Rowe of Cass County in eastern Texas told KYTX-TV that some vehicles were blown off a highway Wednesday afternoon as the county was under a tornado warning. There were no immediate reports of injuries. Republished with the permission of The Associated Press.
Donald Trump to speak at Alabama GOP dinner in August
Former President Donald Trump will speak at the Alabama Republican Party’s summer dinner on August 3 as he continues his presidential bid despite facing criminal charges. Trump will be the keynote speaker for the 2023 ALGOP Summer Dinner in Montgomery, the party announced Wednesday. The event is an annual fundraiser for the state party. Trump on Tuesday pleaded not guilty to federal charges of mishandling classified documents. In appearances before and after his arrest, he has attempted to cast his indictment as an attempt to damage his chances of returning to the White House. Florida Gov. Ron DeSantis, one of Trump’s rivals in the Republican presidential primary contest, spoke at the Alabama Republican Party’s winter fundraiser in March. Republished with the permission of The Associated Press.
Miami Mayor Francis Suarez enters crowded GOP presidential race days after Donald Trump’s indictment
Miami Mayor Francis Suarez filed paperwork Wednesday to launch his bid for the Republican presidential nomination, jumping into the crowded race just a day after GOP front-runner Donald Trump appeared in court on federal charges in Suarez’s city. The 45-year-old mayor, the only Hispanic candidate in the race, declared his candidacy with the Federal Election Commission. He had teased an announcement, noting that he would be making a “big speech” Thursday at the Reagan Library in California. Before Trump arrived at the courthouse Tuesday, Suarez toured the media encampment wearing a T-shirt with a police logo, as his city’s police force had jurisdiction over the downtown area. “If I do decide to run,” he told CNN, “it’s starting a new chapter, a new conversation of a new kind of leader who maybe looks a little different, speaks a little different, had a little bit of a different experience, but can inspire people.” Suarez, the president of the U.S. Conference of Mayors, is the son of Miami’s first Cuban-born mayor. He has national attention in recent years for his efforts to lure companies to Miami, with an eye toward turning the city into a crypto hub and the next Silicon Valley. Suarez, who is vying to become the first sitting mayor elected president, joins a GOP primary fight that includes Florida Gov. Ron DeSantis, former Vice President Mike Pence, Sen. Tim Scott of South Carolina, former United Nations Ambassador Nikki Haley and former New Jersey Gov. Chris Christie. Despite having a candidate field in the double digits, the race is largely seen as a two-person contest between Trump and DeSantis. But the other competitors are hoping for an opening, which Trump has provided with his myriad legal vulnerabilities — none more serious than his federal indictment on charges of mishandling sensitive documents and refusing to give them back. He pleaded not guilty Tuesday in Miami federal court to 37 felony counts. Suarez has said he didn’t support Trump in either the 2016 or 2020 presidential elections, instead writing in the names of U.S. Sen. Marco Rubio and then-Vice President Pence. In 2018, Suarez publicly condemned Trump after reports came out that he had questioned why the United States would accept more immigrants from Haiti and “shithole countries” in Africa. But times have changed, with Trump advisers now praising Suarez’s work and helping him promote what he calls “the Miami success story.” Trump’s former White House counselor Kellyanne Conway has even floated Suarez’s name as a possible vice presidential pick. Suarez, who is married with two young children, is a corporate and real estate attorney who previously served as a city of Miami commissioner. He has also positioned himself as someone who can help the party further connect with Hispanics. In recent months, he has made visits to early GOP voting states as he weighed a possible 2024 campaign. He is more moderate than DeSantis and Trump but has threaded the needle carefully on cultural issues that have become popular among GOP politicians. Suarez has been critical of DeSantis, dismissing some of the state laws he has signed on immigration as “headline grabbers” lacking in substance. He has said immigration is an issue that “screams for a national solution” at a time when many Republicans back hard-line policies. The two-term mayor previously expressed support for a Florida law championed by DeSantis and dubbed “Don’t Say Gay” that bans classroom instruction on sexual orientation or gender identity in kindergarten through third grade, but he has not specified whether he supported the expansion of the policy to all grades. Like other Republicans, Suarez has criticized DeSantis’ feud with Disney over the same law, saying it looks like a “personal vendetta.” Further ingratiating himself with the Trump team, Suarez has echoed Trump’s attacks on DeSantis’ demeanor, saying the governor doesn’t make eye contact and struggles with personal relationships with other politicians. In 2020, the mayor made a play to attract tech companies to Florida after the state relaxed its COVID-19 restrictions. He met with Big Tech players and investors such as PayPal founder Peter Thiel and tech magnate Marcelo Claure, began appearing on national television, and was profiled by magazines. Suarez, who has said he takes his salary in Bitcoin, has also hosted Bitcoin conferences and started heavily promoting a cryptocurrency project named Miami Coin, created by a group called City Coins. But the hype dissipated as virus restrictions eased elsewhere, eliminating Miami’s advantage on the COVID-19 front. Suarez’s vision also hit roadblocks with the collapse of the cryptocurrency exchange FTX, which was set to move its U.S. headquarters to Miami’s financial district before its founder and CEO Sam Bankman-Fried was arrested in the Bahamas last December. The only cryptocurrency exchange that traded Miami Coin suspended its trading, citing liquidity problems, and not living up to its promise to generate enough money to eliminate city taxes. Miami also ranks among the worst big U.S. cities for income inequality and has one of the least affordable housing markets. Republished with the permission of The Associated Press.
