Senator Chuck Grassley today commented on the inclusion of two provisions that will help solidify the future of the Rock Island Arsenal in the Omnibus Appropriations Bill for Fiscal Year 2014.  The bill resulted from a budget agreement between the House and the Senate.  Both chambers are expected to act on the appropriations bill this week.

"It's good news that this effort is moving forward. The capabilities of the Rock Island Arsenal have proven their value time and again and are a vital backstop in wartime.  This measure will help secure the long-term viability of the Arsenal," Grassley said.

The first provision requires the Secretary of the Army to maintain a workload that allows the Arsenal to sustain critical capabilities for when they are needed in time of war.  Those levels were determined in the Army Organic Industrial Base Strategy Report, released in August 2013.  The report resulted from a mandated study that was first proposed by Grassley with U.S. Senators Tom Harkin of Iowa and Mark Kirk and Dick Durbin of Illinois as part of the Army Arsenal Strategic Workload Enhancement Act of 2012 and authorized in the National Defense Authorization Act for Fiscal Year 2013.

The second provision ensures the Arsenal's competitiveness by providing additional funding through the Arsenal Sustainment Initiative.  This will help the Arsenal compete more effectively for partnerships in the private sector.

The provisions were included by Durbin with the support of the entire Rock Island Arsenal delegation: Grassley, Harkin and Kirk along with U.S. Reps. Dave Loebsack of Iowa and Cherri Bustos of Illinois.

Q:        What does the Federal Reserve do?

A:        The Fed was created to stem fault lines in the financial system that many argued bred depositor runs, interest rate spikes and market speculation in the late 19^th and early 20^th centuries.  The case was made in Congress that the ebb and flow of a growing U.S. economy needed more certainty and that a system was needed to manage money and the flow of credit.  The law that created the Fed -- the Federal Reserve Act of 1913 -- established staggered terms for presidential appointees to serve on the Board of Governors who also required a congressional green light of approval via the advice and consent of the U.S. Senate.  Today appointees serve 14-year terms intended to help insulate monetary policymaking from politics.  Unlike the centralized banking systems of its international counterparts, the Federal Reserve System established a dozen regional banks known as the Federal Reserve District Banks to serve and reflect the diversity of each respective region.  Today they are located in the 12 original cities selected a century ago, including Boston (District 1), New York (District 2), Philadelphia (District 3), Cleveland (District 4), Richmond (District 5), Atlanta (District 6), Chicago (District 7), St. Louis (District 8), Minneapolis (District 9), Kansas City (District 10), Dallas (District 11), and San Francisco (District 12).  The Board of Governors and the Reserve Bank presidents meet eight times per year.  The Fed will launch its centennial year under new leadership with the Senate's approval in January of Janet Yellen to serve as the 15^th executive at the helm of the seven-member Board of Governors of the Federal Reserve System. For the last 100 years, the Fed's primary responsibilities have included setting monetary policy, supervising the soundness of financial institutions and providing payment services to banks.  I've worked to require increased transparency of Fed activities and sponsored legislation to allow independent audits of the Federal Reserve by the Government Accountability Office, which is the investigative arm of Congress, and require that meaningful information about Federal Reserve operations be disclosed to Congress.

Q:        How does the Federal Reserve impact Americans?

A:        As the saying goes, money makes the world go round.  The Fed sets monetary policy that influences the supply and cost of credit.  As people go about their daily lives, from paying bills, buying goods and services, cashing or depositing checks or taking out a car or home loan, the policies set by the Federal Reserve affect these basic transactions and influence consumer behavior and decisions on whether to save, spend or invest.  The Fed provides financial services such as providing banks with currency and coin; moving money electronically between banks; and maintaining the U.S. Treasury's account, including processing electronic payments, such as Social Security checks.  In 2012 the Fed processed $4.2 trillion in payments per day.  By managing the money supply and influencing interest rates, the Fed plays a policymaking role to curb inflation, boost consumer confidence and trigger commercial activity.  Whereas the Federal Reserve manages the supply and demand of money, Congress sets the nation's fiscal policy through tax and spending policies that play a hand in consumer confidence, saving and investment up and down Main Street.  I'm committed to lowering the tax burden so the American public and job creators can keep more of their hard-earned money to save, spend, hire and invest as they see fit.

Q:        Why did you vote against Janet Yellen's nomination to chair the Federal Reserve?

A:       Under the leadership of Chairman Ben Bernanke, the Fed has flooded the economy with trillions of dollars since the economic recession hit in 2008.  Through an unconventional policy of buying mortgage-backed securities and longer-term Treasury securities, the Fed has created an addiction to easy money by Wall Street.  With significant uncertainty surrounding the Fed's ability to wind down $4 trillion of accumulated assets, it risks repeating the mistakes of the past.  The easy money policies of the late 1970s and early 1980s led to a painful recovery with interest rates reaching as high as 20 percent.  No one wants a flashback to this period of hyperinflation and high unemployment, least of all Main Street.  In fact, the Fed's so-called tool of quantitative easing hasn't buoyed Main Street's prognosis for long-term growth and stability.  Consider that unemployment remains too high, bank lending remains too tight and savers today are too often discouraged.  My concerns about the Fed's easy money policies and inflation led me to vote against Chairman Bernanke for his second term at the Fed.   Based on her statements, it seems that Janet Yellen will continue to pursue these misguided policies, and I couldn't in good conscience vote for her confirmation.  History shows the inflationary risks of easy money can do more harm than good.  This is a watershed moment for the Fed.  Continuing an open-ended monetary expansion policy may capsize the recovery by creating an economic bubble or even hyperinflation.  We need a chairman focused on a strong dollar and low inflation.

Corporations are holding record levels of cash, interest rates are low and the housing market is rebounding. The result? Merger and acquisitions professionals are buying more businesses and high-end homes are selling faster -- Silicon Valley had a 26 percent increase in sales of $1.5 million-and-up houses in the first half of last year.

If you're considering selling a business or property in 2014 - while business is good and before mortgage rates climb - keep in mind: Focusing only on the price can short-change you in the long run.

"A lot of sellers are rushing to close the deal because they're worried about what may be around the corner," says attorney John Hartog of Hartog & Baer Trust and Estate Law (www.hartogbaer.com). "My first rule: Sell smart, not fast."

Sales of commercial properties were up 11 percent in the third quarter of last year, notes wealth management advisor Haitham "Hutch" Ashoo, CEO of Pillar Wealth Management (www.pillarwm.com).

"These sales can constitute a significant money event, so you have to consider how they may impact your future lifestyle needs," he says.

Adds CPA Jim Kohles, chairman of RINA accountancy corporation (www.rina.com):

"And you have to factor in how the transaction will affect your tax position. A great sales price doesn't look so good if it costs you more in taxes."

The three offer these tips for a successful business or residential property sale:

• Know the true value of your business! A surprising number of entrepreneurs have an unrealistic idea of what their business is worth, says attorney Hartog. He tells of a man who owned a large chain of fast-food franchises. "He told everyone he knew the business was worth $150 million. After he died ... the business was sold for $35 million." That resulted in a drawn-out lawsuit by relatives of the man who accused the sellers of under-valuing the company. "Whether you're selling a business or real estate, get it appraised," Hartog advises. "It may sound obvious, but I've seen savvy business owners make big mistakes due to delusions of value."

• How confident are you that the transaction will help you maintain the lifestyle you want? Before their clients take one step toward moving forward on a significant sale, wealth managers Ashoo and his partner, Chris Snyder, analyze how it might affect them in the future. "This is a must-do step. You need to have confidence that this money event will help you maintain your lifestyle until you're in your 90s," Ashoo says. He and Snyder run the transaction through an  economic simulation factoring in major world and financial events since 1925, then use the information to project its future effect on the client. "If we're not 75- to 90 percent confident that it will help them reach their goals and maintain their lifestyle, we advise the develop a Plan B -- or not sell at all."

• The pre-tax price and the after-tax price must both be part of the negotiations. Getting the highest price for your business won't result in the most net gain if you end up paying a high tax rate on the proceeds, notes accountant Kohles. If you sell the shares in your company, you'll pay a lower tax rate. If you sell the physical plant, you'll pay a higher rate. In the first case the buyer is on the losing end of the tax question; in the second you are. "You have to package the deal so that there are some tax advantages for both of you; this is where having professional help is crucial," he says. If you've taken depreciation on the equipment, you'll pay a higher rate. Sales of some assets, such as patents, are taxed at the lower capital gain rate. Selling your goodwill - elements of the business that relate to the value of your relationships - allows your buyer to write off depreciation.

About John Hartog, Haitham "Hutch" Ashoo  & Jim Kohles: John Hartog is a partner at Hartog & Baer Trust and Estate Law in Orinda, Calif.  He is a certified specialist in estate planning, trust and probate law, and taxation law. Haitham "Hutch" Ashoo is the CEO of Pillar Wealth Management, LLC, in Walnut Creek, Calif., specializing in client-centered wealth management. Jim Kohles is chairman of the board of RINA accountancy corporation of Walnut Creek, Calif. He is a certified public accountant specializing in business consulting, succession and retirement planning, and insurance. All three advise ultra affluent families.

Author Michael Hib has created in 'BOOMERVILLE: Getting Off the Corporate Merry-Go-Round' an eye-opening read on how to survive and thrive in today's economy

COVINGTON, Ga. - The Baby Boomers generation has always been fortunate. This is due to the fact that most of them were born after the Second World War and have reaped the economic and moral benefits of the times. Therefore they have reaped the benefits of a higher income and better working conditions and benefits in their lifetime. But with a huge majority of baby boomers reaching retirement age and the world economy in shambles, the collective fates of all baby boomers seem uncertain. In "BOOMERVILLE: Getting Off the Corporate Merry-Go-Round" author Michael Hib has written a helpful guide on how the baby boomer generation can survive and thrive in the new economic arenas.

"BOOMERVILLE: Getting Off the Corporate Merry-Go-Round" shows how as millions of baby boomers head toward retirement and to new ventures, the world in which everyone lives in is shrinking rapidly. Many more countries attempt to become an economic player and US competitor as the global economy emerges. Rapidly expanding technologies and communications are enabling more countries to become borderless within a global economic community of creative destruction ? competitors on a global stage and 24 hour global clock. This highly informative book shows readers how millions of retiring baby boomers getting off the corporate merry-go-round will play a crucial role as freelancers and free agents in bridging the gaps in skills, talent, business wisdom, and sustainability.

This eye-opening and helpful read is a must have for all baby-boomers who wish to survive in the ever changing economic landscape of the times.