(AMHERST, MASS.) The Trump administration wants to strip all nonprofit colleges, universities and private K-12 schools of their tax-exempt status if any of their programs designed to help students uses race as a criterion for eligibility.
This change is included in a rule the Treasury Department and Internal Revenue Service proposed on Sept. 3, 2026. The rule could take effect after May 31, 2027, following a two-month-long comment period – as long as it’s not blocked or delayed by the legal challenges likely to arise.
kAmpD 2 k2 9C67lQ9EEADi^^HHH]F>2DD]65F^AF3=:4\A@=:4J^23@FE^5:C64E@CJ^6=:K236E9\D49>:5EQm?@?AC@7:E =2H D49@=2Ck^2m H9@ k2 9C67lQ9EEADi^^AC6DD]86@C86E@H?]65F^q@@<^#F=6D\@7\E96\#@25\7@C\}@?AC@7:E\{6256CDQm96=AD ?@?AC@7:E =6256CD F?56CDE2?5 E96 =682= :DDF6D E96J 7246k^2m[ x 36=:6G6 E9:D =2E6DE D2=G@ :? E96 %CF>A 25>:?:DEC2E:@?’D 2EE6>AE E@ k2 9C67lQ9EEADi^^HHH]H9:E69@FD6]8@G^AC6D:56?E:2=\24E:@?D^a_ad^_`^6?5:?8\:==682=\5:D4C:>:?2E:@?\2?5\C6DE@C:?8\>6C:E\32D65\@AA@CEF?:EJ^Qm6?5 C24:2= AC676C6?46Dk^2m DEC6E496D &]$] =2H D@ 72C E92E :E H:== =:<6=J 36 E:65 FA :? 4@FCE 7@C J62CD]k^Am
k9am(92E :D E96 %CF>A 25>:?:DEC2E:@? 2:>:?8 E@ 5@nk^9am
kAm%96 k2 9C67lQ9EEADi^^HHH]7656C2=C68:DE6C]8@G^5@4F>6?ED^a_ae^_h^_c^a_ae\`g`af^C24:2=\?@?5:D4C:>:?2E:@?\:?\AC:G2E6\D49@@=DQmAC@A@D65 CF=6 DE2E6Dk^2m E92E AC:G2E6 D49@@=D 2C6?’E 6=:8:3=6 7@C E2I\6I6>AE DE2EFD :7 E96J 92G6 2?J D49@@=\25>:?:DE6C65 @C \DFAA@CE65 AC@8C2> E92E “5:D4C:>:?2E6D @? E96 32D:D @7 C246[ 4@=@C[ @C ?2E:@?2= @C 6E9?:4 @C:8:? … 7@C 2?J AFCA@D6]”k^Am
kAm%96 C68F=2E:@?D 5@ ?@E 567:?6 E96 H@C5 “5:D4C:>:?2E6” :? E9:D 4@?E6IE[ 3FE %C62DFCJ $64C6E2CJ k2 9C67lQ9EEADi^^HHH]:CD]8@G^?6HDC@@>^EC62DFCJ\:CD\>@G6\E@\6?5\E2I\6I6>AE\DE2EFD\7@C\5:D4C:>:?2E@CJ\AC24E:46D\:?\AC:G2E6\D49@@=DQm$4@EE q6DD6?E 92D >256 4=62Ck^2m E92E E96 %CF>A 25>:?:DEC2E:@? 4@?D:56CD AC@8C2>D E92E k2 9C67lQ9EEADi^^2A?6HD]4@>^2CE:4=6^E2I\6I6>AE\DE2EFD\4@==686D\D49@@=D\ECF>A\7gdde32b5hc_hh57b4g222_e74`b`_d7Qm92G6 5:G6CD:EJ 8@2=Dk^2m E@ 36 2 7@C> @7 5:D4C:>:?2E:@?]k^Am
kAm!C:G2E6 z\`a D49@@=D[ 4@==686D[ F?:G6CD:E:6D 2?5 AC@76DD:@?2= 2?5 EC256 D49@@=D H@F=5 36 DF3;64E E@ E9:D CF=6[ :?4=F5:?8 2== 24256>:4 2?5 2E9=6E:4 AC@8C2>D 2D H6== 2D 2== D49@=2CD9:AD 2?5 25>:DD:@?D A@=:4:6D 92G:?8 2?JE9:?8 E@ 5@ H:E9 677@CED E@ :?4C62D6 5:G6CD:EJ]k^Am
kAm%96 AC@A@D65 CF=6 H@F=5 ?@E 2AA=J E@ C6=:8:@FD D49@@=D E92E >2<6 25>:EE:?8 A6@A=6 H9@ 2596C6 E@ E96 D49@@=’D C6=:8:@? 2 AC:@C:EJ] }@C H@F=5 :E 2AA=J E@ AF3=:4 F?:G6CD:E:6D[ 3FE x 36=:6G6 E96 =2?8F286 :D 3C@25 6?@F89 E@ 2AA=J E@ k2 9C67lQ9EEADi^^HHH]:36I:?D:89ED]4@^52E2^C2?<:?8D^AF3=:4\6?5@H>6?E\A6C\F85D^QmE96 7@F?52E:@?D E92E AC@G:56 D49@=2CD9:ADk^2m E@ DEF56?ED 2E AF3=:4 F?:G6CD:E:6D]k^Am
kAmpE E9:D A@:?E[ >2?J <6J 56E2:=D 23@FE E96 CF=6 C6>2:? F?4=62C]k^Am
k7:8FC6mk:>8 2=ElQp 8C@FA @7 H@>6? :? 8C25F2E:@? C@36D H:E9 <6?E6 4=@E9 2446?ED 2?5 :? D@>6 42D6D 2 C:33@? E92E D2JD UR_bhjw2CG2C5UR_bhj =:DE6? 2?5 D>:=6]Q DC4lQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^fdghec^@C:8:?2=^7:=6\a_ae_h_h\d_\I:c47G];A8n:I=:3lC3\c]`]`U2>AjBlcdU2>Aj2FE@l7@C>2EU2>Aj7:El4=:AU2>AjHlfc_Q ^mk7:842AE:@?mp 8C@FA @7 8C25F2E6D E2<6D A2CE :? E96 q=24< r@>>6?46>6?E 2E w2CG2C5 &?:G6CD:EJ @? |2J ab[ a_`f] k2 9C67lQ9EEADi^^HHH]86EEJ:>286D]4@>^56E2:=^?6HD\A9@E@^8C25F2E6D\=:DE6?\E@\E96\>2DE6C\@7\46C6>@?J\2D\E96J\E2<6\?6HD\A9@E@^egffc`dhan25AA@AFAlECF6Qmz6:E9 q657@C5^%96 q@DE@? v=@36 G:2 v6EEJ x>286D G:2 %96 r@?G6CD2E:@?k^2mk^7:842AE:@?mk^7:8FC6m
kAm%96 x#$ 6DE:>2E6D E92E E9:D CF=6 H@F=5 k2 9C67lQ9EEADi^^HHH]7656C2=C68:DE6C]8@G^5@4F>6?ED^a_ae^_h^_c^a_ae\`g`af^C24:2=\?@?5:D4C:>:?2E:@?\:?\AC:G2E6\D49@@=DQm27764E `g[___ AC:G2E6 D49@@=D 2EE6?565 3J fd_[___ DEF56?EDk^2m 2E 2== =6G6=D @7 :?DECF4E:@?]k^Am
kAmp== AC:G2E6 D49@@=D E92E 2C6 ?@?AC@7:ED 56A6?5 @? E9:D E2I 6I6>AE:@?[ 3@E9 E@ k2 9C67lQ9EEADi^^>:??6D@E2?@?AC@7:ED]@C8^C6D@FC46D\E@@=D^DE2CE:?8\2\?@?AC@7:E^36?67:ED\2?5\5:D25G2?E286D\@7\@3E2:?:?8\d_`4b\E2I\6I6>AE:@?QmD2G6 >@?6J @? :?4@>6 2?5 AC@A6CEJ E2I 3:==Dk^2m 2?5 E@ k2 9C67lQ9EEADi^^E2IA@=:4J46?E6C]@C8^3C:67:?8\3@@<^H9@\36?67:ED\565F4E:@?\492C:E23=6\4@?EC:3FE:@?DQm2EEC24E 5@?2E:@?Dk^2m] (:E9@FE E96D6 36?67:ED :? A=246[ EF:E:@? 3:==D 2E ?@?AC@7:E D49@@=D 4@F=5 D<JC@4<6E 2?5 E96 k2 9C67lQ9EEADi^^9649:?86CC6A@CE]@C8^A246\@7\4@==686\4=@D:?8D\A:4<D\FA\H:E9\>@C6\AC@;64E65^Qm7:?2?4:2= AC6DDFC6D >2?J 4@==686D 2?5 F?:G6CD:E:6D 2=C625J 7246k^2m H@F=5 :?4C62D6]k^Am
kAmp>6C:42?D k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^FD\8:G:?8\8C6H\b\:?\a_ad\4C@DD:?8\E96\e__3\>2C<\7@C\E96\7:CDE\E:>6\agahdbQm82G6 23@FE &$Sha 3:==:@? :? 492C:E23=6 5@?2E:@?Dk^2m E@ AC:G2E6 D49@@=D :? a_ad[ H9:49 >@DE=J DFAA@CE65 9:896C 65F42E:@?] %92E 7F?5:?8 4@G6CD 2? 2G6C286 @7 23@FE k2 9C67lQ9EEADi^^HHH]9:896C655:G6]4@>^?6HD^4@==686\5@?@CD\8:7ED\6?5@H>6?ED\9:896C\65\5:DCFAE:@?\42D6\C6A@CE^g`fbfg^Qm`_T @7 4@==686 2?5 F?:G6CD:EJ 3F586EDk^2m]k^Am
kAmp 492?86 :? E96 CF=6D 4@F=5 2=D@ 4@>A=:42E6 D49@@=D’ C6=2E:@?D9:AD H:E9 E96:C 5@?@CD[ 2=E6C E96 5:DEC:3FE:@? @7 D49@=2CD9:AD 2?5 =625 E@ D:8?:7:42?E =682= 3:==D[ 2D E96 k2 9C67lQ9EEADi^^HHH]7656C2=C68:DE6C]8@G^5@4F>6?ED^a_ae^_h^_c^a_ae\`g`af^C24:2=\?@?5:D4C:>:?2E:@?\:?\AC:G2E6\D49@@=DQm8@G6C?>6?E :ED6=7 92D 24<?@H=65865k^2m]k^Am
k9am(92E C2E:@?2=6 92D E96 25>:?:DEC2E:@? AC@G:565nk^9am
kAm%96 AC@A@D65 CF=6 9:?86D @? E96 %CF>A 25>:?:DEC2E:@?’D 567:?:E:@? @7 C24:2= 5:D4C:>:?2E:@?i E92E 2?J <:?5 @7 k2 9C67lQ9EEADi^^HHH]FD2E@52J]4@>^DE@CJ^>@?6J^a_ae^_`^`a^56:\4:G:=\C:89ED\ECF>A\H9:E6\A6@A=6^gg`cfbah__f^QmC24:2= AC676C6?46 :D HC@?8k^2m 2?5 8C@F?5D 7@C E6C>:?2E:?8 8@G6C?>6?E DFAA@CE – 6G6? H96? :E’D >62?E E@ 255C6DD A2DE :?;FDE:46D[ =:<6 E96 k2 9C67lQ9EEADi^^;:>4C@H>FD6F>]76CC:D]65F^E:>6=:?6^;:>4C@H]9E>Qm564256D @7 DJDE6>:4 5:D4C:>:?2E:@?k^2m E92E 7@==@H65 E96 6?5 @7 D=2G6CJ :? E96 &?:E65 $E2E6D]k^Am
kAm%96 x#$’ k2 9C67lQ9EEADi^^HHH]7656C2=C68:DE6C]8@G^5@4F>6?ED^a_ae^_h^_c^a_ae\`g`af^C24:2=\?@?5:D4C:>:?2E:@?\:?\AC:G2E6\D49@@=DQm6IA=2?2E:@? @7 E9:D CF=6k^2m 2==F56D E@ >2?J =682= AC64656?ED[ :?4=F5:?8 EH@ D:8?:7:42?E &]$] $FAC6>6 r@FCE 564:D:@?D]k^Am
kAm(:E9 :ED k2 9C67lQ9EEADi^^DFAC6>6];FDE:2]4@>^42D6D^7656C2=^FD^ce`^dfc^Qmq@3 y@?6D &?:G6CD:EJ G] &?:E65 $E2E6Dk^2m CF=:?8[ E96 4@FCE 7@F?5 :? `hgb E92E 2 F?:G6CD:EJ 32??:?8 :?E6CC24:2= 52E:?8 2?5 >2CC:286 AC@G:565 E96 x#$ H:E9 E96 =682= 8C@F?5D E@ k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^42?\ECF>A\DEC:A\92CG2C5\@7\:ED\492C:E23=6\DE2EFD\D49@=2CD\@7\?@?AC@7:E\=2H\2?5\244@F?E:?8\56D4C:36\E96\@3DE24=6D\:?\9:D\H2J\add_faQmC6G@<6 :ED E2I\6I6>AE DE2EFDk^2m]k^Am
kAmp?5 E96 4@FCE 7@F?5 :? a_ab[ :? :ED k2 9C67lQ9EEADi^^HHH]DFAC6>64@FCE]8@G^@A:?:@?D^aaA57^a_\``hh0985;]A57Qm$EF56?ED 7@C u2:C p5>:DD:@?D G] w2CG2C5k^2m CF=:?8[ E92E 4@==686D 2?5 F?:G6CD:E:6D E92E 2446AE 8@G6C?>6?E 7F?5:?8 42??@E 4@?D:56C C246 :? E96:C 25>:DD:@?D A@=:4:6D H:E9@FE k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^2\a__b\DFAC6>6\4@FCE\564:D:@?\FA9@=5:?8\277:C>2E:G6\24E:@?\A=2?E65\E96\D665D\@7\:ED\@G6CEFC?:?8\2D\;FDE:46D\E96?\2?5\?@H\E9@F89E\C24:D>\2?\62D:=J\D@=G65\AC@3=6>\a_gg_fQmG:@=2E:?8 E96 6BF2= AC@E64E:@? 4=2FD6k^2m @7 E96 r@?DE:EFE:@?]k^Am
k9ams@6D E96 7656C2= 8@G6C?>6?E 92G6 E9:D 2FE9@C:EJnk^9am
kAm%96C6 :D 6G:56?46 E92E E96 8@G6C?>6?E =24<D E96 2FE9@C:EJ E@ :>A=6>6?E E9:D AC@A@D65 CF=6]k^Am
kAmk2 9C67lQ9EEADi^^HHH]65H66<]@C8^=6256CD9:A^ECF>A\6IE6?5D\2?E:\56:\AFD9\E@\AC:G2E6\D49@@=D\6J6:?8\E96:C\E2I\6I6>AE\DE2EFD^a_ae^_hQmt5F42E:@?2= 8C@FAD[ DF49 2D t5%CFDEk^2m 2?5 E96 k2 9C67lQ9EEADi^^HHH]?AC]@C8^a_ae^_h^_c^?I\D`\dhddeee^:CD\E2C86ED\AC:G2E6\D49@@=D\E92E\96=A\C24:2=\>:?@C:EJ\DEF56?EDQmp>6C:42? pDD@4:2E:@? @7 &?:G6CD:EJ !C@76DD@CDk^2m[ 92G6 6IAC6DD65 E96:C @AA@D:E:@? E@ E96 AC@A@D65 492?86D] {682= D49@=2CD[ DF49 2D k2 9C67lQ9EEADi^^HHH]?JE:>6D]4@>^a_ae^_h^_b^3FD:?6DD^64@?@>J^ECF>A\:CD\4@==686\?@?AC@7:ED]9E>=Qm!9:=:A w24<?6J[ t==6? pAC:==[ s2CJ== y@?6Dk^2m 2?5 k2 9C67lQ9EEADi^^HHH]=2E:>6D]4@>^H@C=5\?2E:@?^DE@CJ^a_ae\_h\_b^ECF>A\E2I\6I6>AE\DE2EFD\D49@@=D\C246QmqC:2? v2==6k^2m[ 92G6 6IA=2:?65 H9J E96 CF=6 :D =:<6=J :==682=]k^Am
kAmk2 9C67lQ9EEADi^^HHH]DEF56?E=@2?A=2??6C]4@>^AD=7\CF=6D\DECF4<\5@H?^Qm%H@ 4@FCED 7@F?5k^2m @? yF?6 b_[ a_ae[ E92E E96 s6A2CE>6?E @7 t5F42E:@? 5:5 ?@E 92G6 E96 2FE9@C:EJ E@ 2=E6C k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^;F586D\3=@4<\ECF>A\25>:?:DEC2E:@?D\2EE6>AED\E@\56?J\2446DD\E@\AF3=:4\D6CG:46\=@2?\7@C8:G6?6DD\E@\:ED\A6C46:G65\7@6D\agefc`QmDEF56?E =@2? 7@C8:G6?6DD CF=6D 7@C E96 6>A=@J66D @7 ?@?AC@7:EDk^2m] x 6IA64E E@ D66 @AA@?6?ED @7 E96 AC@A@D65 CF=6 E@ FD6 E9@D6 42D6D E@ DFAA@CE E9:D 2C8F>6?E]k^Am
kAmtG6? :7 E96 4@FCED 56E6C>:?6 E96 x#$ 5@6D 92G6 2FE9@C:EJ E@ :DDF6 E9:D CF=6[ E96J k2 9C67lQ9EEADi^^HHH]DFAC6>64@FCE]8@G^@A:?:@?D^abA57^aa\cd`0f>dg]A57QmH:== 92G6 E96 7:?2= D2Jk^2m 2D E@ H96E96C E96 286?4J 92D :?E6CAC6E65 4@?8C6DD:@?2= :?E6?E 4@CC64E=J]k^Am
kAm{682= D49@=2CD 2C6 2=D@ D2J:?8 E92E E96 %CF>A 25>:?:DEC2E:@?’D k2 9C67lQ9EEADi^^A2A6CD]DDC?]4@>^D@=b^A2A6CD]47>n23DEC24E0:5lf`hbgfgQm:?E6CAC6E2E:@? @7 AC:@C $FAC6>6 r@FCE 42D6Dk^2m C682C5:?8 5:D4C:>:?2E:@? 2E D49@@=D H:E9 E2I\6I6>AE DE2EFD :D :?4@CC64E]k^Am
kAmk2 9C67lQ9EEADi^^HHH]2>6C:42?32C]@C8^8C@FAD^E2I2E:@?^C6D@FC46D^E2I\=2HJ6C^a_ae\H:?E6C^C6G@42E:@?\E2I\6I6>AE:@?\AF3=:4\A@=:4J\:==682=:EJ\E6CC@C:D>\492C:E23=6\AFCA@D6^Qm%96J A@:?E @FEk^2m E92E E96 w2CG2C5 25>:DD:@?D 42D6 H2D =:>:E65 E@ 4@==686D 2?5 F?:G6CD:E:6D E92E 2446AE65 AF3=:4 7F?5:?8[ 2?5 :E AC@G:565 D@>6 ?2CC@H 6I46AE:@?D] %96 AC@A@D65 C68F=2E:@? H@F=5 2AA=J E@ 2== AC:G2E6 D49@@=D[ H:E9@FE 6I46AE:@?[ 6G6? :7 E96J 5@?’E C646:G6 7656C2= 7F?5:?8]k^Am
kAmuFCE96C[ E96 q@3 y@?6D CF=:?8 DEC6DD65 E92E 2 ?@?AC@7:E’D E2I\6I6>AE DE2EFD 4@F=5 @?=J 36 C6G@<65 @? “7F?52>6?E2= AF3=:4 A@=:4J” 8C@F?5D H96? E96 24E:G:EJ :? BF6DE:@? D@ D9@4<65 E96 4@>>F?:EJ 4@?D4:6?46 E92E :E F?56C>:?65 2?J @E96C 36?67:E E96 :?DE:EFE:@? 4@?76CC65] xE 32D65 :ED @A:?:@? @? b_ J62CD @7 6G:56?46 7C@> 2== E9C66 3C2?496D @7 8@G6C?>6?E E@ D9@H E92E E9:D <:?5 @7 AC6;F5:46 G:@=2E65 7F?52>6?E2= AF3=:4 A@=:4J]k^Am
kAm%96 %CF>A 25>:?:DEC2E:@? k2 9C67lQ9EEADi^^A2A6CD]DDC?]4@>^D@=b^A2A6CD]47>n23DEC24E0:5lf`hbgfgQm>2J 36 F?23=6 E@ D9@Hk^2m E92E E96 AF3=:4’D A6CDA64E:G6 C682C5:?8 5:G6CD:EJ[ 6BF:EJ 2?5 :?4=FD:@? 92D 492?865 E92E >F49] xE k2 9C67lQ9EEADi^^HHH];FDED64FC:EJ]@C8^`_f_gf^EC24<6C\=:E:82E:@?\=682=\492==6?86D\ECF>A\25>:?:DEC2E:@?^Qm7246D ?F>6C@FD =2HDF:EDk^2m 492==6?8:?8 :ED 567:?:E:@? @7 C24:2= 5:D4C:>:?2E:@?[ 2?5 E96 p>6C:42? AF3=:4 k2 9C67lQ9EEADi^^5@:]@C8^`_]`_bg^Dc`dhg\_ac\fefe`\gQmC6>2:?D @G6CH96=>:?8=J :? 72G@Ck^2m @7 5:G6CD:EJ[ 6BF:EJ 2?5 :?4=FD:@? A@=:4:6D]k^Am
kAm{2H AC@76DD@C #@86C r@=:?G2FI 92D 2=D@ k2 9C67lQ9EEADi^^HHH]A9:=2?E9C@AJ]4@>^@A:?:@?^H92E\E96\762C=6DD\7F?5\D6EE=6>6?E\>62?D\7@C\A9:=2?E9C@A:4\7C665@>^QmA@:?E65 @FEk^2m E92E :?E6CAC6E:?8 E96 E6C> “5:D4C:>:?2E:@?” E@ >62? E92E @C82?:K2E:@?D 42? ?@ =@?86C C6>65J A2DE 5:D4C:>:?2E:@? CF?D 4@F?E6C E@ E96 =682= 567:?:E:@? @7 E96 E6C> “492C:E23=6[” H9:49 >62?D E@ 96=A E9@D6 :? ?665] k2 9C67lQ9EEADi^^HHH]647C]8@G^4FCC6?E^E:E=6\ae^492AE6C\x^DF3492AE6C\p^A2CE\`^DF3;64E\8C@FA\tru#_eagga24echdgh_^D64E:@?\`]d_`W4XWbX\`Qm%C62DFCJ s6A2CE>6?E C68F=2E:@?Dk^2m 567:?6 492C:E23=6 24E:G:E:6D 2D 96=A:?8 “E96 A@@C 2?5 5:D25G2?E2865” 2?5 6=:>:?2E:?8 “AC6;F5:46 2?5 5:D4C:>:?2E:@?]”k^Am
kAmu:?2==J[ 2D p=6I2?56C #6:5[ 2 AC@>:?6?E 2EE@C?6J H9@ DA64:2=:K6D :? E2I 6I6>AE:@?D[ k2 9C67lQ9EEADi^^?@?AC@7:E=2H3=@8]4@>^2=6I\C6:5D\AF3=:4\4@>>6?ED\7F?52>6?E2=\AF3=:4\A@=:4J\C68F=2E:@?D\@?\C24:2=\5:D4C:>:?2E:@?\:?\D49@@=D^Qm?@E65 :? 2 =6EE6C E@ E96 x#$k^2m[ E96 AC@A@D65 CF=6 C2:D6D D:8?:7:42?E k2 9C67lQ9EEADi^^4@?DE:EFE:@?]4@?8C6DD]8@G^4@?DE:EFE:@?^2>6?5>6?E\`^Qmu:CDE p>6?5>6?E :DDF6D @7 7C665@> @7 DA6649k^2m[ C6=:8:@?[ 2DD@4:2E:@? 2?5 :?DE:EFE:@?2= 2FE@?@>J] %92E’D 3642FD6 :E H@F=5 27764E 49@:46D E92E 2== AC:G2E6 D49@@=D >2<6 E92E 2C6 6DD6?E:2= E@ E96:C :56?E:E:6D 2?5 6IAC6DD:@? @7 :562D]k^Am
k7:8FC6mk:>8 2=ElQp 8C2J\92:C65 >2? :? 2 DF:E 2?5 E:6 =@@<D 2D<2?46 H:E9 2? p>6C:42? 7=28 :? E96 324<8C@F?5]Q DC4lQ9EEADi^^:>286D]E964@?G6CD2E:@?]4@>^7:=6D^fdghed^@C:8:?2=^7:=6\a_ae_h_h\d_\C5Eg@g];A8n:I=:3lC3\c]`]`U2>AjBlcdU2>Aj2FE@l7@C>2EU2>Aj7:El4=:AU2>AjHlfc_Q ^mk7:842AE:@?m%C62DFCJ $64C6E2CJ $4@EE q6DD6?E :D AFD9:?8 7@C E96 ?6H CF=6] k2 9C67lQ9EEADi^^HHH]86EEJ:>286D]4@>^56E2:=^?6HD\A9@E@^EC62DFCJ\D64C6E2CJ\D4@EE\36DD6?E\2?DH6CD\BF6DE:@?D\7C@>\7@I\?6HD\A9@E@^aahad_h___n25AA@AFAlECF6Qm|6=:DD2 $F6 v6CC:ED^v6EEJ x>286D G:2 %96 r@?G6CD2E:@?k^2mk^7:842AE:@?mk^7:8FC6m
k9am(92E’D 2E DE2<6nk^9am
kAm%H@ J62CD 28@[ E96 7656C2= 8@G6C?>6?E k2 9C67lQ9EEADi^^HHH]66@4]8@G^?6HDC@@>^66@4\56=:G6CD\25>:?:DEC2E:@?\AC:@C:E:6D\2?5\AC6D:56?E\ECF>AD\6I64FE:G6\@C56CDQmDFAA@CE65 2 567:?:E:@?k^2m @7 C24:2= 5:D4C:>:?2E:@? E92E :D k2 9C67lQ9EEADi^^4:G:=C:89ED]@C8^ECF>A\C@==324<D^QmG2DE=J 5:776C6?E 7C@> E96 567:?:E:@?k^2m E96 %CF>A 25>:?:DEC2E:@? ?@H 9@=5D[ 2?5 2 ?6H 25>:?:DEC2E:@? 4@F=5 4@>6 FA H:E9 DE:== 2?@E96C >62?:?8] %96 =2HDF:ED E92E H:== DFC6=J 492==6?86 E9:D AC@A@D65 CF=6 H:== 96=A E@ 56E6C>:?6 E96 =682= >62?:?8 @7 C24:2= 5:D4C:>:?2E:@? – 2?5 r@?8C6DD 4@F=5 H6:89 :? 2D H6==]k^Am
kAmx? E96 >62?E:>6[ >2?J ?@?AC@7:E D49@@=D >2J 6?5 E96:C AC@8C2>D E92E 2C6 56D:8?65 E@ 255C6DD E96 C6DF=ED @7 A2DE 5:D4C:>:?2E:@? @FE @7 2 762C @7 A@E6?E:2==J =@D:?8 E96:C E2I\6I6>AE DE2EFD]k^Am
kAmx H@F=5 ?@E 36 DFCAC:D65 E@ D66 @E96C <:?5D @7 ?@?AC@7:ED E2<:?8 D:>:=2C AC642FE:@?D 2D H6==[ @? E96 2DDF>AE:@? E92E E96 %CF>A 25>:?:DEC2E:@? H:== 2AA=J E9:D =@8:4 >@C6 3C@25=J :? E96 7FEFC6]k^Am
kAm%96 x#$ H:== ?665 E@ C6DA@?5 E@ E96 >2;@C E96>6D 255C6DD65 :? E96 k2 9C67lQ9EEADi^^HHH]C68F=2E:@?D]8@G^5@4F>6?E^x#$\a_ae\``gh\___`Qm4@>>6?ED :E C646:G6Dk^2m 3J }@G] b[ a_ae] xE >2J 492?86 E96 CF=6 367@C6 :E :DDF6D 2 7:?2= G6CD:@?]k^Am
kAmp?5 6G6? :7 E96 CF=6 H6C6 E@ 36 7:?2=:K65 @? D4965F=6[ x H@F=5 6IA64E 6IE6?D:G6 =:E:82E:@? 4@F=5 56=2J @C AC6G6?E :ED :>A=6>6?E2E:@?]k^Am
kAmk6>m%9:D 2CE:4=6 :D C6AF3=:D965 7C@> k2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^FDnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<\_U2>AjFE>04@?E6?El2CE:4=6\ah`bbgQm%96 r@?G6CD2E:@?k^2m[ 2 ?@?AC@7:E[ :?56A6?56?E ?6HD @C82?:K2E:@? 3C:?8:?8 J@F 724ED 2?5 ECFDEH@CE9J 2?2=JD:D E@ 96=A J@F >2<6 D6?D6 @7 @FC 4@>A=6I H@C=5] xE H2D HC:EE6? 3Ji k2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^AC@7:=6D^6=:K236E9\D49>:5E\bbgcbfnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\ah`bbgQmt=:K236E9 $49>:5Ek^2m[ k6>mk2 9C67lQ9EEADi^^E964@?G6CD2E:@?]4@>^:?DE:EFE:@?D^F>2DD\2>96CDE\`debnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?l3J=:?6\=:?<U2>AjFE>04@?E6?El2CE:4=6\ah`bbgQm&|2DD p>96CDEk^2mk^6>mk^6>mk^Am
kAmkDEC@?8m#625 >@C6ik^DEC@?8mk^Am
kF=mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^?@?AC@7:E\?6HD\@FE=6ED\2C6\@7E6?\D42C65\E92E\D6==:?8\25D\4@F=5\;6@A2C5:K6\E96:C\E2I\6I6>AE\DE2EFD\3FE\:CD\C64@C5D\D9@H\E92ED\366?\C2C6\aeggccnFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<_U2>AjFE>04@?E6?El2CE:4=6\ah`bbgQm}@?AC@7:E ?6HD @FE=6ED 2C6 @7E6? D42C65 E92E D6==:?8 25D 4@F=5 ;6@A2C5:K6 E96:C E2I‑6I6>AE DE2EFD[ 3FE x#$ C64@C5D D9@H E92E’D 366? C2C6k^2mk^=:mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^42?\ECF>A\DEC:A\92CG2C5\@7\:ED\492C:E23=6\DE2EFD\D49@=2CD\@7\?@?AC@7:E\=2H\2?5\244@F?E:?8\56D4C:36\E96\@3DE24=6D\:?\9:D\H2J\add_fanFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<`U2>AjFE>04@?E6?El2CE:4=6\ah`bbgQmr2? %CF>A DEC:A w2CG2C5 @7 :ED 492C:E23=6 DE2EFDn $49@=2CD @7 ?@?AC@7:E =2H 2?5 244@F?E:?8 56D4C:36 E96 @3DE24=6D :? 9:D H2Jk^2mk^=:mk=:mk2 9C67lQ9EEAi^^E964@?G6CD2E:@?]4@>^;F586D\3=@4<\ECF>A\25>:?:DEC2E:@?D\2EE6>AED\E@\56?J\2446DD\E@\AF3=:4\D6CG:46\=@2?\7@C8:G6?6DD\E@\:ED\A6C46:G65\7@6D\agefc`nFE>0D@FC46l{66U2>AjFE>0>65:F>lC6=2E65\=:?<U2>AjFE>042>A2:8?lC6=2E65\=:?<aU2>AjFE>04@?E6?El2CE:4=6\ah`bbgQmyF586D 3=@4< %CF>A 25>:?:DEC2E:@?’D 2EE6>AED E@ 56?J 2446DD E@ AF3=:4 D6CG:46 =@2? 7@C8:G6?6DD E@ :ED A6C46:G65 7@6Dk^2mk^=:mk^F=m
kA 4=2DDlQ7:?6\AC:?EQmk6>mkDA2?mt=:K236E9 $49>:5E :D 2 $6?:@C #6D62C49 u6==@H 2E &|2DD p>96CDE] $96 :D 2=D@ !C6D:56?E @7 #F=6D @7 E96 #@25 7@C }@?AC@7:ED[ {{r]k^DA2?mk^6>mk^Am
kAmk:>8 DC4lQ9EEADi^^4@F?E6C]E964@?G6CD2E:@?]4@>^4@?E6?E^ah`bbg^4@F?E]8:7n5:DEC:3FE@Cl=66Q DEJ=6lQ96:89Ei`AIjH:5E9i`AIjQ 2=ElQQ ^mk^Am
