Jabs over regulatory reform, budget cuts and shout outs were all part of the first day of NAFCU's Congressional Caucus in the Renaissance Mayflower Hotel in Washington.
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Rep. Jim Clyburn (D-S.C.) tells Caucus attendees that he would bet Congress will step back from the "fiscal cliff,” after the November elections, but also said he has been known to lose a bet.
NCUA Board Member Michael Fryzel took attendees on a tour through early U.S. history with a focus on the qualities of leadership held by the country’s founders. He urged NAFCU to seek out some of the same qualities in the candidates and legislators it chooses to back now.
Dan Berger, executive vice president of government affairs for NAFCU, reminded attendees that, as constituents, they have more power with their legislators than NAFCU executives and lobbyists will ever have.
Donald Layton, CEO of Freddie Mac, gave his first public speech as CEO to NAFCU. He used part of it to apologize for not being able to say more about reforms at Fannie Mae or Freddie Mac. As a condition of their government takeover, the two organizations are strictly enjoined from lobbying or participating in public debate about their future.
Rep. William Clay (D-Mo.) spoke vigorously in defense of the Consumer Financial Protection Bureau and the Dodd-Frank Act and thanked NAFCU several times for supporting him during a tight primary race.
Rep. Jeb Hensarling (R-Texas) assailed the Consumer Financial Protection Bureau and the Dodd-Frank Act, drawing approving applause several times.
Rep. Michael Grimm (R-N.Y.) told attendees that he feared the Consumer Financial Protection Bureau’s impact on local businesses and questioned why the agency is directed by one person instead of a board.
Economist Robert Feinberg of American University shared some findings from his study about the impact of credit unions losing a federal tax exemption.
Douglas Meade of the Interindustry Economic Research Fund discussed the paradox under which the federal government would actually lose tax revenue if it removed credit unions' tax exemption.