All Eyes on Partisan Politics at NAFCU Caucus
WASHINGON — Election year partisanship and controversy largely elbowed credit union topics off the agenda on the first day of NAFCU's 2012 Congressional Caucus. The annual event began Sept. 12, right at the beginning of a short congressional session before legislators head home to campaign for the November elections.
Rep. James Clyburn (D-S.C.), assistant Democratic leader, kicked off the morning's legislative speakers , telling credit union executives that he believed that Congress would resolve lingering debt reduction and budget impasses in time to avoid a series of Jan. 1 tax increases and budget cuts that become known as the fiscal cliff or sequestration.
In addition, just as at CUNA's Governmental Affairs Conference this year, the Consumer Financial Protection Bureau proved a lightning rod for controversy with lawmakers from both parties defending or attacking it.
Rep. William Clay Jr., (D-Mo.) defended the agency and the Dodd-Frank Act that created it, noting that new law outlawed too big to fail institutions and would prevent taxpayers from having to bail them out lest they wreck the entire financial system.