A Plethora of Personnel Changes on Capitol Hill

WASHINGTON – The last year has been a busy one for comings and goings in the nation’s capital in terms of important people to the credit union movement. In Congress, Representative Randy Cunningham (R-Calif.), a co-sponsor to the Credit Union Regulatory Improvements Act, resigned his position after pleading guilty to receiving bribes and other charges. Credit union-friendly Congressman Robert Matsui (D-Calif.) died on New Year’s Day. His wife, Doris, has since won a special election to his seat. California Republican Christopher Cox was appointed by the president to chair the Securities and Exchange Commission earlier this year. State Senator John Campbell (R) won a special election to the seat with support from credit union associations (See related story). The yin and yang of retirement reform Ben Cardin (D-Md.) and Rob Portman (R-Ohio) will be no more. Cardin is reportedly going to run for Senate Banking Committee Ranking Member Paul Sarbanes (D-Md.) seat; Sarbanes announced his retirement earlier this year. The other half of the dynamic duo, Portman, left his seat earlier this year when the president appointed him as the U.S. Trade Representative. Jean Schmidt (R) has taken his seat. Senate Banking Committee Member Jon Corzine (D-N.J.) won the gubernatorial race there and will appoint his own successor. The Washington rumor mill has it that Congressman Bernie Sanders (I-Vt.), a strong credit union supporter, will take a shot at Senator Jim Jeffords (I-Vt.), who has announced he will not seek reelection. Additionally, House Financial Services Committee Chairman Mike Oxley (R-Ohio) has announced his retirement from Congress. A number of candidates are vying for the post, including Spencer Bachus (R-Ala.).