WASHINGTON – Last weekend’s Hurricane Ike and the spreading financial crisis muted yesterday’s opening of NAFCU’s annual Congressional Caucus.
Many of the most prominent speakers were absent from this year’s roster, including Fannie Mae’s CEO Daniel Mudd, who was dismissed as part of last week’s federal takeover of the mortgage giant, as well as Housing Financial Services Committee Chairman Barney Frank and Senate Banking Chairman Christopher Dodd. The absence of dozens of Texas and Louisiana representatives pushed this year’s attendance down below 400, its lowest in years.
Yesterday’s session was highlighted by a debate between top advisors to the McCain and Obama campaigns, both of whom said their candidate opposed a bailout of Lehman Brothers, the giant brokerage that filed for bankruptcy yesterday.
The conference is expected to take off today with the appearances of Congressman Paul Kanjorski, the champion of credit union bills in the House, Congresswomen Carolyn Maloney, the sponsor of several controversial consumer bills to restrict credit card practices, and one-time credit union foe Patrick McHenry.
New NCUA Chairman Michael Fryzel is scheduled to close out the conference tomorrow.
