Politicians on Parade: NAFCU Congressional Caucus
September 17, 2015 8:31 AM
Lawmakers from both sides of the aisle lines up to speak at the CU event, and what they had to say demonstrated why financial regulatory reform efforts have stalled.
Sen. Sherrod Brown, D-Ohio, addresses the crowd on the second day of NAFCUs Congressional Caucus. "We had a bill in the Banking Committee that unfortunately became partisan because Republicans really wanted almost a wholesale repeal of major Dodd-Frank rules," said Brown, the ranking member on the Senate Banking Committee.
House Ways and Means Committee Ranking Member Sander Sandy Levin, D-Mich., speaks at NAFCUs Congressional Caucus. "There is a political crisis in the country, in my judgment the political picture is more confused than it has been in a long time," he said. "Partisanship is deeper than any of the years that I've been in the Congress, and I think the only way it's going to be solved is with the election next year."
Sen. David Vitter, R-La., speaking to attendees on the second day of NAFCUs Congressional Caucus. Sen. David Vitter, R-La., told credit union representatives that two factors led to the political stalemate over Senate Banking Chairman Shelbys reform bill. The first, he said, was that Democrats began to view the bill as "an assault on Dodd-Frank" at which point they "closed ranks" against the effort. Second, he pointed to Sen. Elizabeth Warren, D-Mass., arguing that her "causing a ruckus" on several provisions worsened the divide, because she "scares the 'bejeebus'" out of fellow Democrats. "They run like the building's on fire when that starts to happen," he added.
U.S. Rep. Patrick Murphy, D-Fla., presenting during the general session of NAFCUs Congressional Caucus Wednesday.
Rep. Bill Huizenga, R-Mich., speaks at NAFCUs Congressional Caucus Wednesday. Like his colleague in the Senate, Vitter, he pointed to Sen. Elizabeth Warrens role in the ongoing stalemate over financial reform. "There's some very loud, strong, prominent voices in the Senate not to name names, but a particular New England senator who has declared Dodd-Frank off limits," he said. "It's all really going to depend on the Senate, whether they're going to stand up and say, we need to introduce commonsense changes to this bill, because it's not particularly working."
House Financial Services Committee Ranking Member Maxine Waters, D-Calif., addresses NAFCUs Congressional Caucus. "We remain at an impasse with the majority in both chambers in finding common ground on responsible, commonsense regulatory relief proposals," said Waters told credit union executives.
