6 Reasons to Pay Attention to Politics This Week

April 24, 2017 at 7:30 am Leave a comment

 

The 100 day milestone of the experiment called the Trump Presidency combined with a Saturday deadline for the country to either expand its borrowing authority or default on the credit card payment called the national debt is conspiring to make this one of the most intriguing political weeks since the election. 

 

Back from its two week Spring break, the House of Representatives will begin to focus in earnest on the roll-out of CHOICE Act 2.0, the radical blueprint for regulatory reform.  A Hearing is scheduled for Wednesday, April 26th at 10:00 am.  While I am somewhat skeptical that the Senate will have the ability to grapple seriously with the issues raised by this Legislation any time soon, it will provide a wonderful opportunity for credit unions to continue to make the case that Dodd-Frank has done more harm than good when it comes to credit unions and true community banks.

 

Part 2 of the State Legislative Session kicks off as Assemblymembers and Senators reconvene after their break.  Not coincidentally, this coincides with our Annual State Governmental Affairs Conference.  The Executive and Legislature have each signaled an interest in taking a fresh look at some old classics.  Whether you like politics or find it more distasteful than a glass of orange juice after brushing your teeth, we participate in the most highly regulated financial industry in the country.  Everyone reading this blog has an obligation to engage policy makers at the state and federal level in our efforts to provide relief.  Besides, on Tuesday morning, you’ll hear a presentation from E.J. McMahon, the Research Director of the Empire Center for Public Policy.  I’ve always been a big fan of his since he’s the only man I know in Albany who has been able to make a living being an unabashed Conservative. 

 

As part of this frenzy to solve all the world’s problems in the first 100 days of his Administration, President Trump surprised friends and foes alike when he announced on Friday that he would outline plans for the mother of all tax reform on Wednesday.  No one honestly believes that this will be accompanied by anything resembling Legislation anytime soon, but depending on who you talk to on Capitol Hill, if Congress does get serious about a major tax overhaul, everything is on the table.

 

There may be a lot of sizzle this week, but with Congress’ spending authority about to run out, there will be some serious brinksmanship.  This is a particularly common and dangerous game of chicken in which opposing parties threaten to let the nation default if they don’t get a major priority included in the debt extension agreement.  The conventional wisdom, as reflected in the Sunday papers, is that the Wildcard this year is the Administration.  Democrats and Republicans have quietly worked toward an extension agreement but Budget Director and former-Congressman Mick Mulvaney threw a fly in the ointment when he suggested that President Trump would not sign off on a deal unless it included funding for a Border wall.  This is a poison pill for Democrats.  By the way, everyone knows that a default on the national debt would be an absolute disaster, but the more commonplace this game becomes, the more likely we are to see it spin out of control.

 

Last but not least, keep an eye on the outcome of the French elections.  Now that the French have decided on the two finalists who will face off for the Presidency, we have another important referendum on whether or not the world still supports the post-WW II order based on free markets and Democratic values or whether people are so angry that they want to blow it up and start from scratch even if they have no ideas for its replacement.  Don’t fool yourself, the same debate rages on in this country. 

 

Yours truly has a busy schedule this week, I will be checking back in with you on Thursday.

 

 

 

 

 

Entry filed under: Advocacy, General, New York State.

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Authored By:

Henry Meier, Esq., General Counsel, New York Credit Union Association.

The views Henry expresses are Henry’s alone and do not necessarily reflect the views of the Association.

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