2007 IBA Capitol Hill Visit & New York Post Trip
A thirty member delegation of Iowa bankers represented the Iowa financial services industry in Washington D.C. from June 12th through the 15th, impacting the status of issues ranging from farm credit to the mixing of commerce and banking. Family members and guests bolstered the IBA contingent to 57 total attendees.
The IBA delegation was treated to an opening reception, compliments of the Conference of State Bank Supervisors, and dinner, followed by a moonlight monument tour. On Wednesday, the meeting began in earnest with a presentation from William Beach from the National Heritage Foundation. Beach discussed the importance of resolving the national financial burden created by the social security and Medicare entitlement programs. Mr. Beach also reported on immigration reform and the prospects of legislation in this Congress.
IBA Chairman Dan Krieger moderated a panel discussion including Floyd Stoner from the ABA, Ron Ence from ICBA, Patty Milon from ACB, and Neil Milner from CSBS. Each representative outlined the purpose of their organization and their priority issues.
A luncheon briefing by the Federal Deposit Insurance Corporation was followed by visits with Iowa Senators Charles Grassley and Tom Harkin. Senator Harkin, Chairman of the Senate Agricultural Committee, said the 2007 Farm Bill will emphasize renewable energy. He said the nation should move aggressively into energy production from cellulosic materials, like switch grass. The Farm Bill contemplates loan guarantees for cellulosic production facilities and support for farmers who produce the raw materials. The Chairman said his committee is also looking at ways to encourage use of farm waste to produce energy.
Referencing the Farm Credit Systems (FCS) Horizons initiative to expand their lending authority, Harkin said the FCS should stick to its mission of serving farmers and ranchers. He said the FCS provisions would not be a part of his original mark. Although, he expressed caution due to FCS success in the House Ag Credit Sub-Committee.
Senator Harkin also said he will co-sponsor the bill to prospectively prevent commercial ownership of industrial loan companies (S. 1356).
Wednesday evening, the IBA held their annual legislative reception. This year’s event was attended by over one-hundred people, including Congressmen Latham, Boswell, Loebsack, and Braley. Attendance was affected by the National Republican Committee’s largest annual fundraiser held at the WDC Convention Center that same evening. A large contingent from the USDA was also in attendance at the IBA event, including the Chairman of the Farm Credit Administration, Nancy Pellett, and USDA Undersecretary Tom Dorr.
On Thursday, a small IBA delegation arose early for a three mile run with Senator Grassley and breakfast with the Senator and Barbara Grassley at their home in Arlington. While, at the Hay-Adams Hotel, a full group breakfast was sponsored by Broker Dealer Financial Services. The breakfast speaker was Scott Stanzel, White House Deputy Press Secretary. Stanzel is from Sac City, Iowa. He related the day-to-day routine at the White House press room and his experiences in working with Press Secretary Tony Snow and President Bush.
This was followed by a visit to the boardroom at the Federal Reserve and an economic briefing by Fed Governor Kevin Warsh. And, a briefing from senior staff and General Counsel Julie Williams at the Office of the Comptroller of Currency.
At lunch, political correspondent Amy Walter informed and entertained the group with her assessment of the 2008 Elections. This was followed by visits with each member of the Iowa House delegation. The IBA contingent thanked House members for their support and co-sponsorship of the ILC bill and for not co-sponsoring the credit union bill to increase their commercial lending authority. In addition, Iowa’s two members that sit on the Ag Committee, Boswell and King, expressed support for the IBA position opposing FCS expansion efforts.
The successful and timely Washington D.C. visit was followed by a post-trip to New York City attended by over half of the participants. The IBA would like to thank the participants of this year’s visit for their significant contributions to creation of a more favorable climate for our industry.
For more information about the 2008 Capitol Hill Visit and Post Trip, contact the IBA’s Molly Lydon at 800.532.1423 or email mlydon@iowabankers.com
|
