Legislative Update - 2/5/2019
last updated on Tuesday, February 5, 2019 in Public Policy Network
Shutdowns, State of the Union, new congress, new leadership, new acting FHFA director, on and on. Who said Washington never changes? Over the last two months, a lot has changed. There are people on both sides of each change to tell you why it’s either the best or the worst change ever. And there certainly are some winners and losers, that list will look very different based on one’s perspective. However, one could argue the largest change with real, lasting impact is the campaign hyperbole and sensationalized rhetoric permeating every part of legislative action.
Legislative Update
Now that the government is re-opened and those offices that have been closed for weeks get back and start to play catchup, we anticipate legislative proposals, confirmation hearings, and other general business to begin as usual in the coming weeks. At this point, we see no real threat to FHLB Des Moines or to the FHLB system and expect we are able to operate as usual providing necessary liquidity to communities across our district.
This short term resolution is just that- short term. February 15th is the new deadline. We sincerely hope there is a long term resolution soon. The risk to our communities, our members, our housing partners, our Country are just too great. Please remember that our teams are here to help our members find solutions to liquidity challenges, help our members of congress with information and background on effects to our operations, members, and communities.
Welcome to Washington
Congratulations to Senators Smith (MN), Hawley (MO), Cramer (ND), Romney (UT) and Congresspersons Case (HI), Fulcher (ID), Finkenhauer (IA), Axne (IA), Hagedorn (MN), Craig (MN), Phillips (MN), Omar (MN), Strauber (MN), Armstrong (ND), Johnson (SD), Curtis (UT), McAdams (UT), Schrier (WA) for taking the oath of office and serving your constituents and our country. These folks join the rest of the freshman class from across the country as they begin the 116th Congress.
Committees are slowly being announced. Please check out the Senate official website here and House official website here periodically for new updates.
FULL LIST OF US SENATORS FULL LIST OF US REPRESENTATIVES
Stories We're Following
Government shutdown cost economy $11 billion, budget office says
Federal employees went back to work Monday after the longest shutdown in government history — but the economic effects will be felt for a long time. A report released Monday by the nonpartisan Congressional Budget Office found that the economy took an $11 billion hit, including $3 billion that's gone forever, in the 35 days that parts of the federal government went unfunded.
Continue reading on nbcnews.com
The shutdown's impact on financial services
The government shutdown is now the longest in American history, officially hitting that mark over the weekend. Though only a partial shutdown, it is having an outsize impact on banks, credit unions and mortgage lenders across the country. Some of these have been mitigated due to actions by the Trump administration, while others continue largely unaddressed.
Continue reading on AmericanBanker.com
Is community banks' loan growth too much of a good thing?
Community banks are booking loans at a faster clip than their bigger competitors. Total loans at publicly traded banks with assets of less than $20 billion rose 9.2% in the fourth quarter from a year earlier, based on Jan. 18 data compiled by FIG Partners. Publicly traded banks above that threshold have reported a 2.7% increase in loans.
Continue reading on AmericanBanker.com
Events Around Our District
- April 2nd, Washington, DC - FHLB Members Reception in conjunction with the ABA Washington Summit. Be on the lookout for an invitation and link to register.
- April 29th, Washington, DC - FHLB Members Reception in conjunction with the ICBA Capital Summit. Be on the lookout for an invitation and link to register.
Have a Question?
Contact Amber Morrow from our Government Relations team
amorrow@fhlbdm.com - 515-412-2306
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