ARLINGTON, Va.–The election of Joe Biden as the next president of the United States doesn’t mean all the uncertainty in Washington is now settled, but it does mean “we are on the road to becoming more settled,” according to NAFCU’s vice president of legislative affairs, Brad Thaler.
Any election year is a difficult year to get legislation to move, said Thaler, and this year has been further complicated by the pandemic and the resulting economic turmoil. Like others, he expects the upcoming legislative agenda in the lame duck session of Congress to be dominated by talks around Phase IV economic relief and stimulus.
Complicating everything, of course, is Congress remains divided with Republican control of the Senate and Democratic control of the House. While the administration will change control when Biden is sworn in, Congress could remain divided depending on the outcome of two run-off races for the Senate in Georgia. Even if the two Democrats win those races, the Senate will be divided 50/50, with Vice President Elect Kamala Harris the tie-breaker.
“A very divided government does limit what you can do,” said Thaler. “It brings more impetus to trying to find more bipartisanship.”
The Future of NCUA
Meanwhile, the election also has implications for NCUA, with the chairmanship likely changing from Republican Rodney Hood to Democrat Todd Harper. NCUA Board Nominee Kyle Hauptman’s appointment also hangs in the balance; should he not be confirmed Board Member J. Mark McWatters, a Republican appointee, will continue on the board.
But whether all those changes will lead to a more active NCUA, said Thaler, is “hard to say.” The Hauptman seat would create a “controlling” seat on the board moving forward, but as Thaler noted Congress and a new administration will also be focused on numerous other higher-profile positions at the CFPB, Treasury and elsewhere.
Thaler also reminded that Harper, whose term expires in mid-2021, could be left in a holdover position by the new administration or Harper may choose to pursue other opportunities in government.