Observers Predict Financial Reforms Rollback if GOP Wins House (Misc News: November 2, 2010)
If Republicans regain control of the U.S. House in today’s election, as is expected, some observers are predicting that Congress will roll back some of the financial reforms approved by the Democrat-controlled Congress during the last two years.
In addition, a Michigan congressman with close ties to the MCUL could play a critical role in protecting credit unions if the Republicans gain control of the chamber, according to the CU Journal.
The Journal quoted CUNA chief lobbyist John Magill as saying that a GOP-controlled House could mean a more pro-business and de-regulatory environment.
In a GOP-led House, Michigan Congressman David Camp, R-Midland, would likely chair the powerful Ways and Means Committee, the Journal predicted.
Democrats are widely expected to maintain control of the Senate, but Sen. Christopher Dodd who chairs the Senate Banking Committee, is stepping down. Sen. Tim Johnson, a South Dakota Democrat, is expected to replace him.
Watch the MCUL website throughout the day Wednesday for analysis of what the election means for credit unions and Michigan credit unions in particular.