Meet the new boss, Same as the old boss
With the 2024 election season upon us, many may throw up their hands and become frustrated with the entire process. Why vote when everyone is the same? Will we ever see statesmen and stateswomen in the Capitol? Can anything be done?
While there is no concrete answer to these questions, the one thing that is certain is this – in the words of President Obama, “Elections have consequences.” And it is these consequences that should drive all Americans to the polls on election day. While it is easy to turn one’s back on the process, every credit union person should understand that taking part in the process is how we, as credit unions, remain viable.
Having been fortunate enough to serve on the NCUA Board (as a President Clinton appointee) and the Federal Housing Finance Board (as a President George W. Bush appointee), I can attest to the value of remaining politically active. And while credit unions often hear the rallying cry – from leagues, associations, and my good friend, John McKechnie – it is essential to be part of the electoral process.
And why is this so important? As was pointed out earlier, elections have consequences. And these directly affect our regulator, the National Credit Union Administration (NCUA). If the Republicans had won back the Senate during the 2022 mid-term elections, the NCUA Board would most likely have been the same as it was with Chairman Todd Harper, Vice Chair Kyle Hauptman and Board Member Rodney Hood. Looking to hold the Hood seat over through this election, any name sent to the Senate by the Biden White House would likely have been put on ice by (what could have been) Senate Majority Leader Mitch McConnell (R-Ky.). And before anyone cries “foul,” it is most likely that the Democrats would have reacted the same way if the situation were reversed. This is the “new Washington.”
An interesting point is that Tanya Otsuka was sworn in as the 25th NCUA Board member. Do you realize that there have been 24 Americans who have been to the moon?
And with 45 US Presidents, one can see why this is a tough seat to get.
But, since the Democrats maintained their majority in 2022, the White House was able to nominate Tanya Otsuka. The Democrat-controlled Senate approved her nomination, and she was sworn in earlier this year. One could argue that this was due to Senator Rafael Warnock (D-Ga.) and Senator Catherine Cortez Masto (D-Nev.) winning their races and keeping Democrats in control of the Senate…and all nominations.
In the past, if a Senator wanted to put a hold on a nomination, it would take 60 votes to invoke cloture and release the vote. But recent actions by former Senate Majority Leaders Harry Reid (D-Nev.) and McConnell have reduced nominations (including Supreme Court appointments) to a simple majority vote. Again, even more reason for credit unions to remain active during election season.
Now, much like in sports, you can’t win them all. And even if your candidate loses, it is still important to play the game. With the 2024 election season upon us, don’t sit on the sidelines. Get in the game and vote.