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Marginally Important House Events

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Due to some surprising announcements and actions in the past few weeks, Congressional math will look different after the New Year. As Congress heads into 2024, an election year, here are the most recent changes to the House of Representatives makeup and what it might mean for the future.

  • The House voted to expel Republican Rep. George Santos of New York after a blistering ethics report on his conduct heightened lawmakers’ concerns about the scandal-plagued freshman. Representative Santos became just the sixth member in the chamber’s history to be ousted by colleagues, and only the third since the Civil War.  The special election for his seat will be held on February 13 and is being positioned as a battleground election.
  • Former Speaker Kevin McCarthy (R-CA) resigned after a 17-year career in the House after being removed from his speakership in October. Representative McCarthy’s departure announcement was not specific about his timing, which affects the process to choose his replacement. If he leaves his seat before January 3, California Governor Gavin Newsom must call a special election. If Representative McCarthy stays in office after January 3, it’s up to Governor Newsom to decide whether to call a special election in 2024 to fill the remaining months of McCarthy’s current term, according to the Secretary of State’s office. If a seat is vacated in the final year of a term, no special election is required.
  • Ohio Rep. Bill Johnson announced in November he would be retiring to lead Youngstown State University. It is unclear when he will leave his seat, but it will likely be no later than March 15. Ohio requires a special election primary if parties have more than one candidate, which would further draw out the special election process. One potential timeline would have the special general election held in August of 2024, the winner serving for as few as six weeks before the regular general election occurs.

These three announcements shrink the House Republican’s majority from slim to virtually nonexistent. Currently, to pass a bill on a party-line vote, there is only a margin of three votes. If the Democrats flip the Santos seat, that margin would drop to two.  In what passes for a “normal” session in an election year there are fewer legislative accomplishments, as members try to spend as much time as possible in their districts to campaign. This close of a margin has the potential to further decrease House action on legislation outside of funding functions.

Marginally Important House Events
Dec 14, 2023

Due to some surprising announcements and actions in the past few weeks, Congressional math will look different after the New Year. As Congress heads into 2024, an election year, here are the most recent changes to the House of Representatives… Read the rest

FTC Releases Shopping Rule in Time for Holidays
Dec 13, 2023

The Federal Trade Commission (FTC) released a final rule related to vehicle shopping yesterday. AFSA and the Consumer Bankers Association (CBA) submitted a comment letter on the proposed rule in September 2022. We are pleased that a few of… Read the rest

CONFIRMED! INDUSTRY KEYNOTE SPEAKER
Dec 07, 2023

AFSA is pleased to announce Robert H. Kurnick, Jr., Vice Chairman of the Penske Corporation and President of Penske Automotive Group, Inc., as the Industry Keynote speaker at its 2024 Vehicle Finance Conference and Expo.

 

Kurnick, whose careerRead the rest

A Call for CFPB Clarity
Dec 07, 2023

Earlier this week AFSA encouraged other trade organizations to join a letter requesting that President Joe Biden support clear rules of the road in the financial services industry that take into account both the benefits and costs of regulation.… Read the rest

Director Chopra Testifies on Capitol Hill
Dec 05, 2023

Last week, Congress returned from the Thanksgiving holiday recess and CFPB Director Rohit Chopra testified before the House Financial Services and Senate Banking Committees. While most of the conversation centered around supporting … Read the rest

Industry Expertise | Behind the Wheel: Allied Solutions Reflects on Used Car Week
Dec 05, 2023

AFSA’s Industry Expertise allows Business Partners to provide thought leadership and best practices information directly with AFSA member companies. For more information about taking part, contact Dan Bucherer.

Behind the Wheel: AlliedRead the rest

Featured Business Partner | PayNearMe
Dec 01, 2023

The featured Business Partner for the month of December is PayNearMe.

PayNearMe is the modern, reliable payments platform that facilitates debit, credit, ACH and mobile-first payments, including Cash App, PayPal, Venmo, Apple Pay and … Read the rest

NYC Department of Consumer and Worker Protection Comment Letter
Nov 30, 2023

This past week, AFSA’s state government affairs team sent a comment letter to the New York City Department of Consumer and Worker Protection (DCWP) on the updated proposed amendments to its rules relating to debt collectors. In the letter … Read the rest

Financial Fragility Increased in 2023 While Credit Access Decreased
Nov 30, 2023

New survey results from the Federal Reserve Bank of New York highlight recent trends in financial fragility and access to credit. Unfortunately, the news is not good, especially for younger households and those with weaker credit histories.… Read the rest

Being a Bill on the Hill is Tough
Nov 29, 2023

AFSA monitors every bill that might affect its members. This includes bills out of the typical committees of jurisdiction – the House Financial Services Committee and Senate Committee on Banking and Urban Development – as well… Read the rest

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