Remember that speech President Bush gave to the nation last week to press for passage of his bailout plan and to reassure the country that the money in federally insured banks is absolutely safe?
Dan Mica sure does.
Mica, president and chief executive officer of the Credit Union National Association, is on the lobbying equivalent of a rampage.
That’s because Bush, despite Mica’s intense efforts, neglected to say that credit unions are just as safe a place to stash your cash.
In his remarks, Bush said accounts insured under the Federal Deposit Insurance Corp. are guaranteed up to $100,000. Mica, a former Democratic Congressman from Florida, is trying to get the word out that credit unions, while not insured under the FDIC, have a parallel, federally backed insurance system that is also good up to $100,000 per account. Credit unions are insured by the National Credit Union Administration.
“We had an indication at the staff level that it would be included” in Bush’s Wednesday speech, Mica said last week. After it wasn’t included, Mica added, “we had feedback saying it was an oversight.”
Mica’s not backing down. He said he has penned a letter to Bush and is reaching out to administration officials tasked with the bailout. He is also beating down the doors of Members of Congress.
“We’re working on some ads,” Mica said. “We don’t know what the size of the campaign will be. ... We have been in contact with all the government agencies that are talking on this.”
So far, Mica said, credit unions haven’t noticed a run on their organizations, but he said some account-holders have inquired about moving their money into an FDIC insured bank.
“Obviously you’re causing some concern and anxiety to people if they’re interested in taking their money out,” he said. “It’s not massive, but we’re trying to make sure it doesn’t get that way. We’re all trying to calm the waters.”
Infused With Energy. In recent days, it’s been hard for lobbyists outside of the financial services sector to get any attention from Capitol Hill. But try they will.
A recently formed group, Consumers United for Energy Solutions, is working hard to make sure Members keep energy at the forefront of the agenda. As such, CUES released a poll showing that most voters want Congress to address high energy prices by enacting a comprehensive energy policy.
“The poll is the latest to show energy is the No. 1 issue for voters,” the group said in a statement, showing 43 percent said it was the most important issue that they would consider when heading to the polls in November.
CUES, which formed this summer, bills itself as a coalition of large and small energy consumers that want urgent Congressional action on policies that would spur energy efficiency and conservation, more renewable and alternative sources of energy and increased production of U.S. oil and natural gas.
Lois Lerner, director of exempt organizations for the IRS, arrives for a House Oversight and Government Reform Committee hearing on the investigation of the IRS' targeting of political groups. Lerner invoked her Fifth Amendment right to not testify and caused a protest from some committee members when she offered an opening statement and engaged in dialogue with members before invoking the right.
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