Pub. 5 2015 Issue 1

and appreciate the regulatory and administrative needs of Arizona businesses. During his State of the State Address on Opening Day, Ducey expressed to lawmakers the need to re- duce government waste in spending while also promoting the importance of implementing thoughtful reforms that seek to cultivate an attractive Arizona business economy. Lawmak- ers seemed to receive his speech well, agreeing with many of Ducey’s priorities and citing hopes of working harmoniously with the ninth floor to address the needs of the State, namely, Arizona’s looming $1 billion budget crisis. Given this large shortfall in revenue, it is safe to assume that budget talks will dominate the overall conversation at the Capitol through the majority of the legislative session. Given that recent elections have changed 1700 West Wash- ington Street quite substantially since last year, it is difficult at this current point in time to postulate what the outcome of those budget talks will be. In addition to the new leadership in the executive tower, the Arizona Legislature welcomed over twenty new members this year, the majority of which are now serving in the House of Representatives. What is interesting to note is that although the number of Democrats and Republicans serving in the House and Senate remains the same as the last legislative session (17 Republi- cans and 13 Democrats in the Senate, 36 Republicans and 24 Democrats in the House), the legislative body as a whole has shifted slightly to the right on the political spectrum. This shift is most evident in the results of the House and Senate leadership elections. Shortly after Election Day, members in each caucus of the House and Senate held their closed-door elections for the selection of leadership. Their selections, on the Majority side at least, resulted in an assemblage of limited government conservatives with President Andy Biggs (R – Gil- bert) and Speaker David Gowan (R – Sierra Vista) presiding over the Senate and House, respectively. While we will definitely be keeping an eye on the bud- get process as it unfolds throughout the next 100 days, the banking and financial community will also be paying close attention to any and all reforms that impact our interests. In particular, any legislation that comes through House Finance, Senate Finance, and Senate Financial Institutions committees will receive close scrutiny from the Arizona Bankers Associa- tion. Additionally, Association members will want to watch legislation being advanced by the Association. The Associa- tion will pursue a uniform foreign money judgments bill as it moves through the process. Once signed by the Governor, the new law will provide a legal framework for having foreign, civil money judgments recognized in Arizona. It would, in turn, permit Arizona, civil money judgments to be recognized and enforced internationally without having to re-litigate the merits of those claims in those international courts. The Arizona Bankers Association has on its side one of the best government relations team in the State. With our strong and highly regarded political team, the Association is well equipped to continue engaging in a meaningful way at the Capitol where we can surely look forward to another success- ful legislative session. w 17 WINTER 2015