Pub. 9 2019 Issue 4

14 www.azbankers.org A S THE NEW YEAR APPROACHES, NOW IS THE TIME TO REFLECT ON SOME POSITIVE LEGISLATIVE HIGHLIGHTS FROM CAPITOL HILL IN 2019. IN A POLITICAL ERA THAT IS OFTEN DESCRIBED AS DIVISIVE, BOTH PARTIES HAVE BEEN ABLE TO AGREE ON SEVERAL POLICIES TO HELP ARIZONANS AND AMERICANS ALIKE. I AM PROUD OF THE BIPARTISAN WORK WE HAVE BEEN ABLE TO COMPLETE, INCLUDING SEVERAL ISSUES THAT ARE IMPORTANT TO THE ARIZONA BANKING COMMUNITY. In October, I reintroduced my Accredited Investor legislation, the Fair Investment Opportunities for Professional Experts Act, with Congressman French Hill (R-AR). This bill, which has passed the House of Repre- sentatives with broad bipartisan support the past two sessions of Congress, would allow people with relevant education or profes- sional expertise to have access to investment opportunities that are currently limited to accredited investors who meet a certain in- come and net worth threshold. Changing the definition of who qualifies as an accredited investor would help create more jobs in our economy, and I am hopeful the House will pass this bill again this Congress. In November, Chairman Jerome Powell of the Federal Reserve came to Capitol Hill to testify before the Joint Economic Com- mittee (JEC) on the country’s economic outlook. As the Senior House Republican member of the JEC, I had the opportunity to ask Chairman Powell how to continue our country’s current economic success. He emphasized the need to focus on creating policies that encourage increased labor force participation and responsible fiscal policy. Our country has continued to receive positive news from the Treasury and White House Office of Management and Budget on the success of the nation’s economy. In Fiscal Year 2019 (FY2019), overall govern - ment receipts increased 4% from FY2018, and the deficit in FY2019 was billions less than originally forecasted by the Budget and Mid-Session Review. Treasury Secretary Mnuchin applauded the historically low unemployment rate, year-over-year wage in- creases, and number of open jobs compared with job seekers that helped our economy remain strong in FY2019. The secretary encourages Congress to put America on a sustainable financial path focused on cutting wasteful and irresponsible spending. This fall, the House of Representatives passed multiple pieces of legislation on a bipartisan basis that would benefit the bank - ing community. The SAFE Banking Act, which would allow cannabis businesses and ancillary businesses to legally bank with financial institutions, passed the House by a bipartisan vote in September. The Terrorism Risk Insurance Program Reauthorization Act, which would help ensure the availabil- ity of commercial insurance policies in U.S. markets, passed the House by a bipartisan vote in November. I voted in favor of both bills, which currently await consideration in the Senate. As we look forward to 2020, it is my hope that Congress, and especially the Arizona delegation, can continue to move forward on issues such as these that bring both parties together to benefit our state’s constituents, economy, and businesses. w Update from Capitol Hill Congressman David Schweikert (AZ-06)