Jobs, the Economy and Social Issues Shape National Conference of State Legislatures Meeting
UPDATED Dec. 13, 2010 NASCUS joined state legislators and their staffs at the recent Fall Forum of the National Conference of State Legislatures (NCSL) as they met on issues impacting the states including the economy, jobs, foreclosures, immigration reform and social issues such as education and teen pregnancy.
The forum's discussion topics focused on the impact of the recent midterm election on state legislatures as well as the effects of the continued weakened economy on the states. Economist Christopher Thornberg presented the audience with an economic forecast, "Curb Your Optimism" remaking that while the economy is improving, it's at a slower pace than the previous recession recoveries. "All of the money we had in 2007 wasn't real," Thornberg said. "That money is not coming back when the 'bubble' comes back." Thornberg is credited with forecasting the housing collapse in late 2007.
At this meeting, the NCSL Standing Committees met for regular business, including the Communications, Financial Services and Commerce Committee. NASCUS monitors the activity of this Committee, and contributes the state credit union regulatory perspective and information when the Committee addresses credit union or state law issues in our field. The Committee continues to support a standing policy reinforcing the importance of dual chartering for credit unions. See the policy here.
At the December meeting, the Committee approved a resolution that supports an interstate compact to retain the states' ability to collect tax revenue on surplus lines of insurance. The Dodd-Frank Act changes the current structure and would only allow the home state of the insured to collect the tax. The Committee's actions encourage state legislators to support the Surplus Lines Insurance Multistate Compliance Compact (SLIMPACT) to retain the ability of all states, where applicable, to collect this revenue. State legislators would have to act before the deadline of July 21, 2011, as indicated in the Dodd-Frank Act.
The next NCSL Meeting is scheduled for April 2011 in Washington, D.C. To read more about NCSL, follow this link to their website at www.ncsl.org.