NASCUS Files Letter with Senate Committee on Homeland Security and Governmental Affairs Regarding Conference, Travel Spending
January 30, 2014 - Arlington, Va. - The National Association of State Credit Union Supervisors (NASCUS) filed a letter last night with the Senate Committee on Homeland Security and Governmental Affairs regarding the committee’s Jan. 14 hearing, which examined conference and travel spending across the federal government. In the letter, which was cosigned by the National Association of Insurance Commissioners (NAIC), NASCUS expressed concern regarding the Government Spending Accountability Act of 2013 (H.R. 313), passed by the House and currently under consideration in the Senate; and the Conference Accountability Act of 2013 (S. 1347), which affect government employees’ ability to attend meetings and conferences.
“While we are thankful that Congress keeps a watchful eye on the spending of taxpayer dollars, proposals that could create significant restrictions on opportunities between state and federal regulators—a key element of financial regulation—can unintentionally do more harm than good,” said NASCUS President and CEO Mary Martha Fortney.
As noted in the Jan. 29 comment letter by NASCUS and NAIC, “A restriction on the free and unfettered dialogue between state and federal regulators could inadvertently undermine the effective administration of our dual system of financial regulation, which is a hallmark of the U.S. financial system.”The comment letter can be found in its entirety here.