Pub. 5 2010-2011 Issue 5

January/February 2011 17 Extraordinary Service for Extraordinary Members. The expected focus of the Senate Banking Committee will be the implementation of the Dodd-Frank Act. This committee will likely be much more favorable to the ad- ministration in its oversight of this law relative to its House counterpart. Oversight of the bureau is challenging in that no Senate-confirmed director is in charge of the agency at this point. Elizabeth Warren is currently the special adviser to the Treasury Secretary on the bureau. Because of this role (which is not subject to Senate confirmation), it is unclear who would testify at this point in front of the House or Sen- ate on issues related to the bureau. However, it is clear that the bureau will have a more friendly audience in front of the Senate Banking Committee. Congressional Agenda in the 112th Congress With respect to the larger agenda of the 112th Congress that may be of interest to Nebraska banks, deficit reduction is likely to be the top issue for Republicans and is expected to be a recurring theme. Both parties will likely try to find some level of budget cuts over the coming two years. Furthermore, House Republicans are expected to make an effort to reform the Patient Protection and Affordable Care Act of 2009 and the American Recovery and Reinvestment Act (the stimulus measure). However, with Democrats retaining control of the Senate and President Obama maintaining the power of the Presidential veto, Republicans will have difficulty passing any legislation repealing key Democratic priorities, including the health care law. With the Democrats’ defeat in the House, the Re- publicans may work to stop many of President Obama’s outstanding legislative initiatives. It may be unlikely that the President’s proposals for an infrastructure stimulus bill, the creation of an infrastructure development bank, immigration reform, and energy legislation will achieve passage in the 112th Congress. In conclusion, even though Washington, D.C., is more than 1,000 miles away from the great state of Nebraska, the impact of the November election on Congress will be evident for Nebraska bankers. The best way to follow the develop- ments in Congress is www.congress.gov, which in turn leads to the websites of the House Financial Services Committee and the Senate Banking Committee. I encourage you to let your voice be heard. (NOTE: This article reflects the state of affairs as of Dec. 10, 2010.) Z For more information, contact Kyle Gilster or Jeff Makovicka at Husch Blackwell LLP at (202) 378-2303/ (402) 964-5168 or kyle.gilster@huschblackwell.com / jeff. makovicka@huschblackwell.com. Gilster’s experience in government at the state and national levels shapes his role at Husch Blackwell’s Washington, D.C., office, where his practice includes governmental affairs and ethics, government contracts, and election law. 7OODMEN 4OWER s /MAHA .% s WWW BAIRDHOLM COM "AIRD (OLM ,,0 IS A MULTI SERVICE LAW lRM WITH ATTORNEYS PROVIDING RESULT ORIENTED COUNSEL FOR CORPORATE INSTITUTIONAL GOVERNMENTAL AND INDIVIDUAL CLIENTS 7E REPRESENT CLIENTS INCLUDING lNANCIAL INSTITUTIONS AND BANK HOLDING COMPANIES IN ALL ASPECTS OF BANKING AND LENDING LAW ,EARN MORE ABOUT OUR PRACTICE AND HOW WE CAN BE OF VALUE TO YOU BY CALLING 3TEVE 4URNER AT 402.636.8256. Multiple services providing you with multiple values. An IndependentLicensee of theBlueCross andBlueShieldAssociation. bcbsne.com Nebraskans serving Nebraskans