Legislative Affairs Update from AAMB's Jody Davis

Arizona Association of Mortgage Brokers

 

Here is Jody Davis’ report after meeting with the AAMB lobby team.

THE STATE BUDGET – The 800 Pound Gorilla.  Our lobby team feels the state agencies that depend on the overall budget for the money will be cut another 30%.  The departments on the 90/10 plan will be the same at least for 2010.

The entities on the general fund are DES, ACCSS, CPA, etc.  There is no clear direction of how to correct the budget issue.  Taxes will have to be raised.  The sales tax will probably go for a vote to the public over the summer which more than likely will be voted down as no one wants higher costs. 

The states are also hoping for another Federal Stimulus which would cover ½ of the problem.

The next looming issue is the Health care bill.  Arizona would be 1 of 4 states to suffer the most as our poverty level for income purposes exceeds the threshold of the proposed bill and AZ would not get any stimulus money from the health plan and actually have to pay money into the system.  

 

There are no LEGISLATIVE ITEMS on tap so far for next year.  Since it is an election year, there will be more middle of the road politics and legislation passed.

 

THE FED RULE  Sheila Harris, who is part of the lobby group, was previously part of the 11^th district of the FED for 11 years.  She has offered to take our talking points to two of the members of the FED reserve board that she has a relationship with.  I will be working with NAMB to compile a letter that encompasses our talking points and getting it to her by next week.  Meanwhile we need to push the members to write their own letters.  More info will follow on how to do this and what action to take.