Advocacy in Action
By Lorenzo Cruz
It has been a tremendously successful biennial session for WBA’s Government Relations team. We passed and signed into law all our budget and legislative priorities: an income tax exemption (tax parity), financial institutions modernization, trust code update, and elder fraud protection.
The income tax exemption on commercial loans of $5 million or less is estimated to save the industry almost $60 million over a biennium. Wisconsin is the first state to have this type of groundbreaking law, blazing a trail for other states to follow. We also defeated or neutralized legislation harmful to the industry: environmental, social governance (ESG), merchant category code (MCC), interchange, and privacy.
Our advocacy efforts have grown significantly, with over 180 advocacy officers and record attendance at WBA’s Capitol Day in Madison, where 210 attendees joined us. It was great to see Governor Evers (D-WI) addressing a filled room of bankers for the first time on Capitol Day. Following his address, members met with legislators and staff at the capitol to discuss WBA’s top priorities.
With the legislative session over and legislators now on the campaign trail, the WBA Government Relations team is focusing on monitoring developments in the fall races, engaging members on advocacy efforts, attending fundraisers, and planning for the next legislative session. Wisconsin remains a key battleground state for the upcoming state and federal races. The new Supreme Court’s liberal majority ruled the GOP-drawn legislative maps were unconstitutional, forcing the GOP-controlled legislature to pass the Governor’s version of the maps. The new legislative district maps have paired incumbents in primaries, forced legislators to run in new districts, or run for a different legislative body, and spurred on retirements.
Currently the GOP has a supermajority in the state senate (22–11) and a majority in the state assembly (64–35), two seats short of a supermajority. With the new maps, GOP majorities in both houses will shrink. Four seats in the state senate and a dozen in the state assembly are in play. The GOP is likely to remain in control but a big margin of victory at the top of the ticket could have an effect down ballot as could a single issue moving voters. It’s too early to tell what undecided voters will do. Wisconsin remains ground zero for elections and will continue to see hundreds of millions spent for control of the state legislature and Congress.
Highlighted is a Get out the Vote link provided in partnership with the American Bankers Association; you can learn more about the candidates and the fall elections. Your vote and engagement with pro-banking legislators at a grassroots level can significantly impact future legislative decisions affecting the banking industry.
As we plan for the next session, we welcome any legislative ideas from members. This fall, we will meet with WBA’s Government Relations Committee to identify key budget and legislative priorities for the next session. Please contact Tyler or me with your suggestions.
Thank you again for supporting WBA’s advocacy efforts. It makes a difference and amplifies our unified voice.
Get out the Vote!
Visit the American Bankers Association’s site, secureamericanopportunity.com, click ‘Vote 2024,’ and select WI.
• See if you are registered to vote.
• See which candidates will be on your ballot.
• Find your polling locations.
You will find a toolkit for banks to share with employees to promote voter participation.
Cruz is WBA vice president – government relations.
