Mulvaney updates CUs on economy, administration at Caucus

Mick Mulvaney, President Donald Trump’s acting chief of staff and director of the Office of Management and Budget (OMB), offered his insights into the economy and likelihood of a recession, as well as administration efforts to reduce regulations at NAFCU’s Congressional Caucus Tuesday.

As a credit union champion, NAFCU has a strong working relationship with Mulvaney. The association has met with him many times – most recently in November while he served as CFPB acting director – and he has regularly attended NAFCU’s Caucus.

“Thank you for what you do,” Mulvaney told the crowd, also noting that South Carolina – his home state – has more credit union members than registered voters. “… What you do is critical in rural and poor areas of this country … Credit unions are the lifeblood of smaller towns and rural areas. What you do provides a valuable service and our country wouldn’t be as great as it is without you.”

Discussing the economy, Mulvaney explored job creation and the unemployment rate, GDP, productivity and the quit rate. He noted that while many dubbed the most recent jobs report as “bad” with 130,000 jobs created, it was actually significantly higher than what the previous administration predicted would be created in August 2019. Since Trump took office, roughly 6 million jobs have been created, Mulvaney said, and 1.6 million people have reentered the job market.


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