News Archive

News

Trump Aims to Close Carried Interest “Loophole” in Tax Bill

February 11, 2025

After meeting with House Republicans the White House press secretary outlined President Donald Trump’s tax priorities, which now include eliminating capital gains tax treatment for carried interest income.

Why it matters: Carried interest is a share of a fund’s profits — typically 20% — earned by investment managers as compensation, which is taxed at the lower capital gains rate rather than as ordinary income if certain conditions are met. Post enactment of the 2017 tax bill, real estate maintains greater flexibility in carried-interest treatment than other investments. 

  • President Trump has long been against carried interest treatment, but it survived the 2017 tax bill—with several key changes—and had not been part of the current conversation. 
  • The president’s current focus puts the treatment in much greater peril amid slim Congressional majorities.
Go deeper: 


White House Press Secretary Karoline Levitt
outlined Trump’s tax priorities as discussed with the House GOP: 

  • Extend the Tax Cuts and Jobs Act, 
  • Eliminate taxes on tips, Social Security benefits, and overtime pay, 
  • Fix the state and local tax (SALT) deduction,
  • (NEW) Eliminate tax breaks for billionaire sports team owners, 
  • (NEW) Close the carried-interest tax loophole, and 
  • Cut taxes on products made in America.
What’s next: The carried interest issue likely will mobilize key supporters of the provision, including the real estate sector, to oppose any changes to the current arrangement. While Trump has greater sway in Congress than in 2017, carried interest continues to enjoy strong support in both narrowly divided chambers. 

See our story on reconciliation for an update on the political jockeying around process. 

Contact David McCarthy (dmccarthy@crefc.org) with any questions.
 

Contact  

David McCarthy
Managing Director, Chief Lobbyist, 
Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Trump Aims to Close Carried Interest “Loophole” in Tax Bill
February 11, 2025
After meeting with House Republicans the White House press secretary outlined President Donald Trump’s tax priorities, which now include eliminating capital gains tax treatment for carried interest income.

News

First 100 Days: Trump Cabinet Nominee Update

February 11, 2025

President Donald Trump’s cabinet nominees are in various stages of the confirmation process with nine officials confirmed by the Senate in the last week, while others await a Senate vote or confirmation by committee.

A comprehensive tracker of President Donald Trump’s entire slate of cabinet nominees can be found here.

Confirmed Cabinet Nominees

Voted Out of Committee, Awaiting Full Senate Vote

The following cabinet nominees have yet to be confirmed by the full Senate. They have been voted out of committee, a sign that they are likely to be confirmed by the Republican-majority Senate.

Click on each nominee’s name below to learn more about where they stand in the process and their background.

Pending Confirmation by Committee

The following nominees have not yet been voted out of their committee of jurisdiction.

CREFC will continue to closely follow the cabinet nominee confirmation process.

Contact James Montfort (jmontfort@crefc.org) with any questions.

 

Contact 

James Montfort
Manager, Government Relations
202.448.0857
jmontfort@crefc.org

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
First 100 Days: Trump Cabinet Nominee Update
February 11, 2025
President Donald Trump’s cabinet nominees are in various stages of the confirmation process with nine officials confirmed by the Senate in the last week, while others await a Senate vote or confirmation by committee.

News

Reconciliation and Funding Update

February 11, 2025

For now, there has been limited public progress to address the upcoming March 14 government funding deadline. The Senate took the first steps to move on two reconciliation bills and House leaders continued to push for one bill. 

Why it matters: Republicans will need Senate (and likely House) Democrats to avert a government shutdown. Yet, the national attention has largely been focused on the flurry of executive actions, Department of Government Efficiency (DOGE), agency shutdowns, and the reaction to all of the above. 

  • The reconciliation discussions are separate from the shutdown deadline, but any course will require virtually all GOP members to agree. 
  • It is unlikely any Democrats will join the reconciliation efforts, which tend to be a partisan effort. 

The big picture: The process arguments remain largely the same. Senate Republicans want to give President Donald Trump early legislative victories with a first reconciliation bill focused on the:

  • Border, 
  • Defense, and 
  • Immigration. 
  • Tax would come later 

House leaders prefer a bill incorporating both to incentivize holdouts on tax with the trio of electoral priorities. Trump has, thus far, preferred this route. 

  • But the House has not been able to agree in principle on “top-line” numbers. Deficit hawks want to see a sizable $2 to $5 trillion in cuts. This would be a steep price considering the reauthorization of the 2017 tax law and the addition of Trump’s priorities, which could run well beyond $4 trillion in reduced revenue. 
  • Senators huddled with Trump at Mar-a-Lago last Friday in an effort to sway him to back two bills. Speaker Mike Johnson joined Trump at the Super Bowl. 
  • Breaking News: The House Budget Committee scheduled a markup on a reconciliation bill for Thursday, Feb. 13. At time of publication it is unclear what the scope of the markup will include.
By the numbers: Senate Budget Committee Chairman Lindsey Graham (R-SC) initiated the Senate process with an addition $340 billion in spending for defense and the border that would be “paid for” with commensurate funding cuts. Under the bill, the following committees can spend (add to the deficit) up to the following amounts:

  • Senate / House Armed Services: $150 billion
  • Judiciary: $175 billion
  • House Homeland / Senate Homeland Security and Gov Affairs: $175 billion
  • Transportation & Infrastructure / Commerce: $20 billion
Funding cuts would come from other committees with a wide range of jurisdiction. 

What’s next: The Senate Budget Committee will mark up its legislation this week, and the House GOP will aim to introduce a plan. Trump may weigh in based on his weekend conversations, or he may choose to continue to wait it out. 

Contact David McCarthy (dmccarthy@crefc.org) with any questions. 

Contact 

David McCarthy
Managing Director, Chief Lobbyist, 
Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Reconciliation and Funding Update
February 11, 2025
For now, there has been limited public progress to address the upcoming March 14 government funding deadline.

News

Fed Chairman Powell to Testify to House Financial Services and Senate Banking Committees

February 11, 2025

The Senate Committee on Banking and the House Financial Services Committee will hear testimony this week from Federal Reserve Chair Jerome Powell.

Why it matters: Powell testifies on a semiannual basis in front of both chambers of Congress. His testimony will be closely watched as he will be asked about various aspects of the U.S. economy and it’s outlook moving forward.

  • Members of both chambers are likely to question Powell on a variety of economic issues including interest rates, inflation, and the labor market. 
  • Commercial real estate issues could also come up, as they did in March 2024 when Powell testified in front of HFSC. For a detailed readout of how CRE was discussed during that hearing last year, please click here.

The dates and times of Chairman Powell’s testimony to both committees is included below.

Senate Committee on Banking

House Financial Services Committee

What they’re saying: Chair Powell last testified on the Hill in July 2024. His opening statement from those hearings is linked here.

Contact James Montfort (jmontfort@crefc.org) with any questions.

 

Contact 

James Montfort
Manager, Government Relations
202.448.0857
jmontfort@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Fed Chairman Powell to Testify to House Financial Services and Senate Banking Committees
February 11, 2025
The Senate Committee on Banking and the House Financial Services Committee will hear testimony this week from Federal Reserve Chair Jerome Powell.

News

First 100 Days: Cabinet Nominee Update

February 4, 2025

President Donald Trump’s cabinet nominees are in various stages of the confirmation process with nine officials confirmed by the Senate in the last week and others awaiting a Senate vote or confirmation by committee.

A comprehensive tracker of President Trumps’ entire slate of cabinet nominees can be found here.

Confirmed Cabinet Nominees

Voted Out of Committee, Awaiting Full Senate Vote

The following cabinet nominees have yet to be confirmed by the full Senate. They have been voted out of committee, a sign that they are likely to be confirmed by the Republican-majority Senate.

Click on each nominee’s name below to learn more about where they stand in the process and their background.


Pending Confirmation by Committee

The following nominees have not yet been voted out of their committee of jurisdiction.


CREFC will continue to closely follow the cabinet nominee confirmation process.

Contact James Montfort (jmontfort@crefc.org) with any questions.
 

Contact 

James Montfort
Manager, Government Relations
202.448.0857
jmontfort@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
First 100 Days: Cabinet Nominee Update
February 04, 2025
President Donald Trump’s cabinet nominees are in various stages of the confirmation process with nine officials confirmed by the Senate in the last week and others awaiting a Senate vote or confirmation by committee.

News

First 100 Days: Regulatory Update

February 4, 2025

Following the Federal Reserve’s decision on Jan. 29 to leave rates unchanged, President Donald Trump stated in a post on X that “the Fed has done a terrible job on Bank Regulation. Treasury is going to lead the effort to cut unnecessary Regulation.” 

Notably, the Fed cannot lose its supervisory authority without legislation, which would require Democratic votes and could be a tough sell for some Republicans. 

With Scott Bessent now in place as Treasury Secretary, many market participants expect questions regarding financial regulatory agency leadership to receive more attention. 

Over the weekend, Trump fired Rohit Chopra, head of the Consumer Financial Protection Board (CFPB). On Monday, Trump appointed Treasury Secretary Scott Bessent to serve as Acting Director until a permanent director is nominated and confirmed. 

Why do we care? The CFPB leader serves on the five-person Federal Deposit Insurance Corp. (FDIC) board.

Another important role, as covered in a previous CREFC Policy and Capital Markets Briefing, is that of the Fed Vice-Chair of Supervision, which must be selected from the current roster of Fed Governors. (Current Vice-Chair Michael Barr said he would step down from this position in February.)

  • Fed Governor Michelle Bowman, a former state bank regulator who occupies the seat reserved for someone with community banking experience, appears to be a favorite and will give two speeches this week about regulation.
  • However, as reported by American Banker, former FDIC Chair Jelena McWilliams might be an option if Trump decides to wait until 2026 (which is the soonest term expiration for a current Fed governor) or if a vacancy opens up earlier.

Outside the banking agencies, if the nomination hearing of former Securities and Exchange Commission (SEC) Chair Gary Gensler offers any guidance, SEC Chair nominee Paul Atkins might not have his hearing until this spring.

In other SEC news, Acting SEC Chair Mark Uyeda hired former Natalia Díez Riggin as Senior Advisor and Acting Director of the Office of Legislative and Intergovernmental Affairs, stating:
 

“I’m thrilled that Natalia has joined us after her tenure working for Chairman Scott on the Senate Banking Committee. Her expertise will help guide us as we focus our efforts at the SEC on capital formation and ensuring companies aren’t impeded by ineffective regulation.”
 
On the climate front, Treasury announced on Jan. 30 that its Federal Insurance Office (FIO) was withdrawing from the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), an international group of regulators and central bankers that studies climate change-related financial risks:
 
“Withdrawal from NGFS is one part of implementing President Trump’s Executive Orders Putting America First in International Environmental Agreements and Unleashing American Energy.”
 
Earlier this month, the Fed and the FDIC also withdrew from the NGFS.

CREFC will continue to share important regulatory and policy developments. 

Please contact Sairah Burki (sburki@crefc.org) with any questions.
 
 

Contact 

Sairah Burki
Managing Director, Head of Regulatory
Affairs & Sustainability
703.201.4294
sburki@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
First 100 Days: Regulatory Update
February 04, 2025
Following the Federal Reserve’s decision on Jan. 29 to leave rates unchanged, President Donald Trump stated in a post on X that “the Fed has done a terrible job on Bank Regulation. Treasury is going to lead the effort to cut unnecessary Regulation.”

News

CREFC Launches Two New Committees to Strengthen Industry Advocacy and Legal Insight

February 4, 2025

CREFC is pleased to announce the formation of two new member-driven committees:

  • Advocacy Committee and 
  • Legal Advisory Council

Both committees will enhance CREFC’s ability to navigate legislative and regulatory changes and provide critical industry guidance. 

Why it matters: These new groups
will play a key role in helping CREFC respond to evolving legal, legislative, and policy developments under the new administration.

The newly formed Advocacy Committee complements CREFC’s existing Policy Committee by broadening participation in discussions around legislative and regulatory developments.

  • This expanded engagement will allow more members, both Forum leadership and other industry stakeholders, to weigh in on critical policy issues.
  • With the new administration and Congress expected to introduce significant regulatory changes, including targeted deregulatory efforts, along with new legislation, the Advocacy Committee will serve as an essential platform for gathering industry input and shaping CREFC’s response.
  • The Advocacy Committee is open to all CREFC members.
The Legal Advisory Council will bring together both internal and external counsel from CREFC’s diverse membership base. It will serve as a sounding board to quickly evaluate proposed regulatory changes and help determine those issues most important to CREFC and its members. 
 
  • By offering a legal perspective on a wide range of topics, the Council will ensure that CREFC’s advocacy efforts remain well-informed and strategically focused.
  • The Legal Advisory Council is open to all CREFC members who are attorneys (e.g., law firms, internal counsel).

According to Lisa Pendergast, CREFC’s President and CEO:

“These two new committees reflect our proactive approach to ensuring CREFC remains at the forefront of industry advocacy. By increasing member participation and leveraging expert legal insights, we are strengthening our ability to navigate regulatory shifts and effectively represent the interests of our industry.”
 
Please contact Sairah Burki (sburki@crefc.org) and David McCarthy (dmccarthy@crefc.org) with any questions.
 
If you would like to join either (or both) committees, please email Kaira Whitmore (kwhitmore@crefc.org).
 

Contact 

Sairah Burki
Managing Director, Head of Regulatory
Affairs & Sustainability
703.201.4294
sburki@crefc.org

David McCarthy
Managing Director, Chief Lobbyist, 
Head of Legislative Affairs
202.448.0855
dmccarthy@crefc.org
The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
CREFC Launches Two New Committees to Strengthen Industry Advocacy and Legal Insight
February 04, 2025
CREFC is pleased to announce the formation of two new member-driven committees.

News

Capital Markets Update Week of 2/4

February 4, 2025

Private-Label CMBS and CRE CLOs

Four transactions totaling $3.6 billion
priced last week:

  • HGMT 2025-HGLR, a $1.2 billion SASB backed by a fixed-rate, 10-year loan for a joint venture between Simon Property Group and Institutional Mall Investors to refinance the Houston Galleria super-regional mall.
  • FSRIA 2025-FL10, a $1 billion CRE CLO from FS Credit REIT, comprised of 23 loans secured by 59 properties. The pool’s top property type concentrations are multifamily (45.6%), industrial (21.9%), and hotel (18.9%).
  • BX 2025-DIME, a $950 million SASB backed by a floating-rate, five-year loan (at full extension) for Blackstone to finance the recent acquisitions of 57 industrial properties in seven states.
  • NY 2025-299P, a $435 million SASB backed by a fixed-rate, 10-year loan for Fisher Brothers and Alaska Permanent Fund to refinance 299 Park Avenue in Midtown Manhattan.
     

By the numbers: Year-to-date, private-label CMBS and CRE CLO issuance totaled $13.3 billion, nearly double the $6.8 billion for same-period 2024.

CMBS/CRE CLO Spreads Hold Steady

  • Conduit CMBS AAA and A-S spreads were unchanged at +71 and +105, respectively, as were AA and A spreads at +130 and +160, respectively. 
  • Conduit CMBS BBB- spreads were unchanged at +415.
  • SASB CMBS AAA spreads were unchanged in a range of +90 to +110, depending on property type.
  • CRE CLO AAA and BBB- spreads were unchanged at +125 / +130 (Static / Managed) and +350 / +365 (Static / Managed), respectively. 
     
Agency CMBS

  • Agency issuance totaled $2.1 billion last week, consisting of $990.8 million in Fannie DUS, $904.4 million in Freddie K, and $167.6 million in Ginnie Mae Project Loan transactions.
  • Agency issuance year-to-date totals $11.1 billion, 24% higher than the $9 billion for same-period 2024.
The Economy, the Fed, and Rates…

Economic Data

  • The economy demonstrated resilience in late 2024, growing at a 2.3% annual rate in Q4. While this marked a deceleration from Q3's 3.1% pace, it capped off a stronger-than-expected year that saw 2.8% annual growth, on par with the 2.9% expansion in 2023.
  • Consumer spending emerged as a powerful economic engine in Q4, surging to a 4.2% growth rate - the strongest pace in nearly two years. December proved particularly robust with a 0.7% monthly increase, though this strength came with a concerning caveat: the personal savings rate dropped to 3.8%, its lowest level in two years. This declining savings buffer suggests consumers might be stretching to maintain spending levels, potentially foreshadowing future consumption constraints.
  • The inflation picture shows gradual improvement but remains complex. Core PCE inflation - the Fed's preferred measure - rose 0.2% in December and 2.8% year-over-year, still notably above the Fed's 2% target. However, encouraging signs emerged in the three-month annualized rate, which slowed to 2.2%, marking the lowest pace since July. The "market-based" core PCE, which strips out imputed prices, showed even more moderation at 2.4% annually.

Federal Reserve Policy

  • The Federal Reserve maintained its cautious stance at the January meeting, holding rates steady at 4.25% -4.50%. Chair Powell's messaging marked a clear shift from last year's rate-cutting cycle, emphasizing that the Fed doesn't "need to be in a hurry" to adjust policy. The bar for further rate cuts appears to have risen, with officials seeking "real progress on inflation" or meaningful labor market weakening before acting.
  • Notable divisions emerged among Fed officials regarding policy effectiveness. Governor Michelle Bowman questioned whether current policy is truly "meaningfully restrictive," citing persistent economic strength and elevated equity prices. Meanwhile, Chicago Fed President Austan Goolsbee offered a more optimistic view on inflation progress while advocating for a measured approach to rate reductions.

Trade Policy Impact

  • A potentially seismic shift in trade policy remains on the horizon, though temporarily delayed, as the Trump administration has paused the implementation of 25% tariffs on Mexico and Canada for 30 days following border security concessions from both nations. The possibility of these sweeping tariffs - along with an additional 10% on Chinese imports - continues to loom over the economy, with economists warning of significant macroeconomic repercussions that could push the overall inflation rate toward 3%.
  • President Trump's comments about reaching a "final Economic deal with Canada" suggest the threat of tariffs remains a powerful negotiating tool, maintaining uncertainty in the trade landscape. Industries are already adapting to the tariff threat, with particularly notable movements in the auto sector. Companies like General Motors are expediting vehicle imports and exploring domestic production expansion. 
  • Oxford Economics projects significant supply chain disruptions, with analysts suggesting imports from Canada and Mexico could eventually decline by up to 70% if tariffs are ultimately implemented and economies adjust to the new trade landscape.

Treasury Market Dynamics

  • Despite the Fed’s move to cut rates by a full percentage point last year, long-term Treasury yields have drifted higher. The 10-year yield is hovering around 4.50% – 4.60% (closing last week at 4.54%), and, at times, has neared 4.80%. The bond market is increasingly reacting to fiscal policy rather than Fed policy, with concerns that aggressive tax cuts and tariffs could fuel inflation and increase government borrowing needs.
  • Market projections for Treasury yields show remarkable divergence, highlighting the unusual level of uncertainty in current conditions. While BlackRock's CEO suggests the 10-year yield could climb to 5.50%, Morgan Stanley maintains a contrarian view, projecting yields to fall to 3.55% by year-end. This forecast disparity underscores the challenging environment facing investors as they navigate multiple policy crosscurrents.


You can download CREFC’s one-page MarketMetrics with statistics covering the economy and the CRE debt capital markets here.

Contact Raj Aidasani (raidasani@crefc.org) with any questions.

 

Contact  

Raj Aidasani
Managing Director, Research
646.884.7566

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Capital Markets Update Week of 2/4
February 04, 2025
Four transactions totaling $3.6 billion priced last week.

News

Spotlight on Freshmen in the House Financial Services Committee 

February 4, 2025

Seven freshman Representatives have joined the House Financial Services Committee (HFSC), a coveted post for new Members of Congress. The committee has wide influence over the economy through its oversight of financial regulators, capital markets, housing, insurance, and monetary policy. 

The following is a summary of the freshman lawmakers on the HFSC, relevant backgrounds, and the districts they represent:

Congressman Marlin Stutzman (R-IN-3)

  • While Rep. Stutzman is technically a freshman member of the current Congress, he returns to a seat he held from 2010-2017.
  • In 2016, Rep. Stutzman did not run for re-election to the House, instead choosing to mount a bid for the U.S. Senate. His campaign for the Senate ended in defeat, as Stutzman did not advance past the Republican primary. 
  • Indiana’s third district encompasses Fort Wayne and a large northeastern portion of the state.

Congressman Troy Downing (R-MT-2)

  • Rep. Downing served as the state auditor for Montana from 2021-2025.
  • Downing served in the U.S. Air Force and Air National Guard from 2001-2010, with a Combat Search and Rescue squadron that included two tours of duty to Afghanistan.
  • Montana’s second district encompasses the entire eastern half of the state, including the cities of Billings and Helena.

Congressman Mike Haridopolos (R-FL-8) 

  • Rep. Haridopolos served as a member of the Florida House of Representatives from 2003-2010 and as President of the Florida Senate from 2010-2012.
  • Florida’s eighth district encompasses all of Cape Canaveral and Brevard County.

Congressman Tim Moore (R-NC-14)

  • Rep. Moore served as Speaker of the North Carolina House of Representatives from 2015-2025, and served in the state legislature since 2003.
  • The fourteenth district encompasses Charlotte and large segments of western North Carolina.
Congressman Cleo Fields (D-LA-6)

  • Rep. Fields, a freshman member of the current Congress, represented Louisiana’s fourth district in Congress from 1993-1997. In his current role as a lawmaker, he represents the sixth district.
  • Rep. Fields was first elected to the Louisiana State Senate in 1987 and has since served in multiple statewide roles.
  • Rep. Field’s current district stretches from Baton Rouge to Shreveport.
Congresswoman Janelle Bynum (D-OR-5)

  • Prior to winning her seat, Rep. Bynum served in the Oregon House of Representatives from 2016-2024.
  • Bynum’s district stretches from the southeastern section of Portland to the city of Bend.
Congressman Sam Liccardo (D-CA-16) 

  • Rep. Liccardo served as the Mayor of San Jose from 2015-2024 and served on the San Jose City Council since 2007.
  • California’s sixteenth district includes parts of San Jose and the San Francisco Bay; it is the state’s wealthiest district.

Contact James Montfort (jmontfort@crefc.org) with any questions.
 

Contact 

James Montfort
Manager, Government Relations
202.448.0857
jmontfort@crefc.org 

The information provided herein is general in nature and for educational purposes only. CRE Finance Council makes no representations as to the accuracy, completeness, timeliness, validity, usefulness, or suitability of the information provided. The information should not be relied upon or interpreted as legal, financial, tax, accounting, investment, commercial or other advice, and CRE Finance Council disclaims all liability for any such reliance. © 2025 CRE Finance Council. All rights reserved.
Spotlight on Freshmen in the House Financial Services Committee
February 04, 2025
Seven freshman Representatives have joined the House Financial Services Committee (HFSC), a coveted post for new Members of Congress.

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