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Congressional Roundup: Major Retirements 

December 11, 2023

House Financial Services Chairman Patrick McHenry (R-NC) surprised many last week when he announced he would not run for re-election in 2024 and plans to retire at the end of his term. Former Speaker Kevin McCarthy (R-CA) announced he will resign a the end of the year, which had been widely expected after his ouster.

Why it matters: Looking at Congress overall, this is the most rapid pace of retirements in over a decade. McHenry’s retirement opens up a race in Financial Services to succeed him as the top Republican.

By the numbers: 38 members of Congress—seven members of the U.S. Senate and 31 members of the U.S. House—announced they would not seek re-election in 2024. Reasons for the House departures break down as follows:

• 11 (2 Republicans and 9 Democrats) are running for the U.S. Senate.
• 2 (1 Democrat and 1 Republican) are running for state attorney general.
• One Democrat is running for governor.
• One Democrat is running for President of the United States.
• 16 (9 Democrats and seven Republicans) are retiring from public office.

The big picture: While some retirements create opportunities for seats to flip, the key impact in safe seats will be in the primaries. An open primary gives more extreme candidates a smoother path to victory without a well-funded incumbent in the way.

Contact David McCarthy (dmccarthy@crefc.org) and James Montfort (jmontfort@crefc.org) for more information. 

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38 Members of Congress have announced their retirement as of Dec. 8. 

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CREFC and Oxford Analytica Publish Update to CRE ESG Trends Report

December 11, 2023

Having launched its Sustainability Initiative in early 2021, CREFC recognized the need for a robust and unbiased ESG monitoring system that allows our industry partners to track the complex and evolving nature of the U.S. ESG landscape.

CREFC partnered with Oxford Analytica to design a Strategic Issues Monitor (SIM), a benchmark that will allow organizations to identify, assess, and track macro ESG trends with the most impact on the U.S. commercial real estate finance industry and our members over the next three years.

What's next: In June 2023, we presented that baseline report, ESG Trends in the Commercial Real Estate Finance Industry. The report’s goals were to provide an update on new developments and implications for the trends enumerated in the baseline report.

We are pleased to share our first update, ESG Trends in the Commercial Real Estate Finance Industry: Update Report, December 2023, which covers:

• Resiliency and efficiency standards;
• Regulation, policy, and politics;
• Emerging trends including data center resiliency, EV charging, biodiversity, and affordable housing.

Please contact Sairah Burki at sburki@crefc.org with any comments or questions.

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CREFC and Oxford Analytica Publish Update to CRE ESG Trends Report

December 8, 2023

Having launched its Sustainability Initiative in early 2021, CREFC recognized the need for a robust and unbiased ESG monitoring system that allows our industry partners to track the complex and evolving nature of the U.S. ESG landscape.

CREFC partnered with Oxford Analytica to design a Strategic Issues Monitor (SIM), a benchmark that will allow organizations to identify, assess, and track macro ESG trends with the most impact on the U.S. commercial real estate finance industry and our members over the next three years.

In June 2023, we presented that baseline report, ESG Trends in the Commercial Real Estate Finance Industry, with the goal of providing an update on new developments and their implications for the trends enumerated in the baseline report.

We are pleased to share our first update, ESG Trends in the Commercial Real Estate Finance Industry: Update Report, December 2023, which covers:

• Resiliency and efficiency standards;
• Regulation, policy, and politics; and
• Emerging trends including data center resiliency, EV charging, biodiversity, and affordable housing.

Contact 

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