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Nikki Haley to Announce 2024 Presidential Bid

February 6, 2023

The field for the 2024 Republican Presidential nomination is starting to thaw.

Last week, former U.N. Ambassador Nikki Haley announced she will make a “Special Announcement” on February 15 and travel to New Hampshire and Iowa.

Our thought bubble: If that doesn’t scream, “I’m running for President,” we don’t know what else will.

Why it matters: Haley is the first high-profile challenger to former President Trump. Her compelling personal background and record as Governor of South Carolina give her an edge that is not to be overlooked.

The big picture: The 2024 Republican Presidential primary field is anticipated to be crowded:

• Former Maryland Governor Larry Hogan (R) was quoted for the first time saying he was “actively and seriously considering” running. He also appeared on three radio shows in New Hampshire.
• Sen. Tim Scott (R-SC) is scheduled to give speeches in Iowa and South Carolina, two early primary states.
• Former VP Mike Pence (R) is staffing up, which includes former Haley staffers.
• Former Secretary of State Mike Pompeo (R) released his book, and increased media appearances, a sign of a Presidential bid to come.
• Members of Florida Gov. Ron DeSantis's (R) team are preparing for a national campaign.

The bottom line: The time between now and when the Republican nominee will be announced during the Republican National Convention in July 2024 is significant. During this period, CREFC will shine a spotlight on the candidates to watch this cycle.

Contact Chelsea Neil (cneil@crefc.org) with questions about the 2024 election cycle.

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ICYMI: Federal Election Commission Increases Contribution Limits

February 6, 2023 

On February 2, the Federal Elections Commission (FEC) increased the amount that individual donors can give per candidate per election to $3,300.

Why it matters: The announcement reflects the current inflationary environment. Donors can now also give a candidate up to $6,600 between the primary and general elections — or $9,900 if a race goes to a runoff.

By the numbers: The amount represents a $400 increase from the $2,900 limit during the 2022 election cycle.

Go deeper: Visit the FEC website for the complete list of contribution limits during the 2024 cycle.

If you have questions about political giving contributions or the FEC, please contact Chelsea Neil (cneil@crefc.org). 

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SEC Releases Annual Report on Rating Agencies

February 6, 2023

On February 2, the Securities and Exchange Commission (SEC) issued its annual report on nationally recognized statistical rating organizations (NRSROs).

Why it matters: The 2006 Rating Agency Act and Section 15E(p)(3)(C) of the Securities Exchange Act of 1934 require the SEC to submit an annual report to the Senate Banking and House Financial Services committees and the public.

The SEC identified the following potential risks for consideration in the NRSRO-specific risk assessments:

• Pressure on surveillance practices during times of stress;
• Pandemic’s impact on commercial real estate;
• Increased likelihood that communications are conducted through unapproved means (e.g., text messaging);
• Process weaknesses in managing conflicts of interest with respect to securities ownership by employee;
• Marketing and development of stand-alone ESG products resulting in conflicts of interest that could affect credit ratings; and
• Developments that could adversely affect the ratings of firms based in China.

On CRE, the report noted “identified potential risks relating to commercial real estate ratings with significant exposure to sectors negatively impacted by COVID-19, and potential non-adherence to methodologies and rating processes” related to:

• Qualitative adjustments made to model implied ratings, model implied subordination levels, and inputs to models used in the ratings process;
• Property valuations; and,
• Default frequency and severity assumptions or projections.

Contact Sairah Burki (sburki@crefc.org) with questions. 

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