Renae Cowley interviewed by blogger

Foxley & Pignanelli has enjoyed watching associate Renae Cowley pursue her latest endeavor in barrel racing. Renae has gone from never having never barrel raced to qualifying for the professional circuit in just one season. She has crushed the summer season and already training for next year.

Renae has a knack for excelling in the goals she sets for herself in both her professional and personal life. She has chosen to share her barrel racing journey through social media. Her @renaecowley channels have caught the attention of multiple blogs and rodeo fans. She was recently interviewed by The Small Town Boss Babe to discuss her barrel racing experience.

Read her interview here:

http://www.jessieguilford.com/single-post/2017/09/21/A-Success-Formula-that-Works-From-Barrel-Racing-to-Boss-Babe

Frank R. Pignanelli and LaVarr Webb: Our opinions on health reform, NFL protests and Columbus

In politics, expect the unexpected. Issues suddenly arise we didn’t know were issues. But one thing you can rely on: your columnists always have opinions on issues — and non-issues.

After another stinging defeat, is congressional health care reform dead and buried?

Pignanelli: “Republicans campaigned on [Obamacare repeal] so often we have a responsibility to carry it out. That's pretty much of a reason as the substance of the bill." — Sen. Chuck Grassley 

As with many Americans, I wince at commercials showing poor animals suffering from abuse. I experience the same painful emotions watching Republicans attempting to pass health care reform. They are clearly uncomfortable in this role, and relieved to move onto safer topics like taxes. But the issue is not dead.

Later this year, insurance rate increases will aggravate employers and working families. Furthermore, problems that existed before Obamacare, or caused by it, will increase in severity. Expect Republican voters to express frustration that a GOP-controlled Congress cannot deliver needed changes. These dynamics could push possible intraparty challenges, even for Utah federal officeholders.

To preempt this, I predict another round of torturous health care reform deliberations in Congress. Unfortunately, we can't count on the Humane Society saving them, and us, from the resulting pain.

Webb: It is unfortunate that the Graham/Cassidy legislation failed. It was the country’s best chance to improve health care and control its costs. By devolving much of Medicaid funding to the states, each state could have crafted solutions that best fit the needs of its citizens. The wails of woe and despair by the various liberal advocacy groups and the medical/insurance complex were self-serving and deceitful. These groups simply want big federal government health care. It is inexplicable to me that virtually everyone believes the federal government is a mess, yet so many people want the federal government to run health care.

Lt. Gov. Spencer Cox described President’s Trump’s criticism of the NFL for allowing players to kneel in protest during the national anthem as a “diabolically brilliant” action that divides the country. Is the always magnanimous Cox correct, or is there a real issue behind Trump's actions?

Pignanelli: Cox nailed it again. Trump also understands deep in the American psyche is the belief that politics and sports can mix, but never on the playing field. It was a shrewd distraction from his unfulfilled agenda.

Webb: Trump didn’t need to engage in this fight and went too far in calling for the players to be fired. I’m all for peaceful protest at the right time and place. Go protest in front of city hall or the police station. But I’m absolutely offended to see NFL players and coaches exploit the singing of the national anthem and our flag before a captive audience to make a political statement.

This is in-your-face protesting. They are going out of their way to be as obnoxious as possible in front of millions of Americans who came to witness (or see on TV) a football game and, perhaps, to feel a little patriotic as the flag is shown and the national anthem is sung. It is hijacking and exploiting the country’s most sacred symbols to make a political point.

If it’s not about the anthem, or the flag, as they say, then why use the song and flag as a backdrop? Why stuff it down the throats of football fans who aren’t interested in their political views?

Their action is not illegal. It’s constitutionally protected. But it’s bad judgment, ill-mannered, insulting, offensive, rude, divisive and disrespectful.

The Salt Lake City Council may consider a resolution to replace Columbus Day with Indigenous Peoples Day. A handful of other large cities have done this in recognition of the atrocities suffered by Native Americans by European settlers. Is this necessary?

Pignanelli: Columbus Day was created to celebrate all immigrants, in response to nasty ultra-nativist activities. Because this great explorer was Italian, millions who share my ethnic heritage are proud of him and the magnificent contribution we make to our beloved America.

Columbus was not perfect but his bravery and tenacity opened the New World to millions seeking opportunity. If unfair treatment of Native Americans is a standard to strip honorific days, the following holidays are jeopardized: Independence Day (creating a government that warred against tribes), Thanksgiving (we know how that turned out) and Christmas (spreading Christianity was a frequent rationale for maltreatment).

Equally important, honoring anything Italian is always good for American souls-regardless of heritage.

Webb: Columbus was a remarkable explorer who established the first permanent colonies in the Americas in four difference voyages. Most historians say he was also ruthless — exploiting, enslaving and otherwise mistreating the natives. As did many other European conquerors. As did the indigenous people themselves among their warring factions.

I think it is fine to celebrate indigenous people with a special day, as Utah does on Nov. 3. But I do not see harm in commemorating the beginning of the European settlement of America, and calling it Columbus Day, while also acknowledging – and learning from -- the barbarism that occurred. It is easy, but not always fair, to judge what occurred more than 500 years ago by the standards and values of today’s modern, civilized world.

150th Anniversary of the Golden Spike, brought to you by Douglas Foxley

A concurrent resolution was passed during the 2017 Utah legislative session recognizing the upcoming 150th anniversary of the United State’s first transcontinental railroad, as well as requesting that a committee be formed to plan the commemorative ceremony. We are honored to announce Governor Gary Herbert selected Foxley & Pignanelli’s founding partner, Douglas Foxley to serve as the ceremony chair. 

 Those close to the firm know there are few individuals more educated and proud of the great State of Utah and its rich history than Douglas Foxley. He has dedicated much of his time to serve various leadership positions to enrich the state. The wedding of the rails is a significant milestone in Utah's history as well as that of our nation. 

 The opportunity to coordinate the 2019 celebration has quickly become a passion project for Doug. He has been hard at work bringing together stakeholders from across the state to ensure this is a celebration worthy of such a historical event. As Doug has said, "it will be the party of the decade!" 

Frank Pignanelli & LaVarr Webb: Huntsman’s new job, Trump’s speech and CMV initiative

Both local issues and international affairs are important to Utah. We take a look at some of them.

Former Utah Gov. Jon Huntsman is poised to become ambassador to Russia. What is the impact on international, national and local politics?

Pignanelli: "Diplomacy is to do and say the nastiest things in the nicest way.” — Isaac Goldberg

As a heathen Gentile who grew up in Zion, I can state that Mormons cannot help but be great diplomats. Most spent two years in other parts of the country and world — not as occupiers — but persuaders. They comprehend that each society (especially in Utah) has a unique way to "do business." Reared in Utah's passive-aggressive culture, LDS adherents are rarely confrontational but achieve their ends through subtler means (a skill needed by ambassadors).

Huntsman possesses these talents on an exponential level. Former ambassador to China and Singapore, no one is better suited to demonstrating strength while maintaining communications with the Russians. This assignment in Moscow keeps him relevant and could lead to an eventual appointment as secretary of state.

Although not yet 60, Huntsman has an impressive resume. The Obama campaign feared him as a potential opponent in 2012. Every day that goes by, there are more Republican millennials who will identify with Huntsman than almost any other politician. Very charismatic and clever in social media, Huntsman is also viewed as outside the establishment (a valuable commodity in 21st-century politics). Huntsman will be on a short list for national office in 2020.

Huntsman will demonstrate a successful, and global, application of the “Utah Way.”

Webb: Huntsman will be a terrific ambassador in this enormously sensitive and important position. But it will be difficult even for this consummate diplomat to navigate the world of President Donald Trump. Huntsman must avoid being undercut by wee-hour tweets and inconsistent administration signals. Can Huntsman condemn Russia’s aggression and incursions into the rights of other countries if Trump periodically tries to cozy up to Vladimir Putin?

Still, if Huntsman performs well, he might be in a position to take over for Secretary of State Rex Tillerson once Tillerson is inevitably fired by Trump or he tires of fronting Trump’s erratic foreign policies.

Locally, this appointment eliminates Huntsman as a potential challenger to Sen. Orrin Hatchin 2018, or to whoever runs to replace Hatch if he retires. That’s good news for Mitt Romney.

Utah is a state with healthy international trade and strong relationships with people in countries across the world. Did President Trump’s tough talk at the United Nations last Tuesday help or hurt Utah’s international interests?

Pignanelli: Hello!!! Is anyone paying attention? "Rocket Man" sent two missiles across Japan — an incredible and frightening event. I appreciate Trump inherited this problem and enjoy his creative chest thumping. But he has to apply action, or other nut jobs will think they can intimidate without ramifications. There needs to be severe economic sanctions (with rigorous penalties for noncompliance) that squeeze North Korean ruling families. This will impact Utah’s international, American and European interests in the short term but deliver long-term benefits.

Webb: I admit the nationalist in me liked a lot of Trump’s speech. It was nice to see a president stand up unapologetically for America’s interests and bluntly call out some of the world’s dictators. Trump received harsh criticism from liberals for some of the speech’s more memorable lines, but in reality it was a nuanced speech. Anyone who listened carefully found points to both love and hate. Some analysts said it was clearly written by committee, alternating between tough talk and lofty rhetoric worthy of a world statesman.

It is certainly in Utah’s interest for the world to be a stable place bolstered by free trade and positive international relationships. It’s too early to measure whether Trump’s foreign policy will move us in that direction or not.

Is the new Count My Vote ballot measure to create a direct primary election system for Utah really needed? Or is it best to leave the existing CMV/SB54 compromise in place?

Pignanelli: Maybe I am old school, but I adhere to the principle "a deal is a deal." Factions within the GOP challenged the law and House Republicans sent a “message vote” to eliminate it. Notwithstanding, the Legislature has upheld their bargain with CMV advocates. Results of recent races will compel most candidates to pursue the signature route with or without attention to delegates. I encourage CMV to have thoughtful second thoughts before acting.

Webb: I would have been happy with the SB54 compromise if assured it would remain in place. But with an ongoing lawsuit and continued attacks by elements of the Republican Party and the Legislature, it makes sense to ask Utah voters, once and for all, if they want a party nomination system that allows all party registered voters to have a voice, or if they want a select few convention delegates to control the nomination process.

A change to a direct primary system would not be a radical step. It’s the process used by almost every state in the country, providing opportunity for maximum voter participation. And by fixing a few glitches in SB54, the proposal would create a model system to nominate political party candidates.

Foxley & Pignanelli hosts UAFS and NAIB annual convention

Foxley & Pignanelli is the association management firm for the Utah Association of Financial Services (UAFS) and the National Association of Industrial Bankers (NAIB). Management services include state and federal government relations, communications, event planning, training, plus board and committee governance.

On September 12-14, 2017, Foxley & Pignanelli hosted the UAFS & NAIB Annual Convention and Golf Tournament in Midway, Utah.  Bankers, academics, vendors and regulators attended this important industry event.

Highlights included:

Brokered Deposit Project

Dr. James Barth, Lowder Eminent Scholar in Finance at Auburn University

This report describes and examines the role brokered deposits play in the banking system as well as the regulatory treatment of such deposits. The focus is on the impact of brokered deposits on bank performance, bank failures and bank failure costs. An assessment is made as to whether the differential treatment of brokered deposits is justified in view of the empirical evidence examined.

Shape of Things to Come…Future of Fintech

John Lass, President of Lass Advisory Services LLC

The world of financial services is being impacted by waves of disruption from the growing FinTech sector.  But FinTech itself is rapidly being transformed by new advances in data analytics, AI, robotics and other tech sectors.  John Lass led us on a guided tour of the future to consider both the risks and opportunities facing financial institutions. 

Safety and Soundness of Industrial Loan Corporations

Dr. James Barth, Lowder Eminent Scholar in Finance at Auburn University

The ILC update project provides an updated assessment of the contribution and performance of industrial loan companies to the US banking system. It is shown that during the most recent financial crisis, ILCs provided credit when other financial institutions were unable or unwilling to do so (due to a lack of liquidity or capital). Moreover, in terms of ROA, 80 percent of the ILCs performed better than the average of all FDIC-insured institutions, while 80 percent also outperformed the average of all state-chartered institutions. When the ILCs are compared to commercial banks within the same size categories, 50 percent or more of the ILCs came out ahead of their respective FDIC-insured institution size group in terms of ROA. Based on all the other measures, nearly half the ILCs performed better than all FDIC-insured institutions and state-chartered institutions. This suggests that the ILC industry should be allowed to grow by tapping into new sources of capital from companies that are otherwise prohibited from owning a bank by the BHCA.

Other Convention Presenters:

Regulatory Updates

Kathy Moe     FDIC Regional Director

Ed Leary         Utah DFI Commissioner

Matt Sheeran FDIC CRA Review Examiner 

Risk Governance & The Board of Director’s Role

Catherine Bromilow, PWC

US Liquidity Regulations: Overview and Future Impact

Steve Turner, Novantas

Cybersecurity: Prevent. Detect. Respond.

Chad Knutson, President SBS Cybersecurity Institute

Regulatory Change + Economic Uncertainty = Opportunity or Threat?

Robert Spendlove, Sr. VP Economic and Policy Officer, Zions Bank

Rising Interest Rates in a Post-Crisis Environment

Steve Turner, Novantas

CRA Community Needs Assessment and Financial Literacy Outreach

Sorenson Impact Center, Salt Lake County, Kem Gardner Institute

Political Updates

Doyle Bartlett, Federal Lobbyist NAIB, The Eris Group

Mark Johnson, Government Relations Director, Toyota

Frank R. Pignanelli and LaVarr Webb: Here are the political issues we’re watching this September

Under Utah Debate Commission rules, any candidate in a race who polls 10 percentage points, minus the survey’s margin of error, is invited to participate in the debate. At the time of this writing, the Debate Commission planned to do a second survey to determine if Jim Bennett, the 3rd Congressional District United Utah Party candidate, would be allowed to participate in the debate. Is Bennett a viable candidate? Is the Debate Commission screening candidates fairly?

Pignanelli: “Without third parties, all forward movement stops. They're essential.” — Jill Stein

All my underwear is older than the recently created Utah United Party (I know — too much information). It is remarkable that with limited resources, this tiny local insurgency captured almost 6 percent in recent polling. Thus, something is bubbling inside Utah politics.

A special-interest group or media organization conducting political discussion has the right to determine the participants. But the Utah Debate Commission holds itself above partisan pettiness and supposedly this allows it to impose guidelines on candidate debates. Its efforts of promoting discourse in the election process are self-limited to "viable" candidates. What does that mean? A true test of electoral viability would eliminate Republicans in Salt Lake City and Democrats in many other Utah locales.

There is no public or government mandate behind the commission. (Membership is from major parties and the media.) So if it wants to legitimately claim to represent the public interest, it must incorporate what voters are actually expressing.

Bennett and the UUP deserve the same as my underwear — a chance to be worn.

Webb: Certainly, the debate would be more interesting with Bennett in it. But it would also be more interesting if the Libertarian candidate was invited. And then all eight candidates would have to be invited and the debate would become unwieldy, boring and mostly useless. The Debate Commission is right to have a threshold to weed out non-serious candidates, some of whom filed just for the fun of it, to get their 15 minutes of fame.

In theory, Bennett’s United Utah Party should have a chance. The target audience is unaffiliated voters and centrist moderates in both of the main parties — and they total enough to win. But the reality is a lot more difficult. With a mainstream Republican like Provo Mayor John Curtis in the race, moderates see no reason to go astray.

Are the homeless initiatives, including the law enforcement crackdown, going well? What are the political risks to politicians who are heavily invested in the success of this project?

Pignanelli: Until March 2017, most observers pigeonholed Speaker Greg Hughes as a conservative, successful insider within the legislative arena, but fostered questions whether he could survive outside Capitol Hill.

Those questions have been answered.

Hughes took a risk by following his heart with a sincere desire to solve a problem plaguing the downtown for decades. His personality was perfect for pushing local and state officials to work together.

The Rio Grande situation seems to be on a path to resolution, for which Hughes will capture enormous credit. But even if success is spotty, Hughes (and other officials involved) will receive plaudits from Utahns for trying.

Webb: It is fascinating to see three future potential political competitors — Salt Lake County Mayor Ben McAdams, Speaker Hughes and Lt. Gov Spencer Cox — put aside their natural rivalries and work together on an important initiative. They have also developed genuine friendship and respect for each other.

Thanks to the cooperation among different levels and branches of government, the initiative is going well. It won’t be without conflict and hurt feelings. It is costly and difficult. All stakeholders know it must be a long-term, focused project. But real people are being helped, their lives improved. It’s worth the effort.

President Donald Trump has had a few reasonably good weeks, focusing on relief efforts in Texas and Florida and keeping his tweet-storms in check. He’s reaching out to congressional Democrats on a variety of issues, including immigration and tax reform. Is Trump doing better or is this just a short detour?

Pignanelli: Although Republicans are grumpy, the outreach by Trump to Democrats was a shrewd move as Americans are appreciative of any effort to prevent more government stalemate. They do not care about PR point scoring by the parties and want a federal government that works. Trump gets it, and this pivot reaffirms his status as an independent.

Webb: I’ve given up predicting what Trump might do. Does he have a master plan, or does he govern by whim? This could be a turning point for his presidency. Or it could be just another fleeting inconsistency. It’s interesting to see Trump playing footsies with the same Democrats who have ruthlessly savaged him for a couple of years.

Trump wants to get things done, which is great. But if it means caving in to the demands of liberal Democrats, ballooning the debt and growing the size of government, the country will be the worse. Better to form an alliance with centrists from both parties.

Frank Pignanelli & LaVarr Webb: Off-year political rumors and speculation

As summer ends (except for the heat), football kicks off and fall colors pop in the foothills, the off-year political rumors and speculation proliferate. Because no one loves political gossip more than us, we share what we are hearing:

Is Sen. Orrin Hatch closer to a decision to run in 2018? “I guess rumors are more exciting than the truth.” — Venus Williams.

The Hatch re-election rumor mill went wild recently when thousands of voters received a postcard (resembling campaign literature) praising his work on the Trump administration’s reconsideration of national monuments. In addition, prominent GOP donors were invited to a fundraiser later this month for the benefit of the “Hatch Election Committee."

Many politicos view this as an obvious signal the senator is ramping up his feared campaign juggernaut. Others believe this is another ploy to freeze the field and defer to a favorite replacement later in the year.

We’re sticking to our predictions — Frank thinks Hatch runs next year, while LaVarr is quite confident he retires.

If the senator is keeping the seat warm for a favored person, who can best mount a last-minute campaign?

It’s getting late to plan, fundraise, organize and execute a 2018 statewide Senate race. Two guys who have the institutional support, name ID and financial prowess to do it are Mitt Romney and Congressman Chris Stewart. Neither would challenge Hatch, but both appear very interested if Hatch retires. We understand that Senate Majority Leader Mitch McConnell even encouraged Romney to run by promising he would enjoy higher status than a typical junior senator. Romney and Stewart are both well-liked by Hatch.

What hopefuls are seriously considering a campaign regardless of what Hatch decides?

Derek Miller has said he is likely to run. He served as chief of staff to Gov. Gary Herbertand remains close to the governor. Former legislator Chris Herrod could represent the arch-conservative wing of the party, despite his recent 3rd District special election loss. Attorney General Sean Reyes is a possibility, along with Rep. Dan McCay.

Others mentioned by the “great mentioners” are Sutherland Institute President Boyd Matheson (former chief of staff to Sen. Mike Lee) and State Sen. Dan Hemmert, a businessman (owner of Red Hanger cleaners) who has performed well in the Legislature.

Then there are vague hints about prominent business leaders who want to try their hand in curing the problems in the Beltway swamp. Even the name of former Gov. Jon Huntsman, whose nomination for ambassador to Russia has been ridiculously slow, has come up.

Here’s an insider tip: Watch Mitt Romney.

Although she has said absolutely nothing, why does speculation exist that Congresswoman Mia Love may angle for the U.S. Senate or a TV network gig?

Many in her close circle state the congresswoman is not interested. But her choice of veteran GOP operative Ivan DuBois as chief of staff has caused tongues to wag.

Love has impressed some national observers with her hard work as a member of the House Financial Services Committee. They are among those promoting her as a possible Senate candidate or cable TV personality.

Why are Republicans anxious about the municipal elections in Draper and Salt Lake City?

Republicans have owned Draper for decades. But incumbent Mayor Troy Walker irritated some constituents when he offered the city as host to a homeless resource center. Former Democratic Senate candidate Michelle Weeks ran well ahead of Walker in the primary, and enjoys momentum for a possible win in November.

Salt Lake City municipal elections are officially nonpartisan, which allows the occasional Republican to sneak in. But some City Council candidates are openly running as Democrats and attacking opponents as Republicans. It worked well in the primaries. This is another leftward shift in the capital city.

Why are the supporters of Count My Vote considering placing a proposal on the ballot requiring all candidates to gather signatures to get on the primary election ballot? 

The SB54/Count My Vote compromise has been under continual attack by the Republican Party and some legislators who want to overturn SB54 and return exclusively to the caucus/convention system. So the thinking is: Why not put a proposal on the ballot letting voters choose once and for all if they want a relative handful of convention delegates to choose party nominees, or if they want all party voters to choose nominees.

What is going on with State Sen. Jim Dabakis and his Democratic colleagues?

Dabakis sharply criticized Democratic colleagues when they did not elect him to a leadership position last November. It appears he now does not attend minority caucus meetings. Some progressives are saying he used pictures of the Houston flooding to garner support for his left-wing political organization. There exists speculation that Dabakis is plotting to run for higher office independent of traditional party establishment.

Guest Speaker for Campaign Management Announced

Foxley & Pignanelli is ecstatic to host Steve Johnston as our guest speaker in Campaign Management 3160 tomorrow. We believe our students will learn a lot from his knowledge and experience. Have a look at his impressive bio:

Steve Johnston started working on federal political campaigns seventeen years ago…before he could even drive. Most recently, he was a Google Account Executive leading strategy with campaigns, political committees, and other organizations adopting online advertising in the elections and advocacy space.

In addition to his digital marketing work for the House Majority Leader in Congress and a national presidential campaign, Steve did product marketing for the Silicon Valley tech startup Quora and developed digital-focused business strategy for the national fast casual restaurant chain Sweetgreen.

He is an award-winning political strategist who was named to Campaigns & Elections Magazine's "Rising Stars" list that recognizes "young operatives who will shape the future of political campaigns" and to the American Association of Political Consultants' “40 Under 40” list of top political professionals.

Steve has a degree in Government from Harvard and an MBA in Marketing and Operations Management (joint major) and Entrepreneurial Management from Penn’s Wharton School