WASHINGTON (6/20/14)--Multiple media outlets flashed alerts at about 3:19 p.m. (ET) yesterday: 49 year-old House Majority Whip Kevin McCarthy (R-Calif.) has been chosen to serve as the next House majority leader.
The Washington Post reported that McCarthy is serving his fourth term in Congress and that his
Rep. Kevin McCarthy, shown here addressing CUNA's Governmental Affairs Conference, has had positive experiences with credit unions, especially the one that gave him loans for his education and his business. (CUNA Photo)
victory Thursday makes him "the fastest-rising majority leader in American history." McCarthy's competitor of the position was Rep. Raul Labrador (R-Idaho).
McCarthy's election comes after Rep. Eric Cantor's (R-Va.) announced his resignation from that post after a surprise primary loss to Dave Brat, an economics professor at Randolph-Macon College in Ashland, Va.
When McCarthy announced his intention to run for the House Republican leader spot, John Magill, executive vice president of government affairs for the Credit Union National Association, noted that McCarthy is "well-respected, and well-liked, among his colleagues, and his door is open to credit unions for our views."
As a member of the House Financial Services Committee, McCarthy has spoken at CUNA's Governmental Affairs Conference, including this year during which he shared his concern about the growing regulatory burden.
It was also reported that Rep. Steve Scalise of Louisiana won the race for majority whip--McCarthy's current spot--making him the No. 3 Republican in the House. Scalise was among the 324 members of the House who signed a letter relating lawmakers' concerns regarding the National Credit Union Administration's risk-based capital proposal.