Vigilance in monitoring legislation and taking the initiative in promoting sound legislation must be part of a coordinated program. Yet neither of these components is possible without your participation. We encourage your thoughts about the issues which NACM should address. We need your input and support.

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Bob Thompson was already working in the national office on the re-affiliation with the Credit Research Foundation (CRF), when the president position became vacant. When asked by Alice M. H. McGregor if he would serve on an interim basis, until a permanent president was selected by the Board of Directors, he did not hesitate. Bob McCulley, president of CRF, and the CRF Board of Trustees were equally cooperative.

ROBERT F. THOMPSON President, 1989

Strive for Legislative Vigilance and Activism

With Congress returning to work after the summer recess, NACM should be reminded of the need for a strong legislative program. All of us at NACM are excited about the selection of Bill Bastek, credit department, Clairol, Inc., Stamford, CT, as the chairman of the Legislation Committee.

Under Bill's Leadership, the philosophy of the Legislation Committee will continue to be a two-pronged approach to regulatory and legislative affairs: continuous vigilance in monitoring and tracking any proposal that will have an effect on the business and trade credit industries, and renewed efforts to develop and implement legislative proposals that address the problems that face our members as they conduct daily business.

With respect to monitoring legislation and regulations, we have had a busy summer. The Federal Reserve Board issued their implementing regulations pertaining to changes with the Equal Credit Opportunity Act (ECOA). The House Judiciary Committee held oversight hearings on the administration and performance of the U.S. Trustees program. Proposed changes in the bankruptcy code prompted the Senate Judiciary Committee to conduct hearings. The General Services Administration issued final rules regarding the enactment of the Federal Prompt Pay Act.

NACM has been an active participant in the public debate over these issues.

At the same time, our Legislation Committee is preparing a draft of a legislative proposal to clarify certain provisions within the bankruptcy code. This draft is a direct response to many of our members who have expressed concern over inequities they feel exist in the code. It is our hope that these proposed changes will be offered as part of a legislative package in the second session of this Congress.

Finally, I hope that our members are aware of NACM's on-line legislative and regulatory tracking system. We now have the capability to track any proposed legislation or regulation in any state. If you believe this service would interest your local affiliated association, please contact me.