EVENT RECAP
SEPTEMBER 14-17, 2020
Watch a replay of our Week in Washington kick-off featuring an all-member update, an overview of topics covered with Congressional staff throughout the week and exclusive interviews with Reps. Bill Huizenga (R-MI) and Josh Gottheimer (D-NJ) will on the current political environment in Washington and critical issues they’re focused on heading into the November election.
VIDEO HIGHLIGHTS
Policy & Government Affairs Update
Hear a political update from our Partners at GrayRobinson and Groom Law.
Interview with Congressman Bill Huizenga (R-MI)
IPA President and CEO interviews Congressman Bill Huizenga (R-MI) on critical legislative priorities as we head toward Election Day.
Interview with Congressman Josh Gottheimer (D-NJ)
IPA General Counsel and SVP of Gov. Affairs Anya Coverman sits down with Congressman Josh Gottheimer (D-NJ) to discuss his take on the legislative agenda in Washington from now until the end of the year.
Closing Remarks and Hill Meetings Debrief | Jim Ellis Political Update
Recap the IPA’s Week in Washington with an update from long-time political consultant Jim Ellis and a debrief from IPA members who participated in virtual Hill meetings throughout the week.
PRIORITY TOPICS
HILL MEETINGS
PRIORITY TOPIC #1
U.S. Tax Policy: Efficient Policy for Commercial Real Estate Investing
The IPA’s Tax Team discussed priority issues including Section 1031 exchanges, FIRPTA parity and qualified opportunity zones. We met with tax experts from the Senate Finance Committee and the House Ways and Means Committee.
Key Take-Aways
- Members of Congress and staff were aware and supportive of our tax policy positions relating to 1031 like-kind exchanges, FIRPTA parity and qualified opportunity zones.
- Our collaboration with other significant real estate industry groups on 1031 like-kind exchanges was acknowledged and well received.
- We were encouraged to obtain a legislative sponsor with respect to our tax legislation goals around FIRPTA parity.
- We received consistent support for our reporting and transparency goals relating to qualified opportunity zones.
U.S. Senate Committee on Finance
Senator Mike Crapo (R-ID)
Senator Bob Menendez (D-NJ)
U.S. House Committee on Ways and Means
Congresswoman Suzan DelBene (D-WA)
Congressman Kevin Brady (R-TX)
IPA Team
Daniel Cullen – Team Lead
Partner,
Baker & McKenzie LLP
David Fisher
Managing Partner,
ExchangeRight Real Estate
Michael Anthony
Senior Vice President,
Blackstone
Daniel Wagner
Senior Vice President, Government Relations,
The Inland Real Estate Group of Companies, Inc.
Mike Bendix
Chief Executive Officer,
DFPG Investments LLC
”"Through our meetings, we have a better understanding that Members of Congress are aware and supportive of our tax policy positions relating to 1031 like-kind exchanges, FIRPTA issues and qualified opportunity zones, and that the industry would be well served to follow up and continue critical dialogue fostered through the IPA."
Daniel CullenTeam Lead
PRIORITY TOPIC #2
Retirement Security: Equal Access to Alternative Products in Retirement Accounts
The IPA’s Retirement Security Team focused on the critical and ongoing effort to facilitate greater access to alternative investment strategies within defined contribution plans. We met with members of the Senate Health, Education, Labor and Pensions Committee and the House Education and Labor Committee.
Key Take-Aways
- Members of Congress and staff understood that access to direct real estate and private credit can enhance risk adjusted return for long-term savers.
- Members agreed that defined contribution plans should have similar investment opportunities as defined benefit plans to quality diversified assets.
- Members agreed to further discussions in support of the Department of Labor’s Information Letter for private equity.
- Members asked how they can encourage the SEC to streamline the qualified purchaser rules to treat defined contribution and defined benefit plans similarly.
U.S. Senate Committee on Health, Education, Labor, and Pensions (HELP)
Senator Patty Murray (D-OR)
Senator Lamar Alexander (R-TN)
U.S. House Committee on Education and Labor
Congressman Joe Morelle (D-NY)
Congressman Tim Walberg (R-MI)
IPA Team
Anne-Marie Vandenberg – Team Lead
President, Chief Operating Officer
and Director, DWS RREEF Property Trust
Mark Goldberg
Chief Executive Officer,
Griffin Capital Securities, LLC
Leon Volchyok
IPA Chair Elect, Managing Director,
Blackstone
Kevin Walsh
Principal,
Groom Law Group, Chartered
Jeff Taylor
Managing Director,
Chief Operating Officer, Black Creek Group
Steve DeAngelis
President, Head of Distribution,
FS Investments
”“It’s encouraging that Members of Congress and their staff generally understood that access to direct real estate and private credit can enhance risk adjusted returns for long-term savers, and that direct contribution plan participants should have similar investment opportunities as defined benefit plans.”
Anne-Marie VandenbergTeam Lead
PRIORITY TOPIC #3
U.S. Capital Markets: Modernizing Securities Regulations
The IPA’s Capital Markets Team focused on advancing dialogue around SEC developments including Regulation Best Interest, the SEC’s harmonization initiative, and private offering reform. We met with members of the Senate Banking Committee and the House Financial Services Committee.
Key Take-Aways
- The Congressional staff was professional and knowledgeable about our issues.
- The staff understood our position that law makers should take the time to observe the impact of Regulation Best Interest and that separate state fiduciary rulemaking presents operational and compliance challenges for the securities industry.
- The staff was supportive of our position that the SEC continue with its efforts to harmonize the securities laws.
- The staff was supportive of more widespread acceptance of electronic delivery of securities documents to investors.
U.S. House Committee on Financial Services
Congressman Brad Sherman (D-CA)
Congressman Bill Huizenga (R-MI)
Congressman Bill Foster (D-IL)
U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator Pat Toomey (R-PA)
Senator Chris Van Hollen (D-MD)
IPA Team
Jason Goode – Team Lead
Partner,
Alston & Bird LLP
Mark Quinn
Director of Regulatory Affairs,
Cetera Financial Group
Howard Hirsch
Chief Legal Officer,
Griffin Capital Essential Asset REIT, Inc.
Alice Connaughton
Partner,
Morrison & Foerster LLP
Deborah Froling
Partner,
Kutak Rock LLP
Darryl Steinhause
Partner,
DLA Piper
”“Among other issues, Members of Congress and their staffs understood our position supporting the SEC’s efforts to harmonize securities laws. In addition, our message was well understood that that lawmakers should take time to observe the impact of Regulation Best Interest, and that separate state fiduciary rulemaking presents operational and compliance challenges for the industry.”
Jason GoodeTeam Lead
PRIORITY TOPIC #4
Commercial Real Estate: Impact of COVID-19 on the Industry
The IPA’s Commercial Real Estate Team focused on the impact of the coronavirus pandemic on the commercial real estate industry and its investors. We met with members of the Senate Banking Committee and the House Financial Services Committee.
Key Take-Aways
- Members of Congress and staff appreciated that continuation and expansion of the paycheck protection program is paramount to keep small businesses afloat and retain employees.
- Members appreciated the impact of additional stimulus checks, unemployment benefits and eviction moratorium for commercial real estate.
- Members learned about the importance of programs facilitating loan restructuring and forbearance and liquidity for the commercial mortgage market.
- Members understood our concerns regarding employer liability protection in safely reopening the economy.
U.S. House Committee on Financial Services
Congressman Ed Perlmutter (D-CO)
Congressman French Hill (R-AR)
U.S. Senate Committee on Banking, Housing and Urban Affairs
Senator David Perdue (R-GA)
Senator Mark Warner (D-VA)
IPA Team
Kevin Shields – Team Lead
Chairman and Chief Executive Officer,
Griffin Capital Company, LLC
John Carter
Founder and Chairman,
Carter Multifamily
Ella Neyland
IPA Board Chair Emeritus, President, Chief Financial Officer and Treasurer, Steadfast Apartment REIT
Carly Tripp
Chief Investment Officer,
Americas for Nuveen Real Estate
David Gilbert
Chief Executive Officer and Chief Investment Officer, Clarion Partners
A.J. Agarwal
Senior Managing Director,
Blackstone
”“The pandemic has cause significant disruption in the commercial real estate markets: small businesses can’t meet rent obligations, workers have lost jobs, travel has come to a screeching halt, and a surge in work from home has negatively impacted the office leasing market. It’s imperative that the industry works together with Congress on common sense relief as we continue to endure economic fallout and look to a broad recovery.”
Kevin ShieldsTeam Lead
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