Pete Aguilar: “I would like to thank my colleague from Nevada. I would like to just take a moment to weigh in on the amendment that my…”

“I would like to thank my colleague from Nevada. I would like to just take a moment to weigh in on the amendment that my colleague, Mr. Amodei, and I introduced that would maintain the NCUA's current funding structure. The NCUA is funded, as he said, through fees paid by credit unions. Subjecting them to the annual appropriations process unnecessarily involves Congress in a process that functions fine the way it is. The NCUA is not synonymous with big, for-profit institutions. The NCUA is a not-for-profit structure and plays a critical role in communities throughout this country. If they are forced to go through the appropriations process, then local buy-in is trumped by the Federal Government. If anything, this would further complicate the funding process and decrease, not increase, transparency. Forcing the NCUA into this process is an attempt to fix a problem that doesn't exist. They are one of the only regulatory bodies that is both an insurer and regulator, and its unique structure should be reflected in the way that the operations are funded.”