Political Quotes

“Mr. Speaker I rise today to express my concerns regarding H.R. 1155, The Credit Union Membership Access Act, as amended by the Senate on July 27, 1998. While I recognize the important and necessary role credit unions play in our economy, it is my understanding that their creation was expressly premised upon the dire need to serve low-income communities and groups. It was out of recognition of this unique obligation that I worked to preserve the tax-exempt status for credit unions. The inclusion of an express requirement that credit unions serve economically disadvantaged groups appears to be a consistent, if not superfluous, corollary to these originally stated goals. Unfortunately, changing times has not ushered in an era where the need for financial institutions that serve underserved communities has dissipated. In fact, the need to provide financial services to low-income communities is as compelling today as it has ever been. There are endless accounts of individuals with limited financial means who have been unable to purchase a home, unable to buy a car, unable to by other necessities of life simply because they cannot find financing in the private sector.”