Political Quotes

“I would like to thank the gentleman from Ohio (Mr. Stivers) and the gentlewoman from Ohio (Mrs. Beatty) for their efforts in drafting the legislation before us this afternoon. The Capital Access for Small Community Financial Institutions Act is bipartisan legislation that passed the House Financial Services Committee by a vote of 55-0 earlier this spring. This bill will provide meaningful regulatory relief for privately insured credit unions by allowing them to become members of the Federal Home Loan Bank system. There are approximately 130 privately insured credit unions, with nearly $13 billion in assets in nine States across the country. These credit unions currently cannot join the Federal Home Loan Bank system, which provides an additional source of mortgage funding for its members. Allowing privately insured credit unions to join the Federal Home Loan Bank system will allow these credit unions to increase the availability of mortgage credit in the communities that they serve. I commend the office for identifying this inequity and putting forth this legislation. This issue is not new. Similar provisions were included in the previous regulatory relief measures that passed the House with overwhelming support. I urge my colleagues to support this legislation, and I reserve the balance of my time.”