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News Now

Washington
House Democratic Whip: Sequester Could Be 'Disaster' For CUs
WASHINGTON (2/27/13)--House Democratic Whip Steny Hoyer (Md.) warned credit union executives that the prospective sequester transition facing Congress could be a disaster for the credit union sector.

"The sequester, quite simply is shorthand for a reduction in the opportunities that grow and sustain your membership base," he said in a speech before the Credit Union National Association's Governmental Affairs Conference here. "It will have serious, negative consequences for businesses--large and small--and the middle-class families you serve."

He urged credit unions to use their political influence during congressional visits, which are an integral part of the CUNA GAC, to stress the depth of the crisis. "We need you to add your influence," he added.

Hoyer said the mission should appeal to the credit union leaders because "you are the folks who go to your office and figure how to help people."

He said the sequester is not inevitable. "Congress created the problem, and Congress can solve it."

Hoyer said Congress can do so by replacing the sequester's cuts with a balanced approach to deficits that achieves the $1.2 trillion in savings that must be found under the Budget Control Act.

The alternative, he told the meeting, was "devastating consequences to the American dream your credit unions have worked so hard to help build."

Hoyer added: "In a city where seemingly nothing gets done if the clock isn't about to strike 12, it's not too late to avoid the sequester, and spare our people, our businesses, our markets, and all of you, from its serious consequences."


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