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News Now

Washington
Kanjorski praises CUs as part of nations recovery
WASHINGTON (2/24/10)—Rep. Paul Kanjorksi (D-Pa.), a long-time proponent of credit union issues, said Tuesday that credit unions should “pat yourselves on the shoulder” for being part of the nation’s recovery. Kanjorksi, who made his remarks to the thousands of credit union
Rep. Paul Kanjorksi (D-Pa.), a long-time proponent of credit union issues, told credit unions they have been part of the nation's recovery and they should give themselves a pat of congratulations. (CUNA photo)
representatives attending the Credit Union National Association’s Governmental Affairs Conference (GAC) here this week, recalled his appearance at the GAC last year when the country’s economy was in a bleak state. Now, he said, credit unions can take some of the credit for moving the country toward a recovery. Kanjorski, who is a principal co-sponsor of legislation in the House that would raise the credit union member business lending cap to 25%, up from 12.25% (H.R. 3380), lamented the current low cap. He said, “(W)e put the cap on member business lending” into H.R. 1151—the Credit Union Membership Access Act that Kanjorski co-sponsored about a decade ago. “It didn’t exist before then. It hasn’t worked too well.” “We need help to provide credit to businesses and provide jobs” without costing the taxpayers one cent, he said. “If we move on lifting the cap quickly, we’ll inject $10 billion into the economy through small businesses and provide 108,000 new jobs.” Kanjorski, along with two other H.R. 3380 cosponsors, Reps. Ed Royce (R-Calif.) and Marcy Kaptur (D-Ohio), sent a letter Monday to each House member asking them to urge House leadership to add an MBL provisions to a jobs-creation legislative package. (News Now Feb. 23) Also at the GAC, Kanjorski asked for support for his “too big to fail” amendment in the House financial reform legislation. The provision would give regulators authority to keep an eye on the top financial firms and take appropriate and immediate actions. If not, “we’ll never outlive the fear, anguish, and anxiety of last year,” Kanjorski warned.


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