Open letter to Congress: sign on now
Credit union leaders have an opportunity to join together with their peers from across the country, by signing on to an open letter to Congress. The letter, organized by America’s Credit Unions, allows credit union president/CEOs to thank lawmakers and address the need to keep the credit union tax status out of the budget reconciliation bill as it moves through the legislative process.
While the credit union tax status is secure in the House Ways and Means Committee-passed budget reconciliation language, the House Budget Committee is expected to meet Friday to put together language from every committee into a single package. America’s Credit Unions wrote to the Budget Committee in advance of Friday’s meeting. A House floor vote will follow, potentially next week.
America’s Credit Unions President/CEO Jim Nussle encourages credit unions to engage in ongoing communication efforts, including the open letter, which will be delivered to House leaders in advance of a vote next week. The letter thanks lawmakers for their continued efforts to secure the credit union tax status, highlights the numerous consumer benefits it brings, and notes that credit unions stand willing and ready to work together with Congress to do more to help members and communities.
The letter also cites the independent study commissioned by America’s Credit Unions that found removing the credit union tax status would—over the next decade—cost the federal government $30 billion in lost income tax revenue, $266 billion in GDP reduction, and loss of 822,000 jobs.