Treasury Secretary: POTUS focused on protecting Main Street

Treasury Secretary Scott Bessent highlighted the administration’s goal to limit harm to Main Street as Congress drafts tax legislation, a stance that aligns with the credit union industry’s advocacy strategy to preserve the credit union tax status amidst tax reform efforts. Speaking at the Milken Institute Global Conference Monday, Bessent explained the President’s “signature tax legislation will prevent an enormous tax hike on Main Street.” The credit union industry has strongly voiced that any change to the credit union tax status would be a new tax on Main Street small businesses and more than 140 million consumers who depend on credit unions for their financial services.  

The “Don’t Tax My Credit Union” campaign is focused on raising awareness with  lawmakers about the positive impact credit unions make on their constituents’ daily lives, and how that impact would be severely lessened with any alteration to the credit union tax status. Policymakers need to know that credit unions not only protect Main Street, they help grow Main Street economies. They help farmers, teachers, front-line workers, troops, veterans and other communities thrive in every single Congressional district across our country.  

“Throw whatever you will at our capital markets—the Great Depression, two World Wars, 9/11, a global recession, the COVID pandemic, or the last few years of sky-high inflation,” added Bessent in his remarks. “Each time the American economy gets knocked down, it gets back up again. And it gets back up even stronger than it was before.” 

The credit union industry serves as financial first responders, stepping up to fill voids left by banks and to help their members in times of need—such as the many circumstances outlined by Bessent. In addition, America’s Credit Unions regularly engages with the administration to ensure officials, like Secretary Bessent, understand the key differences between credit unions and community banks. The organization is scheduled to meet with senior tax staff at the Treasury this week. 

Now more than ever, as the Ways and Means Committee is putting pen to paper on this legislation, outreach to policymakers is essential to credit unions’ ability to continue serving as a cornerstone to American financial stability. Take action in the “Don’t Tax My Credit Union” campaign today to help ensure the industry’s voice is heard loud and clear on Capitol Hill.