Ways & Means Chief Dave Camp Expresses Support for Credit Unions (Misc News: August 12, 2013)
As the House and Senate continue their work on broad-based tax reform, Michigan lawmaker Dave Camp, chairman of the House Ways & Means Committee, expressed his strong support for credit unions in a statement delivered to MCUL & Affiliates.
“Credit unions continue to play a very important role in communities across Michigan and our nation,” Camp said. “I will continue to look for ways to reduce regulatory burden and to help credit unions in their mission of serving consumers and small businesses with affordable financial services.”
This statement came in response to requests from MCUL & Affiliates for statements of support from the entire delegation. The league has received a balanced mix of support statements from Republicans and Democrats, including a strong statement of support for the tax exemption from Mike Rogers, chairman of the House Intelligence Committee, as well as Senate Finance Committee member Debbie Stabenow.
The Ways & Means Committee deals with scores of tax policies embedded in the tax code. Camp’s statement is very clear and strong support for credit unions and the important role that they play, and it comes at a critical time as credit unions lobby to preserve the credit union tax exemption. Understandably, Camp did not address the credit union tax exemption directly, but he has expressed his support for the tax exemption on many occasions with credit union leaders.
"Chairman Camp has repeatedly and consistently supported credit unions on all of our major issues,” said MCUL & Affiliates CEO David Adams. “As a past cosponsor of the Credit Union Regulatory Improvement Act and as a strong supporter of expanded MBL authority, credit unions have always had a true friend in Dave Camp.
“The significance of this statement is that the chairman has made a very clear and strong statement of support for credit unions and the need to help them with their mission of serving consumers and small businesses," Adams said. "Of course, I also believe that he understands that the only way to do this is to preserve the credit union tax exempt status. We very much appreciate his steadfast support for credit unions as he leads the process for tax reform."