110 HRES 658 EH: Supporting the goals and ideals of Federal
U.S. House of Representatives
2007-09-24
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EN
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Whereas, on June 26, 1934, President Franklin Roosevelt
signed into law the Federal Credit Union Act, thus enabling credit unions to be
organized throughout the United States under the charters approved by the
Federal Government;
Whereas Federal credit unions were chartered as uniquely
democratic economic organizations, founded on the principle that persons of
good character and all backgrounds, including those of modest means, joining
together in cooperative spirit and action, can promote thrift, create a source
of credit for productive purposes, and build a better standard of living for
themselves;
Whereas Federal credit unions have consistently met those
purposes and exemplified the traditional American values of thrift, self-help,
and volunteerism, carving out a special place for themselves among the Nation’s
financial institutions;
Whereas Federal credit unions operate with the credo
Not for profit, not for charity—but for service
and have
consistently reflected this philosophical tradition and the cooperative spirit
of people helping people
that gave birth to the Federal Credit
Union Act;
Whereas there are over 5,000 Federal credit unions in the
United States serving nearly 50,000,000 Americans in all 50 States; and
Whereas September 2007 has been designated as Federal
Credit Union Month: Now, therefore, be it
That the House of Representatives—
(1)supports the goals and ideals of Federal
Credit Union Month; and
(2)recognizes the importance of Federal credit
unions to the economy, and their critical mission in serving those of modest
means.
Lorraine C. Miller,
Clerk.