[Congressional Record Volume 153, Number 142 (Monday, September 24, 2007)]
[House]
[Pages H10732-H10733]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                              {time}  1700
     SUPPORTING THE GOALS AND IDEALS OF FEDERAL CREDIT UNION MONTH

  Mr. KANJORSKI. Mr. Speaker, I move to suspend the rules and agree to 
the resolution (H. Res. 658) supporting the goals and ideals of Federal 
Credit Union Month and recognizing the importance of Federal credit 
unions to the economy, and their critical mission in serving those of 
modest means.
  The Clerk read the title of the resolution.
  The text of the resolution is as follows:

                              H. Res. 658

       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

[[Page H10733]]

     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
       Resolved, 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.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
Pennsylvania (Mr. Kanjorski) and the gentlewoman from Illinois (Mrs. 
Biggert) each will control 20 minutes.
  The Chair recognizes the gentleman from Pennsylvania.


                             General Leave

  Mr. KANJORSKI. Mr. Speaker, I ask unanimous consent that all Members 
may have 5 legislative days within which to revise and extend their 
remarks on this legislation and to insert extraneous material thereon.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Pennsylvania?
  There was no objection.
  Mr. KANJORSKI. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, I rise today to offer my thoughts about House Resolution 
658, of which I am proud to be a cosponsor. House Resolution 658 would 
designate September as National Credit Union Month. America's credit 
union movement began during the Great Depression with the passage of 
the Federal Credit Union Act. With its mission of helping people of 
modest means, the credit union movement has blossomed, and these 
financial institutions help to keep our economy vibrant. Today, credit 
unions serve more than 89 million members at more than 9,000 State and 
federally chartered institutions. These financial entities are 
cooperative organizations that are owned and controlled by their 
members. From my perspective, the credit union movement represents 
democratic capital of our society. The movement also represents the 
grass-roots of our democracy.
  Among other things, credit unions provide much-needed services to 
young families and small businesses, often offering mortgages and 
startup loans at low rates. In addition, credit unions invest in the 
areas where they are located by assisting in community revitalization 
and economic renewal efforts, as well as working with underserved 
populations to help them gain access to our Nation's banking system.
  More than 9 years ago, we passed the Credit Union Membership Access 
Act, which I helped to introduce. This legislation modernized Federal 
credit union laws. Unfortunately, however, it also imposed severe 
restrictions on credit unions in several areas like capital standards, 
business lending, and the ability of some credit unions to provide 
services to underserved areas. From my perspective, we should revisit 
these areas and work to help credit unions operate more effectively and 
efficiently in the years ahead.
  In closing, I am proud to be a supporter of the credit union movement 
and am pleased to speak in support of recognizing September as National 
Credit Union Month.
  Mr. Speaker, I urge my colleagues to support this important 
resolution.
  Mr. Speaker, I reserve the balance of my time.
  Mrs. BIGGERT. Mr. Speaker, I rise in support of House Resolution 658, 
a resolution supporting the goals and ideals of designating September 
2007 as Federal Credit Union Month. First, I would like to thank the 
Congresswoman and the Congressman from New York, Mrs. Maloney and Mr. 
Walsh, for their leadership and for introducing this important 
resolution. I would also like to thank my colleague from Pennsylvania 
(Mr. Kanjorski) for managing this resolution.
  Second, I, too, would like to recognize credit unions for the 
important role that they play in our community. This resolution honors 
the 5,000 Federal credit unions that serve the financial needs of 50 
million Americans, or about 17 percent of all U.S. citizens. Democratic 
organizations that are run by their members, credit unions have 
provided millions of Americans the credit and financial services that 
they need to buy cars, build homes, and pay for education. Of 
particular importance is that credit unions across the country promote 
financial education and are a part of our national effort to increase 
financial literacy rates, especially among our Nation's youth.
  The mission of credit unions is to serve those of modest means. In my 
congressional district, the 13th District of Illinois, credit unions 
serve policemen, teachers, post office employees, airline pilots, and 
health care professionals. Credit unions also serve scientists, 
engineers, and their support staff at Argonne National Laboratory, a 
Department of Energy laboratory that supports cutting-edge basic 
research and the advanced development of advanced energy technologies 
ranging from next generation nuclear reactors to fuel cells for 
hydrogen-powered cars. It could be said that by serving scientists and 
engineers in my congressional district, credit unions are helping, 
literally and figuratively, to drive our future.
  Finally, I would like to recognize all of the credit unions and 
associations, especially those in Illinois, for their contributions to 
our communities. Specifically, I would like to recognize and thank the 
Credit Union National Association, the National Association of Federal 
Credit Unions, and the Illinois Credit Union League. Last but not 
least, I would like to thank all of the employees, in particular, 
Chairwoman JoAnn Johnson, at the National Credit Union Administration, 
the Federal credit union regulator.
  Again, I thank the cosponsors of this resolution.
  Ms. EDDIE BERNICE JOHNSON of Texas. Mr. Speaker, it is with great 
pleasure that I rise today to recognize the goals and ideals of Federal 
Credit Union Month. Credit unions across the United States have been a 
vital component to economic growth and empowerment.
  This month is intended to bring awareness to credit union's impact on 
the economy and the tremendous service they provide to their members. 
Our federal credit unions play an important role in the lives of many 
Americans, my district in Dallas, TX, included. Credit unions offer the 
chance for its members to participate in their financial lives as 
owners, rather than just account holders.
  Credit unions help communities and families achieve their part of the 
American Dream by offering financial services and banking opportunities 
that many members would otherwise be denied with a privately owned 
institution. These opportunities enhance stability and affordability in 
ownership and security for credit union members.
  Mr. Speaker, federal credit unions remain an important financial 
institution for many of our Nation's hard working people. It is 
important that we as a body continue to articulate support for our 
Nation's federal credit unions. As a loyal member of a federal credit 
union I strongly support the goals and ideas this month promotes.
  Mrs. BIGGERT. Mr. Speaker, I yield back the balance of my time.
  Mr. KANJORSKI. Mr. Speaker, I have no further requests for time, and 
I yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentleman from Pennsylvania (Mr. Kanjorski) that the House suspend the 
rules and agree to the resolution, H. Res. 658.
  The question was taken; and (two-thirds being in the affirmative) the 
rules were suspended and the resolution was agreed to.
  A motion to reconsider was laid on the table.

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