[Congressional Record (Bound Edition), Volume 149 (2003), Part 6]
[Extensions of Remarks]
[Page 7789]
[From the U.S. Government Publishing Office, www.gpo.gov]




INTRODUCING LEGISLATION TO GIVE GREATER CHOICE TO THOSE WORKING TO HELP 
                             THEIR FAMILIES

                                 ______
                                 

                             HON. DOUG OSE

                             of california

                    in the house of representatives

                        Thursday, March 27, 2003

  Mr. OSE. Mr. Speaker, I am pleased to introduce bipartisan 
legislation addressing the issue of remittances. This is a simple bill 
aimed at an increasingly complex issue: how recent immigrants and New 
Americans send support to their families ``back home.''
  People come from around the world to the United States, seeking not 
just to live the American Dream, but also to help support their 
families in their native lands. New Americans have a history of 
supporting those without the same opportunities, whether it is the 
Mexican farm worker helping his family today or the Irish settler who 
helped keep his family during the potato famine more than 100 years 
ago, Americans never forget where they come from.
  Today, getting the money earned in the United States to one's family 
is easier than ever. Large money-transfer companies can send money 
almost anywhere in the world in an instant. More and more banks and 
other financial institutions are also providing these services.
  But one group of institutions, often heavily involved in local and 
immigrant community projects, is limited in their activity. To use a 
local credit union for check cashing and wire transfer services, you 
must be a member.
  Many in the immigrant community do not realize the benefits of credit 
union membership and see this is a barrier. They would rather pay 
higher prices for the service than go through the paperwork involved in 
joining--even though they are fully eligible to be a member of a 
specific credit union. It is, in effect, a barrier for them to take 
advantage of another member of the marketplace.
  This bill, which I am pleased to introduce with my colleagues Mr. 
Gonzalez, Dr. Paul, Mr. Kanjorski, Mr. Gutierrez, Mr. LaTourrette and 
Mr. Sherman, would simply allow credit unions to provide these services 
to people who would be eligible to join that credit union, but for 
whatever reason choose not to do so.
  The marketplace thrives on competition. In a recent study by the 
Greenlining Institute, an organization dedicated to expanding access to 
financial services for disadvantaged communities, the credit union had 
one of the lowest fees and best exchange rates for those seeking to 
send money overseas. Everyone should have the opportunity to take 
advantage of this service.
  There are still many issues that need to be addressed on the issue of 
sending support back to one's family. In my own district, not only do 
Latin American immigrants continue to support those overseas, but also 
many from Asia, India and even the Ukraine. We need to make sure that 
they have access to good services and are not taken advantage of by a 
few less-scrupulous businesses.
  An open market, with true competition will help us improve the costs 
and other burdens associated with this industry.

                          ____________________