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WASHINGTON-Nearly all of the Michigan congressional delegation has spoken out in support of the credit union tax exemption. In fact, the one lawmaker from Michigan who has not given the Michigan Credit Union League a statement of support, Nick Smith (R), is not seeking reelection. However, the Republican that is looking to fill his seat-and likely will, according to Michigan League Vice President of Association Affairs Lori Bahnmueller-Joe Schwarz, has also expressed support for the tax exemption. “The Credit Union concept, advising average citizens about their personal finances and helping working Americans reach their financial goals, is wholly admirable,” Schwarz told the league. “I have been, and will continue to be a strong supporter of Credit Unions. They are an integral part of the economic structure of this country. By helping people learn how to save, to start small businesses, to buy a home, or to simply get their fiscal house in order, Credit Unions are central to the well-being of America. I am in full support of the tax exempt status of Credit Unions.” Additionally, three sitting members of Congress have recently pledged their support: U.S. Rep. Fred Upton (R)-”As a longtime CU member and past recipient of the MCUL Legislator of the Year Award, I know firsthand the value of having strong CUs throughout our state. I have always opposed changing the tax code to unfairly tax CUs – period.” U.S. Rep. Mike Rogers (R)-”Today, CUs hold a unique and crucial place in the nation’s financial system. Due to their standing, and effectiveness in serving the needs of their members, I am particularly cautious about altering the tax and regulatory scheme that has long served them, and the nation, well.” U.S. Rep. Candice Miller (R)-”CUs play a vital role in promoting strong communities throughout Michigan. That is why I strongly support maintaining the CUs’ tax-exempt status. The idea of taking away the tax-exempt status is simply a tax increase on families and small business. “That is the exact wrong way to go in the effort to continue strong economic growth. I am committed to doing everything I can in the United States Congress to protect the tax-exempt status of our CUs.” Michigan’s 13 other legislators backing credit unions’ tax exemption include Senators Debbie Stabenow (D) and Carl Levin (D) and Dave Camp (R), Vernon Ehlers (R), Peter Hoekstra (R), Joe Knollenberg (R), Thaddeus McCotter (R), John Conyers (D), John Dingell (D), Dale Kildee (D), Carolyn Cheeks Kilpatrick (D), Sander Levin (D), and Bart Stupak (D). “It’s important to note the remarkably bipartisan nature of credit union support-eight Republicans and eight Democrats,” MCUL President and CEO David Adams said. “It’s obvious that lawmakers on both sides of the aisle recognize the important role that credit unions play in our economy, and that the credit union tax exemption is good public policy.” [email protected]

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