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WASHINGTON – Rep. Rob Portman (R-Ohio), considered by many in the credit union industry as an advocate for retirement savings reform, is leaving his post to become a U.S. Trade Representative. Portman’s record for reform is significant: he, along with Rep. Ben Cardin (D-Md.) introduced the Pension Preservation and Savings Expansion Act (H.R. 1776) in the 108th Congress. That bill piggybacked on reforms they first introduced in the Economic Growth and Tax Relief Reconciliation Act of 2001, which became law (P.L. 107-16). CUNA threw its support behind this legislation. “Credit unions are losing a reliable and thoughtful friend who will be greatly missed,” said Leon Peace, CUNA legislative counsel for tax and pensions. “I am hopeful that further retirement savings reforms will be enacted as a suitable tribute to Congressman Portman during his remaining time in Congress.” On March 17, President Bush named Portman as U.S. Trade Representative succeeding outgoing Robert Zoellick.

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