WASHINGTON-Credit unions are equipped to fight the declining rate of personal savings in the United States, Congressman Paul Kanjorski (D-Pa.) stressed to GAC attendees. After speaking out against the huge national deficit and lamenting the negative personal savings rate of Americans, the credit union advocate touted credit unions as part of the solution. "As credit unions, you can start getting back to the things that made our country wealthy," he said. "Get into the schools very early," he encouraged. "Teach the kids what savings means." Kanjorski urged credit unions to explain the miracle of compound interest to cultivate a new generation of savers. In closing, he said, "I am absolutely convinced the taxation of credit unions would be the worst concept you could have."

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.