WASHINGTON — Congressman Bob Ney (R-Ohio), who serves as chairman of the Housing and Community Opportunity Subcommittee of the Financial Services Committee, announced Aug. 7 that he would no longer seek re-election.

The embattled Republican stated, "After much consideration and thought I have decided today to no longer seek re-election in Ohio's 18th Congressional District. I am extremely proud of my 25 years serving the people of Ohio. We've accomplished many things to make this state better and I will always be grateful for the trust my constituents put in me. Ultimately this decision came down to my family. I must think of them first, and I can no longer put them through this ordeal. "I am deeply grateful for all of the trust and support my family, friends and constituents have given me over the past two years. I look forward to serving out the rest of my term and serving the constituents of the 18th District." Ney has been labeled "Representative #1″ from the infamous Jack Abramoff investigation. The Credit Union Legislative Action Council of CUNA contributed $10,000 to Ney's re-election campaign, while NAFCU/PAC had contributed $2,000. ABC News reported on its Web site (www.abcnews.go.com) that Ney had over $400,000 in his coffers that he could keep to help pay his mounting legal bills. His campaign office did not return a call for comment.

"Chairman Ney was a long-time and strong supporter of credit unions. However, we will re-evaluate the race and get involved with the candidate that understands and appreciates the credit union community," NAFCU Senior Vice President of Government Affairs Dan Berger commented.