This is our second hearing on one of the most important issues before this Committee -- credit
union membership and the recent Supreme Court decision that jeopardizes millions of credit
Before we begin, I want to call attention to what our colleagues in the House achieved yesterday.
Members of the other body stood up to the plate and knocked it out of the park for the American
consumer by voting overwhelmingly -- 411 to 8, to pass the Credit Union Membership Access
Act (H.R. 1151).
This is a great tribute to the diligence and leadership of Congressmen LaTourette and Kanjorski,
the original sponsors of H.R. 1151.
I am very pleased to welcome Congressman LaTourette and Congressman Kanjorski and I
congratulate you for skillfully and successfully moving a credit union bill through the House.
This is wonderful news for the 70 million Americans who belong to credit unions. And the
resounding House vote sends us a powerful bipartisan message.
We in the Senate must now act to preserve and protect the right to join a credit union. People
love their credit unions, and WHY? Because credit unions have a reputation for taking care of
the little guy. We must not let these people down.
The task at hand is clear - this is not about picking winners and losers between credit unions and
banks -- we must simply do our job and see to it that hardworking Americans keep their credit
union membership while ensuring the safety and soundness of these cooperatives.
I would also like to remind the Committee Members that the Committee is also meeting to
consider the nomination of Arthur Levitt to the Securities and Exchange Commission for a
second term. I would like to announce for the record that as members arrive, they will be
recording their votes on favorably reporting the nomination.
If there is no objection to proceeding in this manner, we will begin the period for voting now,
and the final vote will be announced as we adjourn, and the nominee will be reported to the full
Senate later today.
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