May 22, 2012
Rep. Suzanne Bonamici (OR-1), Oregon’s newest member of Congress, last week became one of two Northwest co-sponsors of H.R. 3993, a bill that would allow the National Credit Union Administration (NCUA) to authorize supplemental capital for well-managed credit unions and count it toward net worth.
Rep. Earl Blumenauer (OR-3) is the other Northwest co-sponsor of the bill, which was introduced with bi-partisan support in February 2012.
Since being elected to Congress on January 31, 2012, in a special election, Bonamici has now co-sponsored credit unions’ two top-priority bills.
“Credit unions are fortunate to have Bonamici as a champion in Congress,” said Jennifer Wagner, vice president of legislative advocacy for the Northwest Credit Union Association (NWCUA). "This bill removes an artificial constraint on credit unions’ ability to serve their members and to provide private credit to help stimulate the economic recovery in our communities.”
Last year during her campaign for Congress, Bonamici became a vocal proponent of the NWCUA’s other legislative priority—increasing the cap on credit union member business lending (MBL). After she was sworn into office, her first official act of business was to sign on as a co-sponsor of H.R. 1418, the credit union member business lending bill.
When credit unions visited Bonamici in Washington, D.C., two months ago, they thanked her for her support of H.R. 1418 and talked to her about the need for access to supplemental capital, in particular during challenging economic times.
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