Bush Administration Supports CU TaxExemption

LIMA, Ohio - (09/13/04) -- U.S. Treasury Secretary John Snowrepeated the Bush Administration support for the credit union taxexemption before about 125 credit union executives during Friday'sopen forum here. "I appreciate the fact that credit unions are inbusiness to do good, as well as to do business," said Snow. "Sobefore I go any further today, let me say to you, I value the factyou are for service. Which is the fundamental reason why talk oftaxation of your industry, and what you do, is something the BushAdministration opposes." Snow also urged credit unions to continueexpanding their small business lending, despite continuedcomplaints by the banks of credit union encroachment into theircommercial markets. The Treasury Secretary, appearing with HouseFinancial Services Chairman Michael Oxley and NCUA Chairman JoAnnJohnson, recounted for credit unions in this battleground statethat could determine the presidential election the BushAdministration's policies expanding credit union access toguaranteed small business loans and tax-deductible health savingsaccounts; and concerted efforts to combat identity fraud andincrease financial literacy education.