WASHINGTON — Eleven freshmen members of Congress from California - representing both parties - on Thursday sent a letter to the House Committee of Ways and Means stating their support of the credit union tax exemption.
The letter's lead authors - Representatives Jared Huffman (D-Santa Rosa, Calif.) and Col. Paul Cook (R-Yucca Valley, Calif.) - are staunch credit union supporters. Rep. Huffman has worked closely with Brett Martinez, CEO of Santa Rosa-based Redwood Credit Union, while Colonel Cook is a longtime supporter of the California and Nevada Credit Union Leagues.
The letter to the committee, which governs tax policy, emphasized the support for credit unions as community financial institutions serving the local consumer.
"Credit unions play a vital role in our economy, especially in California where the economic conditions of the last five years have been challenging," the letter said in part. "Credit unions continued to be a resource for their members by keeping members in their homes, granting access to credit, and helping them through the toughest of times. For these and many other reasons, Congress has upheld their tax-exempt status since 1935."
The California and Nevada Leagues said their legislative advocacy team has worked for some time to find a way for the legislators to express their support for credit unions. In addition to Reps. Huffman and Cook, the letter was signed by Ami Bera (D-Sacramento); Julia Brownley (D-Thousand Oaks); Tony Cardenas (D-Pacoima); Doug LaMalfa (R-Chico); Alan Lowenthal (D-Long Beach); Scott Peters (D-San Diego); Eric Swalwell (D-Pleasanton); Raul Ruiz (D-Palm Springs); and, Mark Takano (D-Riverside).
"This is another example of how the California Congressional delegation continues to show its strong support for credit unions," Jeremy Empol, the leagues' VP of federal government affairs said in a statement. "The House Committee on Ways and Means and the Senate Finance Committee have been working on reforming the U.S. Tax Code. Support letters such as these help to defend the credit union tax status."
