U.S. Treasurer Pitches Social SecurityReform To CUs

DES MOINES, Iowa - (02/10/05) -- U.S. Treasurer Anna Escobedo Cabralpromoted the Bush Administration's Social Security reform proposalto a group of more than 200 credit union executives during NCUA'sAccess Across America conference here Wednesday. Cabral toldattendees she believes the Bush proposal to partially privatizeSocial Security is an important and innovative approach to keepingSocial Security solvent. She urged credit union managers to talkabout Social Security with their customers and said Bush's idea ofan ownership society dovetails with credit union goals ofencouraging home ownership, health savings accounts to coverunexpected medical costs and personal investment accounts toprepare for retirement. "I would urge you to think about how thatwould impact your customers in the future, the individuals who arecounting on you," Cabral said. "How we can incorporate that intofinancial education for individuals." NCUA Chairman JoAnn Johnsonsaid credit unions can discuss the private retirement accounts aspart of their overall financial education discussions withcustomers. President Bush has proposed letting individuals investpart of their Social Security money in personal retirement accountsand is urging Congress to pass enabling legislation.