Newsroom
May 22, 2017
NAFCU on the Hill for Treasury, tax reform hearings
NAFCU lobbyists will closely monitor Treasury Secretary Steven Mnuchin's testimony before House and Senate committees this week on the presidents' fiscal 2018 budget and tax reform and any potential impacts on credit unions.
Mnuchin will testify before the House Ways and Means Committee Wednesday on the president's budget. On Thursday, he will go before the Senate Finance Committee to discuss the president's 2018 budget for Treasury and on strategies for tax reform.
NAFCU continues to tout the importance of protecting the credit union tax exemption. NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt highlighted the value of the tax exemption to the economy at large in a letter to House Ways and Means leaders last week. She also highlighted an independent study NAFCU commissioned earlier this year, which showed the benefit to U.S. consumers from the tax exemption is $16 billion per year. This adds up to $159 in growth over a 10-year period.
Today, the Senate Banking Committee will vote on nominations to Treasury positions, including assistant secretary, under secretary for terrorism and financial crimes, and assistant secretary for terrorist financing. Today also brings two House Ways and Means Committee hearings on combating identity theft and increasing U.S. competitiveness.
The House will go into recess on Friday, and the Senate will follow on Saturday, for a week-long Memorial Day break.
Now and throughout the coming recess, credit unions are encouraged to reach out to their lawmakers to seek support for the credit union tax exemption and for repealing the Durbin amendment as part of an ongoing campaign through NAFCU's Grassroots Action Center.
Mnuchin will testify before the House Ways and Means Committee Wednesday on the president's budget. On Thursday, he will go before the Senate Finance Committee to discuss the president's 2018 budget for Treasury and on strategies for tax reform.
NAFCU continues to tout the importance of protecting the credit union tax exemption. NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt highlighted the value of the tax exemption to the economy at large in a letter to House Ways and Means leaders last week. She also highlighted an independent study NAFCU commissioned earlier this year, which showed the benefit to U.S. consumers from the tax exemption is $16 billion per year. This adds up to $159 in growth over a 10-year period.
Today, the Senate Banking Committee will vote on nominations to Treasury positions, including assistant secretary, under secretary for terrorism and financial crimes, and assistant secretary for terrorist financing. Today also brings two House Ways and Means Committee hearings on combating identity theft and increasing U.S. competitiveness.
The House will go into recess on Friday, and the Senate will follow on Saturday, for a week-long Memorial Day break.
Now and throughout the coming recess, credit unions are encouraged to reach out to their lawmakers to seek support for the credit union tax exemption and for repealing the Durbin amendment as part of an ongoing campaign through NAFCU's Grassroots Action Center.
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