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Snow Expresses Administration Support Of Tax Exemption

WASHINGTON-Treasury Secretary John Snow told the nearly 4,000 attendees at CUNA's 2004 Governmental Affairs Conference last week that the administration supports the credit union movement's tax-exempt status. As the economy is gradually picking up from its latest recession, Snow said that business leaders and others inquire as to how the...

By Sarah Snell Cooke | Updated on March 02, 2004

WASHINGTON-Treasury Secretary John Snow told the nearly 4,000 attendees at CUNA’s 2004 Governmental Affairs Conference last week that the administration supports the credit union movement’s tax-exempt status. As the economy is gradually picking up from its latest recession, Snow said that business leaders and others inquire as to how the U.S. economy has come through. “The answer is obvious. It’s people like you,” he explained. Snow said he understands that credit unions are there to serve their members. “Let me say to you: I understand you are for service and not for profit. Which is the fundamental reason why this talk of taxation of your industry, and what you do, is something we oppose,” he stated. Snow continued, “You always get less of anything that you tax. Well, we don’t want to get less of what you do.” He also supported credit unions’ efforts to serve their communities and small business. “Your financial help to communities, and to small businesses and to people with their mortgages, was one of the things that sustained this economy through that very, very, extraordinarily difficult time,” Snow said. CUNA President and CEO Dan Mica responded in a statement, “Secretary Snow’s comments today are very gratifying to credit unions and we thank him. The administration’s support for the continued tax-exempt status of credit unions is very important to all of us, and we are certain that support will be crucial for the future of credit unions.” [email protected]

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