WASHINGTON — NAFCU is watchful but, in general, fairly calm about the Bush Administration's proposal to substantially restructure the federal financial regulatory system.
Speaking to reporters NAFCU executives, including CEO Fred Becker, denied "belittling" the Administration proposal but sought to place it firmly in the context of being offered in the last months of an administration and Congress, noting that there have been many sorts of sweeping recommendations from previous administrations which have gone by the wayside.
Becker also joined CUNA executives in pointing out that the Administration divided its proposal into short term, medium term and longer term goals with the shorter term objectives, particularly those aimed at the current economic crisis, having the greatest chance of passage.
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NAFCU reiterated its support of an independent regulator for credit unions and an independent insurance fund which, Becker noted several times, "has never cost the taxpayers a dime." The association will keep its focus on the important legislative goals it has already set, Becker said.
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