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2008 Ron Paul Chapter 33
11 June 2008
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2008 Ron Paul 33:1
Mr. PAUL. Mr. Speaker, I am pleased to support H. Con. Res. 1145, which recognizes the 100-year anniversary of the establishment of St. Marys Cooperative Credit Association. Created to service the financial needs of textile workers, St. Marys Cooperative Credit Association, or the Peoples Bank, as it was appropriately renamed, was the Nations first credit union.
2008 Ron Paul 33:2
Since the creation of St. Marys Cooperative Credit Association, credit unions have grown to become a major part of the American financial services system. Today there are over 8,500 credit unions in the United States, serving over 90 million members.
2008 Ron Paul 33:3
During my years of service on the House Committee on Financial Services, I have had the opportunity to get to know many credit union employees. I have always been impressed with their commitment to serving their credit union members and their communities. In many ways, credit unions exemplify the best of the free market system. Since credit unions are formed specifically to serve their members, credit unions put the interests of their depositors first.
2008 Ron Paul 33:4
I hope that Congress will follow-up todays legislation by soon considering H.R. 5519, the Credit Union Regulatory Relief Act of 2008, which repeals Federal regulations that hinder credit unions from improving their services.
2008 Ron Paul 33:5
In conclusion, Mr. Speaker, I am pleased to support H. Con. Res. 1145, and I encourage all my colleagues to join me in supporting this resolution and saluting all credit unions for their vital role in strengthening Americas financial services industry.