WASHINGTON–Another high-profile member of Congress who has also been a strong supporter of credit unions is leaving.
Rep. Kevin McCarthy (R-CA), who served as speaker of the House from January to October of this year before being ousted and who has been in Congress since 2007, said he plans to resign before year-end.
“Rep. McCarthy is one of those legislators that has understood the power of the credit union difference even before he was an elected official and supported policies to help credit unions throughout his distinguished career,” CUNA President/CEO Jim Nussle said in a statement. “His work with credit unions was instrumental in keeping expanded Internal Revenue Service reporting requirements out of legislation and has consistently pushed to reduce credit unions’ regulatory burden. Credit unions will miss him as a champion in Congress, and we wish him and his family the best going forward.”
Credits Credit Unions
CUNA noted that when McCarthy was serving as h
Then-House Majority Whip McCarthy said he had stated he would have never made it to his leadership positions “if I didn’t belong to a credit union.”
‘Exceptional Nature’ of CUs Cited
In addition, McCarthy called credit unions the best of America’s “exceptional nature” during a CUNA Governmental Affairs Conference, and “a symbol of free enterprise, risk, and upward mobility.”
During his comments CUNA reminded McCarthy shared his long history with credit unions throughout his legislative career, which includes receiving a credit union loan after high school to attend junior college, refinancing his debt through the credit union, investing those savings to purchase investments, and later selling those investments to pay for the remainder of college.
McCarthy is the first Speaker in U.S. history to be voted out of the post. He said he plans to remain engaged in Republican politics.
What Now?
Gov. Gavin Newsom of California will have 14 days after Mr. McCarthy’s final day to call a special election to fill the seat, and by state law, the election has to take place about four months later, according to the New York Times.
As CUToday.info reported earlier, another credit union supporter, Rep. Patrick McHenry (R-NC), who is currently chair of the House Committee on Financial Services, has also announced he will not seek re-election.
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