WASHINGTON (3/22/12)--Democracy is a participatory sport and "few participate like those in the credit union movement," Rep. Jeb Hensarling (R-Texas) said on Wednesday.
Hensarling thanked the credit union representatives attending the Credit Union National Association's 2012 Governmental Affairs Conference for having their voices heard in Washington, D.C., and noted credit unions' work to help families and businesses in his district.
He said the top issue for credit unions is the economy, and said that the economy still needs help to improve.
Bureaucratic red tape and tax issues are holding the economy back somewhat, Hensarling said, adding that he will be "on the forefront of fighting for reasonable regulations."
The true cost of excess regulations can come in the form of reduced credit, stifled innovation and product development, and a loss of economic freedom, Hensarling said.
One of his top priorities, he added, is to repeal the Federal Reserve's debit interchange rule, which caps debit interchange fees at 21 cents for issuers with assets of $10 billion or more.