WASHINGTON (8/12/11)--The full 12-member Congressional Joint Select Committee on Deficit Reduction was completed on Thursday when House Minority Leader Nancy Pelosi (D-Calif.) named Reps. Xavier Becerra (D-Calif.), Chris Van Hollen (D-Md.) and James Clyburn (D-S.C.) as her selections for the panel. Clyburn and his family have been involved in the credit union movement for years, and the congressman publicly appealed for credit unions to be exempted from portions of the Dodd-Frank Act during the Credit Union National Association’s (CUNA) 2010 Governmental Affairs Conference. Van Hollen was one of many co-sponsors of the Credit Union Regulatory Improvements Act and has backed credit unions in other capacities during his time in Congress. Other members of the committee include:
*Republican senators Jon Kyl (Ariz.), Pat Toomey (Pa.) and Rob Portman (Ohio); *Democratic senators Patty Murray (Wash.), Max Baucus (Mont.) and John Kerry (Mass.); and *Republican House members Jeb Hensarling (Texas), Dave Camp (Mich.) and Fred Upton (Mich.).
Murray and Hensarling will serve as committee co-chairs. The committee, which was created as part of the recently approved debt ceiling lift/deficit reduction agreement, has been charged with creating more than $1 trillion in deficit reductions. Committee recommendations will be subject to votes in the House and Senate. If both congressional bodies fail to approve the cuts, automatic spending cuts will be made. CUNA Vice President of Legislative Affairs Ryan Donovan said CUNA will be following the activity of this joint select committee closely because of the possibility, currently viewed as remote, that the credit union tax status could come under scrutiny. "CUNA will continue to emphasize the positive impact that the credit unions have on the members and communities that they serve," he added.