Letters to Congress

CUNA Letter to Senator Byron Dorgan regarding Individual Homestead Accounts

May 23, 2002

The Honorable Byron L. Dorgan
U.S. Senate
713 Hart Senate Office Building
Washington, D.C. 20510

Dear Senator Dorgan:

On behalf of the Credit Union National Association (CUNA) and the nation’s 82 million credit union members, I congratulate you and Senator Hagel on the introduction of S. 1860, "The New Homestead Economic Opportunity Act." CUNA strongly endorses this important piece of legislation, designed to improve the economic well being of low- income individuals living in those rural parts of the American heartland suffering the effects of out-migration.

CUNA has a long history of supporting efforts to increase savings opportunities for American citizens. Most recently, we supported the newly-enacted law that increases savings limits on IRAs and other pension plans. We are currently supporting efforts to enhance savings opportunities through Individual Development Accounts (IDAs), which are a part of the Savings For Working Families Act, incorporated in S. 1924, the CARE Act of 2002.

With the inclusion of provisions that would create new Individual Homestead Accounts, this bill becomes an important new tool in the effort to increase wealth and assets in America, especially for those in the lower and middle income brackets, and who live in rural communities hurt by the out-flow of population.

We look forward to working with you and your staff in an effort to pass this important legislation.

Sincerely,

Daniel A. Mica
President & CEO

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