WASHINGTON–Sounding like a stump speech as part of an election campaign, Sen. Jon Tester (D-MT) told credit unions he grew up on a farm in a rural community where there is a “sense of self reliance (and) people know they have to work together to get things done,” which are values he said credit unions understand.
In remarks to CUNA’s GAC, Tester said he has been fighting to “end a lot of the shenanigans” that led to the “Wall Street-led recession,” and repeated a line used by many congressmen, that he understands “credit unions did not cause the financial crisis.”
“Unlike some of my colleagues, I think we’ve learned a lot and it’s time to readjust a lot of those rules,” said Tester of laws and regs that were put into place after the crisis. “I strongly believe you should not have to pay for the sins of Wall Street. I’ve been trying to find you some regulatory relief. My hope we would be able to get something out at the end of Congress, and once again did not. You guys are used as a shield to loosen rules on Wall Street. I’m going to work to get you to get you relief without letting folks use you as a veil.”
Tester shared that in his state of one-million people there have been 28 closures of community financial institutions.
The senator also touched on a subject he said has been “near and dear to his heart”: housing finance reform. “I remain very concerned with the housing market,” he said. “I think the state of conservatorship that Fannie and Freddie live in is not good for our economy, and I continue to hear from far too many people who are in foreclosure. Taxpayers will still be on hook in next crisis, and that is unacceptable.”
Before closing Tester departed from his prepared remarks and told credit unions, “You have much more power if you get involved. You are cooperatives. There are a lot of well-paid lobbyists in this town, but the best lobbyists are the ones that are my neighbors. Keep that in mind. You have an incredible asset out there in your members.”