NCUA Chairman’s Statement Regarding The
President’s State of the Union Address
WASHINGTON, February 3, 2005 – National Credit Union Administration (NCUA) Chairman JoAnn Johnson released the following statement regarding the President’s State of the Union Address and his outlook on strengthening economic growth in America:
“The state of the union is strong and the President presented a vision for moving America forward with strength and vitality for generations to come. The President laid out an ambitious agenda and blueprint for a second term that will continue to protect America’s freedom and bolster a growing economy.
America’s credit unions have a clear and present role today in the President’s ‘ownership society’ agenda and have responded with great magnitude. Through helping credit union members become small business owners, save for retirement, and by being an integral element of the progress to raise homeownership to the highest level in history, credit unions are indeed making ‘ownership’ a reality in the lives of millions of Americans.
The President’s steadfast leadership to address Social Security is vital and key to preserving the retirement system. The voluntary Personal Retirement Accounts will present opportunities for younger workers to save, invest, and ensure prosperity for future generations.
Also, recognizing that all Americans should have access to affordable health care, credit unions are positioned to provide Health Savings Accounts for their members. I commend the credit unions that are providing these accounts and encourage all credit unions to consider the opportunity to help those who especially need it most, including low-income children and families and employees of small businesses and the self-employed.
I share the President’s optimism for the economy, job creation, and I am confident that the nation’s credit unions in 2005 will have a tremendous opportunity to continue to facilitate the American Dream for millions of credit union members.”
The National Credit Union Administration is the independent federal agency that regulates, charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates and manages the National Credit Union Share Insurance Fund, insuring the savings of more than 83 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
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