Government regulation and high taxes are stifling economic growth and Washington has been unable to do anything about it, Sen. Ted Cruz (R-Texas) said Tuesday.
“Economic growth ought to be bipartisan,” Cruz, a former Republican presidential candidate, said at NAFCU’s Congressional Caucus in Washington, DC.
That’s not the case, he said. “This is a dangerous place for people who believe in free markets,” he said.
“We know how to do this,” said Cruz, who reportedly is considering another presidential run. “What’s missing is the political will.”
Cruz was one of a few senators who addressed the NAFCU meeting Tuesday.
Sen. Ben Sasse (R-Neb.), one of the leaders of efforts to rein in the CFPB, blasted the agency as simply un-American.
He called it “government on autopilot,” adding that, “None of our founders would make sense of the CFPB.”
Taking a position echoed by House counterparts, Sen. Gary Peters (D-Mich.) said he will oppose any effort to rescind the tax exempt status of credit unions when Congress attempts to enact tax reform next year.
“We’re going to stand firm for that,” Peters said.
Tackling a hot issue this week in Washington, Sen. Joe Donnelly (D-In) said the problems at Wells Fargo never would have happened at a credit union. He said that he belongs to the Notre Dame Federal Credit Union, which was started by and used to be staffed by one woman.
“She ran a tight ship and if you crossed her, you were in trouble,” he said.
Donnelly was one of the leaders of an effort by 70 senators to press the CFPB to give special consideration to small credit unions. Some 70 senators signed a letter to the agency.
You don’t get 70 senators on a lot of things,” he said, adding, “Next term, we’ll be back at it.”
