U.S. Rep. Peter King, R-2, will not seek re-election next year, his office announced yesterday. King has represented parts of Long Island in Congress for 27 years, and he has supported important credit union legislation during that time.
“Congressman King has always been a champion for credit unions and recognized the value we bring to consumers in his district,” said Linda Armyn, SVP of corporate affairs at Bethpage FCU. “He helped keep credit unions out of the tax-reform discussion when the Republican-led House Ways & Means Committee was holding hearings on the issue. As a senior Republican on the Financial Services Committee, the congressman consistently fought hard for key credit union priorities, such as supplemental capital and raising the member-business lending cap. We thank him for his service and support.”
Notably, King was the longtime chief sponsor of legislation that would allow credit unions to accept supplemental capital. King’s Capital Access for Small Businesses Act would have permitted the NCUA to allow credit unions to accept additional forms of capital, provided it did not alter the cooperative ownership structure of credit unions. King said the legislation would minimize the probability of credit union insolvency, and ensure that credit unions could continue to grow while still meeting the needs of existing and new members. The New York Credit Union Association has long-supported the legislation.
King has also previously co-sponsored bills aimed at easing compliance burdens for financial institutions, and he led the charge in Congress against NCUA’s first risk-based capital proposal. More recently, he voted in support of S.2155, the Economic Growth, Regulatory Relief and Consumer Protection Act.
“Rep. Peter King has been a longtime ally of the New York credit union movement and an ardent advocate for his constituents and the state of New York,” said Association President/CEO William J. Mellin. “On behalf of New York’s credit unions, I thank the congressman for his many years of support and wish him all the best in his retirement.”
The Association is closely monitoring the race to replace King in the 2nd district.