Congress Passes ASI FHLB Legislation
Dennis Adams, President/CEO reports that ASI’s FHLB provision was voted on and approved by Congress. On December 3, 2015, both the U.S. Senate and U.S. House of Representatives have voted and passed the legislation that allows privately insured credit unions the right to seek membership in the Federal Home Loan Bank System (FHLB). The legislation is ready to be signed into law by President Barack Obama.
The ASI FHLB language contained in the Stivers-Beatty bill (H.R. 299), was added to H.R. 22–the FAST Act (“Fixing America’s Surface Transportation Act”), in early November upon the insistence of House Financial Services Committee Chairman, Jeb Hensarling (R-TX). The Senate vote passed H.R. 22, with ASI’s FHLB legislation, by a count of 83-16, and the House voted favorably 359-65. Mr. Adams stated that after several years of working this measure through Congress, ASI and its privately insured credit unions are finally being rewarded for their commitment to pursuing the right to seek membership in the FHLB System.
We are deeply indebted to House Committee on Financial Services Chairman, Jeb Hensarling (R-TX) for adding the ASI FHLB membership legislation (H.R. 299) to this significant comprehensive bill. Chairman Hensarling’s committee, and the entire U.S. House (by voice vote), had passed H.R. 299 in April 2015. ASI had also successfully passed a more broadly accepted version of H.R. 299 out of the Senate Bank Committee in May 2015 (S. 1367), which was immediately rolled into Senate Banking Committee Chairman Shelby’s (R-AL) massive financial services regulatory relief legislation (S. 1484). Later Chairman Shelby moved his regulatory relief legislation into the heavily debated and partisan, government funding bill.