Long-Time CU Friend Sarbanes To Step Down

Credit Union Journal, The, March, 2005

Sen. Paul Sarbanes, the ranking Democrat on the Senate Banking Committee and the self-styled conscience of credit unions, announced he won't seek reelection in 2006 when his fifth term expires.

The Maryland Democrat, rated as one of the Senate's most liberal members, made his mark on the credit union movement first by helping manage HR 1151, the CU Membership Access Act of 1998, through the Senate. Sarbanes, and the then-Senate Banking Committee Chairman Alfonse D'Amato of New York, skillfully navigated opposition and amendments to gain easy passage of the bill.

Sarbanes told his colleagues during the debate over the landmark credit union bill that time was right to reverse the Supreme Court's ruling in the AT&T Family FCU case outlawing multiple group fields of...

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