Bank Super PAC pushes candidate who sought to tax credit unions

As the midterm election approaches, why would a banks-sponsored super Political Action Committee single out a little-known freshman House member from Iowa for its support?

Specifically, why has Friends of Traditional Banking urged bankers to contribute to the campaign of Rep. Randy Feenstra, R-Iowa, in lieu of much more high-profile pro-banker candidates?

Feenstra is the lone House member of the three candidates endorsed by the super PAC this year.

The answer to this mystery lies in the Hawkeye State, where Feenstra was chairman of the Senate Ways and Means Committee. In that position, back in 2018, the congressman pushed legislation that would have made credit unions subject to state taxation.

 

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