Musical Chairs: Levin Heads Ways & Means Posted by AVCU on 10:06 AM

In a turnabout from media reports yesterday, the U.S. House has gone in a different direction with a replacement for Charles Rangel as chair of the powerful House Ways & Means. On Wednesday House Speaker Nancy Pelosi indicated that the #2 senior committee member, Rep. Pete Stark, would become interim committee chair while Rangel is on leave from committee chair duties. Yesterday, House Democrats bypassed Stark to elect Rep. Sander Levin (D-Mich.) as chair of House Ways and Means Committee.

Levin said he looks forward to "moving vigorously" on job creation, economic development, health care and other Ways & Means agenda items. Levin did support the Credit Union Regulatory Improvements Act of 2006, has supported the tax-exempt status of credit unions while on the committee, and has been a long-standing friend of the credit union movement.

The House Ways & Means Committee has direct influence over the tax-exempt status of credit unions.