David Craig
Press Release

Craig Wood Stove Freedom and Credit Union Modernization Bills Signed into Law

Governor Scott Walker signed into law two bills authored by Representative David Craig.

By - Mar 31st, 2016 02:04 pm
Gov. Walker signing a bill.

Gov. Walker signing a bill.

Madison, Wis. – Yesterday, Governor Scott Walker signed into law two bills authored by Representative David Craig (R-Town of Vernon). The first bill, Assembly Bill 25, is in response to New Source Performance Standards (NSPS) enacted by the Obama Administration’s Environmental Protection Agency (EPA) that placed higher emission standards on wood stoves and other similar devices which in turn will make them more expensive for Wisconsinites.  Rep. Craig reacted to the signing:

“Governor Walker’s signing is a positive step in the fight to protect Wisconsinites from EPA overreach. Wisconsin is among the top ten states nationwide for households that rely on wood stoves for heat. In its deliberations, the EPA itself recognized that the New Source Performance Standards (NSPS) will result in significant cost increases to wood stove manufacturers which will be passed on to consumers.” Craig continued, “My legislation helps mitigate the EPA’s action by making sure Wisconsin state tax dollars will not be used to implement the EPA’s bad policy and that no future state standard can be created without the legislature’s approval.”

Governor Walker also signed Assembly Bill 807, which modernizes the state statutes regulating credit unions. The bill helps state-chartered credit unions compete with their federally-chartered counterparts by giving state-chartered credit unions the same ability to manage fixed assets and charitable giving that federally-chartered credit unions have. Additionally, this legislation removes the burdensome requirement that any financial institution receive permission from the Department of Financial Institutions (DFI) before placing an ATM. This legislation gives DFI the discretion to choose whether or not to accept federal regulator exams by the National Credit Union Administration for statutorily required exams if conducted within a reasonable time period. Finally, this legislation makes a number of changes to the statutes that govern the inner workings of credit unions and their boards that will help streamline the operations of state-chartered credit unions.

“This legislation is an important step in making our state-chartered credit unions competitive with their federal counterparts. Financial institutions are an important part of the Wisconsin economy and we need to continue modernizing the statutes at the state level to ensure our laws are not impeding economic growth.”

Rep. Craig represents the 83rd Assembly District which is comprised of portions of Waukesha, Walworth, Racine and Milwaukee Counties.

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