Consider the following facts: (1) Zions and other Utah banks continue to pile up record profits quarter after quarter. In fact, Zions earned considerably more net income in the fourth quarter of 2004 than all 118 Utah credit unions earned in all of 2003. (2) Utah credit unions — including the so-called "mega" credit unions — hold a mere 8 percent of all Utah deposits, and a minuscule 1 percent of all commercial lending. (3) Though demonized for "acting like banks," credit unions are severely limited by law in commercial lending, are prohibited from offering many lucrative products and services offered by banks, and cannot issue stock but must depend solely upon member deposits to raise capital. You can't "act like banks" when you are legally prohibited from doing most of what banks do to earn record profits.

Given the fact that President Bush — who garnered 70 percent of Utah's vote in 2004 — is clearly on record supporting the tax-exempt status of member-owned credit unions, as are a huge majority of Utah families, it is hard to imagine why our Legislature would even give a moment's consideration to the banks' incessant whining. Even our own Sen. Bob Bennett was recently quoted stating that Congress has no appetite to re-examine this issue.

HJR1 would send a meaningless "message" to Congress, supposedly on behalf of the "people" of Utah. In response to this unrepresentative message, Utah's credit unions have decided to send an alternate message — a Citizens' Resolution on Credit Unions — that will more accurately express the will of Utah's people.

At this writing, more than 60,000 credit union members have already signed this Citizens' Resolution on line or at their credit union branches. Should legislators continue to turn a deaf ear and a blind eye to their constituents, and should HJR1 somehow pass, the banks' message will go to Washington accompanied by this message from the "real" people of Utah. More than 1,000 signatures repudiating HJR1 for every "yea" vote by Utah's elected "representatives" should effectively counter this misguided, bank-sponsored resolution.

Though a majority of Utah's Legislature may ignore its constituents, there is little doubt which message will echo loudest in the halls of Congress.

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Scott F. Simpson is the president of the Utah League of Credit Unions