CAROLINA BANKER WINTER 2006
U.S.
Representative Virginia Foxx has many fond memories of community banks and continues
to hold them in high regard today. A native of Crossnore,
N.C. in Avery County,
she recalls going to Avery County Bank at the age of 14 with her father to
borrow some money for a home priced at $1,100. They borrowed the money
successfully and paid it back $100 per year plus interest for 11 years. “This
early positive experience established a pattern of great experiences with
community banks,” said Foxx. Over the years she and her husband have continued
to bank at different community banks in Banner Elk.
Foxx said that one of the big current issues in banking is national
security. “It’s important that banks continue to do what they are doing to help
stop terrorists from using our institutions to further their aims.” She said
banks are often used as an example in Washington
of how to use technology to help get the job done more efficiently. “Why can’t
government create a system similar to ATMs to check the identity of people to
determine if they are illegal aliens? We can check someone’s ID in a matter of
seconds and give them money, but we can’t check their social security number in
minutes or hours. Banks have a lot to teach us in government,” she said.
Another topic banks are taking the lead on is financial literacy.
This summer, Foxx visited the banking industry’s centerpiece on financial
literacy—Camp
Challenge.
“Camp
Challenge is a
great program and the North Carolina Bankers are owed strong commendation for
this program. The bankers have committed not only their funds, but also their
time to make it successful. I was quite impressed with the Camp facilities and
the physical improvements made by the volunteers as well as the curriculum. We
need to do all we can to help people of all ages, but especially the students
who qualify for Camp Challenge, to become financially literate.”
Foxx, a former member of the N.C. Senate, is in her first term in
Congress. Her 5th district represents Alexander, Alleghany, Ashe, Davie, Iredell, Forsyth, Rockingham, Surry, Stokes,
Watauga, Wilkes, and Yadkin
Counties. She and her
staff have set a goal of being known as the Congressional office that provides
the best constituent service of any office in Congress. “We all get a great
sense of accomplishment when a constituent calls us and we can help in a
tangible way. It is also very fulfilling to be able to be a part of developing
good policy for this country.”
She is currently a member of the House Committees on Agriculture,
Government Reform, and Education and the Workforce. Under Education and
Workforce, two acts—No Child Left Behind and Higher Education (dealing with
financial aid, loans, etc.)—will be up for reauthorization next year. This will
provide the opportunity to make changes or enact similar legislation moving
forward. The Government Reform Committee is different because it doesn’t have a
specific portfolio. It is authorized to deal with any topic that Congress deals
with, ranging from the Freedom of Information Act, cutting down the
opportunities for production of methamphetamines, and the census.
Foxx said she’s never had political aspirations. In high school
she wanted to be a good high school English teacher. Prior to joining the State
Senate she taught at Caldwell
Community College and
Appalachian State University. “I have taken on the responsibilities that were
presented to me at each stage of my life,” she said.
Foxx views her
greatest accomplishment as being the first freshman in this Congressional
class to get a substantive bill passed—the Hero Bill. “It really showed the
system works because it was a direct result of a constituent calling my office
and making us aware of something he believed was unfair and then we acted on
it.” The bill amends the IRS Code of 1986 to allow members of the Armed Forces
earning hazard pay to make Individual Retirement Account contributions.
President Bush signed the bill on Memorial Day with Foxx by his side.
