Cooperatives and Credit Unions Play Major Role in US Economy

U.S. Senior Adviser for Asia Ambassador Joan Plaisted today underscored that cooperatives and credit unions play a major role in the U.S. economy.

At the launching of the International Year of Cooperatives, Ms. Plaisted highlighted that more than 125 million Americans belong to over 21,000 cooperatives in agriculture and agribusiness, finance, rural electrification and communication, housing, consumer goods and retailing.

“Throughout the history of U.S. cooperatives, state governments as well as the federal government, have encouraged cooperation and regulated cooperative enterprise, while recognizing that successful cooperatives are those that serve their members’ interests. The result has been a strong, autonomous cooperative movement that plays a major role in the U.S. economy with revenues that exceed $230 billion.” -Ms. Plaisted

She cited that the U.S. Department of Agriculture has 80 years of experience supporting and implementing cooperative programs. The USDA Rural Development Cooperative Services Program promotes understanding and use of the cooperative form of business as a viable organizational option for marketing and distributing products. She said cooperatives are a cornerstone of business development in rural communities, whether in the traditional form that brings daycare services to a rural community, or in the form of today’s new generation of biofuel cooperatives which lessen our dependence on foreign oil.

“Cooperatives provide rural residents with new job opportunities, enhanced educational and health care services, and products which enable them to compete in today’s global marketplace. The USDA Cooperative Program provides assistance for rural residents interested in forming new cooperatives, and administers programs that fund value-added producer grants, rural cooperative development centers, and provides assistance to small socially-disadvantaged producers.” -Ms. Plaisted

She also stated that the United States also provides international development assistance in partnership with cooperative development organizations, drawing on the experience and expertise of U.S. cooperatives in economic development programs.

“The United States is happy to participate in this launch of the International Year of Cooperatives, which we hope will help raise awareness of the benefits of cooperatives.”-Ms. Plaisted

Mina Fabulous follows the news, especially what is going on in the US State Department. Mina turns State Department waffle into plain English. Mina Fabulous is the pen name of Carmen Avalino, the NewsBlaze production editor. When she isn’t preparing stories for NewsBlaze writers, she writes stories, but to separate her editing and writing identities, she uses the name given by her family and friends.