NAM President asks White House to expedite auto industry loan.
Press Release Summary:
NAM President, John Engler, called upon White House to expedite $25 billion loan package for auto industry approved by Congress as commitment to key industry that affects jobs of millions of American manufacturing workers. In address to Detroit Economic Club, Engler spelled out actions government should take to strengthen fundamentals of U.S. economy, including smarter tax policy, national energy strategy, and commitment to economic growth that comes from trade.
Original Press Release:
NAM President Engler Calls On White House To Expedite Auto Industry Loans
Says This Is Not A Time For Meetings, It's A Time For Action
DETROIT, Michigan, October 13, 2008 - National Association of Manufacturers President John Engler today called upon the White House to expedite the $25 billion loan package for the auto industry as approved by Congress as a "commitment to a key industry that affects the jobs of millions of American manufacturing workers."
In an address to the Detroit Economic Club, Engler reported the Department of Energy has said it will take months to process the loans approved by Congress. "The Department of Energy cannot delay on this," Engler said. "I call on the White House to finish this before the end of President Bush's term."
Engler said that because of recent turmoil in financial markets, "public confidence has been shaken to the core." He cautioned the audience there are no magic cures available, nor any quick and simple fix. "Fixing what we're facing is going to be hard work and a lot of it."
Engler spelled out a variety of actions the government should take to strengthen the fundamentals of the U.S. economy - a smarter tax policy, a national energy strategy including a resurgent nuclear program, and a commitment to economic growth that comes from trade and support for leadership that gets things done.
Engler urged the leaders of his home state to take the lead in building the fundamentals for manufacturing. "We will not have national security or economic security in the 21st century without a strong manufacturing economy," he said. "Michigan should lead the way, right here, right now."
The National Association of Manufacturers is the nation's largest industrial trade association, representing small and large manufacturers in every industrial sector and in all 50 states. Headquartered in Washington, D.C., the NAM has 11 additional offices across the country. Visit the NAM's award-winning web site at www.nam.org for more information about manufacturing and the economy.
