NAM President supports loan package for auto industry.
Press Release Summary:
According to a statement by NAM President and CEO John Engler, failure of even one auto maker could cripple the entire supply chain and reverberate throughout the U.S. economy if auto makers don't receive critical funding immediately. NAM supports the allocation of $25 billion in funding from the $700 billion in the Troubled Asset Recovery Program (TARP) to rescue and help stabilize the auto industry. The automotive sector accounts for approximately 20% of the U.S. manufacturing GDP.
Original Press Release:
NAM President Engler Urges Quick Approval of Auto Industry Loans
Engler Calls for Access to $700 Billion to Rescue Auto Industry in America
WASHINGTON, D.C., November 17, 2008 - National Association of Manufacturers (NAM) President and CEO John Engler today issued the following statement asserting that the situation with auto makers and suppliers in America has reached a crisis point that could have a crippling impact on U.S. economy if auto makers don't receive critical funding immediately:
I can not stress enough the importance of the auto industry to our nation's economy. As I've stated in the past, the automotive sector is the country's largest manufacturing industry, and it accounts for approximately 20 percent of our manufacturing GDP. What's more, the overall industry accounts for more than a million jobs, including many among industry suppliers. The automotive industry is a highly integrated industry, which means that all of the auto makers in America share many of the same suppliers. Therefore, a failure of one auto maker could have a crippling impact on the entire supply chain and reverberate throughout the U.S. economy.
We must not permit the automotive industry to fail. As a result, the NAM supports the allocation of $25 billion in funding from the approved $700 billion in the Troubled Asset Recovery Program (TARP) to rescue and help stabilize the auto industry.
The auto industry is in dire need of relief today, and such relief should be seen as a critical component in our overall effort to restore confidence to consumers and investors, and stabilize the economy. With that in mind, we encourage Congress to move quickly and decisively to provide this support.
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.
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