NAM welcomes Government support for auto suppliers.March 23, 2009 -
Timothy F. Geithner, U.S. Treasury Secretary, announced U.S Treasury Department's Auto Supplier Support Program, which will provide up to $5 billion in financing to auto suppliers. In response, John Engler said NAM believes it is common sense proposal that assures suppliers will be paid for work done and have confidence to invest in necessary equipment. Engler also said action will help preserve many highly-skilled jobs and lay groundwork for economic recovery.
NAM Welcomes Treasury Announcement of Auto Supplier Support Program
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National Association Of Manufacturers (NAM)
1331 Pennsylvania Ave. N.W.
Washington, DC, 20004
Press release date: March 19, 2009
Auto Suppliers Are Vital To America's Economic Recovery
WASHINGTON, D.C., March 19, 2009 - National Association of Manufacturers (NAM) President John Engler today issued the following statement in response to the announcement by the U.S Department of the Treasury of a new program to help stabilize the auto industry by providing aid to auto suppliers:
We greatly appreciate the announcement today by U.S. Treasury Secretary Timothy F. Geithner of the Auto Supplier Support Program that will provide up to $5 billion in financing to auto suppliers, enabling them to continue shipping parts, paying their employees and producing the diverse products essential to the auto industry.
We believe this is a common sense proposal that assures suppliers they will be paid for work already done, and have the confidence to invest in the necessary equipment for restructuring and reengineering the cars of the future.
The economic challenges facing the auto industry in America have a significant ripple effect on suppliers that provide vital auto components for the major auto companies, and without which the auto companies could not operate. This action will help us preserve many important, highly-skilled jobs and lay the groundwork for economic recovery.
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 web site at www.nam.org for more information about manufacturing and the economy.