Original Press Release
Manufacturers Attend Creation of Economic Recovery Advisory Board at White House
Press release date: February 6, 2009
MANUFACTURERS JOIN PRESIDENT OBAMA FOR LAUNCH OF ECONOMIC RECOVERY ASSISTANCE BOARD
Advisory Group Chaired By Former Fed Chairman Paul Volcker
WASHINGTON, D.C., February 6, 2009 - A group of seven senior executives of small manufacturing companies, all members of the National Association of Manufacturers (NAM), today attended the launch of the President's new Economic Recovery Advisory Board chaired by former Federal Reserve Chairman Paul Volcker.
The chief executives of two NAM member companies, James W. Owens, Chairman and Chief Executive Officer of Caterpillar, Inc., and Jeffrey Immelt, Chairman and Chief Executive Officer of General Electric Company, are among the 16 corporate leaders who comprise the Advisory Board.
The advisory panel was convened as part of the Obama Administration's outreach effort to make certain it receives broad-based information and advice from all sectors of the economy, including manufacturing. At the White House ceremony today, President Obama signed an Executive Order formally creating the Advisory Board, and used the occasion to urge Congress to act on pending stimulus legislation.
"It is encouraging that President Obama is reaching out to manufacturers for advice on his economic strategy," said John Engler, NAM President and Chief Executive Officer. "Manufacturing is a key engine of economic growth. Over the past two decades, the manufacturing sector has accounted for 15 percent of our country's economic growth. This is greater than any other sector of the economy. We fully share the President's commitment to economic growth, and look forward to a stimulus package that jumpstarts the economy today while laying the groundwork for a vital and competitive economy in the future. A strong manufacturing economy is key to our country's success. Working together, we will build a strong and prosperous America."
The new Advisory Council is intended to be an economic sounding board for President Obama, and will report to him directly, meeting with him regularly. Its mission will include responding to specific requests from the President. 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.
CONTACT: HANK COX (240) 432-5952