Original Press Release
NAM Commends House for Action on Auto Industry Loan Program
Press release date: September 24, 2008
WASHINGTON, D.C., September 24, 2008 -- National Association of Manufacturers (NAM) President John Engler today issued the following statement after the House approved funding for a 2007 auto loan program:
Last year, the NAM supported an increase in Corporate Average Fuel Economy (CAFE) standards in the Energy Independence and Security Act in part because Congress promised access to low interest federal loans for the auto companies to help them meet these expensive new standards. The loans are an investment in advanced technology for the future. They will help accelerate the retooling and transformation of U.S. manufacturing plants so they can design and produce the next generation of fuel efficient cars and trucks.
We appreciate the House's effort today to "finish the job" and approve funding for this important loan program. Motor vehicle manufacturing has a disproportionate impact on the economy, partly in its contributions to innovation, but also in terms of the number of jobs it supports. All told, new vehicle production, sales and other related businesses account for one out of 10 jobs in the U.S. - some 13.3 million in all. These low interest loans to the auto industry will accelerate the development of advanced technology for the future, transition the industry to more fuel efficient vehicles and help keep a major segment of our economy growing.
We are committed to working with policy makers on Capitol Hill to send this important legislation to the White House as soon as possible.
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.