Original Press Release
NAM President John Engler Statement On Federal Loans For Auto Industry
Press release date: September 10, 2008
WASHINGTON, D.C., September 10, 2008 -- National Association of Manufacturers President John Engler today issued the following statement regarding a proposal for federal loans to the auto industry:
Manufacturing is the mainstay of the U.S. economy, providing a primary impetus for economic growth, and accounting for 75 percent of export growth this year. The automobile industry is a key to U.S. manufacturing; it is imperative to our nation's economic future that this vital sector be strong and competitive."
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 industry to help them meet these expensive new standards. The loans are to be a source of lower cost capital for automakers and suppliers. Their purpose is to 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.
The urgency is clear. Now is the time for Congress to keep their promise to provide these loans. The challenges facing the auto industry to transition to more fuel efficient vehicles will be costly and difficult. The NAM believes the federal loans are in the nation's interest and require prompt action by Congress.
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