NAM urges Congress to enact financial crisis agreement.
Press Release Summary:
By moving quickly and enacting agreement addressing nation's financial crisis, Congress will send positive signal to world's financial markets and help restore confidence in U.S. economic system. NAM member companies are increasingly concerned about potential for long-term damage that will result if federal government fails to act decisively. If crisis in credit markets spreads, it will limit manufacturers' ability to raise capital and day-to-day operations will be curtailed.
Original Press Release:
NAM President Engler Calls on Congress to Enact Financial Crisis Agreement
The National Association of Manufacturers (NAM) endorses Congressional action to finalize their agreement with the Administration. By moving quickly and enacting the agreement addressing the nation's financial crisis, Congress will send a positive signal to the world's financial markets. This will help restore confidence in the U.S. economic system. We believe the timely completion of this legislative package is a national priority.
NAM member companies are increasingly concerned about the potential for long-term damage that will result if the federal government fails to act decisively.
If this crisis in the credit markets spreads, it will limit manufacturers' ability to raise capital and day-to-day operations will be curtailed. The economic data have weakened in recent reports with a real threat that even a resilient economy like ours will sink into recession. Difficult days lie ahead, but a failure to act now will make them even more painful.
We appreciate that policy makers debated intensely about the principles that should drive the agreement and the particulars of his final package. However, at this time the national interest comes first, and passage of the entire package is what America requires right now. Given the scale of the problem and the importance of injecting confidence along with liquidity into the economy, it's time that policy makers decide.
