NAM Directors pledge support for financial rescue bill.
Press Release Summary:
In meeting with President Bush, group of 13 NAM Directors expressed concerns about economy and their conviction that financial rescue plan pending before House is vitally necessary to prevent economy from dipping into recession. NAM President, John Engler said manufacturers group was greatly disappointed by House vote against rescue package, and is working to persuade legislators to reconsider decision.
Original Press Release:
NAM Directors Meet With President Bush Supporting Financial Rescue Legislation
MANUFACTURERS MEET WITH PRESIDENT BUSH PLEDGING SUPPORT FOR FINANCIAL RESCUE BILL
NAM Directors Say Credit Is Drying Up
WASHINGTON, D.C., October 2, 2008 - A group of 13 Directors of the National Association of Manufacturers (NAM) met with President Bush today to express their concerns about the economy and their conviction that the financial rescue plan pending before the House is vitally necessary to prevent the economy from dipping into recession.
"The manufacturers of America are speaking with one voice about this," said NAM President John Engler. "The credit markets are in turmoil. Even healthy companies with solid balance sheets and order backlogs cannot obtain the routine financing they need to meet payroll and expand productive capacity. Congress needs to send this measure to the President's desk. This is not about Wall Street, this is about Main Street."
Engler said the manufacturers group was greatly disappointed by the House vote against the rescue package on Monday, and is working to persuade the legislators to reconsider that decision. "This is no time for second guessing and we can't afford further delays," Engler said. "This is one of those pivotal moments in history when we all have to come together to do what is right and necessary for the country. We need to get this done this week."
Companies represented in the delegation were:
o Power Curbers, Inc., Salisbury, N.C.
o Vermeer Corporation, Pella, IA.
o Technical Materials, Inc., Lincoln, R.I.
o Carter Products, Inc., Grand Rapids, MI.
o Pine Hall Brick Company, Inc., Winston-Salem, NC.
o Bison Gear & Engineering Corporation, St. Charles, Il.
o Click Bond, Inc., Carson City, NV.
o Cummins, Inc., Columbus, IN.
o ACE Clearwater Enterprises, Torrance, CA.
o Marlin Steel Wire Products, Llc, Baltimore, MD.
o Quality Float Works, Schaumburg, IL.
o Compass Minerals International, Overland Park, KS.
o Phoenix Closures, Inc., Naperville, IL.
The Directors also are calling upon their representatives in the House to support the legislation, focusing particular attention on those who voted against it on Monday.
Mary Andringa, President and Chief Executive Officer of Vermeer Manufacturing Corporation in Pella, Iowa, who serves as Chairman of the NAM's Small and Medium-Sized Manufacturers, expressed optimism that the House will reverse the Monday vote. "We met with the President this morning. These directors speak for many thousands more around the country. We need to get this done and I believe the House will do the right thing tomorrow," she said.
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 (202) 637-3090
