NAM’s Executive Vice President Jay Timmons released a statement yesterday on the financial crisis.
The National Association of Manufacturers calls on Congress to move quickly to help bring stability and restored confidence to the U.S. financial system.
We make this call with a real sense of urgency. Wall Street’s troubles are Main Street’s troubles, and they threaten the economic health of manufacturers and the 14 million American workers we employ.
Business and manufacturers depend on the effective functioning of our capital markets. Without access to credit, manufacturers will be limited in their ability to expand their business, make investments, and even carry out day-to-day operations. If the financial crisis means America stops making things, then our country and our economy are in serious trouble.
As employers and community members, manufacturers are also concerned about the financial crisis’ impact on our employees and their families, as well as individual investors and pension plans. All of these rely on a secure and stable financial system.
The NAM applauds the administration for acting quickly, and the Congress for moving to examine, discuss and question the components of the Treasury proposal. At the same time, discourse should not become an excuse for inaction, or worse – attempting to somehow gain partisan advantage. The consequences of delay could be disastrous and long lasting.
The NAM therefore asks Congress to work together in a bipartisan manner, and to act expeditiously and decisively on a legislative response to the crisis in our financial system before adjourning for the final weeks of the campaign
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