Letter on Bipartisan Financial Rescue Package
September 28, 2008
TO THE MEMBERS OF THE UNITED STATES CONGRESS:
The U.S. Chamber of Commerce, the world's largest business federation representing more than three million businesses and organizations of every size, sector, and region, commends both chambers of Congress for working with the Administration to construct a bipartisan financial rescue package. The proposal, providing up to $700 billion, will provide liquidity and stability to the U.S. financial markets.
The Chamber believes the legislation contains the necessary elements to successfully remove the uncertainty and stem the turmoil that has plagued financial markets in recent weeks. Uncertainty and turmoil have lowered equity prices, eroded individual saving, bound up credit markets and threatened the U.S. economy and jobs.
The proposal, providing up to $700 billion, is large enough to work; it provides the flexibility to be implemented quickly and maintains the oversight needed to protect taxpayers. This legislation will also ensure that homeowners facing foreclosure will be direct beneficiaries of government actions and taxpayer expenditures to stabilize financial markets.
Main Street and Wall Street are inextricably linked. This proposal addresses the needs of both and will not only begin the process of righting the financial markets, but help to return the economy to robust growth, which will create jobs across America.
A time will come very soon when the new Congress and Administration will thoroughly and thoughtfully examine the developments that led to the current economic crisis and enact reforms to ensure that it does not happen again. The Chamber urges Congress to pass this legislation, remove the uncertainty, and get the U.S. economy moving forward once again. The Chamber may consider votes on, or in relation to, this issue in our annual How They Voted scorecard.
R. Bruce Josten