Letter In Support of H.R. 1424, As Amended, to Stem the Financial Turmoil
October 1, 2008
TO THE MEMBERS OF THE U.S. HOUSE OF REPRESENTATIVES:
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, urges you to approve H.R. 1424, as amended, to stem the financial turmoil. The Senate has taken the first step to averting long-term financial crisis by passing this vital legislation; and the Chamber strongly urges you to do the same. Congress must not adjourn without taking action to stabilize the financial markets.
Over the past few days, uncertainty and turmoil have dramatically affected markets and lowered equity prices, eroding individual savings and destroying billions of dollars of household wealth. America has also experienced a lock up in the credit markets that has severely restricted the availability of credit to Main Street businesses and their customers.
In addition to provisions to restore the financial system and preserve the flow of credit to the economy, this legislation increases FDIC insurance coverage, protects millions of Americans from the alternative minimum tax, provides disaster tax relief, provides mental health parity, and extends expired and expiring provisions which are essential to businesses across the country. Approving this legislation is vital to preventing catastrophic disruption in our financial markets and a steep and prolonged decline in the economy.
Failure to approve this legislation will wreak intolerable hardship on average Americans. The Chamber urges you not to stand by and let this happen, but to take a courageous stand to preserve the flow of credit to the economy. The American people will recognize your act of courage.
The Chamber urges Congress to pass H.R. 1424 as amended immediately, and will score votes on, or in relation to, this issue in our annual How They Voted scorecard.
R. Bruce Josten