U.S. Chamber Supports Caution in Reopening Wall Street -- Premature Opening Would Increase Chance of Havoc

WASHINGTON, D.C. – United States Chamber of Commerce President and CEO Thomas Donohue expressed support for the further delay in reopening the stock exchanges on New York's Wall Street, following news reports that the area's electricity and telephone grids remain impaired.

"No one understands the importance of the stock market more than American businesses – but reopening it right is more important than reopening it fast," said Donohue. "Until rescue teams give the go-ahead and telephone and electric system reliability is restored, any opening bell would be premature. It is important that we do whatever is necessary to ensure a smooth restart to the U.S. stock markets, and not make decisions based on the clock or the calendar.

"Tuesday's terrorist attacks hit a number of buildings and destroyed unimaginable numbers of American families, but the terrorists failed to hurt our freedoms or our economy. Production facilities, manufacturing plants, the service sector and Main Street businesses continue to drive our economic engine onward," said Donohue. "And our national spirit resides in our hearts and not in our buildings."

Recent information from the city of New York is that a significant portion of lower Manhattan's communications grid remains down and electric service to the area has not been completely restored. Both systems are integral parts of the stock exchanges and must be fully functional before the markets are reopened.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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