Chamber Launches Telecom Coalition: TeleCONSENSUS

WASHINGTON, D.C.—The United States Chamber of Commerce along with the National Association of Manufacturers, the National Black Chamber of Commerce and other business organizations, launched a new coalition on telecom issues. The TeleCONSENSUS coalition is calling on Congress to update telecommunications laws in order to create jobs, spur investment, foster innovation, expand consumer choice, enhance efficiency, and increase productivity.

"The Telecom Act is almost 10 years old, which is an eternity in the high-tech world," said Thomas Donohue, Chamber President and CEO. "The out-of-date laws are stifling innovation and holding back forces that could revive the industry and create a boon for our economy."

All sectors of the U.S. economy will benefit from modernized telecommunications laws, according to the Chamber. TeleCONSENSUS supports legislation based on the principle that telecommunications markets should be driven by consumer demand, advances in technology, and competition between telecommunications companies, rather than by government regulation.

Investment and employment in the telecommunications industry have fallen dramatically. From March 2000 to July 2004, market capitalization in the telecommunications industry dropped from $1,135 billion to $375 billion, a decline of 67 percent. Between March 2001 and May 2004, the industry lost 380,500 jobs and continued to shed jobs in the first quarter of 2005.

TeleCONSENSUS will educate Congress, the business community, and the public about the importance of telecommunications and broadband to the U.S. economy. Over a five-year period, modernizing the nation's telecommunications laws has the potential to generate more than 212,000 jobs, create $58 billion in new capital spending, and increase the GDP by
$634 billion.

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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