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U.S. Chamber Hails Passage of Financial Rescue Bill

Thursday, October 2, 2008 - 8:00pm

"Responsible Leadership Puts National Interest First to Avert an Economic Meltdown," Josten Says

WASHINGTON, DC-Following today's passage of the financial rescue bill by the U.S. House of Representatives, the U.S. Chamber of Commerce's Executive Vice President of Government Affairs R. Bruce Josten issued the following statement:

"With the American economy on life support, Congress took the necessary step to stop the bleeding. Today's bipartisan vote in the House is a major step toward stabilizing the credit markets and supporting Main Street businesses.

"Every day there was a delay in shoring up our financial markets, Americans saw their investments plummet. Over the past few days, uncertainty and turmoil have dramatically affected markets and lowered equity prices, eroded individual savings, and destroyed household wealth.

"Through tens of thousands of calls, letters, and emails to Capitol Hill, businesses and workers sounded the alarm that they were feeling the pinch. Congress responded and has begun the process to restore the flow of credit to the economy.

"This bill also protects over 24 million Americans from the alternative minimum tax, provides mental health parity, and extends expired and expiring tax provisions which are essential to the competitiveness of businesses and workers across the country.

"This bipartisan effort would not have been possible without the leadership of both chambers, notably the tireless efforts of House Speaker Nancy Pelosi, Minority Leader John Boehner, Majority Leader Steny Hoyer, Minority Whip Roy Blunt, House Financial Services Committee Chairman Rep. Barney Frank, and Majority Whip James Clyburn. We have seen responsible leadership today that puts the national interest first to help avert a catastrophic meltdown of our economy."

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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