NAM Applauds Passage of Emergency Stabilization Act

Thanks government for the 'courage to do the right thing'

National Association of Manufacturers (NAM) President John Engler issued the following statement commending the House of Representatives for its decisive (263-171) vote to enact the Emergency Stabilization Act of 2008:

"The House's vote today constituted a true act of political courage by our elected representatives, who put the future of America before personal political considerations. It needs to be said again and again that this crisis is not about Wall Street, it is about real people in the real world on Main Street.

A credit crisis is spreading throughout our economy and without credit our economy simply cannot function. Consumers cannot borrow to make purchases like cars and houses, and businesses cannot borrow to expand and grow.

It was imperative that our government act decisively and quickly to provide liquidity to the financial markets and restore stability and renewed confidence to our nations financial system. The business community and their employees will not forget the outstanding public servants who had the wisdom to recognize the true nature of this crisis and the courage to do the right thing."

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