Industry leaders ramp up rescue support
Industry leaders ramp up rescue support
Automotive News | October 2, 2008 - 5:02 pm EST
WASHINGTON — Automobile industry leaders today turned up pressure on Congress to pass a financial rescue package that they say is necessary to thaw frozen credit markets.
General Motors CEO Rick Wagoner, in an e-mail to company employees, asked them to contact lawmakers and urge support of the rescue measure, estimated to cost $700 billion or more.
The National Automobile Dealers Association, in a letter to each member of the House of Representatives, said the legislation is essential to overcome the “precarious times” faced by dealers, their employees and customers.
“Simply put, credit is the lifeblood of automobile retailing,” wrote David Regan, NADA vice president of legislative affairs.
The Senate approved the rescue plan Wednesday night by a 74-25 vote. The House is expected to try again Friday.
House members rejected an earlier version on Monday by a 205-228 vote. In effect, the renewed lobbying push is aimed at getting the needed 217 House members to vote yes and send the bill on to President Bush.
TEXT OF WAGONER LETTER:
Dear GM employee:
To avert long-term financial hardship for our nation’s hardworking citizens, Congress and the Administration must craft a solution to restore stability and confidence in our nation’s financial systems. The current financial crisis goes far beyond any one industry. With each passing day without a solution, the credit markets continue to freeze up, denying consumers and businesses the needed cash for home loans, car loans, small business loans and the critical investments that grow the economy and create jobs.
Our elected officials in Congress need to hear, today, that our country needs a bipartisan solution quickly. Congress is hearing from those who oppose a bailout, but not from those who know that inaction poses dire and long-lasting consequences for our national economy.
I’m asking each of you to contact your House Representative and Senators, to let them know how the worsening turmoil in the financial markets is harming the economy and consumers. It’s critical they hear from us now, in order to receive a balanced message on why bipartisan relief is needed now, to restore stability, confidence and access to credit within our financial markets — all of which are needed to preserve our nation’s economic health and growth.
Please make this issue your highest priority and call your respective Representative and Senators today. Your voice needs to be heard, and it will make a difference. If you cannot get through initially, we ask that you keep trying — we need to make sure Congress is getting a balanced perspective. Thank you for your support.
Rick
