Groups call on Congress to pass financial bill
The ACCA and NAHB is urging the U.S. House to quickly pass the financial bailout bill.
After Monday’s unexpected House defeat of the $700 billion plan to bail out U.S. financial markets, the Air Conditioning Contractors of America is urging members to contact their representatives.
Despite strong lobbying by President George W. Bush and Democratic House leadership, the bill failed 205-228, with 133 members of Bush’s fellow Republicans refusing to vote for it.
In reaction, stock markets around the world plunged, with the Dow Jones industrial average ending the day down almost 800 points.
In an e-mail alert, ACCA director of government relations Charlie McCrudden told members to contact their lawmakers and stress that the “rescue plan … is critical to restoring certainty, stability and liquidity to our credit markets and to the economic health of America.” He added that the bill is not a “bailout.”
McCrudden told members that it isn’t just the big Wall Street firms that won’t be able to borrow money if the bill isn’t passed - many HVAC contractors and other small businesses will have difficulty securing credit.
Also joining the chorus of those calling for the bill to be passed is the National Association of Home Builders, which cited its last report showing sales of new single-family homes dropped in August to its lowest level since 1991.
"This report is yet another example of how the housing sector is suffering the effects of the financial meltdown and extreme tightening of consumer and business credit," said Sandy Dunn, NAHB president and a builder from Point Pleasant, W.Va.
"Now is the time for Congress to come together in a bipartisan fashion to pass a financial rescue plan that stabilizes financial markets and gets at the root problems of declining home values and rising foreclosures. This legislation will help shore up home values and unfreeze credit lines, two moves that are absolutely essential to get the economy moving again,” Dunn said.
Congress is expected to reconsider the legislation when it reconvenes Thursday.
After Monday’s unexpected House defeat of the $700 billion plan to bail out U.S. financial markets, the Air Conditioning Contractors of America is urging members to contact their representatives.
Despite strong lobbying by President George W. Bush and Democratic House leadership, the bill failed 205-228, with 133 members of Bush’s fellow Republicans refusing to vote for it.
In reaction, stock markets around the world plunged, with the Dow Jones industrial average ending the day down almost 800 points.
In an e-mail alert, ACCA director of government relations Charlie McCrudden told members to contact their lawmakers and stress that the “rescue plan … is critical to restoring certainty, stability and liquidity to our credit markets and to the economic health of America.” He added that the bill is not a “bailout.”
McCrudden told members that it isn’t just the big Wall Street firms that won’t be able to borrow money if the bill isn’t passed - many HVAC contractors and other small businesses will have difficulty securing credit.
Also joining the chorus of those calling for the bill to be passed is the National Association of Home Builders, which cited its last report showing sales of new single-family homes dropped in August to its lowest level since 1991.
"This report is yet another example of how the housing sector is suffering the effects of the financial meltdown and extreme tightening of consumer and business credit," said Sandy Dunn, NAHB president and a builder from Point Pleasant, W.Va.
"Now is the time for Congress to come together in a bipartisan fashion to pass a financial rescue plan that stabilizes financial markets and gets at the root problems of declining home values and rising foreclosures. This legislation will help shore up home values and unfreeze credit lines, two moves that are absolutely essential to get the economy moving again,” Dunn said.
Congress is expected to reconsider the legislation when it reconvenes Thursday.
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