Trade Groups Urge Congress to Pass Bailout

Dozens of powerful trade associations and lobbying groups again urged lawmakers to approve the financial bailout package in a letter sent Tuesday evening.

They ranged from groups with an obvious interest in the package, such as the American Bankers Association, to groups that would seem more Main Street than Wall Street, such as the Air Conditioning Contractors of America.

Read the letter below.

-Ian Swanson


September 30, 2008

We are writing to express our profound disappointment in the House vote yesterday rejecting the Emergency Economic Stabilization Act, and to urge both the House and Senate to act as soon as possible this week to enact legislation to bring stability to credit markets.

Read the rest after the jump.

The impact of the House action was painfully demonstrated yesterday when the stock market lost $1.2 trillion as the Dow Jones Industrial Average fell 777.8 points, the largest single-day point drop in American history.

Virtually every American has witnessed their retirement, investment and savings accounts decline steeply. The evaporation of credit is affecting businesses of all sizes and consumers and we run the risk of further declines in housing values. If Congress fails to act and credit markets tighten further, our associations

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