Madam Speaker, I would like to submit for the Record a letter of support for the economic rescue plan currently before Congress submitted by the Business Roundtable. Business Roundtable, Washington, DC, October 1, 2008. To: Members of…
Madam Speaker, I would like to submit for the Record a letter of support for the economic rescue plan currently before Congress submitted by the Business Roundtable.
Business Roundtable,
Washington, DC, October 1, 2008.
To: Members of Congress
Re: Economic Rescue Plan
The failure to pass emergency legislation to rescue the
U.S. financial system will put our entire economy at risk.
The resulting turmoil in equity markets has already wiped out
hundreds of billions of dollars in household wealth and the
retirement savings of the American people. But the impact of
this crisis extends well beyond the financial industry.
As business leaders representing companies that generate
more than $5 trillion of U.S. GDP--more than one-third of the
U.S. economy--we are already seeing the damage spread to
every sector of our economy. Credit is being shut off to both
small businesses trying to meet payroll and families
struggling to pay college tuition bills. Retail sales are
declining each week as consumer confidence collapses. More
business failures, job losses and significantly higher
unemployment loom on the horizon.
Further delay will only increase these adverse impacts on
America's economy. We urge Congress to act immediately to
pass bipartisan legislation to stabilize the U.S. financial
system and contain the damage to our broader economy while
that opportunity still exists. The American people have
always risen to whatever economic challenges they have faced,
and with swift congressional action we can meet this crisis
and restore our economy to its historic path of strong growth
and rising prosperity.
Sincerely,
Enrique O. Santacana, President and Chief Executive
Officer, ABB Inc.; Miles D. White, Chairman and CEO,
Abbott; William D. Green, Chairman & CEO, Accenture;
Evan G. Greenberg, Chairman and Chief Executive
Officer, ACE Group; Gary C. Butler, President and CEO,
ADP; Ronald A. Williams, Chairman and CEO, Aetna Inc.;
Klaus Kleinfeld, President and CEO, Alcoa Inc.; John E.
McGlade, Chairman, President, and CEO, Air Products and
Chemicals, Inc.; James L. Wainscott, Chairman,
President & CEO, AK Steel Corporation; Thomas J.
Wilson, Chairman, President & CEO, Allstate Insurance
Company; Lee Styslinger, III, Chairman & CEO, Altec,
Inc.; Michael G. Morris, Chairman, President and Chief
Executive Officer, American Electric Power Company,
Inc.
Kenneth I. Chenault, Chairman and CEO, American Express
Company; James M. Cracchiolo, Chairman and Chief
Executive Officer, Ameriprise Financial; James T.
Hackett, Chairman, President & CEO, Anadarko Petroleum
Corporation; Paul W. Jones, Chairman and CEO, A.O.
Smith Corporation; G. Steven Farris, President, Chief
Executive Officer and Chief Operating Officer, Apache
Corporation; Steven F. Leer, Chairman & CEO, Arch Coal,
Inc.; Patricia A. Woertz, Chairman, CEO & President,
Archer Daniels Midland Company; Charles G. ``Chip''
McClure, Chairman, CEO and President, ArvinMeritor,
Inc.; Dean A. Scarborough, President & CEO, Avery
Dennison; Ronald L. Nelson, Chairman & CEO, Avis Budget
Group; Riley P. Bechtel, Chairman & CEO, Bechtel Group,
Inc.; Stephen A. Schwarzman, Chairman and CEO, The
Blackstone Group.
W. James McNerney, Jr., Chairman of the Board, President
and Chief Executive Officer, The Boeing Company; Robert
A. Malone, Chairman & President, BP America Inc.;
Michael T. Dan, Chairman, President & CEO, The Brink's
Company; John A. Swainson, CEO, CA, Inc.; Harold D.
Boyanovsky, President and CEO, Case New Holland Inc.;
James W. Owens, Chairman and CEO, Caterpillar, Inc.;
Kathryn V. Marinello, Chairman and Chief Executive
Officer, Ceridian Corporation; Dave O'Reilly, Chairman
and CEO, Chevron Corporation; H. Edward Hanway,
Chairman and Chief Executive Officer, CIGNA
corporation; Muhtar Kent, President and Chief Operating
Officer, The Coca-Cola Company; Mayo A. Shattuck, III,
Chairman, President & CEO, Constellation Energy; David
F. Dougherty, President and CEO, Convergys Corporation.
Douglas W. Stotlar, President & CEO, Con-way Inc.;
Wendell P. Weeks, Chairman and Chief Executive Officer,
Corning Incorporated; Eric C. Fast, President & Chief
Executive Officer, Crane Co.; Michael J. Ward,
Chairman, President & CEO, CSX Corporation; Tim Solso,
Chairman & CEO, Cummins Inc.; Robert W. Lane, Chairman
and CEO, Deere & Company; James H. Quigley, Chief
Executive Officer, Deloitte Touche Tohmatsu; Robert S.
Miller, Executive Chairman, Delphi Corporation; J.T.
Battenberg, III, Chairman, CEO--Retired, Delphi
Corporation; Andrew N Liveris, Chairman & CEO, The Dow
Chemical Company; Chad Holiday, Chairman and CEO,
DuPont; J. Brian Ferguson, Chairman and Chief Executive
Officer, Eastman Chemical Company.
Antonio M. Perez, Chairman and CEO, Eastman Kodak
Company; Alexander M. Cutler, Chairman and CEO, Eaton
Corporation; John C. Lechleiter, President and CEO, Eli
Lilly and Company; James S. Turley, Chairman and Chief
Executive Officer, Ernst & Young LLP; William G.
Walter, President and Chief Executive Officer, FMC
Corporation; Lewis Hay, III, Chairman and Chief
Executive Officer, FPL Group, Inc.; Jeffrey R. Immelt,
Chairman & CEO, GE; G.R. Wagoner, Jr., Chairman and
Chief Executive Officer, General Motors Corporation;
Marshall O. Larsen, Chairman, President & CEO, Goodrich
Corporation; Dinesh C. Paliwal, Chairman & CEO, Harman
International Industries, Inc.; David M. Cote, Chairman
and Chief Executive Officer, Honeywell International
Inc.; Brendan McDonagh, CEO, HSBC North America
Holdings Inc.
Mike McCallister, President and Chief Executive Officer,
Humana Inc.; Samuel J Palmisano, Chairman, President &
CEO, IBM Corporation; John V. Faraci, Chairman and
Chief Executive Officer, International Paper; Steven R.
Loranger, Chairman, President and CEO, ITT Corporation;
Steve Roell, Chairman and CEO, Johnson Controls, Inc.;
Timothy P. Flynn, Chairman & CEO, KPMG; Edmund F.
Kelly, Chairman, President and CEO, Liberty Mutual
Group; Stuart H. Reese, Chairman, President and CEO,
MassMutual Financial Group; Harold McGraw III,
Chairman, President and CEO, The McGraw-Hill Companies;
John H. Hammergren, Chairman and CEO, McKesson
Corporation; David B. Snow, Jr., Chairman & CEO, Medco
Health Solutions, Inc.; Gregory Q. Brown, President &
Co-CEO, Motorola, Inc.
John A. Luke, Jr., Chairman & CEO, MWV Corporation;
Thomas C. Nelson, Chairman, President & CEO, National
Gypsum Company; Jerry Jurgensen, Chief Executive
Officer, Nationwide Mutual Insurance Company; Dan
Ustian, Chairman, President & CEO, Navistar; Ted
Mathas, President & CEO, New York Life Insurance; C.W.
Moorman, Chairman, President and CEO, Norfolk Southern
Corporation; Daniel R DiMicco, Chairman and CEO, NUCOR
CORPORATION; Steve Odland, Chairman & CEO, Office
Depot, Inc.; Michael H. Thaman, Chairman and CEO, Owens
Corning; Richard L. Wambold, Chairman and CEO, Pactiv
Corporation; Jeffrey B. Kindler, Chairman and CEO,
Pfizer Inc.; Steve Angel, Chairman and CEO, Praxair,
Inc.
Dennis M. Nally, Chairman and Senior Partner,
PricewaterhouseCoopers; Larry Zimpleman, President and
Chief Executive Officer, Principal Financial Group;
A.G. Lafley, Chairman of the Board and Chief Executive
Officer, The Procter & Gamble Company; Ralph Izzo,
Chairman of the Board, President & Chief Executive
Officer, Public Service Enterprise Group Inc.; Henry R.
Silverman, Chairman, Realogy Corporation; Keith D.
Nosbusch, Chairman & CEO, Rockwell Automation; Brenda
C. Barnes, Chairman and CEO, Sara Lee Corporation;
James H. Goodnight, CEO and Founder, SAS; Fred Hassan,
Chairman and Chief Executive Officer, Schering-Plough
Corporation; J. Patrick Spainhour, CEO, ServiceMaster
Global Holdings; George Nolen, CEO, Siemens
Corporation; Edward B. Rust Jr., Chairman and CEO,
State Farm Insurance.
Lewis B. Campbell, Chairman, President and Chief
Executive Officer, Textron Inc.; Marijn E. Dekkers,
President and CEO, Thermo Fisher Scientific; Tom Lynch,
Chief Executive Officer, Tyco Electronics; Edward D.
Breen, Chairman and CEO, Tyco International; Jim Young,
Chairman, Union Pacific; Louis R. Chenevert, President
& Chief Executive Officer, United Technologies
Corporation; Ivan Seidenberg, Chairman and CEO,
Verizon; Dan Fulton, President and CEO, Weyerhaeuser
Company; Jeff M. Fettig, Chairman and CEO, Whirlpool
Corporation; Steven J. Malcolm, Chairman, President &
CEO, The Williams Companies, Inc.; Anne M. Mulcahy,
Chairman and Chief Executive Officer, Xerox
Corporation; William D. Zollars, Chairman, President &
CEO, YRC Worldwide.