Issue Date: HHN - November 21, 2008, Posted On: 11/18/2008
ABC lauds passage of Emergency Economic Stabilization Act
WASHINGTON, D.C. — Associated Builders and Contractors (ABC) hailed the
recent passage of the Emergency Economic Stabilization Act of 2008
(H.R.1424) in the House of Representatives, calling it “the best
opportunity to keep the nation’s commercial and industrial construction
industry moving forward.”
The bill, which passed the Senate Oct. 1, provides up to $700 billion
to assist in stabilizing America’s financial markets and wavering
credit markets. Included in the measure is an increase in FDIC
insurance coverage, provisions to allow tax breaks for producers of
renewable energy along with extending expiring tax breaks and limiting
the alternative minimum tax.
“We hope this bill will restore investor confidence on Wall Street and
boost one of the few sources of meaningful economic expansion in the
U.S. — commercial construction,” said Bill Fairchild, 2008 ABC national
chairman and president of R.W Murray Co., Manassas, VA. “It is
critically important that ABC members continue to have the ability to
finance their operations and are given access to capital so they can
expand their businesses.”
Prior to the vote, ABC sent a letter to House members stating that
“this legislation contains all the needed elements to help alleviate
the strain on our credit and banking systems and restore trust and
security in America’s financial markets, allowing our employees, their
families, and Americans as a whole, to continue to prosper.”
The letter also made clear that ABC considers final passage of H.R.
1424, the Emergency Economic Stabilization Act of 2008 a key vote for
110th Congressional Scorecard.
