NRF Says 'Clock is Ticking,' Urges House to Pass Senate Version of Financial Rescue Bill

Business Wire, Oct 2, 2008

WASHINGTON -- Fourth graph, first sentence of release should read: ...Minority Leader John Boehner... (sted ...Majority Leader John Boehner...)

The corrected release reads:

NRF SAYS 'CLOCK IS TICKING,' URGES HOUSE TO PASS SENATE VERSION OF FINANCIAL RESCUE BILL

The National Retail Federation today urged the House to immediately pass the Senate's version of landmark legislation that would address the nation's rapidly growing financial crisis. NRF said the measure would be counted as a key vote in merchants' annual ranking of lawmakers on issues important to the retail industry.

"Last night the Senate put ideology and politics aside, passing this essential measure in bipartisan fashion by an almost three-to-one margin," NRF Senior Vice President for Government Relations Steve Pfister said. "At this critical juncture, it is imperative that the House also act expeditiously and without partisanship. It is increasingly clear that our nation is on the verge of an unprecedented financial calamity which has already impacted millions of Americans and every sector of our economy, a situation growing worse as each day progresses."

"This is not about bailing out Wall Street," Pfister said. "If the House of Representatives fails to pass this legislation, the ability of American consumers and businesses to obtain the credit needed to keep our economic engine running and pave the road to economic recovery will be irreparably damaged. In these trying economic times, that is a risk America cannot take. Simply put, the clock is ticking, the consequences are dire and the time to act is now."

Pfister's comments came in a letter sent this afternoon to House Speaker Nancy Pelosi, D-Calif., Minority Leader John Boehner, R-Ohio, and all other members of the House. The House is expected to vote on economic stabilization legislation either tonight or Friday.

The National Retail Federation is the world's largest retail trade association, with membership that comprises all retail formats and channels of distribution including department, specialty, discount, catalog, Internet, independent stores, chain restaurants, drug stores and grocery stores as well as the industry's key trading partners of retail goods and services. NRF represents an industry with more than 1.6 million U.S. retail companies, more than 25 million employees - about one in five American workers - and 2007 sales of $4.5 trillion. As the industry umbrella group, NRF also represents over 100 state, national and international retail associations. www.nrf.com