L.A. Area Chamber Statement on Emergency Economic Stabilization Act of 2008

October 3, 2008

The Los Angeles Area Chamber of Commerce applauds the U.S. House of Representatives and U.S. Senate for working together to pass the bipartisan Emergency Economic Stabilization Act of 2008.  This $700-billion financial rescue plan will help unfreeze credit markets, restore business and consumer confidence and begin to address the current financial and economic crisis facing our nation.

“This legislative package provides a needed financial plan for America,” said Gary Toebben, President & CEO, Los Angeles Area Chamber of Commerce.  “The L.A. Area Chamber thanks our legislative leadership for coming together to pass this important legislation for businesses, homeowners and employees across the nation.”

The legislative package will restore liquidity to the financial system and restart the flow of credit that is essential to maintaining the day-to-day operations of so many businesses, and the jobs associated with them.  The passage of the Emergency Economic Stabilization Act comes at a critical time, as the nation faces the highest unemployment rate in 5 years.

The L.A. Area Chamber will continue to work with its members and elected officials at the local, state and federal level to grow business and the economy during this historically difficult time in the nation’s history.  More information on the L.A. Area Chamber and its advocacy initiatives is available at www.lachamber.com.

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The Los Angeles Area Chamber of Commerce represents the interests of business in L.A. County. Founded in 1888, the Chamber promotes a prosperous economy and quality of life in the Los Angeles region. For more information, visit www.lachamber.com.

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