L.A. Area Chamber Applauds Passage of the American Recovery and Reinvestment Act
L.A.’s leading business organization commends investments in private-sector job creation; cautions against “Buy American” protectionist actions
February 17, 2009
LOS ANGELES, CA – The Los Angeles Area Chamber of Commerce applauds President Barack Obama and members of Congress for taking steps to stimulate economic recovery with the passage of the $787 billion American Recovery and Reinvestment Act of 2009. The L.A. Area Chamber encourages Congress to work quickly to implement the investments which will put American’s back to work including the streamlining of regulations that could speed economic recovery.
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“The backbone of the American economy has always been private-sector jobs,” said Gary Toebben, President & CEO, Los Angeles Area Chamber of Commerce. “As we move forward with implementing this important stimulus package for our nation, we must build a foundation for long-term economic growth powered by the private-sector which will ensure a strong economy for years to come.”
The L.A. Area Chamber praises President Obama and Congress for including in the stimulus package programs supporting the unemployed and making investments to create up to 3.5 million jobs and foster long-term growth in the private sector. The L.A. Area Chamber particularly commends the inclusion of tax incentives to spur home and automobile sales and the $3.9 billion investment in job training and employment services. A long-standing champion of workforce development and the leading L.A. business organization supporting youth employment programs, the L.A. Area Chamber is also pleased with the $1.2 billion that will be invested to create one million summer jobs for youth across the nation.
While the passage of the American Recovery and Reinvestment Act is a significant step toward economic recovery, the L.A. Area Chamber urges caution regarding the “Buy American” protectionist provision in the legislation so as not to invite retaliatory sanctions from key trading partners and undermine our ability to open foreign markets for U.S. goods and services.
As the largest business advocacy organization in the greater Los Angeles Area, the L.A. Area Chamber has been an active voice in urging a smart federal stimulus package. Since last fall, Chamber leaders together with fellow stakeholders have visited Washington, D.C. frequently to meet with lawmakers on local priorities including transportation investment, workforce development, health care reform and modernizing the Los Angeles International Airport (LAX). The L.A. Area Chamber will continue in its efforts to ensure the region’s business voice is heard as the American Recovery and Reinvestment Act takes effect nationwide.
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.
Gwen Oldham, 213.580.7532
Alejandro Guzmán, 213.580.7544