SOURCE: Detroit Regional Chamber

November 20, 2008 13:23 ET

Detroit Region's Businesses Urge Congressional Compromise on Loans to American Auto Companies

DETROIT, MI--(Marketwire - November 20, 2008) - The Detroit Regional Chamber issued the following statement regarding the debate in Washington, D.C. over federal loans to the American automotive industry.

"Congress must work to find a compromise that provides immediate relief to the American automotive industry. Not doing so would be unconscionable. The ripple effect through the nation's entire economy would lead to job and business losses on a scale not seen in many generations. These are extraordinary times of a global economic slowdown, severe credit crunch and falling consumer confidence that require extraordinary action. We hope Congress can rise to the challenge and do the right thing," said Richard E. Blouse Jr., president and CEO of the Detroit Regional Chamber.

"Helping the domestic automotive industry survive these unprecedented circumstances is a national economic imperative, not just a Michigan issue, because there are millions of auto-related jobs across the nation and in every state," continued Blouse.

About the Detroit Regional Chamber

With over 20,000 members, the Detroit Regional Chamber is the largest chamber of commerce in the country. The Chamber's mission is carried out through business attraction efforts, public policy advocacy, strategic partnerships and quality products and services for members.

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