Chamber Establishes Early Dialogue on Issues
By Thomas J. Donohue, President and CEO, U.S. Chamber of Commerce
Few administrations have taken office facing a more pressing set of economic challenges than the Obama administration. A severe financial crisis, an economy in recession, and rising unemployment are just a few of the issues that await it.
The House of Representatives last week unveiled a $825 billion, two-year stimulus package that includes $275 billion in tax cuts for individuals and businesses and $500 billion in increased government spending that President Obama says will create 4 million jobs and jumpstart the economy. What's in it for business? Below are some of the key proposals:
ColoradoBanks Step Up to Help Real Estate Industry
Rhode IslandFinancial Services Jobs Dry UpFor years, the financial services sector has been one of the few growing industries in the state's sputtering economy, generating consistent job growth and high wages. But Rhode Island's housing meltdown and Wall Street's unraveling have not spared the pride and joy of the state's economy. By last November, employment in financial services was down to 33,000, nearly 2,000 below the 2007 level. Finance jobs make up around 8% of all private-sector employment in Rhode Island.
ConnecticutBusiness Survey Finds More Job Cuts LikelyThe state lost 11,300 jobs between September and November last year, and a new survey suggests the job cuts should continue well into 2009. Of the 141 businesses that responded, 46% said they expect to reduce their staffs this year, while 18% expect to add workers and 36% expect staff levels to remain the same.Source: Waterbury Republican-American
As the incoming Obama administration and the new Congress continue their work to craft an economic stimulus package, it appears the U.S. Chamber's recommendations are being heard.
January 27, 2009—New residential construction posted another hefty loss in December, but existing home sales increased. The Conference Board's Leading Indicators Index increased in December.
The Chamber has turned its attention toward the Senate in its efforts to push through Congress an economic stimulus package. The day before the Senate Finance Committee was to consider its portion of the $825 billion proposal, the U.S. Chamber sent a letter to the leaders of the committee praising them for including key tax incentives but also calling for additional ones to "restore liquidity, spur economic activity, and stimulate job growth."
Creativity, Confidence, Cash, Communityby Nell Merlino
The U.S. Chamber's Center for Capital Markets Competitiveness (CCMC) released a series of regulatory reform principles designed to expedite recovery from the current financial crisis. The principles include better management of systemic risk (including higher capital and liquidity requirements); elimination of regulatory gaps, or "dead zones"; and regulation of the credit rating agencies, which failed to provide accurate information to the market.
