(October 6, 2008) Thank you to CalChamber members and local chambers who worked with us to push Congress for passage of a bipartisan plan to stabilize the U.S. financial markets.

On September 30, CalChamber President and CEO Allan Zaremberg sent a letter to the California Congressional delegation indicating that swift action was necessary to protect the financial well-being of California’s employers.  Friday’s approval of the economic stabilization legislation by Congress will be helpful for businesses caught in the credit crunch. 

“Today’s vote was an important step forward,” said Zaremberg. “This action will free up capital and should begin to ease the impact of the crisis on everyone from the small store owner who needs to buy inventory for the Christmas season to the State of California.”  

In a letter sent to U.S. Treasury Secretary Paulson on Friday, Governor Schwarzenegger indicated that the economic stabilization legislation was a “lifeboat for millions of Americans whose life savings, businesses, retirement plans and jobs” are at stake. In addition, the Governor outlined the fact that California and a number of other state and local governments are experiencing the lack of liquidity in the credit markets firsthand and have been unable to secure financing for bond offerings and for routine cash flow used to make critical payments to schools, local governments and law enforcement.

CalChamber efforts to push for passage of this legislation resulted in more than 3,000 letters being sent to Congress. CalChamber is the largest broad-based business advocate to government in California. Our members provide one-quarter of the private sector jobs in California and include firms of all sizes and companies from every industry within the state.