Energy efficiency included in U.S. financial bailout package; NEMA likes it
With energy efficiency and renewable energy provisions in the legislation, the National Electrical Manufacturers Association (NEMA) today praised Congressional passage of the Emergency Economic Stabilization Act of 2008, H.R. 1424; President Bush signed it into law.
|In his role as business owner, a director of the National Association of Manufacturers (NAM) , and chairman of the Illinois Manufacturers Association (IMA), Ron Bullock and 12 other business leaders met with President Bush at the White House yesterday to personally discuss the state of the economy and the vital importance of the passage of the pending Economic Rescue Package by the House.
Bullock, owner and Chairman of gearmotor manufacturer Bison Gear & Engineering Corp ., expressed concern for how tightening credit markets affect not only the ability of his customers to buy Bison products they incorporate into the equipment they build, but also how his customers’ customers were finding it difficult to finance the new equipment, in addition to the difficulties Bison Gear might face in its growth plans and the security of its 275 employees, according to an announcement from that company.
“At Bison Gear, we always put lubrication in our gearboxes — otherwise, gears would seize and stop working,” said Bullock. “Capital and credit are lubrication for the financial markets, and we need to get them smoothly flowing again.”
“The credit markets are in turmoil. Even healthy companies with solid balance sheets and order backlogs cannot obtain the routine financing they need to meet payroll and expand productive capacity,” said NAM president, John Engler.
Rosslyn, — With energy efficiency and renewable energy provisions in the legislation, the National Electrical Manufacturers Association (NEMA) today praised the House of Representatives for passing the Emergency Economic Stabilization Act of 2008, H.R. 1424, by a vote of 263-171. House passage follows action by the Senate on Oct. 1, which approved the legislation on a vote of 74-25. The package now goes to the President for his signature. President Bush signed the package into law later that day, Oct. 3 .]
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Included in the rescue package are provisions lobbied by NEMA throughout the year that impact deployment of energy efficiency and renewable energy technologies. In September, NEMA president and CEO, Evan R. Gaddis, called on Congressional leadership to put partisan bickering aside and pass the energy tax provisions prior to Congress adjourning for the fall elections.
The energy and renewable tax provisions include:
“I am extremely happy with the action Congress has taken today,” Gaddis said. “Not only did Congress pass a critical economic rescue plan, but it also provided a stimulus to our economy by extending many energy tax incentives that will support construction, contracting, and manufacturing jobs. Many of the incentives contained in the legislation provide the private sector the needed longer-term certainty for business investment and planning, rather than past one-year patches that NEMA companies have been struggling to optimize. Members of congress felt tremendous pressure to pass this legislation, and this pressure can be attributed to many of the NEMA companies that contacted their elected officials to voice support of these critical tax incentives.”
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