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Retailers Welcome Signing of Economic Stimulus Bill
WASHINGTON-(Business Wire)-February 13, 2008 - The National Retail Federation welcomed today's signing of economic stimulus legislation by President Bush, and praised Congress and the Administration for moving quickly on the issue.
"It was less than a month ago that President Bush urged congressional leaders to set aside partisan differences and work together to help the U.S. economy and American families," NRF Senior Vice President for Government Relations Steve Pfister said. "To see a bill signed into law this soon is almost unprecedented. This fast action shows the urgency of this issue and the commitment the White House and the leaders of both parties in the House and Senate were willing to make to give our economy the shot in the arm it so badly needs."
"This is simple, targeted stimulus that will quickly put money into consumers' pockets where it can boost growth by creating demand through all sectors of the economy," Pfister said. "Quick action by Congress means the Treasury Department will be able to get tax rebate checks into the hands of consumers in time to have the maximum effect. Timeliness is essential, and we agree with economists who say the fastest way for stimulus to enter the economy is through the consumer."
Pfister is among a group of trade association executives, business leaders, public officials and others scheduled to be on hand at the White House this afternoon as Bush signs H.R. 5140, the Recovery Rebates and Economic Stimulus for the American People Act of 2008. The $152 billion measure would provide tax rebate checks of up to $600 per working individual and $1,200 per married couple, plus $300 per child for families with children and new tax incentives for job-creating business investments.
NRF has led the retail industry's fight for passage of economic stimulus legislation. The NRF Board of Directors last month passed a resolution urging Bush and Congress to act after the nation's slowing economy resulted in the smallest holiday sales growth in five years at 3 percent and NRF issued its 2008 forecast calling for 3.5 percent growth, the lowest increase since 2002.
The National Retail Federation is the world's largest retail trade association, with membership that comprises all retail formats and channels of distribution including department, specialty, discount, catalog, Internet, independent stores, chain restaurants, drug stores and grocery stores as well as the industry's key trading partners of retail goods and services. NRF represents an industry with more than 1.6 million U.S. retail companies, more than 25 million employees - about one in five American workers - and 2007 sales of $4.5 trillion. As the industry umbrella group, NRF also represents over 100 state, national and international retail associations. www.nrf.com
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