The American Iron and Steel Institute (AISI) reported Thursday that in a letter to Members of the United States Congress, AISI President and CEO Thomas J. Gibson urged Congress to expeditiously pass legislation that addresses America's financial crisis. The text of his letter is as follows:
On behalf of the domestic steel industry, I write to you today and urge you to pass legislation necessary to address America's financial crisis. Our economic system relies on credit and consumer confidence. In the last week, we have seen firsthand what happens when confidence is lost in a system dependent on credit. Congressional intervention has become critical to the effort of restoring confidence in our system.
Like other American manufacturers, US steelmakers are concerned about the financial crisis and to what degree it will limit economic growth and access to credit, an obvious concern for a capital-intensive sector such as the steel industry, and for our many diverse manufacturing customers and suppliers. Congress should take appropriate steps to help restore confidence in the credit system. This cannot be a political issue; the consequences will be too severe. Congress should not leave until this job is done.
Timely action is needed to preserve jobs and ensure that the United States continues to be a country where we "make things."
The Senate approved a modified financial rescue plan in a 74-25 vote Wednesday and the House, which reconvened Thursday after a two-day recess, is expected to vote on the revised $700 billion plan on Friday.
AISI is comprised of 27 member companies and 138 associate and affiliate members, representing over 75 percent of both US and North American steel capacity.