The National Lumber and Building Material Dealers Association (NLBMDA) sent a letter to House and Senate leaders today urging Congress to resume work on a bipartisan financial bailout bill.
"The failure to pass a bipartisan rescue plan yesterday sent Wall Street into a tailspin that will reach all the way to Main Street,' wrote Michael O'Brien, NLBMDA's president and CEO. "Jobs, homes and businesses are on the line, and time is of the essence. Congress must not adjourn without taking action to right the financial markets and immediately help to return the economy to robust growth."
NLBMDA also issued an "action alert" to its members on Monday within hours of the House's vote defeating the proposed $700 billion financial rescue package. That rejection of a plan put together by the Bush administration and Congressional leaders helped trigger the biggest point drop ever in the Dow Jones Industrial Average--a 777.68-point crash. Bush administration officials and Congressional leaders began regrouping today with hopes of coming up with a revised plan that could be put up for votes later this week.
Monday's House vote and Wall Street reaction "poses a very serious threat to the stability of our economy and the housing market in particular," NLBMDA's action alert said. "NLBMDA is urging Congress not to adjourn before it addresses this critical issue facing all Americans and all members are encouraged to contact their member of Congress urging them to continue to work on a compromise package that will address this extremely serious issue. Failure to do so will continue to lead to further destabilization of the markets and the housing economy."