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For Release — October 1, 2008

Statement by Kenneth Adams, president & CEO of The Business Council of New York State in support of federal action to resolve the credit crisis

ALBANY— “The Business Council of New York State urges negotiators for the President, the Senate and the House of Representatives to keep working on a bi-partisan bill that will stabilize the credit markets so capital can flow to drive our economy forward. Federal action is needed soon.

The lack of a functioning credit market will bring the economy to a halt. This is not about the simple rescue of one institution or one economic sector; it's about the need to stabilize the entire financial system. Businesses small and large need access to credit to survive and create jobs. Consumers need access to credit to get mortgages, secure auto loans and send their children to college. Families invest in financial instruments for savings and retirement. Failure to act will not just damage Wall Street; the damage will be felt throughout the Main Streets across America.”

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