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The NASE Urges the 110th House to Support the Economic Rescue Package

Friday, October 03, 2008
U.S. House of Representatives
Washington, D.C. 20515

Dear Representative: Micro-businesses, those with ten or less employees, and self-employed individuals nationwide represented by the National Association for the Self-Employed (NASE) are significantly troubled by the current economic crisis facing our country and our government’s reaction to this debacle. We urge you to support and vote for the Emergency Economic Stabilization Act of 2008 (H.R. 1424), which was recently passed by the United States Senate.

Of most concern to NASE members is the effect this economic crisis will have on their savings, their home values and their ability to access credit and loans. However, when asked about the proposed financial rescue plan the question that arises most frequently in their minds is why we, the taxpayers, should foot the bill to bail out these failing companies. As a small business owner in our “free market economy”, NASE members have the opportunity to succeed or fail based on their business acumen. When their small business is not doing well, no one bails them out. Yet, NASE members understand that our economy will likely get worse before it gets better causing irreparable harm to their small businesses and directly impacting their families if you do not vote yes on this bill.

The majority of our members utilize credit cards, lines of credit from financial institutions, personal savings, and home equity loans to finance the operation of their business. The current economic climate has caused a credit crunch which has slowly been suffocating the small business sector. In addition, with over 56% of NASE members operating their business out of their home, many are concerned about their declining property values, access to home equity loans, and their ability to afford their home. With home-based businesses, losing their home means losing their business.

Small business needs you to act now to stabilize our credit markets and our shaky economy, which is why your vote in favor of the Emergency Economic Stabilization Act of 2008 (H.R. 1424) is so critical. The NASE strongly supports provisions that have been added to give taxpayers more protection and to increase the FDIC’s insurance limits from $100,000 to $250,000. Only after some level of economic stability is achieved can we then move forward to address the issues that led us into this financial crisis.

Many of NASE’s micro-business members agree that big business, just like small business, should be held accountable for their actions. Yet, as our representatives in Washington, the taxpayers of our nation must always be foremost in your mind. Therefore, the responsible action to take is passage of an economic rescue package today. For more information on this issue, please contact Kristie Darien, Executive Director (Legislative Offices), at 202-466-2100 or via e-mail at kdarien@nase.org.

We thank you for your consideration.

 

Sincerely,
Robert Hughes NASE President