Home / Knowledge / News / Retailers welcome senate approval of economic stimulus bill
Retailers welcome senate approval of economic stimulus bill
08
Feb '08
The National Retail Federation welcomed today's Senate approval of economic stimulus legislation that would boost consumer spending by providing taxpayers with rebate checks.

“Expanding the rebate checks to include retirees and disabled veterans is a win-win strategy,” NRF Senior Vice President for Government Relations Steve Pfister said. “Retirees and veterans not only deserve a check, but are also among those most likely to spend the rebates so that this money gets put to work in the economy right away.

The most important thing is that Congress is moving quickly, because stimulus legislation needs to be timely in order to be effective. These are very reasonable changes in the House bill, and we urge the House to agree to them and get the bill onto President Bush's desk as soon as possible.”

“We agree with economists who say that boosting consumer spending is the quickest way to get the economy back on track,” Pfister said. “Consumer spending represents 70 percent of our nation's economy. Money that consumers spend in retail stores supports every job behind every product on the shelf and has a ripple effect throughout the economy.”

The Senate voted 81-16 to approve H.R. 5140, the Recovery Rebates and Economic Stimulus for the American People Act of 2008, after amending the House-passed bill to add Social Security recipients and disabled veterans to the list of those eligible to receive rebate checks while barring checks for illegal immigrants.

NRF is leading 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.

National Retail Federation

Must ReadView All

President Tsai Ing-wen delivering remarks before boarding her plane bound for Central America. Courtesy: Presdient's office

Textiles | On 16th Jan 2017

‘Textiles at centre of Taiwan’s new trade arrangements’

Textiles should be at the heart of Taiwan’s thinking while developing ...

Apparel/Garments | On 16th Jan 2017

Ralph Lauren develops policy on tracking wood based fabrics

In a bid to trace source of wood based fabrics like viscose and rayon ...

Apparel/Garments | On 16th Jan 2017

EC proposes enhanced market access for Sri Lanka

The European Commission (EC) has proposed that a significant part of...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Amrit Sethia
SOIE

‘The intimatewear category in India is slowly becoming trend-sensitive.’

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search