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

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Anvita Mehra
Confidential Couture

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

Mukesh Agarwal & Rajesh Agarwal
Madhuram Fincap Pvt Ltd

Increasing prices and lack of demand main issues facing industry

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Marten Alkhagen
Swerea IVF AB

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

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search