More than 50 diverse trade associations signed a joint letter to Congress urging the House and Senate to pass the Emergency Economic Stabilization Act and bring stability to the credit markets.

"The evaporation of credit is affecting businesses of all sizes and consumers and we run the risk of further declines in housing values," said the trade groups in the letter, which further underscores the effect the lack of liquidity and credit is having on American businesses.

"If Congress fails to act and credit markets tighten further, our associations' members will find it more difficult -- if not impossible -- to secure credit to run their companies, and our members' employees will find it harder to get mortgages, secure auto loans, and borrow money to send their children to college," the industry reps said in the letter.

The signators include the American Meat Institute, the Food Marketing Institute, International Dairy Foods Association, the National Association of Chain Drug Stores, and the National Federation of Independent Business.

They said the future health of the economy is relying on quick passage of a robust plan to help prevent a complete freeze in the credit markets. 

"Americans rely on credit and liquid markets to make our economy function, and we will continue to see our economy and the well-being of all Americans impacted unless Congress acts," the groups said in the letter

To see a copy of the letter, visit: http://www.meatami.com/ht/a/GetDocumentAction/i/42567