ARLINGTON, Va. — The Bush administration and Congress need to take quick and decisive action to ease the current financial crisis in the U.S., says the American Trucking Associations.

The country’s largest unified trucking lobby group urged Congress to quickly review and pass the Treasury Department’s $700 billion bailout proposal to rescue Wall Street and work with the Administration to approve a comprehensive plan to stabilize the U.S. financial system.

The bailout plan has been stalled by a group of Republicans. Instead, they proposed their own plan, which would force affected companies to buy premiums instead of having taxpayers foot the entire bill.

ATA President and CEO Bill Graves said the economy, including trucking companies of all sizes, would benefit if legislation to bring stability to the financial system can be agreed upon quickly.

"Without legislation, the credit crunch will continue to worsen for our members, making it difficult for even those carriers with good credit to receive funding for capital expenditures like trucks and other equipment," Graves said.

Turmoil in U.S. financial markets
could cripple truckers, big and small.

The ATA represents more than 37,000 companies in all sectors of the trucking industry.

"Legislation such as the Treasury’s plan will prevent the economy from falling further than it would without legislation," added ATA VP and Chief Economist Bob Costello. "It will help with the general economic outlook, which will help our members, the trucking companies that keep the tangible goods economy moving."

Continued turmoil in the nation’s financial markets may threaten to affect insurance companies and their customers, as evidenced by the recent failure of AIG Inc. And, easing the financial crisis and its impact on pensions and retirement savings accounts is also crucial to protecting the trucking industry’s employees and their families, Graves said.

"The cost of failure to act, however, will be nearly incalculable," he continued. "The plan proposed by the Treasury Department may be controversial, but it is timely and necessary for the financial health of American businesses … The American people need this plan or a reasonable alternative to protect our economy."