The Motor & Equipment Manufacturers Association (MEMA) has written a letter to President George W. Bush urging the acceleration of a $25 billion loan program that would help motor vehicle manufacturers and parts suppliers meet increased fuel-efficiency requirements.
In addition, MEMA called for the President to establish a loan guarantee program specifically for the parts supplier industry as part of the Troubled Asset Relief Program (TARP).
“Without improved credit availability for the industry, we risk significant losses to motor vehicle demand, employment, and component and material production capacity,” said Bob McKenna, MEMA president & CEO. “Parts suppliers are the nation’s largest manufacturing sector and the top manufacturing employer in seven states. These losses will impact the lives of all Americans and we hope to work with the Administration to address the serious economic challenges before us.”