Statement on Proposed Agreement Federal Economic Rescue Act of 2008
Equipment Leasing and Finance Association
President Kenneth E. Bentsen, Jr.
September 26, 2008
The Equipment Leasing and Finance Association (ELFA) commends the House and the Senate for its bipartisan leadership in crafting a tentative agreement on the Federal Economic Rescue Act of 2008. This measure should help alleviate the acute absence of liquidity in the credit and capital markets and forestall additional economic dislocation. This agreement contains strong taxpayer protection provisions and hopefully will put the economy on a path of sustained economic growth and robust capital markets.
“We support the bold approach put forth by principals of the Federal Reserve, the Treasury and the Securities and Exchange Commission and laud efforts by lawmakers to come to consensus on a measure to stabilize our financial system and stimulate the economy. We are pleased to see our elected officials have developed a solid, strategic and prudent agreement in principle that promises to allow our financial institutions to recover and re-instill confidence in the market,” said Kenneth E. Bentsen, Jr., President of the Equipment Leasing and Finance Association, which represents the $650 billion equipment finance sector.
“We urge Congress to enact this agreement so that it can be implemented quickly and successfully. U.S. business investment in plant, equipment and software accounts for about 8% of GDP and the commercial equipment finance sector will contribute nearly 4.5% in 2008. A robust and stable market is vital to business confidence and will impact not only the members of the ELFA – the banks, captives and independents who fund the engine of economic growth -- but just as importantly all who participate in the economy and would be affected by its deterioration,” Bentsen said.
About ELFA President Kenneth E. Bentsen, Jr.
ELFA President Kenneth E. Bentsen, Jr. represented the 25th District in Texas in the U.S. House of Representatives from 1995-2003. As a senior member of both the House Budget and Financial Services Committees, Bentsen helped craft the legislation to modernize the nation's banking and securities laws and the Sarbanes-Oxley Act, which enhanced federal oversight of U.S. capital markets.
The Equipment Leasing and Finance Association is the trade association that represents companies in the $650 billion equipment finance sector, which includes financial services companies and manufacturers engaged in financing the utilization and investment of and in capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its over 700 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. For more information, please visit www.elfaonline.org