In November letters sent to President Bush and to members of Congress, the Motor & Equipment Manufacturers Association (MEMA) called for the establishment of a loan guarantee program specifically for the parts supplier industry as part of the federal bailout, officially known as 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’s president and 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.”
The letters also urged the acceleration of the $25 billion loan program for motor vehicle manufacturers and parts suppliers to meet increased fuel efficiency requirements.