NRF Urges House to Pass Financial Rescue Bill.

WASHINGTON -- The National Retail Federation urged the House to immediately pass legislation scheduled for a vote today that would address the nation's financial crisis. NRF said the measure would be counted as a key vote in merchants' annual ranking of lawmakers on issues important to the retail industry.

"This legislation is a carefully crafted bipartisan effort to address the profound crisis that is threatening the viability of our nation's financial system and the very foundations of our economy," NRF Senior Vice President for Government Affairs Steve Pfister said. "If the House of Representatives rejects this proposal, the liquidity of more financial institutions could be imperiled and the linchpin of our economy - credit and lending - will drastically decline or could cease altogether."

"This crisis is not about Wall Street versus Main Street," Pfister said. "Our nation's financial system is a two-way street that directly affects every American and every facet of our economy. If Wall Street is not stabilized, the ability of American consumers and businesses to obtain the credit needed to keep our economic engine running and to continue our nation on the path to economic recovery will be imperiled. In these trying economic times, that is a risk we cannot take. Congress must act expeditiously and without partisanship."

The House is scheduled to vote today on H.R. 3997, the Emergency Economic Stabilization Act of 2008.

The National Retail Federation is the world's largest retail trade association, with membership that comprises all retail formats and channels of distribution including department, specialty, discount, catalog, Internet, independent stores, chain restaurants, drug stores and grocery stores as well as the industry's key trading partners of retail goods and services. NRF represents an industry with more than 1.6 million U.S. retail companies, more than 25 million employees - about one in five American workers - and 2007 sales of $4.5 trillion. As the industry umbrella group, NRF also represents over 100 state, national and international retail associations. www.nrf.com