Credit Impact Cuts Deep Into Small Factory Survival

Sen. Brown holds hearing on woes, solutions for industry

Steubenville Herald-Star

WASHINGTON - The credit crunch is having a devastating effect on the future of manufacturing in America by small and medium-sized firms that do much of the work supplying and equipping the nation's major corporations and national defense contractors.

Sen. Sherrod Brown, D-Ohio, chaired a hearing of the Senate Banking Subcommittee on Economic Policy Wednesday morning to hear the impact and suggestions on what government can do to preserve manufacturing in the future.

The hearing, which was shown live on the committee's Internet site, featured testimony from representatives of the United Steelworkers, the National Defense Industrial Association, the Precision Metalforming Association, private equity and small industry.

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Credit Impact Cuts Deep Into Small Factory Survival »