Brown Holds Hearing on Restoring Access to Credit for U.S. Manufacturers

Senator Investigates Ways to Reverse Credit Crisis

WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH), Chairman of the U.S. Senate Banking Subcommittee on Economic Policy, today held the fourth in a series of hearings to examine challenges U.S. manufacturers face in the current recession. Brown’s hearing this morning entitled, “Restoring Credit to Manufacturers,” featured expert testimony from the manufacturing and banking sectors to investigate ways to reverse the credit crisis U.S. manufacturers currently face.  

“U.S. manufacturing isn’t optional, it is indispensible,” Brown said. “As manufacturing goes, so go our national security, our global economic leadership, and our stability as a democracy.  Our nation needs a strong, stable middle class, and a stable middle class needs manufacturing jobs.”

“The goal of this hearing is not to set blame at anyone’s doorstep,” Brown continued. “This is an opportunity to take stock of where manufacturers and lenders are given the harsh economic conditions.”

The full content of Brown’s remarks as prepared for delivery can be found HERE.

Brown convened leading manufacturers and lenders to address the crisis including Vice President of Industry Analysis and Economics David Andrea of Detroit, MI; Director of Member Outreach, Precision Machined Products Association Robert Kiener of Brecksville, OH; and Chairman and CEO of LCNB National Bank Stephen P. Wilson of Lebanon, OH.

Brown is a leading advocate in Congress for a national manufacturing policy to ensure U.S. global competitiveness and to rebuild the nation’s middle class. This year, Brown has held three hearings as chairman of the Senate Banking Subcommittee on Economic Policy. The first, entitled “Lessons from the New Deal,” explored how to apply New Deal era strategy to today’s economy, and the second, entitled “Manufacturing and the Credit Crisis,” evaluated challenges manufacturers face in the current recession. More information about each can be found HERE  and HERE.  In July, Brown’s hearing entitled “The U.S. as Global Competitor: What Are the Elements of a National Manufacturing Strategy,” examined how best to establish a national manufacturing policy. More information is available HERE

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