Rep. Fattah Calls on Geithner to Protect American Markets Amid U.S. Recovery and Economic Turmoil in Greece

WASHINGTON, May 7 /PRNewswire-USNewswire/ -- Congressman Chaka Fattah (D-PA), a member of the House Appropriations Committee, wrote Secretary of the Treasury Timothy Geithner today urging him to take steps "to ensure that the U.S. economic recovery remains unhindered by the events in Greece."

Fattah cited numerous recent indicators, including job growth of 290,000  in the past month, that indicate "the U.S. economy is exhibiting signs of a strong recovery from the worst financial crisis since the Great Depression." He thanked the Treasury Secretary for his leadership in seeking to insulate U.S. investments in Europe from credit instability in the European Union.

"I would like to offer my strong support for the Obama Administration's commitment to work with the European Union (EU) and the International Monetary Fund (IMF) to implement the necessary steps to address the deepening financial debt crisis in Greece in order to ease investor concerns, and prevent the derailment of the recovery of U.S. and global financial markets," Fattah wrote to the Treasury secretary.

"Given the strong economic ties between the United States and the EU, financial instability in the EU could erode investor confidence in key U.S. economic investments abroad.  I commend your leadership on this issue, and trust that you will continue to ensure that the U.S. economic recovery remains unhindered by the events in Greece."

The plain text version of Congressman Fattah's letter to Secretary Geithner follows.

May 7, 2010

Secretary Timothy Geithner

U.S. Department of the Treasury

1500 Pennsylvania Avenue, NW

Washington, DC 20220

Dear Secretary Geithner:

I would like to offer my strong support for the Obama Administration's commitment to work with the European Union (EU) and the International Monetary Fund (IMF) to implement the necessary steps to address the deepening financial debt crisis in Greece in order to ease investor concerns, and prevent the derailment of the recovery of U.S. and global financial markets.

As a result of the American Recovery and Reinvestment Act of 2009 and other economic policies of the Obama Administration, the U.S. economy is exhibiting signs of a strong recovery from the worst financial crisis since the Great Depression.  In the 1st quarter of this year, the U.S. economy increased by 3.2%, with sustained growth in each of the past four months.  According to labor statistics released today, 290,000 new jobs were added to the economy last month, including 231,000 jobs created in the private sector.  In addition, the manufacturing and service sectors of the economy rose by 3.1 percentage points, which is the highest level registered in that sector of the economy since July 2004.  

Although the Greek debt crisis may seem remote and detached from the lives of Americans, market instability and limited credit in European markets caused by the debt crisis could profoundly impact the U.S. economy – as the wild swings on Wall Street indicate.  Adverse global market conditions would limit the ability of U.S. companies to produce goods and hire more U.S. workers, thereby hindering the U.S. economic recovery.  In addition, programs such as the Obama Administration's National Export Initiative (NEI), which increases the export of American products and services to global markets to spur future economic and domestic job growth would be curtailed if the U.S. companies have limited access to credit in foreign markets.

Given the strong economic ties between the United States and the EU, financial instability in the EU could erode investor confidence in key U.S. economic investments abroad.  I commend your leadership on this issue, and trust that you will continue to ensure that the U.S. economic recovery remains unhindered by the events in Greece.

Very truly yours,

Chaka Fattah

Member of Congress

SOURCE Office of Congressman Chaka Fattah