Published: September 18, 2008
Washington, D.C. - As the U.S. Senate moves to consider sweeping energy legislation, Business Roundtable today sent a letter to members of Congress praising the bipartisan approach of the "Gang of 10" package of legislative proposals while outlining objections that make it impossible for the organization to support the legislation.
"While the package is a constructive step forward and represents a serious effort to build consensus, we believe it needs important modifications to effectively address our energy challenges and cannot support it as is," wrote Michael G. Morris, chairman, president and CEO of American Electric Power Company and chairman of Business Roundtable's Sustainable Growth Initiative.
While complimenting the "Gang of 10" proposal for attempting "to strike a balance between increasing domestic energy sources and promoting conservation and efficiency," the letter points to two specific areas of disagreement with the legislation:
"In conclusion, the 'Gang of 10' proposal is a welcome bipartisan effort but should be modified to achieve the right balance between reducing demand and increasing domestic energy supplies," Morris said.
For more information on Business Roundtable's position on the "Gang of 10" proposal, please click here to read its legislative policy statement.
For more information on Business Roundtable's position on energy policy, please click here to view its energy report, More Diverse, More Domestic, More Efficient.
Business Roundtable is an association of chief executive officers of leading U.S. companies with nearly $6 trillion in annual revenues and more than 12 million employees. Member companies comprise nearly a third of the total value of the U.S. stock markets and pay more than 60 percent of all corporate income taxes paid to the federal government. Annually, they pay more than $167 billion in dividends to shareholders and the economy.
Business Roundtable companies give more than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving. They are technology innovation leaders, with more than $111 billion in annual research and development spending – nearly half of all total private R&D spending in the U.S.