News Room

FMI Statement on Financial Rescue Package

October 3, 2008
Arlington, VA — October 3, 2008 — Tim Hammonds, president and CEO of the Food Marketing Institute, issued this statement after President Bush signed the economic rescue package into law this afternoon.

“FMI congratulates all those who worked so hard to pass the financial rescue package today and the President who signed it so quickly. This was absolutely necessary to prevent our financial institutions from grinding to a halt. Every business, large and small, in communities all across America were seeing lines of credit dry up and their costs of borrowing begin to spiral out of control. These businesses and the consumers they serve can breathe a welcome sigh of relief thanks to this big step toward restoring confidence in our financial institutions.”

Food Marketing Institute proudly advocates on behalf of the food retail industry. FMI’s U.S. members operate nearly 40,000 retail food stores and 25,000 pharmacies, representing a combined annual sales volume of almost $770 billion. Through programs in public affairs, food safety, research, education and industry relations, FMI offers resources and provides valuable benefits to more than 1,225 food retail and wholesale member companies in the United States and around the world. FMI membership covers the spectrum of diverse venues where food is sold, including single owner grocery stores, large multi-store supermarket chains and mixed retail stores. For more information, visit www.fmi.org and for information regarding the FMI foundation, visit www.fmifoundation.org

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