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.”