Rogers Asks Treasury To Address Meadowcraft Concerns

Statement

Rogers Asks Treasury To Address Meadowcraft Concerns

Congressman Mike Rogers announced today he has sent a letter to Treasury Secretary Timothy Geithner requesting the Treasury Department closely examine the concerns of local employees of Meadowcraft, a major Randolph County employer which has recently filed for Chapter 11 bankruptcy protection.

Rogers pointed out in the letter that Meadowcraft's assets were secured by a lender that received funds under the Troubled Assets Recovery Program (TARP).

The letter states, ‘I agree the Federal government cannot mandate that a bank, even one that has received TARP money, extend financing to any specific company…… During these tough economic times, it is essential to give American businesses every opportunity to succeed. I urgently request that you provide your personal attention and consideration to the requests of Meadowcraft, details of which are enclosed with this letter. Your attention to their economic crisis could help save over 1300 good paying jobs in rural Alabama.'

"I hope Secretary Geithner will strongly consider the concerns of these hard working Randolph County employees, who want nothing more than to be given a fair chance in this brutal economy," Rogers said. "Now more than ever, it is critical the Federal government do all it can to help preserve and protect these types of good paying jobs, especially in our rural areas like Randolph County."

Meadowcraft, the largest manufacturer of wrought iron furniture in the world, employs over 1,300 people in Alabama with plants in Wadley and Selma. Meadowcraft recently filed bankruptcy.

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