October 1, 2001

The President
The White House
Washington, DC 20500

Dear Mr. President:

As members of the American Business Conference (ABC), a coalition of chief executives of midsize entrepreneurial corporations, we write to congratulate you on the leadership you have provided to the nation in the wake of the attack on New York and Washington last September 11. We have been inspired by the unity of purpose that your Administration and Congress have demonstrated.

Like many other Americans, we felt the full force of the terrorist attack on a personal level. A few of us had offices in the World Trade Center or at the very least had done business with firms headquartered there. Some of us happened to be in New York or Northern Virginia on the day of the attack and saw for ourselves the suffering and damage the suicide killers caused. And now, in the immediate aftermath, all of us wonder about the safety of our employees and fellow citizens as well as the long-term prospects for economic recovery from this unexpected and unspeakably evil assault.

The uncertainties that many of us feel as Americans and as actors on the economic stage can only be addressed by winning the war you have justly declared against terrorism.

There is no easy alternative. Economic stability and growth depend upon a shared sense of national security and public confidence. Our economy is second to none precisely because of the stability of our political institutions, personal freedoms, and reliance upon the rule of law.

These are first principles, not just for Americans, but also for people around the world. We know that the prosperity our nation enjoyed over the last decade was in part fueled by an influx of capital from foreign institutions and individuals. They invested in America because of their confidence in the United States as a safe haven against the irrationalities running wild elsewhere. The destruction of a large part of our financial hub clearly was an effort to shake that confidence. The terrorists must not achieve that goal.

We understand that the war we are fighting is like no other in our history. It is, in the words of Secretary Rumsfeld, "a marathon, not a sprint." Victories will not always be evident and the end will not soon be in sight. Our fear is that some Americans, with the best of intentions, will want to sound the "all clear" prematurely. We urge you to remain steadfast against such predictable, and wholly understandable, wishful thinking. We have to be in this for the long haul, for the good of the country and for the good of the world.

Inevitably, the terrorist attack on September 11 has caused short-term economic dislocations. And also, inevitably, some have shamelessly leaped on the public policy platform with patent medicines to cure those ills.

Obviously, vital industries that have been uniquely punished by the terrorist attacks, such as the airline industry, deserve and will receive federal aid. Beyond such immediate needs, however, we urge caution. We do not yet know, as business leaders, whether or how soon the economy will return to the growth path. Precipitous legislative action therefore runs the risk of being ill timed and ill-suited for our long-term needs

We therefore agree with Alan Greenspan that, on this issue, it is "far more important to be right than quick." We would add only that what was good trade, tax, and budget policy for this country before September 11 remains good trade, tax, and budget policy after that sad date. This simple fact should guide all of us in the weeks ahead as we fully come to grips with the state of the economy and begin to make decisions about how best to spur economic recovery in the nation and in our own individual companies.

In closing, Mr. President, we want you to know that we have every confidence in your ability, and the ability of those who serve in your Administration, to lead this great nation through this dark time. We are prepared to do everything we can to assist you and the bipartisan coalition in Congress to defend our people, our values, and our aspirations against a ruthless and deadly foe.

Sincerely,

/s/   Alfred P. West, Jr., Chairman, American Business Conference
    and Members of the American Business Conference

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