I thank you and the subcommittee for your attention to an issue which will have a decisive impact on the economic well being of our country. Madam Chairwoman, any lasting resolution to modify the Fastener Quality Act must address the concerns raised by the small manufacturers within the fastener industry. If their concerns are not addressed, I believe most small firms would favor repeal of the Act. There are more fastener manufacturers per capita in Rockford than in any other city in the nation. Implementation of the FQA and any recommended changes to it are of key importance to northern Illinois and the industry overall.
Fasteners are the sinews of a modern manufacturing nation.
Disruption in the supply of fasteners would be the equivalent of a nationwide trucking or rail strike. Amidst an increasingly volatile national economy this would have devastating consequences for the country, with reverberations throughout industries dependent on supplies of fasteners. When the National Institute of Standards and Technology released the latest set of regulations last April, I surveyed the fastener manufacturers in northern Illinois for their input. I have met with or been contacted by numerous fastener companies in my district, all of which express concerns reflective of the findings in the survey. For example, there's Pearson Fastener, a 35-employee family enterprise in Rockford.