The failure to pass emergency legislation to rescue the U.S. financial system will put our entire economy at risk. The resulting turmoil in equity markets has already wiped out hundreds of billions of dollars in household wealth and the retirement savings of the American people. But the impact of this crisis extends well beyond the financial industry.

As business leaders representing companies that generate more than $5 trillion of U.S. GDP – more than one-third of the U.S. economy – we are already seeing the damage spread to every sector of our economy. Credit is being shut off to both small businesses trying to meet payroll and families struggling to pay college tuition bills. Retail sales are declining each week as consumer confidence collapses. More business failures, job losses and significantly higher unemployment loom on the horizon.

Further delay will only increase these adverse impacts on America’s economy. We urge Congress to act immediately to pass bipartisan legislation to stabilize the U.S. financial system and contain the damage to our broader economy while that opportunity still exists. The American people have always risen to whatever economic challenges they have faced, and with swift congressional action we can meet this crisis and restore our economy to its historic path of strong growth and rising prosperity.