PRESS RELEASE

For Immediate Release
Contact: Debra Kelman 212-794-DKPR (3577)
dkelman@dkpr.com

The Travel Business Roundtable (TBR) Index Of Leading Economic Indicators Advances Slightly In June

WASHINGTON, D.C. - July 21, 2000 -- The Travel Business Roundtable (TBR), a coalition of more than 60 CEOs representing all sectors of the travel industry, has submitted language on the issues it would like to request be included in the platforms being developed for both the Republican and Democratic Conventions.

The two primary issues that the organization is focusing on for inclusion in the parties’ platforms include the creation of a national brand marketing campaign and the need to address workforce shortages as a result of the tight labor market.

Under the leadership of Jonathan Tisch, President and CEO of Loews Hotels and Chairman of the Travel Business Roundtable, the TBR’s request comes as the U.S. continues to lose market share among international travelers visiting the U.S.

Now third behind France and Spain as a top travel destination, forecasts conducted by the U.S. Department of Commerce suggests that without a brand marketing effort, the U.S. will continue to lose market share to other countries. To further support its request, TBR cited how travel and tourism has emerged as the nation’s largest service export, generating an annual balance of trade surplus that exceeds $12 billion.

The second issue that the TBR has asked to be included in the platforms addresses the worker shortage crisis. With the country continuing to experience record unemployment levels, the worker shortage is having a significant impact on many industries, from the service sector to manufacturing, agriculture, high tech and health care. The subject is so significant, that in recent testimony before Congress, Federal Reserve Chairman Alan Greenspan called the worker shorter issue, "the greatest single threat to continued American economic vitality."

And, while Congress has addressed the challenge during the past year with the removal of the Social Security earnings cap, and the extension of corporate incentives for welfare-to-work training initiatives, TBR is asking both parties to consider including language in their platforms which would promote policies that would allow more international workers into the U.S. labor pool.

"As the nation’s third largest retail industry, second largest employer, and a catalyst for economic growth, travel and tourism has long been overlooked by elected officials," notes Tisch. "And, while we have made great strides over the past several years - including the appointment of a senior official to oversee travel and tourism on behalf of the Clinton/Gore Administration - we want to make sure that these issues affecting the country’s economic future are addressed and supported into the next administration as well."

The Travel Business Roundtable is a coalition of more than 60 CEO’s representing all sectors of the travel and tourism industry. In addition to the major airlines, car rental companies, travel management agencies, hotel chains, TBR’s membership roster also includes companies such as The Coca-Cola Company, USA Today, and the International Council of Shopping Centers, demonstrating the broad scope and diversity the industry represents.

Chaired by Jonathan Tisch, President and CEO of Loews Hotels, TBR’s mission is to educate elected officials on all levels of government on the important contributions the travel and tourism industry makes to the nation’s economy. Among the issues it is currently addressing include full restoration of the business meals deduction, welfare to work tax credits, elimination of taxes on frequent flyer miles, and opposition to an increase in the minimum wage.

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