PRESS RELEASE

For Immediate Release

TBR Chairman Jonathan Tisch Calls Stimulus Package Failure “Significant Loss” For Tourism Effort

NEW YORK - December 20, 2001 -- Jonathan Tisch, Chairman of the Travel Business Roundtable and Chairman and CEO of Loews Hotels, said the failure of congressional negotiators to reach an agreement on an economic stimulus package this session was a "profound disappointment and significant loss for the country’s travel and tourism industry."

"At a time when the nation’s travel and tourism industry is struggling to get back on its feet, this news is absolutely disheartening," Tisch said. "Since September 11, the Travel Business Roundtable has worked tirelessly to advocate the need for a national economic stimulus package. Without it, our industry will continue to suffer."

On September 25, Tisch and a number of TBR members met with Commerce Secretary Don Evans to discuss the devastating toll that the September 11 terrorist attacks had taken on the travel and tourism industry. TBR’s recommendations to the Bush Administration and the Congress, communicated in numerous meetings over the last two months on Capitol Hill, included incentives to spur business and leisure travel, expansion of unemployment and health insurance assistance for displaced industry workers and the rapid formation of a Presidential Advisory Council on Travel and Tourism.

"Our workers have been the first to feel the devastating economic effects of September 11, as communities across the nation - even during the holiday season - have witnessed a significant drop in tourism," Tisch said. "Unfortunately, our industry sees no immediate solution to this trend without an economic assistance package. As a result, we intend to redouble our efforts immediately in 2002."

Tisch said despite the failure of the overall bill, there was strong, bi-partisan support for the travel and tourism-related provisions, noting in particular the leadership of Assistant Senate Majority Leader Harry Reid (D-NV), who had secured a commitment from Senate Majority Leader Daschle that any final economic stimulus package would include substantial industry relief. He also said recent conversations with senior White House staff have shown a strong level of interest in pursuing the creation of a Presidential Advisory Council for Travel and Tourism.

"While none of us could have foreseen the tragic events that caused the need for a stimulus package, I am proud that TBR played a profound role in our industry’s efforts to respond quickly to this crisis and ensure that our recommendations were heard and embraced," Tisch said.

Media Contact:
Debra Kelman - 212-794-DKPR (3577)

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