WASHINGTON, DC,. - June 9, 2008 - Business Roundtable, the American Red Cross and the U.S. Chamber of Commerce co-hosted on Friday a meeting with President Bush, leaders of the business community and non-governmental organizations to discuss the business community's generous response to the tragic earthquake in China and their continued support of the reconstruction effort. Representatives from the private sector included CEOs from Business Roundtable member companies Honeywell, Merrill Lynch, New York Life Insurance and Procter & Gamble, as well as the CEOs of Cisco and Johnson & Johnson.

Meeting participants, including the Chairman of the American Red Cross, Bonnie McElveen-Hunter; Secretary of State, Condoleezza Rice; Secretary of the Treasury, Henry Paulson; U.S. Agency for International Development Administrator, Henrietta Fore; and Chinese Ambassador to the U.S., Zhou Wenzhong, discussed the progress of the relief and recovery efforts in Sichuan, China and the most effective ways to collaborate for ongoing reconstruction efforts. The participants also outlined plans for a delegation of U.S. Government representatives and corporate chief executive officers to meet with Chinese officials and visit the affected area this summer to determine priorities for long-term reconstruction.

Immediately after a devastating 7.9 magnitude earthquake struck Sichuan province in China, the private sector mobilized its resources to accelerate on-the-ground relief and recovery efforts. Business Roundtable's Partnership for Disaster Response moved quickly to activate its international emergency network to assess, aid and expedite the response to both disasters. The Partnership for Disaster Response is an initiative to galvanize the business community to contribute its vast resources "“ beyond financial contributions "“ to accelerate on-the-ground relief and recovery activities following major disasters. To date, Business Roundtable member companies have contributed $60 million in financial and in-kind contributions as well as employee matching gifts to the China relief effort.

Jeffrey Immelt, chairman and CEO of General Electric, and William Weldon, chairman and CEO of Johnson & Johnson, will help coordinate the private sector’s involvement. The CEOs of Avon, Caterpillar, Chevron, CISCO, Home Depot, Honeywell, Merck, Merrill Lynch, Morgan Stanley, New York Life, and Procter & Gamble will also lend their support to the long-term reconstruction efforts.

"The generosity of U.S. companies in the aftermath of this earthquake has been immediate and extraordinary," said John Castellani, president of Business Roundtable. "In responding to the tragic circumstances that have affected so many, the private sector has provided much-needed aid to meet the most urgent relief and recovery needs and remains committed to restoring livelihoods in the long-term."

"There is a history of success when the U.S. Government works together with the private sector to help rebuild lives and communities and encourage economic growth and stability worldwide," said Administrator Fore. "The collaboration between these entities brings hope and a great many resources to the people of China and shows the deep compassion of the American people."

Zhou Wenzhong, Chinese Ambassador to the United States, added, "The Chinese Government and people deeply appreciate the generous donations made by the U.S. Government, the business community and the public to the affected population in China. We have confidence that with the joint efforts of the Chinese people and strong support of the international community, we will prevail over this natural disaster."

Business Roundtable (www.businessroundtable.org) is an association of chief executive officers of leading U.S. companies with $4.5 trillion in annual revenues and nearly 10 million employees. Member companies comprise nearly a third of the total value of the U.S. stock markets and represent over 40 percent of all corporate income taxes paid. Collectively, they returned $112 billion in dividends to shareholders and the economy in 2005.

Partnership for Disaster Response (www.respondtodisaster.org) aims to bring together the many resources and capabilities of the private sector to enhance and accelerate on-the-ground relief and recovery following major natural disasters in the United States and abroad. It works to foster public-private collaborations to prepare for the health, social and economic burdens that disasters can create and to ensure that the business community’s response efforts address the most critical needs and mobilize the unique technologies and resources of its member companies.

Business Roundtable

Business Roundtable

Business Roundtable is an association of chief executive officers of leading U.S. companies with more than $5 trillion in annual revenues and nearly 10 million employees. Member companies comprise nearly a third of the total value of the U.S. stock markets and pay nearly half of all corporate income taxes paid to the federal government. Annually, they return $133 billion in dividends to shareholders and the economy. Business Roundtable companies give more than $7 billion a year in combined charitable contributions, representing nearly 60 percent of total corporate giving. They are technology innovation leaders, with more than $70 billion in annual research and development spending é¢â‚¬â€œ more than a third of the total private R&D spending in the U.S.

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