July 21, 2009
The Honorable Timothy Geithner
Secretary of the Treasury
1500 Pennsylvania Avenue, NW
Washington, DC 20220
Dear Mr. Secretary,
The recession and current credit crises are having disastrous impacts on all economic sectors, but organizations that advocate fair, balanced and honest reporting are close to becoming an extinct species. Even in better economic times, non-profit conservative media watchdog organizations have historically had difficulties accessing the capital markets to make the meager gains over a decade fighting media bias. We urge you to act to insure that conservative, non-profit media watchdog organizations are afforded similar consideration for federal assistance and consideration that is given to the financial services and domestic auto industry, and minority-owned broadcasters.
Unlike the auto business, the conservative media watchdog industry has been healthy for many years, and upon a recovery, could shortly be restored to a path of growth with some temporary assistance. The short-term outlook of media watchdog organizations is not good. What will happen to the liberal media we expose if this once-in-a-lifetime financial crisis completely severs our access to capital and we lose our websites?
We are urging you to heed the recommendations calling for:
1) The enactment of an investment facility similar to the Auto Supplier Support Program to help restore contribution flows to the conservative media watchdog non-profit sector; and
2) Consideration be given to temporary bridge financing or government-backed loans (with warrants) until the economy improves.
We understand many businesses are seeking federal assistance. We don't diminish the worthiness of these sectors. However, we are the primary source identifying, documenting, exposing and neutralizing liberal media bias in the U.S. It would be unconscionable to have financial institutions that have accepted billions of federal government assistance to foreclose on this vital American voice. If the Treasury does not want to enact a direct assistance program, at least it should seriously demand that banking institutions receiving federal funds extend credit and be flexible in restructuring credit facilities to insure that healthy, commercially-viable, non-profit media watchdog organizations can weather this unprecedented, but temporary, financial storm.
We look forward to working with you, your staff, members of Congress, and our colleagues in the non-profit media bias industry to find ways to move forward during these difficult economic times. Thank you for your time.
L. Brent Bozell III
Founder and President