Jewelers of America (JA), the national trade association for businesses serving the fine jewelry retail marketplace, has learned a repeal of the last-in, first out (LIFO) inventory accounting method is now under serious consideration as a way to finance National Healthcare Reform. In response, the association launched a campaign targeting key members of the Senate Finance Committee and House Ways & Means Committee, urging them to oppose LIFO Repeal, which President Barack Obama proposed in his FY 2010 budget. The repeal would be a potentially fatal blow to companies in the jewelry industry that use LIFO.
In early June, the Senate Finance Committee was to begin to craft the finance plan for National Healthcare Reform. LIFO Repeal could be used as a way to pay for this reform. Jewelers of America’s permanent government affairs team in Washington, DC, identified key legislators on both the Senate Finance and House Ways & Means committees. President and CEO Matthew A. Runci has contacted these legislators, urging them to oppose LIFO Repeal. He has asked Jewelers of America members to do the same.
“We need to let congress know that while the jewelry industry supports responsible healthcare reform, it cannot come at the expense of jewelry companies going out of business,” Runci says.
For more information on Jewelers of America’s campaign against LIFO Repeal please visit www.jewelers.org.