There is more evidence that trade groups are suffering
from the economic downturn, even as lawmakers debate spending hundreds of
billions of dollars more on a stimulus and other measures.
The Credit Union National Association announced it would
lay off eight employees — two in its Washington, D.C., office and six at its
headquarters in Madison, Wis. — in response to declining revenues.
{mosads}The trade group, which is run by former Democratic congressman
Dan Mica, has been operating under a hiring freeze since September and did not
give bonuses to senior staff in 2008 to cut costs. Salaries for senior staff
have also been frozen for 2009, said Mark Wolff, a spokesman for the group.
Wolff blamed the poor economy for the cuts.
Washington’s lobbying industry is often said to be
resistant to downturns in the larger economy because businesses continue to
seek financial aid from Congress and the administration in times of trouble.
But the problems individual companies face sometimes bleed into the trade
associations that represent their interests in Washington.
Previously, the National Association of Manufacturers
announced it was cutting 17 positions due to the economy. Meanwhile, the
Security Industry and Financial Markets Association cut around 40 positions in
response to the turmoil in the financial sector last year.