NRF welcomes President Obama's recognition of retail's role in job creation

WASHINGTON — The largest retail trade association on Wednesday said that President Obama's State of the Union address recognized the industry's role in job creation.

The National Retail Federation said that the president's "continued support of 'commonsense safeguards,'" which included support of such proposals as swipe fee limits, "will help retailers innovate and support the consumer spending that is crucial to job creation."

President Obama discussed other proposals that would benefit the retail industry, NRF said. In his speech, the president recommended corporate and individual tax cuts; adoption of free trade agreements that would make it easier for retailers to import merchandise, while helping open markets for U.S. goods; and deficit reduction through cuts in government spending, rather than new taxes that would threaten the recovery, the association said.

"We are anxiously waiting to hear the details, but the tax reform, deficit reduction, trade agreements, reduction in regulations that hamper small business, and other initiatives proposed by the president are all examples of how the government can help the private sector create jobs,” said NRF president and CEO Matthew Shay. “As the industry that supports 1-out-of-every-5 U.S. workers, we stand ready to work with the president and Congress to promote initiatives that put Americans back to work.”