On behalf of the National Auctioneers Association (NAA) and its 5,000 members across the country, we wish to congratulate you on your appointment and confirmation as the nation’s Secretary of the Treasury. A great responsibility lies on your shoulders and your department and tremendous challenges await the nation as we all work together to right the nation’s troubled economy. The auctioneers of this nation wish to offer their services to our government during these distressed times.   
     Bold and swift action must be taken on behalf of the country to stabilize our economy while continuously being vigilant stewards of the government’s assets. Much discussion has been had as to the appropriate measures that must be made to adequately and appropriately liquidate those assets held by the government. As you are aware, professional auctioneers assisted their country during the Resolution Trust Corporation (RTC).  While facing financial strife during the Savings & Loan crisis, professional auctioneers across the nation were contracted by the RTC to utilize their professional expertise to quickly and effectively dispose of the government’s troubled assets. Professional auctioneers liquidated government-owned assets in a timely manner, but more importantly, auctioneers brought the true market value of the assets on auction day and re-introduced these assets into the market place.  In existence for over 2,000 years, auctions continue to be the only true mechanism available that assess the market value of an asset.
     The National Auctioneers Association represents a broad and diverse range of professional auctioneers, both large and small, representing communities across the United States. Our profession focuses on one simple principle: turn assets into cash quickly and efficiently through the use of a public and transparent process. Today’s auctioneers not only operate live-auctions, but also utilize technology to expand their marketplace and access to consumers through the use of online/live-auctions. In only a few short years, the auction live-auction industry has grown from $195.3 billion in 2002, to almost quarter-trillion dollars in 2007. Today’s auctions have a larger role in daily commerce and its processes are more efficient than ever before in its history.
Utilizing professional auctioneers to auction an increasing surplus of troubled assets is only part of the solution. We welcome the opportunity to join you in your discussions on developing policies to stabilize a troubled market and help put our nation’s economy back on track.  
     The National Auctioneers Association welcomes the opportunity to offer its professional expertise and insight to the discussions surrounding the risks and stresses in our capital markets.  Please feel free to contact NAA Director of Public Affairs and Communication Chris Longly at (913) 967-9982 or me at (208) 699-7474 if the nation’s auctioneers can be assistance you to you and the Department of the Treasury.