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U.S. Rep. Kind Statement on Plan to Rescue the Auto Industry

December 10, 2008
Press Release

WASHINGTON, DC – U.S. Rep. Ron Kind (D-WI) made the following statement on H.R. 7321 the Auto Industry Financing and Restructuring Act, which the House is expected to act on as early as this evening:

“The failure of the auto industry would have a devastating domino effect on the American economy, and with up to 3 million American jobs on the line, more than 23,000 in Wisconsin alone, I believe that allowing their collapse is not an option.

“But to move forward on this rescue plan, we had to make sure that it was a ‘bridge loan to somewhere,’ not a ‘bridge loan to nowhere.’ I am pleased the plan imposes mandatory restructuring plans, a government ‘Car Czar,’ limits on executive pay, and provisions ensuring taxpayers are the first to be repaid over stockholders or anyone else. I believe this plan protects taxpayer dollars while saving American jobs and working to help make these companies competitive again at home and abroad.

“I believe we need to make a decision in this country whether we are going to continue to produce the products we need, or simply import everything from other countries. The auto industry is a vital part of our manufacturing capacity as a nation. It is my hope that this bridge loan will provide an opportunity to reform this industry for its long-term viability producing the next generation of fuel-efficient vehicles.”