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MARTINEZ: TARP FUNDS SHOULD NOT BE USED FOR AUTOMOBILE INDUSTRY RELIEF
November 18, 2008 -
WASHINGTON - U.S. Senator Mel Martinez (R-FL) today made the following statement during the U.S. Senate Committee on Banking, Housing and Urban Affairs hearing on “Examining the State of the Domestic Automobile Industry.”“No one wants to see the American automobile industry fail. But equally, no one wants to see the taxpayer dollars put at risk in an investment that is at best risky and perhaps destined to fail,” Martinez said. “The American people are tired of this. They want to see the Congress get things done, things that are important.”
In addition, Senator Martinez discussed the use of the Troubled Asset Relief Program to provide funds to the automobile industry.
“I'm not against helping the industry stay afloat,” said Martinez. “I am not against seeing these workers continue to be employed. We're at a very perilous economic time. The last thing we need is additional unemployment. But I am also realistic enough to know that the TARP money is going to be needed for financial institutions and that we do have a vehicle available through the section 136 where there could be broad consensus.”
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