Congressman John D. Dingell

November 12, 2008

Washington, DC - Congressman John D. Dingell (D-MI15) made the following comments today on remarks by Secretary of the Treasury Henry Paulson regarding the decision to stop purchasing troubled assets and instead utilize alternate authority granted to Treasury to purchase equity in financial institutions, and Paulson’s view that those funds could not be used to address the problems facing U.S. automakers.

“Today’s announcement by Secretary Paulson is vindication for Congressman Barney Frank (D-MA04) and Senator Chris Dodd (D-CT) and for the leadership of the Democratic Congress. Chairman Frank and Chairman Dodd forced the Bush Administration to include provisions in the economic rescue package giving Treasury the power use the $700 billion authorized by Congress to purchase equity in financial institutions, instead of buying only questionable assets that may not recover their value.  Providing financial support for the ailing financial sector is critical to the health of the larger economy. 

“I hope that the Bush Administration will also rethink their current policy towards the automakers.  President-elect Obama, Senator Reid, and Speaker Pelosi are unified in their belief that there is an urgent need to help the automobile industry survive this economic crisis intact and protect millions of American jobs.  It is shocking that given the urgent nature of this crisis, the President and the Treasury Secretary appear to be unwilling to support using those tools already at their disposal to provide immediate relief to automakers.  The millions of Americans whose jobs are dependant upon the automobile industry are looking for leadership and once again the Bush Administration appears unwilling or unable to show it.”