I looked at the options presented by Democrats Barney Frank and Harry Reid and didn’t like what I saw.

These Democratic plans didn’t include any tough provisions on the auto companies.

Also, with the credit markets in turmoil, none of the companies would be able to get the private bankruptcy financing normally needed to restructure and emerge from bankruptcy.  And for the millions of families who purchased cars, warranties may no longer be valid.

I decided that I wouldn’t turn my back on Missouri workers and businesses, but I also wouldn’t throw tax payer money at the problem in an irresponsible manner.  And facing an economic crisis that is only going to get worse, I decided to take action.

I worked to craft a bipartisan compromise that includes tough requirements.  My compromise extends emergency bridge loan assistance to protect the millions of American jobs at stake and prevent our economy from falling into a deeper and more painful recession.

The auto companies would need to present a plan with real and significant cuts and restructuring measures in order to see one cent of taxpayer money. 

My proposal includes:

Taxpayer protection – This bill ensures that taxpayers will be repaid for their emergency assistance and share in the turnaround profits of participating automakers. 

Executive Accountability – This bill does not reward failed executives.

Financial Reform – This bill requires the auto companies to have a plan to ensure long-term competitiveness, health and profitability by bringing their costs under control.