Washington, Dec 10 -

Congressman Joe Courtney released the following statement this evening after voting in favor of H.R. 7321, the Auto Industry Financing and Restructuring Act, which passed by a vote of 237-170:

"‘Main Street’ is hurting and Connecticut’s hard working individuals are feeling the brunt of the economic recession. There are approximately three hundred auto dealerships, mostly family-owned small businesses, throughout the state employing nearly 14,000 people, many of them in my own district. I cannot in good conscience allow those dealerships to close without a fight, forcing more of our neighbors and friends to the unemployment lines. Last week, we lost four auto dealerships to this credit crunch."

"Allowing these American industries to slip into bankruptcy and collapse would put the jobs of three million Americans at risk. The repercussions of massive job losses would be felt across this nation and Connecticut and would be unacceptable at this time of peril for our economy. Jeopardizing our industrial base also has implications for our national security production, a threat I take seriously as a member of the House Armed Services Committee."

"While the Big Three automakers have made progress in innovation in some areas, they have also botched numerous opportunities to advance hybrid technologies and more fuel efficient vehicles. However, the blame also rests in Washington, where it took thirty years to find a willing Congress to increase fuel efficiency standards. I was proud to vote to raise auto fuel standards to 35 miles per gallon – long overdue, and a feat considering the White House and the auto manufacturers opposed the measure."

"The loan from already approved funding serves as a bridge for the American automakers to survive while requiring companies to restructure their businesses in order to regain their competitive advantage. Detroit executives will not be able to profit with a golden parachute, unlike the Wall Street bailout that carried no penalty for the financial industry’s failings and irresponsible behavior."

"Taxpayers are protected. Oversight and transparency are at the core of this loan to the auto industry and is clearly laid out, unlike the Wall Street bailout that I voted against twice that has zero accountability and very little oversight."

"I carefully studied other options, including bankruptcy for the industry, but in the end, bankruptcy would be more costly and not viable because of the larger expense, the hundreds of thousands of lost jobs and will create a generation of Americans who refuse to purchase American made cars and trucks. The lost confidence may never be regained."

Click here for a comprehensive list of the provisions of H.R. 7321.

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