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For Immediate Release
Contact: Betsy Hart 202-226-8555

HERSETH SANDLIN STATEMENT ON AUTO BAILOUT LEGISLATION

Washington, DC, December 10, 2008- U.S. Rep. Stephanie Herseth Sandlin released the following statement regarding her vote in opposition to the $15 billion auto bailout plan, which passed the House this evening:

“Although I have concerns about the financial viability of our country’s automobile industry and the serious effects that could result from one or more of the automakers declaring bankruptcy, ultimately, this package is not the right way forward. I could not support providing automakers access to federal funding without more stringent taxpayer protections, and without requiring them to take serious and bold steps to help our country meet the twin challenges of energy independence and climate change. This bill provides billions in taxpayer dollars without requiring the automakers to do much more than submit a restructuring plan by next March. If we’re going to use this much taxpayer money, we simply need to see more accountability more quickly.

“Earlier this year, I said that in order to access federal financing, U.S. automakers should: redouble their commitment to meet or exceed fuel economy standards set for them by Congress; agree not to place unfounded warranty objections in the way of the widespread adoption of mid-range ethanol blends like E15 for use in standard vehicles; and transform their aspirational goal for the production of flex-fuel vehicles – 50 percent of production by 2012 -- to a hard and enforceable goal of reaching that level by 2012 or earlier. None of these common sense and forward looking requirements are included in this bill.

“U.S. automakers have the capacity to overcome their current challenges and once again exert the kind of innovative leadership that established the reputation of these companies as the gold standard in the industry. Unfortunately, the final package approved tonight represents a missed opportunity for U.S. automakers to reestablish themselves as worldwide leaders in their industry, lay the groundwork for their long-term viability in the global marketplace and ensure the repayment of any federal financial assistance and full protection of taxpayer funds.”

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