WASHINGTON – WASHIGTON—U.S. Rep. Bill Pascrell, Jr. (D-NJ-08) today voted to approve the Auto Industry Financing and Restructuring Act in the House of Representatives.
“The bridge loan approved in the House this evening will allow an important piece of America’s manufacturing sector to breathe another day,” stated Pascrell. “It will help preserve jobs during this recession and give carmakers one last chance to prove they can modernize their products and business model to meet the demands of the 21st century. If it were not for the strong oversight provisions and taxpayer safeguards in this legislation, it would not have landed my support. I have confidence that the American auto industry can return to its storied past and become profitable again. With that, this legislation will not allow for outrageous executive bonuses or golden parachutes and give taxpayers an opportunity to profit.”
In addition to providing necessary help to America’s manufacturing sector during the current economic recession, Pascrell was pleased with a provision that would help relieve New Jersey Transit and other transit agencies caught up in endangered loans with struggling creditor, AIG.
“The crippling effect that AIG’s financial problems could have on transit agencies all across the country demonstrates the troubling depth of the credit crisis,” stated Pascrell. “At a time when we need to invest more in public transit projects, it is simply not a viable option to allow transit agencies to become victims of the financial industry’s irresponsible practices. I urge the Senate to prioritize the inclusion of relief for transit agencies in any package that is considered in the coming days.”
Pascrell, the author of legislation to create temporary tax deductions on auto loans in order to stimulate car sales also pledged to continue fighting to increase traffic at community car dealership.
“We must not forget that auto dealers on Main Street and the side streets account for 20 percent of America’s retail economy. And they are not limited to three manufacturers,” stated Pascrell. “By extending temporary, targeted tax deductions for cars and trucks, Congress can relieve working class American families, stimulate auto sales, inspire consumer confidence and put retail workers and mechanics back to work. Given the economic malaise, it is a sensible approach that I will continue to pursue when the new session of Congress begins in January”
Pascrell testified before the House Financial Services Committee earlier today about the need to use the TARP to stimulate the retail auto industry.
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