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Dodd Announces Legislation to Stabilize, Restructure, Reform Auto Industry

December 10, 2008

Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing and Urban Affairs, today made the following statement after finalizing legislation to stabilize the domestic automobile industry:


“This legislation will provide solutions to stabilize our domestic automobile industry so that our economy does not suffer a devastating blow and so that millions of American workers do not find themselves out of a job.  It also takes tough measures to restructure and reform this industry.  This bill is a far cry from a blank check to the industry.  Rather, these companies will be required to pay back every dollar they borrow from hard-working American taxpayers.  Furthermore, the legislation requires these companies to make painful, fundamental changes if they are going to be competitive internationally and viable in the long-term.  And if they fail to make tough choices and reforms, they immediately have to repay their loan or line of credit, and face the full consequences of their failures.

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