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House Approves Rescue and Restructure Package for Auto Industry
WASHINGTON, DC—House Majority Whip James E. Clyburn today commented on passage of the Auto Industry Financing and Restructuring Act. Following are his remarks.
“The American people are understandably frustrated with the state of the economy and an industry nearing collapse due to poor management and performance. But the reality is that one-in-ten American jobs are connected to the U.S. auto industry, and letting this enormous manufacturing base collapse would not only risk those good-paying jobs, but it would jeopardize our national security and exacerbate the difficulties facing our economy.
“The bridge loans provided under this package come with significant taxpayer protections and accountability to the American people. The auto industry has a choice—restructure and modernize or fail. The auto industry's success will require everyone to participate in the process—executives, employees, unions, dealers, suppliers, creditors and shareholders must all make sacrifices and reform to save the industry.
“Obstruction is not a solution to the great challenges we face. I call on my colleagues in the Senate to provide constructive input. Let the Senate vote on an assistance package so the auto industry has the tools it needs to start rebuilding.”