WASHINGTON, (December 10, 2008)—Today Congressman Chandler voted in favor of legislation to grant emergency short-term aid to the American auto industry. This $14 billion in federal loans will come with strict government oversight, including limits on executive compensation, hard deadlines for submission of company viability plans and provisions requiring early loan repayment if the Big Three do not adequately restructure their companies. The legislation provides loans through funds already allocated by the 2007 Energy Independence and Security Act, originally enacted to restructure American auto companies to improve the fuel efficiency of cars.

“This is a step in the right direction,” Chandler said. “I am very pleased this package protects American and Kentucky jobs while including benchmarks for repayment, tough new environmental standards, rigorous government oversight, and protections from additional taxpayer debt.”

The bi-partisan legislation, endorsed by many Central Kentucky leaders, including Commerce Lexington, will not only protect the Big Three in Detroit, but will also aid parts suppliers, local automobile dealerships, other related businesses, and the communities that depend on these businesses  in the Sixth Congressional District and statewide.

“The automotive industry is deeply rooted in Central Kentucky with over 150 suppliers, manufacturers, and dealers in Central Kentucky employing thousands of our friends and neighbors,” said Commerce Lexington Inc. President and CEO Bob Quick.  “It is imperative that the automotive industry succeed, and we commend Congress for working together to pass the first step in helping resurrect and secure the future of the industry."

“There is still much to do in this economic climate, but Congress passed the right kind of financial rescue legislation today,” Chandler continued.  “I am confident that this is a necessary step toward confronting our economic problems because I truly believe the healing process begins with our American workforce.”