The Auto Industry Financing and Restructuring Act

The Auto Industry Financing and Restructuring Act passed in the House by a vote of a vote of 237-170. House Speaker Nancy Pelosi outlined the bill's goal.

On Jump Starting the Auto Industry:

“Today we are considering legislation not as life-support to sustain a dying industry, but a jump start for an industry that is essential to our country’s economic health. One in 10 American jobs is linked to the domestic auto industry, and it is a key pillar in an American manufacturing sector critical to our national security and economic competitiveness for decades to come.”

On Tough Love for the Auto Industry:

“This legislation is built on four principles and actually comes down to a question of tough love. Tough love for an industry whose success is essential to our economic success, whose jobs are important to our workforce, whose innovation is essential to our progress, and whose manufacturing, technological, and industrial base is also essential to our national security.”

On Taxpayer Protections in the Legislation:

“When we ask taxpayers to put up money to fund this restructuring, we must have accountability to the American people. The President will designate a ‘car czar’ to oversee the industry’s restructuring. The taxpayers get a return on their investment or are first in line to be repaid.”

On Auto Executives:

“We will soon see in a matter of weeks if the executive suites in Detroit are willing to make a choice. Certainly there needs to be retooling of the plants and renegotiating of the contracts. There may have to be reconsideration of the management of these companies if they cannot live up to the standard of this legislation and prove themselves worthy of the taxpayers’ dollar that is being placed there.”