Auto Industry Financing and Restructuring Act

From OpenCongress Wiki

Jump to: navigation, search

Back to main bill page for votes, text and more.


Article summary (how summaries work)
The bill was introduced to authorize financial assistance to eligible automobile manufacturers.Auto Industry Financing and Restructuring Act on [1].


Contents

House Action


Same for all scorecards:

Scored vote

Scorecard: Drum Major Institute 2008 House Scorecard

Org. position: Aye

Description:

"The automobile industry is a critical component of the American economy. Motor vehicle and parts industries employed over 700,000 people directly as of September and each job in the auto industry supports about 1.7 additional jobs in industries as diverse as textiles and retail. The Economic Policy Institute predicts that a worst-case-scenario shutdown of the entire U.S. auto industry would eliminate 3.3 million jobs—many of them solid middle-class positions. Most experts agree that bankruptcy in the current liquidity crisis would be devastating to the auto manufacturers: already weak sales would be exacerbated by consumers frightened to buy from a bankrupt manufacturer, and lending institutions normally accessible to bankrupt companies are now unavailable. As an alternative, this legislation imposes reasonable restructuring requirements, while ensuring that middle-class jobs are preserved in a period of deep economic crisis. The bill will prevent the short-term failure of the automobile industry in the United States and makes a leaner, more energy-efficient Detroit possible. An auto czar cannot make the Big Three automakers profitable. But the czar’s influence—backed up by the capacity to speed loan repayment and impose bankruptcy—and the thorough restructuring guidelines laid out by Congress can ensure that the American automakers do not once again fail to confront environmental concerns and recalcitrant management."

(Original scorecard available at: http://www.drummajorinstitute.org/library/report.php?ID=63)

Scored vote

Scorecard: National Journal 2008 House Scorecard

Org. position: Aye

Description:

"Authorize $14 billion in federal loans to domestic automobile manufacturers. December 10. (237-170)"

(Original scorecard available at: http://www.nationaljournal.com/njmagazine/cs_20090228_4813.php)

Articles and resources

See also

References

    External resources

    Toolbox