Markey: Don’t Bail on Fuel Efficiency in Automaker Bailout
FOR IMMEDIATE RELEASE
Contact: Chairman Ed Markey, 202-225-4081
Markey: Don’t Bail on Fuel Efficiency in Automaker Bailout
Fuel Efficiency Factory Retooling Provisions in Auto Loans Must Stand to Reform, Revitalize Industry
WASHINGTON (November 20, 2008) – Rep. Edward J. Markey (D-Mass.), the principal House author of 2007’s fuel efficiency standards, decried the potential rollback of fuel efficiency retooling provisions in the deal being proposed to loan automakers billions of dollars. Provisions included in the law Congress passed in 2007 would require new plants built using the money to produce more fuel efficient cars.“We can’t bail on the fuel efficient vehicles of the future in order to bailout the automakers,” said Markey, who is Chairman of the House Select Committee on Energy Independence and Global Warming. “Detroit is suffering today not just from the credit crisis, but from decades of poor product decisions and refusal to increase the fuel economy of our cars, trucks and SUVs. If they truly want to compete again in a global marketplace, they should welcome loans to retool factories to make the plug-in hybrids of the future, not fight these conditions.
“Any financial aid to the auto industry needs to be tied to strong fuel economy requirements and to taxpayer protections that assure this money is not wasted,” Markey continued. “This proposal doesn’t even measure up to the fuel efficiency conditions put on the Chrysler bailout of 1979, which is unacceptable.”
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The House Select Committee on Energy Independence and Global Warming was formed by House Speaker Nancy Pelosi (D-CA) to increase the visibility and priority given to America's oil dependence and global warming challenges. It is chaired by Rep. Edward J. Markey (D-MA) and will actively explore the solutions, science and progress on these pressing issues during the 110th Congress.
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