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McConnell Statement on the Administration’s Automaker Aid Decision
from the Office of Senator Mitch McConnell
Friday, December 19, 2008
‘Although some have already called to weaken these much-needed reforms, the stakeholders and the next administration must uphold the requirement that the labor, health benefits and debt modifications be agreed to by February 17th. The taxpayers who are providing these funds deserve no less’
LOUISVILLE, KY – U.S. Senate Republican Leader Mitch McConnell made the following statement Friday regarding the administration’s decision to use TARP funds to aid the auto industry:
“I have strong objections to the use of Troubled Assets Relief Program (TARP) funds for industry specific bailouts. And I do not support this action. But since the administration has chosen to use these funds to aid the automakers, it is important that the date-specific requirements on all the stakeholders be enforced.
“The auto industry is important to my state and to our nation's economy and needs real reform in order to survive. Although some have already called to weaken these much-needed reforms, the stakeholders and the next administration must uphold the requirement that the labor, health benefits and debt modifications be agreed to by February 17th. The taxpayers who are providing these funds deserve no less.”
Background: Term Sheet Requirements Of Today’s Announcement:
By no later than February 17, 2009, the Company shall submit to the President’s Designee:
1. A term sheet signed on behalf of the Company and the leadership of each major U.S. labor organization that represents the employees of the Company and its subsidiaries (collectively, the “Unions”) providing for the Labor Modifications; and
2. A term sheet signed on behalf of the Company and representatives of the VEBA providing for the VEBA Modifications; and
3. A term sheet signed on behalf of the Company and representatives of holders of the Company’s public debt providing for the Bond Exchange.”
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