Washington D.C. - Congresswoman Donna F. Edwards (D-MD) today voted for H.R. 7321, The Auto Industry Financing and Restructuring Act. The legislation, which passed the House with a vote of 237-170, will provide the ailing U.S. auto industry up to $15 billion in short-term bridge loans as the companies work to restructure their business models to attain long-term viability.

"The U.S. auto industry supports one in ten American jobs and plays a critical role in our state's economy," said Congresswoman Donna F. Edwards. "The collapse of the auto industry would threaten more than 2,400 jobs here in Maryland alone. Our faltering economy can not withstand another devastating blow as we are already in a recession and our unemployment rate is at a 15-year high. These short-term bridge loans, which include substantial accountability and oversight, offer U.S. auto makers the lifeline necessary to restructure their businesses and save a cornerstone of our depleted manufacturing sector."

The legislation requires strict accountability to the American people, shared sacrifice among all parties within the industry, the timely development of plans to restructure or face immediate repayment of loans, and a commitment to innovation and efficiency of future products.

Additional information on the legislation can be found at:
http://www.house.gov/apps/list/press/financialsvcs_dem/auto_bill_summary.pdf