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WASHINGTON — This evening, Congresswoman Laura Richardson voted to support Californians with franchise dealers who employ over 150,000 workers. “In a 12-month period, from October, 2007 to October, 2008, dealers in our own community have dropped new car registrations by almost 40%.” H.R. 7321, a bill to authorize financial assistance to eligible automobile manufacturers, passed the House tonight by a vote of 237 to 170.
“With the decline in the auto industry due to the credit crunch,” Congresswoman Richardson said, “I felt it was necessary to move forward with bi-partisan legislation to help the U.S. auto industry. I firmly believe that any rescue and restructure package for the auto industry must come with accountability, evident by the Republican amendment introduced by Rep. Steven LaTourette (R-OH) to insure strict reporting and transparency guidelines. Further, this bill contains provisions for a “Car Czar,” protections for U.S. taxpayers, bans on corporate perks such as no bonuses for 25 of the most highly paid auto employees and requirements to sell and or lease corporate aircraft.”
“There will be strong oversight by the Government Accountability Office, and the Special Inspector General. This legislation spreads the restructuring sacrifices to all stakeholders, among auto executives, labor unions, dealers and suppliers, creditors and shareholders. This bill will require that either the auto companies restructure or repay this loan --- thereby protecting the taxpayers.”
“In my district alone, hundreds of thousands of cars sit on lots in Long Beach and the South Bay area because of slow national auto sales causing a backlog of imported cars to be left on the Port docks.”
“In 1979, the U.S. Government loaned Chrylser $1.5 billion to restructure and essentially reinvent itself. Progress was made then and further change is needed now. The American auto industry must focus to find a way to increase their viability and competitiveness before Americans lose one of our last industrial and manufacturing industries.”
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