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CASTLE ISSUES STATEMENT ON BIPARTISAN SENATE AUTO RELIEF LOAN PROPOSAL
Washington
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"Clearly, we have an obligation
to protect the millions of workers and retirees who are threatened by a failure
of our domestic auto industry, which has vast implications on the economy as a
whole. The bipartisan Senate proposal to relax requirements on an
existing program for automakers that Congress enacted last year to help the
industry shift to the production of more fuel-efficient vehicles is one which, I
believe, holds promise. Important to tapping the funding in this program is
ensuring that when the loans are repaid, the money would be directed back into
the energy efficiency program and American taxpayers are provided warrants, or
preferred stock, in the companies.
"However, before we advance any legislative proposal to
assist this industry, American auto makers must prove to the taxpayers that they
have the long-term capability to meet consumer demands for innovation and fuel
efficiency. I would also like to see industry executives and management begin to
show a heightened respect for tax dollars by demonstrating serious restraint of
their own expenditures and bonuses during this time of crisis."
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