WASHINGTON, DC - Today, Congresswoman Betty Sutton (D-OH) voted in favor of HR 7321, the Auto Industry Financing and Restructuring Act, which passed the House 237 to 170 with 1 present. This legislation will provide $15 billion in emergency bridge loans to the domestic auto industry and protect the millions of American jobs that depend upon it.

"The health of the auto industry is critical to the economic stability of our local communities, our state and our entire Nation. In my Congressional District alone, the Ford Assembly Plant in Avon Lake employs more than 2,000 workers. Across Northeast Ohio, tens of thousands of hard-working people are employed by auto plants and auto part suppliers," said Congresswoman Sutton.

The funding for this assistance will come from the Advanced Technology Vehicles Manufacturing Loan Program, which was designed to allow the auto industry to retool its plants and manufacture more advanced and energy efficient vehicles. Congresswoman Sutton helped lead the effort to fully fund the program in this year's Continuing Resolution.

"While urgency requires that money appropriated for the Advanced Technology Vehicles Manufacturing Loan Program be utilized to provide bridge loans to the auto industry, funding for this program must be replenished as soon as possible. The ATVM was designed to assist the auto industry in producing the next generation of advanced technology vehicles and it is critical for the industry's long-term viability. These actions will help prevent devastating job losses for the millions of hard-working American families who rely on the domestic auto industry."

The Auto Industry Financing and Restructuring Act contains strong oversight including:

• The Government Accountability Office and the Special Inspector General overseeing the TARP financial rescue funds will both have oversight powers;

• The Car Czar will have the power to require immediate repayment of the loan if the company has not made adequate progress by February 15th to develop a long-term restructuring plan;

• A company will get no more federal assistance if it fails to submit an acceptable final restructuring plan by March 31st;

• $500 million of the innovation funding set aside to help the industry retool to build advanced technology will be maintained and the remainder of the innovation funds will be replenished within weeks;

• The companies must analyze the potential for converting unused production facilities - especially former sport utility vehicle lines - to the production of buses and rail cars for public transit agencies;

• To ease the devastating effects of the credit crisis on public transit, the Car Czar will protect the agencies from technical defaults due to problems at AIG and other institutions.