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U.S. Rep. Kind Statement on Financial Assistance for the Auto Industry

Statement

By:
Date:
Location: Washington, DC


U.S. Rep. Ron Kind (D-WI) made the following statement on any possible financial assistance to the auto industry:

"I am worried about the effect losing our auto industry would have on our already weakened economy. Just this week, an auto parts manufacturer in Prairie du Chien announced that they would eliminate another third of their workforce due to the problems the auto industry is having. I am afraid that this is just the tip of an enormous iceberg in terms of the ripple effect the failure of the auto industry would have across the nation.

"However, we cannot simply give Detroit a blank check. Any potential rescue plan must require the Big Three to map out major reforms that will make them competitive again so that taxpayer money is not sent to failing operations. We must also ensure that there are no golden parachutes or lavish pay for corporate executives, and that taxpayers are reimbursed at the end of the day.

"Ultimately, to turn this economy around we are going to need a strong manufacturing sector, and the auto manufacturers are large part of that. I am hopeful we will find a way to keep our auto industry viable while protecting taxpayers."


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