Brown Responds To White House Decision To Allocate Tarp Funds For Auto Industry

Press Release

Brown Responds To White House Decision To Allocate Tarp Funds For Auto Industry

In response to this morning's White House announcement to use part of the $700 billion from the TARP funds to aid the auto industry, U.S. Senator Sherrod Brown (D-OH) - who spoke with the White House twice in the last week to urge the use of TARP funds - issued the following statement:

"On behalf of 250,000 Ohioans whose jobs depend upon the auto industry, I am relieved that the White House decided to use money from the TARP funds. This decision averted an economic catastrophe for the industry, and potentially for the economy. I am pleased that conditions for funding include an end to CEO bonuses and perks such as corporate jets. It is unfortunate, however, that so much of the burden remains on the shoulders of hard working men and women. I look forward to working with the Obama administration on a new direction for the industry and for our economy - a direction that puts middle class families first."

The Ohio Department of Jobs and Family Services today announced that Ohio's overall unemployment rate was 7.3 percent for November - the national average is 6.7 percent - and that the number of unemployed Ohioans increased by 95,000 in the past 12 months from 340,000 total unemployed Ohioans.

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