Johnson Fights for Accountability in Proposed Auto Industry Bailout

During the second in a series of Banking Committee hearings examining the auto industry today, U.S. Senator Tim Johnson (D-SD) continued to fight for accountability and taxpayer protection as part of any proposed bailout. The hearing featured testimony from members of the big three automakers, who the Committee also questioned at a hearing last month.

"Representatives from our nation's big three automakers are back before the Banking Committee today because their original proposal lacked details, accountability and did not go far enough in protecting taxpayers," Johnson said. "They must not make the same mistake again. Stabilizing our economy is crucial, but we must not put the money of hardworking Americans at unnecessary risk in the process."

During the hearing, Johnson questioned Gene Dodaro, Acting Comptroller General of the United States Government Accountability Office, about the economic impacts of a continued downturn in the industry, as well as what lawmakers need to do to increase transparency and accountability as part of any proposed legislation.

The hearing also featured testimony from Ron Gettelfinger, President, International Union, United Automobile, Aerospace and Agricultural Implement Workers of America; Alan Mulally, President and Chief Executive Officer, Ford Motor Company; Robert Nardelli, Chairman and Chief Executive Officer, Chrysler LLC; Keith Wandell , President, Johnson Controls, Inc and James Fleming, President, Connecticut Automotive Retailers Association.

As a senior member of the Banking Committee, Johnson has been working to ensure that any bailout of the auto industry increases innovation and includes consumer protection.

He has also used his position to carefully monitor the implementation of the Emergency Economic Stabilization Act, which passed Congress earlier this year. Since the legislation passed Congress, Johnson has questioned the nation's top regulators and representatives from the country's largest banks during previous Banking Committee hearings.

http://johnson.senate.gov/newsroom/record.cfm?id=305468

Source