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Pascrell Pleased With Loan For Autos, Cautions Administration About Singling Out Workers

Press Release

Location: Paterson, NJ

U.S. Rep. Bill Pascrell, Jr. (D-NJ-08) today issued the following statement in response to the President's announcement to draw $17. 4 billion in loan funding from the TARP program for General Motors and Chrysler:

"The President's decision to draw loan funding from the TARP program follows the plan that House Democrats originally laid out before entering into a compromise agreement with the White House—an agreement that was ultimately rejected by Senate Republicans."

"I am confident that this action will help save millions of American jobs and reverse the decline of our automotive manufacturing sector. However, I have some concern about conditions in the President's proposal that place an added burden on workers. The auto workers have willingly made significant concessions throughout the negotiation process and should not be asked to sacrifice more than any other party involved. Any undue imposition on auto workers will be closely reviewed as Congress monitors the auto industry's return to viability over the coming months."

Rep. Pascrell recently testified before the House Financial Services Committee regarding the need to use the TARP program to open up credit for consumer auto loans in order to stimulate the auto manufacturing and retail sales industries.

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