Auto Industry Financing And Restructuring Act

Floor Speech

BREAK IN TRANSCRIPT

Mr. ROSKAM. Mr. Speaker, I want to applaud the gentleman from Ohio (Mr. Kucinich) with his passion and his clarity really, but really want to urge a little bit of caution. And I think the reason for caution was on display today in the House Financial Services Committee on a different issue. We had some hearings on some oversight as it relates to the $700 billion bailout. And it was really, in my hearing, and during the time that I was there and watching on television also, it was really overwhelming to watch Members of Congress talking to members of the administration and almost talking past one another, you know, interpreting things differently, and I don't think that's what the legislation meant and so forth and so on. And so here we are $700 billion later, and administration and Capitol Hill talking past one another. And I think we're on the verge of doing that same thing here if we're not careful, because I represent a district, the western suburbs of Chicago, with a lot of auto supply manufacturers. But there's no guarantee that that money that we're contemplating tonight is going to get to the folks in my district. There's no guarantee that the type of pressure that has been put on the auto manufacturers is going to come to fruition and actually come up with something good.

What happened to the December 2 deadline? What happened to the December 2 moratorium by which there was going to be a new declaration and a new plan? And it has now been postponed now to the end of the first quarter.

So clearly, there is an urgency here to work. Clearly, there is an urgency to get something done. But heaven help us if we pass the same type of statute that was enacted with such urgency only 2 months ago.

BREAK IN TRANSCRIPT

Source