Brown: Chrysler's Repayment Of Government Loan Is Proof That Investment In the American Auto Industry Was The Right Decision

Press Release

U.S. Sen. Sherrod Brown (D-OH) released the following statement after Chrysler announced that it would repay $7.5 billion in loans to the federal government today.

"From Chrysler's Jeep assembly complex in Toledo, to hundreds of new positions at General Motors' Toledo transmission facility, and three shifts of workers in Lordstown making the best-selling Chevy Cruze, the domestic auto industry is responsible for creating thousands of good-paying, middle-class Ohio jobs. Chrysler's repayment of the bulk of its loan to the government is yet another sign that the American auto industry has made a stunning turnaround," Brown said. "There were defeatists and naysayers who wanted to let the American auto industry disintegrate, but we made the right decision to invest in these cornerstones of our economy. That decision is now paying dividends all across Ohio and the United States."

In November of 2008, Brown introduced S. 3175, the Auto Industry Emergency Bridge Loan Act, with a bipartisan group of colleagues. In December 2008, Brown fought to ensure that funds from the Troubled Asset Relief Program (TARP) were allocated to aid the Big 3 and American auto suppliers--despite near-unanimous opposition from most House and Senate Republicans. At the start of 2009, Brown applauded President Obama's decision to advance restructuring plans to ensure the viability of the American auto industry.

Today, auto dealers have reported record sales, and the Big 3 have repaid their loans to the government. The Cash for Clunkers program, in which the federal government provided Ohio consumers with vouchers to purchase new fuel-efficient vehicles, was a resounding success, helping American consumers purchase nearly 700,000 new vehicles--adding nearly one percent to the third quarter GDP growth at the time. The program stabilized the auto sector and saved or created thousands of jobs across Ohio and the nation.

In January 2011, as the Toledo Auto Show kicked off, Brown called on the Chrysler Group to fully utilize the Toledo Assembly Complex by adding a new production line to the facility as part of the company's planned 2011 expansion. Brown last visited the Toledo Assembly Complex with Vice President Joe Biden in August 2010. At that visit, Brown and Biden touted the success thus far of the Administration's actions to strengthen the American auto industry, including the role of the Administration's investments in GM and Chrysler in helping these companies return to profitability, retain and hire workers, and keep plants open. The jobs of more than 250,000 Ohioans depend on the auto industry.

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