House Speaker Nancy Pelosi, D-Calif.,
Tuesday called on Congress and the Treasury to provide limited
emergency financial assistance to the automobile industry under the Emergency
Economic Stabilization Act. "In order to
prevent the failure of one or more of the major American automobile
manufacturers, which would have a devastating impact on our economy,
particularly on the men and women who work in that industry, Congress
and the Bush administration must take immediate action," she said.
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Pelosi has asked House Financial Services Committee
Chairman Barney Frank, D-Mass., to work with House and Senate leaders and with the Bush administration to write a bill that can pass quickly.
She said the assistance should be
conditioned "on executive compensation restrictions, a prohibition on
golden parachutes, rigorous independent oversight and other taxpayer
protections to ensure that any companies that benefit from this
assistance -- and not the taxpayers -- bear the full burden of repaying
any costs that are incurred."
Pelosi added that it is essential that the domestic
automobile manufacturing industry "re-emerge as a global, competitive
leader in fuel efficiency and in new, path-breaking energy-efficient
technologies that protect our environment. For the automobile industry
to be truly viable, it must continue to move in this direction. I am
confident Congress can consider emergency assistance legislation next
week during a lame-duck session, and I hope the Bush administration
would support it."
Pelosi said the four-day special session would be held next week. The Senate already had a lame duck session scheduled. - Bill McConnell
Comments
yes...pls fire all the non-workers in the GM Job Bank...and eliminate those ridiculous work rules...