Capito Statement On Auto Loan Plan

Statement

Capito Statement On Auto Loan Plan

Rep. Shelley Moore Capito (R-WV) made the following statement today after voting in favor of HR 7321, new compromise legislation that will re-purpose a previously approved loan program to fund temporary support for American automotive manufacturers:

“I'm willing to support this bill because it is most importantly - a loan. A loan that must be repaid, a loan that cannot fund executive bonuses or dividends, and a loan that demands the full-scale reorganization of these automakers,” said Capito. “With thousands of West Virginians and their jobs connected to the domestic automakers, I don't believe we can let one of the Big Three fail.

“When I opposed the financial bailout, I said we needed more oversight and a more thorough consideration process before our vote. With multiple hearings and enhanced oversight, I think Congress has learned many of those lessons and made efforts to address them with this new auto plan. Is it perfect? No. But is it better than the alternative? Yes.”

“I'm particularly pleased that this plan would draw on previously approved funds rather than placing yet another burden on the taxpayers.

“Most importantly, I believe this cannot and should not be the first of an endless series of loans, but a temporary effort to provide domestic automakers with the capability to undertake much-needed restructuring. Only through broad restructuring, with concessions from all parties involved, will we see a viable domestic auto industry in the long-term.”

HR 7321 would re-purpose funds approved by this Congress for an Energy Department loan program to provide support for the Big Three automakers. The legislation passed today does not call for new expenditures of taxpayer dollars.

Source