Levin Statement on Auto Industry Support Bill

WASHINGTON – Sen. Carl Levin, co-chair of the Senate Auto Caucus, made the following statement today regarding the auto-relief bill [PDF] introduced this afternoon by Senate Majority Leader Harry Reid:

“The President, President-elect, and bipartisan leadership of the House and Senate all support the goal of providing $25 billion in bridge loans to sustain the auto industry through the current economic crisis. While there are differences in how to achieve that goal, there is no disagreement among those key leaders on whether it is necessary. The bill Senator Reid introduced today would achieve that goal by using a small portion – 4 percent – of the $700 billion stabilization package already in law. It requires a long-term financial plan from any loan recipient, while establishing important oversight and taxpayer protections and limits on executive compensation, including bonuses and golden parachutes.”