Tuesday 9 December 2008

Draft of the auto industry bailout bill

Here's the draft bill - Auto Industry Financing and Restructuring Act, December 8, 2008: "The purposes of this Act are
1) to immediately provide authority and facilitate ties to restore liquidity and stability to the domestic automobile industry in the United States; and
2) to ensure that such authority and such facilities are used in a manner that -
(A) stimulates manufacturing and sales of automobiles produced by automobile manufacturers in the United States;
(B) enhances the ability and the capacity of the domestic automobile industry to pursue the timely and aggressive production of energy efficient advanced technology vehicles;
(C) preserves and promotes the jobs of 355,000 workers in the United States directly employed by the automobile industry and an additional 4,500,000 workers in the United States employed in related industries;
(D) safeguards the ability of the domestic automobile industry to provide retirement and health care benefits for 1,000,000 retirees and their dependents; and
(E) results in a viable and competitive domestic automobile industry that minimizes adverse effects on the environment.

hat tip: beSpacific

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