Washington, D.C. -- Speaker Nancy Pelosi today issued the following statement today on the need for Congress to craft legislation to provide emergency and limited financial assistance to the automobile industry under the Emergency Economic Stabilization Act (EESA).
'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.
'I have asked Chairman Barney Frank of the House Financial Services Committee to work with House and Senate leaders, and with the Bush Administration, to craft legislation to provide emergency and limited financial assistance to the automobile industry under the Emergency Economic Stabilization Act (EESA).
'Emergency assistance to the automobile industry would 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.
'It is essential for the domestic automobile manufacturing industry to 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.'