Response from Senator Boxer (CA) to my "no bailout" email.Submitted by IamVoting4RonPaul on Tue, 12/16/2008 - 20:59
Thank you for writing to me about H.R.7321, the Auto Industry Financing and Restructuring Act. I appreciate hearing from you on this vitally important issue.
H.R.7321 would have provided up to $14 billion in bridge loans or lines of credit to U.S. automakers to help these companies continue to operate. Any company that received funding could not have paid dividends to shareholders and would be obligated to pay back American taxpayers, regardless of the company's success. This bill would have also limited executive pay, banned large bonuses, required the companies to sell their private planes, and ensured that taxpayers benefit from any future profits.
As you probably know, H.R.7321 passed the House of Representatives but was blocked by a minority in the Senate. I am deeply disappointed that the Senate failed to act in support of our nation's domestic auto manufacturing.
I voted for this bill for three reasons - jobs, jobs, jobs. This nation has lost nearly 2 million jobs this year, and we simply cannot afford to lose any more. The collapse of even one of the "Big Three" automakers could result in the loss of as many as 2.5 million jobs - this is unacceptable.
There are signs that Treasury Secretary Paulson will act quickly to help save these jobs. In California alone, nearly 200,000 people are employed by auto dealers, manufacturers, and wholesalers. Their jobs and livelihoods, and millions more around the nation, are at stake.
Be assured that I will keep doing all I can to help get America's economy back on track. In the coming months, I will be working with the Obama Administration and my Senate colleagues to enact legislation to stimulate growth, create jobs, and make American businesses more competitive in the global economy.
United States Senator