use Speaker Nancy Pelosi said she will push
legislation next week to help the ailing auto industry.
"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," the California Democrat said in a statement.
(This story and related background material will be available on The Wall
Street Journal Web site, WSJ.com.)
Pelosi said she has tapped House Financial Services Chairman Barney Frank (D.,
Mass.) to craft legislation that would give the industry "limited" assistance
under the recently enacted Troubled Asset Relief Program.
"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," she said.
The speaker added the assistance would be conditioned on limits on executive
pay, 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."
Translation: the shareholders will get screwed.
lol:
