December 19, 2008

U.S. Rep. Ed Perlmutter (CO-07), a member of the House Financial Services Committee, issued the following statement in response to the White House auto loan announcement:

“President Bush’s decision to assist the ailing auto industry is a step in the right direction. The administration’s loan program is similar to the legislation I supported and the House passed last week. I worked with House Leadership and the Financial Services Committee to include provisions to oversee the auto loan program and I am pleased this option is still available to the Treasury Department. Furthermore, the loan conditions place limits on executive pay and forces them to eliminate excessive expenditures like corporate jets.

A viable auto industry is essential to protecting American jobs in a failing economy and maintaining a manufacturing sector for many purposes including national security. A structured and temporary loan to the auto industry is the right thing to do at this time, due to the frozen credit markets. I look forward to working with the next Administration and Congress to stabilize the economy and ensure the long term viability of the auto industry,” stated Perlmutter.