Senator Sherrod Brown

CLEVELAND, OH -- Senator Sherrod Brown (D-OH) today called for the federal government to aid the struggling U.S. auto industry. Brown is supporting a Democratic initiative calling on Treasury Secretary Henry Paulson to consider using authority given under the Emergency Economic Stabilization Act (EESA) of 2008 to prevent industry collapse and the loss of millions of American jobs. On Friday, General Motors (GM) and Ford posted record losses. Also Friday, GM announced plans to cut 1060 jobs from its Lordstown, Ohio plant. Ohio is home to more than 100,000 assembly and supplier jobs.
 
In response to growing concern about auto jobs in Ohio, Brown released the following statement at today’s news conference:
 
“Tens of thousands of Ohio families rely on the auto industry for their livelihood. The collapse of the domestic auto industry is not a viable option for our nation’s economic security. Secretary Paulson must use the authority given by Congress to help secure the auto industry and save jobs. In addition, Congress should provide for additional low-interest loans to struggling auto companies.

“These provisions must come with shared sacrifice by industry executives. I strongly support restrictions to executive pay and bonuses as condition for government help. We must act immediately to prevent the loss of more Ohio jobs and we must do so with a watchful eye over how the funds are used.

“Once we are through the immediate auto industry crisis, I look forward to working with the Obama administration on long-term solutions that will strengthen our domestic industry and create new jobs for middle class families.”

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