“It would just be wrong to take it out of TARP [the Troubled Asset Relief Program] without a separate vote,” Frank said.
The lawmaker added that he believed that President Bush would sign legislation to help prevent a collapse of the U.S. automobile manufacturing industry.
“This would be a terrible time and I think the White House knows that,” he said.
The $25 billion would be separate from the $25 billion that Congress provided car manufacturers to retool factories to comply with tougher fuel-efficiency standards. Frank said there were some efforts by the manufacturers to ask Congress to use the earlier $25 billion for immediate financial help. He said House Speaker Nancy Pelosi (D-Calif.) “absolutely rejected that with broad support.”
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U.S. lawmakers wouldn’t expect President George W. Bush to veto a $25 billion aid package for U.S. auto makers being drafted by congressional Democrats this week, a top House member said Wednesday.
“We don’t think they’ll kick it back,” House Financial Services Chairman Barney Frank, D-Mass., told reporters.
Frank has been tasked by House Speaker Nancy Pelosi, D-Calif., with drafting the aid package for automakers.
Frank offered few specifics about the potential legislation - his staff is still drafting it - but said there will be a House Financial Services Committee hearing on the issue next Wednesday. He also suggested that lawmakers could put restrictions on how the money will be used.
“We want to protect the taxpayer ... to maximize the chances of repayment and secondly by diminishing the chances of the money being spent improvidently or imprudently,” Frank said.
“We want to protect the taxpayer ... to maximize the chances of repayment and secondly by diminishing the chances of the money being spent improvidently or imprudently,” Frank said.
Yeah right. What an A-Hole this guys is.
I think that is something different from this nationalizing rubbish. The other link said that the Bush Administration ‘is cool’ to the idea. But who really knows at this point?
We are in for some very scary times. Australia is looking better by the day.
What's wrong with the above sentence? Let me add the omitted phrase. That's better.
The $25 billion would be separate from the $25 billion that Congress provided car manufacturers to retool factories to comply with tougher, Congressionally mandated, fuel-efficiency standards.
So Congress passes CAFE standards that cost the auto industry $25 billion and pushes them closer to bankruptcy, then gives them $25 billion to cover the costs. How about repealing the f'in "tougher fuel efficiency standards" and saving the taxpayers money.