Washington, D.C. – U.S. Representative Zoe Lofgren (D-San Jose) today issued the following statement on her vote to pass HR 7321, The Auto Industry Financing and Restructuring Act, which provides up to $15 billion in short-term bridge loans to domestic auto manufacturers:
I voted to pass this bill because the collapse of any of the Big Three would have very serious results for the economy. While the automakers may have created many of their own problems, their collapse would go far beyond them and their employees. Economists have speculated that hundreds, if not thousands, of part suppliers, dealers, and other related businesses would be forced to shutter their doors. Millions of hard working Americans from across our nation, including many in Silicon Valley, would suddenly find themselves out of work during one of the deepest recessions this country has ever seen. This bill, while far from perfect, protects taxpayers by granting the government equity in the companies, banning the dividends, bonuses, and golden parachutes.
Congresswoman Zoe Lofgren is serving her seventh term in Congress representing most of the City of San Jose and Santa Clara County. She serves as Chair of the House Judiciary Subcommittee on Immigration, Citizenship, Refugees, Border Security, and International Law. She also Chairs the House Administration Subcommittee on Elections and serves on the House Homeland Security Committee. Congresswoman Lofgren is Chair of the California Democratic Congressional Delegation consisting of 34 Democratic members of the U.S. House of Representatives from California.