Pelosi Statement on Restructuring Plans of U.S. Automakers

February 17, 2009

Pelosi Statement on Restructuring Plans of U.S. Automakers
Tuesday, February 17, 2009
Contact:Brendan Daly/Nadeam Elshami, 202-226-7616
Washington, D.C. â€" Speaker Nancy Pelosi issued the following statement today on the restructuring plans being submitted to the federal government by General Motors and Chrysler:
"The submission of restructuring plans by GM and Chrysler represents the next step in what has been a difficult and disappointing chapter for the American economy, but I hope will become the transformation of our domestic automobile industry into a viable, technologically advanced, and globally competitive manufacturing force.
"In the coming weeks, the Obama Administration will review these plans and assess whether the shared sacrifice required of all stakeholders affected by the auto companiesâ€™ current conditions â€" workers, executives, bondholders, and shareholders â€" will result in reasonably restructured corporations, with good, high-paying jobs for the future.
"Congress looks forward to working with the Obama Administration on any future actions that may be needed to move our domestic automobile industry on a path of global competitiveness and advanced energy efficiency technologies, while ensuring accountability to the taxpayers."