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Should Congress pass H.R. 7321 Known As Automotive Company Bailout?  More

Bill Highlights:

-Requires the President to designate one or more officials (referred to by the media as 'Car Czars') to be overseen by the Comptroller General in order to assess auto manufacturers recovery plans and approve bridge loans (Secs. 3, 4).

-Allocates $14 billion for bridge loans and long-term restructuring loans to American auto companies that submitted recovery plans to the government by December 2, 2008 (Secs. 4, 10).

-Requires participating auto manufacturers to submit a final restructuring plan to the Presidents designee by March 31, 2009, unless the designee chooses to postpone the deadline until April 30, 2009 (Sec. 6).

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