Bilbray Statement on Automaker Bailout Proposal

(Washington D.C.)- Rep. Brian Bilbray, a member of the House Committee on Oversight and Government Reform, released the following statement regarding the reported agreement by congressional leaders to provide a “a short-term rescue plan for the cash-strapped American automakers and expectation to hold votes on the legislation during a special session next week” (New York Times).  Early reports indicate that the proposed deal would allow automakers to utilize $25 billion in loans approved by Congress last year to develop more fuel efficient cars to instead remain solvent:

“Ultimately, the devil is in the details and any bill that moves forward must include rigorous oversight, accountability and transparency if taxpayer dollars are going to be used.  We should know where every dollar is going and there must be a plan in place to reform the way these automakers do business.”

Earlier this week, the Government Accountability Office (GAO) released a report detailing the Administration’s failure to properly oversee the $700 billion bailout Troubled Assets Relief Program (TARP).

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