lodge939
11-17-2008, 09:23 AM
A measure to speed $25 billion in emergency aid to the nation’s automakers will include provisions designed to protect taxpayers, congressional Democrats said yesterday, including a ban on bonuses for employees who make more than $200,000 a year and a government oversight board with power to veto corporate decisions.
The bill, which is expected to be unveiled today on Capitol Hill, also would bar the automakers from paying dividends to shareholders for as long as the firms owe the government money, Rep. Barney Frank (D-Mass.) said on CBS’s “Face the Nation” yesterday.
Despite strong opposition from congressional Republicans and President Bush, Democrats plan to press ahead with legislation aimed at staving off the collapse of the auto industry when Congress convenes this week for its final session of Bush’s presidency. …
Both measures would carve cash for Detroit out of the $700 billion financial rescue program Congress created last month to shore up the U.S. banking system. The White House opposes using the money for that purpose and has urged lawmakers instead to modify an existing $25 billion loan program to help the automakers retool factories to produce more fuel-efficient vehicles.
Here it comes.
The bill, which is expected to be unveiled today on Capitol Hill, also would bar the automakers from paying dividends to shareholders for as long as the firms owe the government money, Rep. Barney Frank (D-Mass.) said on CBS’s “Face the Nation” yesterday.
Despite strong opposition from congressional Republicans and President Bush, Democrats plan to press ahead with legislation aimed at staving off the collapse of the auto industry when Congress convenes this week for its final session of Bush’s presidency. …
Both measures would carve cash for Detroit out of the $700 billion financial rescue program Congress created last month to shore up the U.S. banking system. The White House opposes using the money for that purpose and has urged lawmakers instead to modify an existing $25 billion loan program to help the automakers retool factories to produce more fuel-efficient vehicles.
Here it comes.