Auto Industry Financing and Restructuring Act
Summary of the House-Passed Bill
The President shall designate one or more officers in the Executive Branch with appropriate expertise (President’s Designee) to carry out the requirements of the act. The President or the President’s Designee also may employ, appoint, or contract with additional advisors. Financing and Restructuring Bridge Financing. Directs the President’s Designee to authorize and direct the disbursement of bridge loans or commitments for lines of credit to eligible auto manufacturers that submitted a plan to Congress on December 2, 2008 (Chrysler, Ford, and General Motors) (Auto Manufacturers) from funds previously appropriated for Section 136 of the Energy Independence and Security Act. Approximately…
