Press Release

"At last, we are being asked for help from three companies that are already taking great steps to change how they do business. The Big Three automakers came to the Congress asking for money, and we told them they first needed to present us with a plan. They have presented us with plans. We told them it looked bad to fly down here in three separate private jets, and they responded by making plans to carpool back in hybrid vehicles. We told the UAW that they need to come to the table and make concessions, and union leaders met with me yesterday to affirm that they are willing to continue to tighten their belts.

"And yet, there still seems to be some hesitation on the part of the Bush administration and among some of my colleagues in distributing a small portion of TARP funds to help this ailing industry. With one in ten American jobs tied to the auto industry, the livelihood of the Big Three is one of our nation’s most troubled assets. These companies have agreed to jump through hoops, offer full transparency, and subject themselves to strict accountability, while their counterparts in the financial sector will not even agree to the reasonable request to stop the profligate spending. We cannot have one standard for white collar and a different standard for blue collar.

"As we spend the next two days questioning the Big Three at Congressional hearings, I encourage my colleagues to be sensible—and to be just. These companies are on their knees looking for a little help to save American jobs in the midst of a recession, and unlike the AIGs and Citigroups, they come to us with legitimate business plans—not cashmere hats—in hand.

"I applaud the auto industry for continuing to exhibit the type of behavior that should accompany any dime of taxpayer money, and I pray that their white collar counterparts will learn from their example."