Auto Industry Emergency Bridge Loan Act
Latest action · Nov 20, 2008 Read twice and referred to the Committee on Appropriations. (text of measure as introduced: CR S10749-10750)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedNov 20, 2008
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Auto Industry Emergency Bridge Loan Act - Directs the Secretary of Commerce to make loans to automobile manufacturers or component suppliers that have: (1) operations in the United States, the failure of which would have a systemic adverse effect on the overall U.S. economy or a significant loss of U.S. jobs, as determined by the Secretary; and (2) operated a manufacturing facility for the purpose of producing automobiles or automobile components in the U.S. throughout the 20-year period ending on the date of enactment of this Act.
Requires any automobile manufacturer or component supplier applying for such a loan to submit to the Secretary a detailed plan describing how the requested government funds would: (1) be utilized to ensure the the manufacturer's or supplier's financial viability; (2) stimulate U.S. automobile production; and (3) improve the manufacturer's or supplier's capacity to pursue the timely and aggressive production of energy-efficient advanced technology vehicles.
Authorizes the Secretary to sell, exercise, or surrender any equity instrument received under this Act.
Allows proceeds received from a sale, exercise, or surrender to be credited to the appropriate Government financing account made available to fulfill the advanced technology vehicle manufacturing incentive purpose under the Energy Independence and Security Act of 2007 until the amount loaned under this Act has been repaid.
Directs the Secretary to require any loan recipient to meet appropriate standards for executive compensation and corporate governance.
Prohibits a loan recipient from using loan funds for any lobbying expenditures or political contributions.
Prohibits the payment of common stock dividends by any loan recipient for the duration of the loan.
Establishes the Auto Industry Emergency Bridge Loan Oversight Board to review and provide advice concerning the exercise of the authority under this Act.
Requires the Secretary, in allocating loan amounts under this Act, to consider the magnitude of the impact of the loan applicant's manufacturing operations in the United States on the overall U.S. economy and other segments of the automobile industry, including levels of employment, domestic manufacturing of automobiles and automobile components, and automobile dealerships.
Rescinds the $7.5 billion appropriation for the Advanced Technology Vehicles Manufacturing Loan Program Account for the cost of direct loans as authorized by the Energy Independence and Security Act of 2007. Appropriates the same amount for the cost of direct loans under this Act. Limits commitments for direct loans using such amount to $25 billion in total loan principal.
Cosponsors 6
Members who signed on, in the order they did. All signed on Nov 20, 2008.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-PA | Arlen Specter | Original | Nov 20, 2008 |
| R-MO | Christopher S. Bond | Original | Nov 20, 2008 |
| D-MI | Debbie Stabenow | Original | Nov 20, 2008 |
| R-OH | George V. Voinovich | Original | Nov 20, 2008 |
| D-PA | Robert P. Casey Jr. | Original | Nov 20, 2008 |
| D-OH | Sherrod Brown | Original | Nov 20, 2008 |
Actions 3
Everything that happened, newest first.
- Nov 20, 2008Introduced in Senate
- Nov 20, 2008Read twice and referred to the Committee on Appropriations. (text of measure as introduced: CR S10749-10750)
- Nov 20, 2008Sponsor introductory remarks on measure. (CR S10748)
Subjects
Assigned by the Library of Congress. Policy area: Transportation and Public Works.
- Appropriations
- Automobile industry
- Automobile parts
- Commerce
- Corporate governance
- Economics and Public Finance
- Energy
- Energy efficiency
- Executive compensation
- Executive reorganization
- Fuel consumption
- Government lending
- Government Operations and Politics
- Labor and Employment
- Lobbying
- Motor vehicles
- Rescission of appropriated funds
- Retail trade
- Transportation and Public Works
- Unemployment
Text 1
Each version as it was printed, newest first.
- Nov 20, 2008Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.
