More Correspondence from Congressman Charlie Wilson

Subjects today are Unemployment Benefit extension and bailing out Detroit:

Dear Friends,

I’m pleased that yesterday the Senate passed the House’s legislation extending unemployment insurance benefits for seven weeks and for 13 additional weeks in states with unemployment rates above 6 percent. The House had passed this legislation earlier in October. The President signed the bill into law this morning.

This means relief for more than 2 million workers who continue to search for new jobs in our increasingly difficult economy. 

Clearly more must be done. I stand ready to work with my fellow Members in Congress to do whatever it takes to stabilize and strengthen our economy. To that end, I will continue to voice my support for aiding the auto industry.

Earlier this week I joined 24 other Members of Congress and wrote to the leaders of the Senate and the House. We expressed our strong support for Congress and the Administration to assist the auto industry before the end of the year.

I know how important the auto industry is to Ohio. I’m very pleased that Financial Services Committee Chairman Barney Frank has introduced a plan that would carve out part of the Troubled Asset Relief Program for loans to the auto industry. In exchange, the government would get an ownership stake in the companies. That’s good for the auto industry and good for taxpayers.

Along with the requirement for restructuring plans, including plans to build energy efficient vehicles using the most advanced technologies, the House legislation would:
• impose more restrictive limits on CEO and executive compensation than on other rescue funds, including a ban on golden parachutes,
• protect taxpayers by providing warrants to purchase stock so the government could earn a profit,
• ban dividend payments to shareholders over the life of the government loan,
• and require rigorous independent oversight. 

We can’t let the auto industry fail. Working families across Ohio and our country depend on it; our economy depends on it. I’m hopeful we take up this legislation in early December if the auto industry demonstrates that they have a plan to restructure. 


Charlie Wilson
Member of Congress
Ohio’s Sixth District

Sincerely,

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