U.S. Congressman Paul Ryan Serving Wisconsin's 1st District

U.S. Congressman Paul Ryan Serving Wisconsin's 1st District

U.S. House of Representatives

Press Releases

Home » news Press Releases
Ryan Statement on H.R. 7321, “The Auto Industry Financing and Restructuring Act”


December 10, 2008

WASHINGTON – Earlier tonight, the U.S. House of Representatives approved H.R. 7321, “The Auto Industry Financing and Restructuring Act” by a vote of 237 – 170. H.R. 7321 is currently pending before the U.S. Senate. Following his vote in favor of this legislation, Wisconsin’s 1st District Congressman Paul Ryan released the following statement:

“It is clear that the mounting hardships throughout Southern Wisconsin have been downright gut-wrenching. In addition to the imminent closure of the GM plant in my hometown of Janesville and mass layoffs elsewhere, hard-working Wisconsinites are finding it increasingly difficult during this recession to cope with strained credit markets, rising health care costs, and making their monthly mortgage payments.

“The American automotive industry is under considerable distress, and various proposals have been put forth to provide aid to those in need. I’ve maintained that any assistance to the domestic auto industry should be drawn from previously approved funds from a U.S. Department of Energy loan package, rather than divert resources from the financial rescue package or rely on additional taxpayer dollars. H.R. 7321 cuts through the bureaucratic red tape and expedites these previously appropriated funds. Because no additional taxpayer dollars were appropriated, I was able to support this legislation.

“At the forefront of my mind are jobs in Southern Wisconsin and the retiree commitments to workers that could be placed in jeopardy under certain bankruptcy scenarios. To be clear, this bill is not intended to save the American auto industry and makes no guarantees that layoffs in this industry will end. Congress must stop overselling what it can do. At the very least, I am hopeful that by extending these loans to the American auto manufacturers, bankruptcy will be avoided in the near term and protections for retirees will remain intact.”

Print version of this document Contact: Conor Sweeney (202) 226-7326
Washington, DC Office
  • 1233 Longworth House Office Bldg
  • Washington, DC 20515
  • Phone: (202) 225-3031
  • Fax: (202) 225-3393
Janesville Office
20 South Main Street
Phone: (608) 752-4050
Suite 10
Fax: (608) 752-4711
Janesville, WI 53545
Toll Free: (888) 909-RYAN (7926)
Kenosha Office
5031 7th Avenue
Phone: (262) 654-1901
Kenosha, WI 53140
Fax: (262) 654-2156
Racine Office
216 6th Street
Phone: (262) 637-0510
Racine, WI 53403
Fax: (262) 637-5689
Mobile Office Hours
Click for Schedule
Rock Walworth Waukesha Milwaukee Racine Kenosha