In the nature of a substitute.

SA 1419. Mr. NELSON of Nebraska (for himself, Ms. Collins, Ms. Landrieu, Mr. Lieberman, Ms. Klobuchar, and Mrs. McCaskill) submitted an amendment intended to be proposed by him to the resolution S. Res. 175, expressing the sense of the Senate that the Federal Government is a reluctant shareholder in the ownership of General Motors and Chrysler; which was referred to the Committee on Banking, Housing, and Urban Affairs; as follows:

Strike the preamble and insert the following:

Whereas the United States is facing a deep economic crisis that has caused millions of American workers to lose their jobs;

Whereas the collapse of the American automotive industry would have dealt a devastating blow to an already perilous economy;

Whereas on December 19, 2008, President George W. Bush stated: “The actions I'm announcing today represent a step that we wish were not necessary. But given the situation, it is the most effective and responsible way to address this challenge facing our Nation. By giving the auto companies a chance to restructure, we will shield the American people from a harsh economic blow at a vulnerable time and we will give American workers an opportunity to show the world, once again, they can meet challenges with ingenuity and determination, and bounce back from tough times and emerge stronger than before.”;

Whereas on March 30, 2009, President Barack Obama stated: “We cannot, and must not, and we will not let our auto industry simply vanish. This industry is like no other--it's an emblem of the American spirit; a once and future symbol of America's success. It's what helped build the middle class and sustained it throughout the 20th century. It's a source of deep pride for the generations of American workers whose hard work and imagination led to some of the finest cars the world has ever known. It's a pillar of our economy that has held up the dreams of millions of our people . . . . These companies--and this industry--must ultimately stand on their own, not as wards of the state.”;

Whereas the Federal Government is a reluctant shareholder in General Motors Corporation and Chrysler Motors LLC in order to provide economic stability to the Nation;

Whereas the Federal Government will work to protect the investment of the American taxpayers;

Whereas the Federal Government will not intervene in the day-to-day management of General Motors or Chrysler; and

Whereas the Federal Government shall closely monitor General Motors and Chrysler to ensure that they are responsible stewards of taxpayer dollars and take all possible steps to expeditiously return to viability: Now, therefore, be it