H.R. 7297

Emergency Automobile Industry American Jobs Protection Act of 2008

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I

110th CONGRESS

2d Session

H. R. 7297

IN THE HOUSE OF REPRESENTATIVES

November 20, 2008

Ms. Jackson-Lee of Texas introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To establish conditions on any distribution of funds under the Emergency Economic Stabilization Act of 2008 to provide relief for the automotive industry, dealerships, and suppliers, and for other purposes.

1.

Short title

This Act may be cited as the Emergency Automobile Industry American Jobs Protection Act of 2008.

2.

Definitions

For purposes of this Act, the automobile companies, General Motors, Ford, and Chrysler are referred to as the Big Three automobile companies.

3.

Requirements on distribution of loan funds

(a)

Distribution of loan funds to the Big Three automobile companies pursuant to the Emergency Economic Stabilization Act of 2008, to authorize loans to automobile manufacturers, and for other purposes, should be conditioned upon the Big Three automobile companies filing a certification with the Congress, before any disbursement of loan funds, that—

(1)

United States automobile jobs will not be decreased by relocation to foreign countries;

(2)

automobile dealerships will benefit from the receipt of these loan funds, and that the Big Three shall further provide for the stability of such dealerships, including women and minority-owned dealerships; and

(3)

United States automobile suppliers will also be supported by and stabilized by such loan funding.

(b)

No loan funds distributed pursuant to the Emergency Economic Stabilization Act of 2008, to authorize loans to automobile manufacturers, and for other purposes, should be used by the Big Three automobile companies to allow them to relocate overseas if the relocation causes the loss of United States automobile industry jobs, dealerships, or suppliers.

4.

Impact of distribution of loan funds

Loan funds distributed pursuant to the Emergency Economic Stabilization Act of 2008, to authorize loans to automobile manufacturers, and for other purposes, should be used to ensure the stability of the Big Three automobile companies and should be used by the Big Three automobile companies to establish a long-term plan of growth for United States automobile dealerships, including women and minority-owned dealerships, and United States automotive industry suppliers.