Chambers at the Forefront
Detroit Chamber, Michigan Governor Petition for Big 3 Help
In an open letter published in the Detroit Free Press last Friday, Dick Blouse, President and CEO of the Detroit Regional Chamber joined Michigan Governor Jennifer Granholm (D) in a letter urging quicker distribution of federal loans to assist the Big 3 automakers: Chrysler, Ford and GM.
Last year Congress authorized $25 billion in low interest loans to help American automakers retool manufacturing to meet new fuel efficiency standards and compete in a changing global marketplace. The appropriated funds will be administered by the Department of Energy which has suggested that it may take a year and a half to disburse the loans. That is too long say Blouse and Granholm.
"It is an unprecedented time considering the American autos are facing a faltering global economy, an acute credit crunch, intense worldwide competition, shifting consumer demand, and expanded government regulations – all at the same time. Waiting to get much-needed resources to an industry where all of these forces are putting considerable pressure on severely strained companies is not an option.
The automotive industry, of which the American companies comprise a significant portion of the market, is an integral part of the nation’s economy. Over 13 million auto-related jobs are found throughout the country in every state. Delaying the federal loans will jeopardize countless workers across the nation."
The Detroit Chamber and the Governor are calling for the Department of Energy to expedite loan processing and help the Big 3 now.
To read the full article, click HERE.