
Logos, Big Three automakers
The U.S. House passed the Auto Industry Financing and Restructuring Act (HR 7321) on Wednesday evening with the final vote tally 237-170. The bill provides $14 billion in short-term bridge loans paired with oversight measures to prevent excesses like golden parachutes or bonuses for uppermost executives. The bill also requires the sale of corporate airplanes or lease terminations where the automaker may have leased aircraft.
The vote generally followed party lines although 32 Republicans voted in favor of the bill and 20 Democrats voted against the bill. Michigan’s entire congressional delegation voted to support the bill, with the exception of Rep. Tim Walberg. Walberg, a lame duck Republican from Michigan’s 7th district, is listed on the congressional roll call as not voting.
A Republican filibuster of the bill had been widely expected. The bill moves next to the Senate, where Republican support is very weak; there may not be enough votes to pass the measure.
You can read the full text of HR 7321 at this link.