Politicians react to supplier bailouts
March 19, 2009: ``I commend President Obama and Secretary Geithner for their efforts to provide automobile suppliers with access to the necessary credit they need to help keep this vital industry operating. Michigan suppliers and workers will benefit from the Auto Supplier Support Program, and today's action will minimize unnecessary job losses as the administration continues to work with the entire auto industry to ensure an orderly restructuring.Gov. Jennifer Granholm.
``This action sends a clear signal that the auto task force is truly working with all stakeholders, including suppliers, to ensure the survival of our manufacturers.Sen. Debbie Stabenow, D-Mich.
``This aid comes at a critical time for this vital industry and I am pleased the program will be able to keep the doors open and lines operating at many U.S. auto suppliers.Rep. John Dingell, D-Dearborn.
``This is good news for the tens of thousands of Michigan workers who make auto parts in thousands of auto supplier plants across our state. It is also a welcome sign that President Obama intends to keep his promise to America's auto industry on this issue.Rep. Mike Rogers, R-Brighton.
``There are still many difficult days ahead for all of the auto stakeholders, but action for suppliers, in advance of the March 31st deadline set in the loans to GM and Chrysler, was exactly what was needed, and the task force should be commended for acting expeditiously.Rep. Sander Levin, D-Royal Oak.
``I believe that this program is a good start to help beleaguered auto suppliers working in this difficult economy to provide quality and much needed parts to our auto manufacturers and protect jobs. I am disappointed that this program will only support the operations at Tier 1 suppliers that ship directly to the auto companies and leaves out the thousands of smaller suppliers ... These companies are suffering and also play a vital role in the auto supply chain.Rep. Candice Miller, R-Harrison Township, Macomb County.
``Shoring up the supplier base is something we've hoped for and worked toward for months, so this is good news and important news for the industry as a whole, as well as for the suppliers. The administration's action today will begin to restore needed stability to suppliers and component manufacturers.Sen. Carl Levin, D-Mich.
``This assistance will provide suppliers and their creditors with immediate assurance that they will be paid for their receivables, and will provide them with a mechanism to obtain access to funding to keep their operations going.Rep. Gary Peters, D-Bloomfield Township, Oakland County.