Brown Statement on Chrysler Bankruptcy Filing

WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) issued the following statement on Chrysler’s bankruptcy filing:

“I’m disappointed that Chrysler bondholders were not willing to compromise and avoid bankruptcy. Bankruptcy is a setback for auto workers, auto retirees, and auto parts suppliers. Northwest Ohio counties are seeing some of our state’s highest unemployment rates. My thoughts are with workers at the Jeep assembly facility in Toledo and all the other employees at suppliers and dealers elsewhere who may be affected.

“I’m encouraged the administration has taken proactive steps to cushion the blow of bankruptcy. We need to continue to work to reassure potential car buyers and create new demand in the auto industry. This is critical to getting our auto industry back on track.
 
“Auto communities need targeted and timely assistance from the federal government. I will continue to fight to provide economic recovery resources to the auto community. A major plant closing is an economic disaster and the federal government needs to treat it with the same level of response we give to natural disasters.”

Brown was a leading proponent of using funds from the Troubled Asset Relief Program (TARP) to assist the U.S. auto industry. More than 440,000 Ohio jobs directly or indirectly depend on the auto industry. Auto suppliers directly account for nearly 100,000 Ohio jobs.


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