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Gary Peters Applauds Repayment of Chrysler Loans

Tuesday, May 24, 2011 

CONTACT: Clark Pettig
Office: (202) 225-5802

Gary Peters Applauds Repayment of Chrysler Loans
“Proof that Investing in American Auto Industry was Right Thing to Do”

Troy, MI – Representative Gary Peters, whose district is home to Chrysler World Headquarters, several General Motors plants and more auto suppliers than any Congressional district in the country, issued the following statement today regarding Chrysler’s repayment of its government loans.

This is a credit to the hard work of everyone at Chrysler, and it is further proof that investing in the American auto industry was the right thing to do. There were plenty of politicians who wanted to leave our auto industry in the rear view mirror, but today, the Big 3 are creating jobs and leading our economic recovery,” said Rep. Gary Peters.

Today’s loan repayment follows the news earlier this month that all three Detroit automakers are creating jobs and are on track to match or exceed their 2008 employment levels.

Since taking office in January 2009, Representative Peters has been an outspoken advocate for the American automotive industry – maintaining that taxpayers’ investment would be repaid and that the automakers would recover.

Peters was out front in the fight to assist the automakers and provide federal support during the restructuring process. Peters sent numerous letters to administration officials and Congressional leaders, helping to pave the way for a smooth transition in and out of bankruptcy and fighting to protect American workers.

When Chrysler was preparing to enter bankruptcy, Peters urged the largest holders of Chrysler’s debt, who were all recipients of significant federal support through the TARP program, to negotiate in good faith with Chrysler and accept fair market value for their holdings. 

Peters also engaged in a high-profile defense of Chrysler’s future in late 2009 when Senator John McCain predicted that the company would soon fail and asserted that preventing the collapse of the American automotive industry was a mistake. Peters invited McCain to come to Oakland County and see firsthand the strength and contributions of American auto companies, a challenge McCain declined.