Auto loan terms could drop UAW givebacks

[DainBramaged]

Source: Detroit Free Press

Concessions forced on the UAW could be stripped from a $17.4-billion auto industry rescue plan, even as companies and the union would have to answer to a stronger car czar, under a bill unveiled Friday that House Democrats plan to vote on next week.
The proposed changes, revealed by U.S. Rep. Barney Frank, D-Mass., come as part of an effort to toughen the $700-billion financial industry bailout and release the second half of its money into a struggling U.S. economy.

Frank's bill would force more help for homeowners facing foreclosure and stricter reporting rules on banks and financial firms that receive federal aid.

While the bill has the backing of House Speaker Nancy Pelosi, D-Calif., and therefore a strong chance of passing the House, its prospects in the Senate are unknown. Frank said that if it passed the House with a large majority, but failed in the Senate, he'd be willing to accept the word of the Obama team "that they will act as if it were law."

The bill also would require the Obama administration to decide by Feb. 1 what terms the automakers, unions and creditors must meet to keep whatever loans they have and get any additional aid. The companies would then have until March 31 to show the new administration's car czar that they are making sufficient progress.




Read more: http://www.freep.com/article/20090110/BUSINESS01/901100359

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Labor friendly, the Democratic way.

[madrchsod]

1. the big boys are going to have the stage now...

the republicans are`t going to push obama around...

my daughter was laid off last night from the bw plant she works at. they have three new product lines waiting for someone to say go.

[DainBramaged]

2. I hope she gets called back soon, I am so sorry, send her my regrards.

:hug: Even though I am old and in the way, bring the IT/SYSADMIN guy at the shop makes me valuable.