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Published on Dec 10, 2008
Today the House is debating HR 7321, the Auto Industry Financing and Restructuring Act to address the American auto industry's request for financial assistance. The legislation provides up to $14 billion in short-term bridge loans and includes accountability measures banning corporate excesses, including no golden parachutes, no bonuses for the 25 most highly paid employees at each company, and no corporate airplanes, with requirements to sell or end leases on any existing aircraft.