Washington, D.C. — Congressman Raúl M. Grijalva issued the following statement regarding his Yes vote on the Auto Industry package:

“Congress must help stabilize the industry while ensuring corporate accountability to the American people.

“I voted for this legislation because it is a responsible package that will help the economy and protect the taxpayer. This package is transparent, coupled with tough new oversight and regulations of our auto industry.

“The legislation provides up to $15 billion in short-term bridge loans based on four key principles: Strict accountability to the American people, shared sacrifice, repayment of loan and a commitment to fuel efficiency.

“Let me make this clear this is a loan, not a “bailout”.

“There will be no ‘golden parachutes’ or corporate excess. This legislation put forth will be strict oversight by the new Car Czar to ensure immediate repayment of the loan.

“This legislation will also look at alternatives, protect public transit and maintain funding to aside to help the industry retool to build advanced technology vehicles that greatly improve fuel efficiency and reduce carbon emissions.

“The work ahead of us needs to be done. I look forward working with the next Administration on real change.”