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On November 19, 2008, there was a United States Senate hearing on the automotive crisis in the presence of the heads of Chrysler, Ford and General Motors. The auto manufacturers explained that they would need financial aid of $25 billion if they were to avoid bankruptcy. The Senate was divided on the issue.
On October 1, a revised compromise version was approved by the Senate with a 74–25 vote. The bill, HR1424 was passed by the House on October 3, 2008, and signed into law. The first half of the bailout money was primarily used to buy preferred stock in banks instead of troubled mortgage assets. [11]
The U.S. auto industry was profitable in every year since 1955, except those years following U.S. recessions and involvement in wars. U.S. auto industry profits suffered from 1971 to 1973 during the Vietnam War, during the recession in the late 1970s which impacted auto industry profits from 1981 to 1983, during and after the Gulf War when ...
General Motors Corp. (GM) and Chrysler have received $17.4 billion in U.S. funds (so far), which they received only after much congressional teeth gnashing. Meanwhile, American International Group ...
The U.S. Senate will vote Wednesday on three bills laying out funding plans for agriculture, military and veterans affairs and transportation for the fiscal year ending Sept. 30, 2024, Democratic ...
[35] Neil Barofsky, an Assistant United States Attorney for the Southern District of New York, was nominated to be the first Special Inspector General for the Troubled Asset Relief Program (SIGTARP). He was confirmed by the Senate on December 8, 2008, and was sworn into office on December 15, 2008. He stepped down from the post on March 30 ...
800-290-4726 more ways to reach us. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 more ways to reach us. ... Senate votes 87-11 to pass short-term government funding bill ...
The Senate voted, 61–36 (with 2 not voting) on February 9 to end debate on the bill and advance it to the Senate floor to vote on the bill itself. [21] On February 10, the Senate voted 61–37 (with one not voting) [ 22 ] All the Democrats voted in favor, but only three Republicans voted in favor ( Susan Collins , Olympia Snowe , and Arlen ...