Rep. Scott: Help Minority Auto Dealers, Too
Rep. David Scott (D-Ga.) just asked the heads of the three Detroit automakers to ask for federal help for their dealers -- specifically, minority dealers.
The heads of GM, Ford and Chrysler are testifying before the House Financial Services now, asking for $25 billion in loans so they can stay in business, they say.
Scott said that dealerships are being hit hard by the ongoing economic crisis because no one's buying cars. He noted that the ones being hit hardest, though he did not say why, are minority dealers.
He asked each of the three automakers to promise that they will ask President-elect Obama or the Small Business Association to "declare an ethnic minority disaster" and get loans from the SBA to stay in business.
The heads of the three automakers nodded in agreement that they would comply with Scott's request.
-- Frank Ahrens
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November 19, 2008; 1:50 PM ET
Categories: The Ticker | Tags: Detroit bailout, automakers
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Posted by: martintomsal | November 20, 2008 11:48 AM | Report abuse
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