Barney Frank: Plan Is 'Unfair Assault' on Auto Workers
Barney Frank, (D-Mass.), chairman of the House Financial Services Committee, welcomed the auto bailout, "with one significant, regrettable exception."
Most of the plan, he said, reflects agreements negotiated between the White House and Treasury and congressional Democrats. He also said the president's compromise to use TARP funds for the plan was helpful.
But Frank said it is unreasonable to require workers' wages to come into line with the wages of the workers at the U.S. plants of foreign automakers.
"The President has added an unfair assault on working men and women which could require them to accept a disproportionately large reduction in what is currently legally owed to them," he said in a statement. "I am particularly opposed to the notion that the President borrowed from Senator Corker that could give foreign auto companies in effect the ability to dictate wages for all America auto workers.
"Because these provisions are unnecessary to achieve our goal and because they were unilaterally inserted by the President into what was otherwise a negotiated agreement, I believe that the incoming Administration and the Congress should take whatever steps are necessary to remove them," he said. “All stakeholders including union employees must negotiate cost reductions but this must be done with equal burden sharing and with a result that will be much fairer than the President’s approach.”
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