WASHINGTON, Dec. 4 (UPI) -- The U.S. auto industry provided more information to show it deserves taxpayer support than financial companies have, U.S. Sen. Christopher Dodd, D-Conn., said.
After providing billions of dollars to financial institutions, "Americans are still waiting for most of them to show that they deserve the dollars they've received," said Dodd, chairman of the U.S. Senate Banking Committee, when opening a hearing on possible government assistance to the auto industry. "The nation's largest financial institutions are among the largest culprits in causing the credit crisis" yet haven't adopted "tough reforms to ensure the kind of shabby lending practices they engaged in will not happen again."
If lawmakers insist on auto industry providing a road map for reform as a condition to receive federal funding, "we ought to do the same for the financial companies," he said. "For that reason, I will do all I can to insist that any auto company bill also place tough conditions on any loans to financial firms."
Dodd also said the administration should present the Congress and the public "a comprehensive coherent plan" to address concerns of control and transparency before seeking the final $350 billion provided in the Emergency Economic Stabilization Act.
