SEN. MENENDEZ SEEKS ASSURANCES THAT FEDERAL LOAN IS NOT USED TO PROP UP FOREIGN AUTO MAKER

Member of Banking and Finance Committees asks President Obama to require that Chrysler repay TARP loan should Fiat take majority ownership

WASHINGTON – U.S. Senator Robert Menendez (D-NJ) today asked President Barack Obama to institute a policy to prevent auto company rescue funds from going to foreign auto companies. With Italian carmaker Fiat in a deal to purchase 35 percent of Chrysler and with news reports citing the possibility that it could eventually own up to 55 percent of Chrysler, Senator Menendez is asking that Chrysler be required to pay back loans from the Troubled Asset Relief Program should Fiat become the majority owner of the company.

Read Senator Menendez's letter to President Obama>>>HERE