(the “Bankruptcy Code”) by Chrysler LLC and certain of its affiliates (collectively, “Chrysler”),and certain of the related relief being or to be sought by Chrysler; (b) to set forth the relevantstatutory authority pursuant to which Treasury intends to participate in this case as a post-petitionlender to Chrysler; and (c) to set forth the facts regarding Treasury’s role in these cases.
For more than a century, factory workers, engineers, technicians,secretaries and others in the American auto industry have joined together to build cars and, moreimportantly, middle class lives and communities which have strengthened the American fabric.Now, in the midst of exceptional economic uncertainty, the automotive industry faces a crisis.The importance of this industry to the American economy and, indeed, the American way of lifecannot be overstated. Recognizing this, the United States of America, through Treasury and itsPresidential Task Force on the Auto Industry (the “Auto Task Force”),
has implementedunprecedented programs to support the domestic automotive industry through this difficultperiod, including credit support for receivables issued by certain major domestic vehiclemanufacturers,
support for consumer warranties,
and direct loans to manufacturers, including$4 billion in loans to Chrysler.
The Auto Task Force is a cabinet-level group led by Treasury Secretary Timothy F. Geithner andNational Economic Council Director Laurence H. Summers, which includes the Secretaries of Transportation, Commerce, Labor and Energy. It also includes the Chair of the President’s Council of Economic Advisors, the Director of the Office of Management and Budget, the Environmental ProtectionAgency Administrator and the Director of the White House Office of Energy and Climate Change. Themembers of the Auto Task Force, along with their official designees and the Auto Task Force’s advisors,are charged with advising the President of the United States on the state of, and support for, the domesticauto industry. See Press Release, The White House Office of the Press Secretary, Geithner, SummersConvene Official Designees to Presidential Task Force on Auto Industry (Feb. 20, 2009)http://www.whitehouse.gov/the_press_office/Geithner-Summers-Convene-Official-Designees-to-Presidential-Task-Force-on-the-Auto/.
See Press Release, Auto Supplier Support Program: Stabilizing the Auto Industry at a Time of Crisis,http://www.treas.gov/press/releases/docs/supplier_support_program_3_18.pdf.