Rep. Barney Frank Holds a Hearing On the American Automobile Industry

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Rep. Barney Frank Holds a Hearing On the American Automobile Industry

HOUSE COMMITTEE ON FINANCIAL SERVICES HOLDS A HEARING ON THE AMERICAN AUTOMOBILE INDUSTRY

DECEMBER 5, 2008

SPEAKERS: REP. BARNEY FRANK, D-MASS. CHAIRMAN REP. PAUL E. KANJORSKI, D-PA. REP. MAXINE WATERS, D-CALIF. REP. CAROLYN B. MALONEY, D-N.Y. REP. LUIS V. GUTIERREZ, D-ILL. REP. NYDIA M. VELAZQUEZ, D-N.Y. REP. MELVIN WATT, D-N.C. REP. GARY L. ACKERMAN, D-N.Y. REP. BRAD SHERMAN, D-CALIF. REP. GREGORY W. MEEKS, D-N.Y. REP. DENNIS MOORE, D-KAN. REP. MICHAEL E. CAPUANO, D-MASS. REP. RUBEN HINOJOSA, D-TEXAS REP. WILLIAM LACY CLAY, D-MO. REP. CAROLYN MCCARTHY, D-N.Y. REP. JOE BACA, D-CALIF. REP. STEPHEN F. LYNCH, D-MASS. REP. BRAD MILLER, D-N.C. REP. DAVID SCOTT, D-GA. REP. AL GREEN, D-TEXAS REP. EMANUEL CLEAVER II, D-MO. REP. MELISSA BEAN, D-ILL. REP. GWEN MOORE, D-WISC. REP. LINCOLN DAVIS, D-TENN. REP. PAUL W. HODES, D-N.H. REP. KEITH ELLISON, D-MINN. REP. RON KLEIN, D-FLA. REP. TIM MAHONEY, D-FLA. REP. CHARLIE WILSON, D-OHIO REP. ED PERLMUTTER, D-COLO. REP. CHRISTOPHER S. MURPHY, D-CONN. REP. JOE DONNELLY, D-IND. REP. BILL FOSTER, D-ILL. REP. ANDRE CARSON, D-IND. REP. JACKIE SPEIER, D-CALIF. REP. DON CAZAYOUX, D-LA. REP. TRAVIS CHILDERS, D-MISS.

REP. SPENCER BACHUS, R-ALA. RANKING MEMBER REP. DEBORAH PRYCE, R-OHIO REP. MICHAEL N. CASTLE, R-DEL. REP. PETER T. KING, R-N.Y. REP. ED ROYCE, R-CALIF. REP. FRANK D. LUCAS, R-OKLA. REP. RON PAUL, R-TEXAS REP. STEVEN C. LATOURETTE, R-OHIO REP. DONALD MANZULLO, R-ILL. REP. WALTER B. JONES, R-N.C. REP. JUDY BIGGERT, R-ILL. REP. CHRISTOPHER SHAYS, R-CONN. REP. GARY G. MILLER, R-CALIF. REP. SHELLEY MOORE CAPITO, R-W.VA. REP. TOM FEENEY, R-FLA. REP. JEB HENSARLING, R-TEXAS REP. SCOTT GARRETT, R-N.J. REP. GINNY BROWN-WAITE, R-FLA. REP. J. GRESHAM BARRETT, R-S.C. REP. JIM GERLACH, R-PA. REP. STEVE PEARCE, R-N.M. REP. RANDY NEUGEBAUER, R-TEXAS REP. TOM PRICE, R-GA. REP. GEOFF DAVIS, R-KY. REP. PATRICK T. MCHENRY, R-N.C. REP. JOHN CAMPBELL, R-CALIF. REP. ADAM H. PUTNAM, R-FLA. REP. MICHELE BACHMANN, R-MINN. REP. PETER ROSKAM, R-ILL. REP. KENNY MARCHANT, R-TEXAS REP. THADDEUS MCCOTTER, R-MICH. REP. KEVIN MCCARTHY, R-CALIF. REP. DEAN HELLER, R-NEV.

WITNESSES: G. RICHARD WAGONER JR., CHAIRMAN AND CEO, GENERAL MOTORS CORPORATION

ROBERT NARDELLI, CEO, CHRYSLER

ALAN MULALLY, PRESIDENT AND CEO, FORD MOTOR COMPANY

RON GETTELFINGER, PRESIDENT, UNITED AUTO WORKERS

GENE DODARO, ACTING U.S. COMPTROLLER GENERAL, GOVERNMENT ACCOUNTABILITY OFFICE

FELIX ROHATYN, FGR ASSOCIATES

EDWARD ALTMAN, PROFESSOR, LEONARD STERN SCHOOL OF BUSINESS, NEW YORK UNIVERSITY

DAVID FRIEDMAN, RESEARCH DIRECTOR, UNION OF CONCERNED SCIENTISTS'S CLEAN VEHICLES PROGRAM

JEFFREY SACHS, DIRECTOR, EARTH INSTITUTE

DAMON LESTER, PRESIDENT, NATIONAL ASSOCIATION OF MINORITY AUTOMOBILE DEALERS

[*] FRANK: The hearing will come to order. We are going to be very good on time today because this is an important issue. There's a lot to be done. Members will be held strictly to five minutes, which means if you ask a question that takes four minutes and 47 seconds to ask, you will get a 13-second answer. And we cannot be accommodating, frankly, sloppiness in asking questions and then let that be an excuse for extending the time.

Under our rules, the minimum amount of time we can do for opening statements if 40 minutes. The minority has requested the full allocation, so we will proceed immediately to our 40-minute opening statements. We have started a half-hour early, so we will get started at 10. We are going to dismiss this panel at 12:30 because we have a second panel. We did not want it to be simply the auto ind...

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