Sen. Sherrod Brown said Tuesday he plans to introduce legislation to provide more aid for auto-parts suppliers, after the Obama administration turned down an industry request for more funds. Sen. Brown (D., Ohio) said in a statement that the proposed legislation would "provide a new funding source to help auto suppliers and other manufacturers retool for the clean energy industry." He plans to unveil the proposal Wednesday on Capitol Hill.
The plan, which Sen. Brown said has the support of business, environmental and labor leaders, would aim to prevent a wave of bankruptcy filings by parts companies while helping them retool to build more fuel-efficient cars.
Trade groups warned last week that hundreds of suppliers could collapse without further government aid as the bankruptcy filings of General Motors Corp. and Chrysler LLC deepen the suppliers' troubles.
Read Article