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Pelosi Calls For Auto-industry Rescue Legislation

House Speaker Nancy Pelosi (D-Calif.) called on Congress Tuesday to move quickly to pass legislation to prevent the collapse of the American auto industry. She suggested any help would have strings attached, similar to those stuck to the financial bailout.

But she added that Congress should work directly with the industry to guide its transformation. "In order to prevent the failure of one or more of the major American automobile manufacturers, which would have a devastating impact on our economy, particularly on the men and women who work in that industry, Congress and the Bush Administration must take immediate action," she said.

"I have asked Chairman Barney Frank of the House Financial Services Committee to work with House and Senate leaders, and with the Bush Administration, to craft legislation to provide emergency and limited financial assistance to the automobile industry under the Emergency Economic Stabilization Act (EESA)."

Full statement after the jump...

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