WASHINGTON - A key House Democrat is writing legislation that would send $25 billion in emergency loans to the beleaguered auto industry in exchange for a government ownership stake in the Big Three car companies.
House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid
are pressing for quick passage of an auto bailout during a postelection session of Congress that begins next Tuesday.
The legislation being drafted by Democratic Representative Barney Frank, chairman of the Financial Services Committee, would dip into the $700 billion Wall Street rescue money approved by Congress last month for the auto aid. President Bush is cool to that idea, although the White House says he is open to helping the troubled industry.
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