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WASHINGTON, DC – Michigan Representative Gary Peters, whose district is home to Chrysler headquarters, several General Motors plants and more auto suppliers than any congressional district in the country, has applauded the announcement that the Treasury department has completed the sale of its remaining stake in Chrysler.

‘Don’t Ever Bet Against Michigan Workers

“The lesson here is don’t ever bet against Michigan workers. Just two years ago, Chrysler was on the brink of collapse and today they are creating jobs, rolling out new vehicles, and are completely privately-owned again,” said Peters.

“We made a commitment to stand up and fight for our workers and automakers here in Michigan. It wasn’t popular, but it was the right thing to do.”

Since taking office in January 2009, Peters has been an outspoken advocate for the American automotive industry – maintaining that taxpayers’ investment would be worthwhile and that the automakers would recover.

Peters was out front in the fight to assist the automakers and provide federal support during the restructuring process. Peters sent numerous letters to administration officials and Congressional leaders, helping to pave the way for a smooth transition in and out of bankruptcy and fighting to protect American workers.

When Chrysler was preparing to enter bankruptcy, Peters publicly urged the largest holders of Chrysler’s debt, who were all recipients of significant federal support through the TARP program, to negotiate in good faith with Chrysler and accept fair market value for their holdings.

Peters also engaged in a high-profile defense of Chrysler’s future in late 2009 when Senator John McCain predicted that the company would soon fail and asserted that preventing the collapse of the American automotive industry was a mistake. At the time, Peters invited McCain to come to Oakland County and see firsthand the strength and contributions of American auto companies, a challenge McCain declined.

Peters extended his offer to McCain again this May when Chrysler formally repaid its government loans. McCain did not respond.


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