Bill Pascrell: “I would agree this is night and day. I testified last month, as you remember, before the Financial Services Committee on…”

“I would agree this is night and day. I testified last month, as you remember, before the Financial Services Committee on the need to open up the credit markets for consumers. That's what we are all about. Title III of TARP will help to open the credit markets for auto loans. Specifically, it clarifies and confirms the Treasury's authorization to provide assistance to automobile manufacturers. We can provide lots of money to the Big Three. If we don't sell cars, if we don't have traffic in those dealers, they not only close, we have an extended recession in the economy. Most importantly, this bill will help those borrowers that have good credit access the necessary financing for auto loans. Wouldn't you agree, Mr. Chairman, that's a major problem: those who can't get credit aren't getting it?”