On Friday, Governor Gretchen Whitmer joined forces with Ohio Governor Mike DeWine.
The Governors called on President Trump and Congress to ensure the automotive industry and the jobs it supports are able to weather the economic downturn.
“As we work through this crisis as a nation, we must do what’s right to support our auto workers, who are the backbone of America’s middle class,” said Governor Whitmer.
Whitmer offered several actions for the President to consider including:
• Provide loans and loan guarantees to manufacturers experiencing substantial revenue loss;
• Allow banking regulators to temporarily suspend and review the Liquidity Coverage Ratio and other requirements to provide supervisory flexibility for banks extending credit;
• Allow companies to defer 2020 quarterly tax payments to preserve liquidity;
• Expand the Federal Reserve purchase program to include Asset Backed Securities as a priority;
• Reinstitute Term Asset-Backed Securities Loan Facility (TALF);
• Expand purchases of commercial paper (CPFF-Commercial Paper Funding Facility) to benefit all issuers; and,
• Work with the Federal Reserve to utilize all available tools to ensure liquidity; specifically, consider utilizing Targeted Lending via sec. 13(3) of the Federal Reserve Act and invoke “unusual and exigent” measures to lend to entities most adversely impacted by COVID-19.
Font: 9 & 10 News
