Bernanke: Leave auto aid to Congress
Federal Reserve Chairman Ben Bernanke says he would be reluctant to use the central bank’s emergency lending program to help struggling U.S. auto companies.
In a letter to Senate Banking Committee Chairman Christopher Dodd, D-Conn., Bernanke wrote that any decision about whether to provide financial aid to Detroit is best left to Congress.
Congress and the White House are pushing to clear the final obstacles to a $15 billion bailout of the auto industry, seeking agreement by the end of the day followed by swift passage classic car insurance.