Speech

Department of theTREASURY TELEPHONE 566-2041 WASHINGTON, O.C. 20220 FOR RELEASE UPON DELIVERY Expected at 2: 30 p .m. November 14, 1979 STATEMENT OF THE HONORABLE G. WILLIAM MILLER SECRETARY OF THE TREASURY BEFORE THE SENATE COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS Mr. Chairman and Members of this Committee: The Administration seeks your support for a^hority toprOf . e-i c billion in Federal loan guarantees fo Sbz ^nS^-eor^iSjo^irr- ^r^rimon^t^In^^thrc^pan; through 1983 and enable !t'to reemerge as a commercially viable, self-financing entity. second, the Company's current business ^^financial “tuation^ propoUi^ Ittached9areeappendices tha^ provide additional detailed information on certain issues. REASONS FOR FEDERAL FINANCING ASSISTANCE IN THIS CASE This Administration approaches Federal financing a^istance to private corporations with great caution Normally, corpora tions should be financed in the private markets, For sale by the Superintendent of Documents. U.S. Government Printing Office Washington, D.C. 20402 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DepartmentoftheTREASURY WASHINGTON, D.C. 20220 TELEPHONE 566-2041 FOR RELEASE UPON DELIVERY Expected at 2:30 p.m. November 14, 1979 STATEMENT OF THE HONORABLE G. WILLIAM MILLER SECRETARY OF THE TREASURY BEFORE THE SENATE COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS Mr. Chairman and Members of this distinguished Committee: The Administration seeks your support for authority to provide up to $1.5 billion in Federal loan guarantees for the benefit of Chrysler Corporation on the condition that the Company raise on its own $1.5 billion of new cash or savings from third parties on an unguaranteed basis. We believe that this $3.0 billion will finance the Company through 1983 and enable it to reemerge as a commercially viable, self-financing entity. My testimony will cover four major areas: first, the arguments for Federal financing assistance in this case; second, the Company’s current business and financial situation; third, its financing needs; and fourth, our specific legislative proposal. Attached are appendices that provide additional detailed information on certain issues. REASONS FOR FEDERAL FINANCING ASSISTANCE IN THIS CASE This Administration approaches Federal financing assistance to private corporations with great caution. Normally, corpora­ tions should be financed in the private markets, but there For sale by the Superintendent of Documents, U.S. Government Printing Office Washington, D.C. 20402 Stock Number 041-001—00192-1 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

G. William Miller (1979, November 13). Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/speech_19791114_miller

@misc{wtfs_speech_19791114_miller,
  author = {G. William Miller},
  title = {Speech},
  year = {1979},
  month = {Nov},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/speech_19791114_miller},
  note = {Retrieved via When the Fed Speaks corpus}
}