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Department of thefREASURY WASHINGTON, D.C. 20220 TELEPHONE 566-2041 FOR nF-T.RRSE UPON DELIVERY Expected at 10:00 a.m. November 7, 1979 STATEMENT OF THE HONORABLE G. WILLIAM MILLER SECRETARY OF THE TREASURY BEFORE THE SUBCOMMITTEE ON ECONOMIC STABILIZATION OF ME house committee ON BANKING. FINANCE AND URBAN AFFAIRS Mr. Chairman and Members of this distinguished Committee: The Administration seeks your s^PP0 f up to $1.5 Million in Federal ^.guarantee^ tlie benefit of Chrysler c°rP°ra^°" f cash or savings from third on its own $1.5 billion Ox n believe that this E»rtl.> »U CLpany . 1933 »nd «.“• J. i’:•»!«• ■nnnn n. entity. My testimony will cover . four major^reasx^first^the arguments for Federal £lnanCJ"^ . s and financial situation: second, the Company s cu^enan^ £purth, our specific legislative proposal3 Attached'ar^appendices that provide additional detailed information on certain issues. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis For Mie by the Superintend™, nt '>“"">en... Government Printing Oll.ee Washington. D.C. 20402 Stock Number 041-001-00191-3 Department of the TREASURY WASHINGTON, D.C. 20220 TELEPHONE 566-2041 I i FOR RELEASE UPON DELIVERY Expected at 10:00 a.m. November 1, 1979 STATEMENT OF THE HONORABLE G. WILLIAM MILLER SECRETARY OF THE TREASURY BEFORE THE SUBCOMMITTEE ON ECONOMIC STABILIZATION OF THE HOUSE COMMITTEE ON BANKING, FINANCE 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 and 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. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis For sale by the Superintendent of Documents, U.S. Government Printing Office Washington, D.C. 20402 Stock Number 041—001-00191-3
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