Full text of Statements and Speeches of G. William Miller : Statement Before the Senate Committee on Banking, Housing and Urban Affairs

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Department of theTREASURY
WASHINGTON, O.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
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,


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

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


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—00192-1