NASCAR chairman Brian France is looking out for the sport he makes a living off by writing Congress in support of the auto manufacturer’s request for federal bailout money.
“I’m writing you as a concerned American who wants what is best for our general country,” France wrote. “Of course, the domestic automobile manufacturers play a very important part of the heritage of NASCAR, but more importantly, it is vital for all of America.”
“For these manufacturers to survive, your assistance is urgently needed,” France wrote. “By immediately supporting America’s automobile industry, you can help our nation avoid a devastating economic blow.
“We urge the Administration and Congress to support the bridge loan package under deliberation. As unattractive as the idea of corporate federal bailouts can be to many Americans, including me, there appears to be no alternative. Federal aid is in the best interest of the entire country.”
The letter, a copy of which was obtained Saturday by The Associated Press, was addressed to Senate Majority Leader Harry Reid, Senate Minority Leader Mitch McConnell, Sen. Chris Dodd, chairman of the Senate Banking, Housing and Urban Affairs Committee, and Sen. Richard Shelby, the senior Republican on the Banking Committee. It was dated Tuesday.
France’s letter warned that if the auto industry fails, three million people would lose their jobs in the first year, and another 2.5 million during the following two years. He said personal income in the U.S. would drop by $150 billion in the first year and domestic automobile production — even by foreign manufacturers — would likely drop to zero.