Congressman Gary PetersGary Charles PetersOvernight Finance: Senate rejects Trump immigration plan | U.S. Bancorp to pay 0M in fines for lacking money laundering protections | Cryptocurrency market overcharges users | Prudential fights to loosen oversight Senators introduce bill to help businesses with trade complaints Trump spars with GOP lawmakers on steel tariffs MORE (D), whose Detroit area district is home to Chrysler, said Monday that Chrysler's sale to Fiat will help the company emerge from bankruptcy to compete in the global marketplace.

On Sunday night, a New York federal judge approved the sale of many of Chrysler's assets to Fiat after lengthy hearings.

"Today marks a new chapter in Chrysler's storied history," Peters said in a statement.

Peters also highlighted sacrifices made by Chrysler's employees to help facilitate the bankruptcy process and sale.

"These proceedings were able to move so swiftly because Chrysler, the president's auto task force, autoworkers, majority debt holders and others worked so hard to set much of Chrysler's restructuring in place before bankruptcy was filed," he said.

The Chrysler news comes on the same day that General Motors filed by Chapter 11 bankruptcy and the federal government took major ownership over the auto company.

jeremy.jacobs@thehill.com