Pelosi & Frank Tell Automakers to Be Ready for Tues.

House Speaker Nancy Pelosi (D-Calif.) and House Financial Services Chairman Barney Frank (D-Mass.) wrote the leaders of General Motors (GM) and Chrysler Friday reminding the troubled automakers they owe Congress their restructuring plans Tues., Feb. 17.

The congressional leaders told the executives they expect companies to outline a strategy for long-term viability, as well as plans to make their product lines more environmentally efficient, and to ensure the strength of employees' pension plans.

The companies were loaned $17 billion out of the $700 billion Wall Street Troubled Asset Relief Program (TARP) funds, on conditions for the plan laid forth by the Bush administration.

Read a copy of Frank and Pelosi's letter to GM and Chrysler below:
February 13, 2009

Mr. Robert