Advertisement
News
Advertisement

Old GM Sites May Receive Funding For Clean Up

Tue, 05/18/2010 - 6:29am
Manufacturing.net

WASHINGTON (AP) -- The Obama administration is proposing a trust fund of more than $800 million to pay for the clean up of closed General Motors sites in 14 states.

Ed Montgomery, who leads the White House Council on Automotive Communities and Workers, said the fund would clean up nearly 90 properties shuttered in the GM bankruptcy.

More than half of the sites are in Michigan.

The funding comes from $1.2 billion provided by the Treasury Department to wind down the "bad" assets of GM set aside in the company\'s bankruptcy last year.

Montgomery and White House economic adviser Larry Summers announced the trust fund at a summit on the future of auto communities, co-sponsored by the White House and Brookings Institution.

SOURCE

Advertisement

Share this Story

X
You may login with either your assigned username or your e-mail address.
The password field is case sensitive.
Loading