Dingell Calls for Creation of New Commission to Investigate Current Financial Crisis

Washington, DC - Congressman John D. Dingell (D-MI15) today introduced a resolution calling for a comprehensive investigation of the current financial crisis, which has generated $1.3 trillion in financial industry losses.  In his statement, he said the new committee should not only examine the sources of the crisis, but also recommend how to prevent its causes from reoccurring in the future.  Below are the Congressman’s remarks:

“Thank you, Madam Speaker.  I rise today to introduce a resolution establishing a select committee in this body to examine the causes of the current financial crisis.  This select committee, to be comprised of members appointed from the Committees on Financial Services, Agriculture, Energy and Commerce, and Oversight and Government Reform, is modeled on the Pecora Commission that held hearings in 1932 and 1933 to investigate the roots of the Great Depression.

“The Pecora Commission exposed a wide array of abusive practices by banks at the time of the Depression and resulted in the subsequent enactment of the Glass-Steagal Act of 1933 and Securities Act of 1934.  It is my ardent hope that the resolution I introduce today will foster a coordinated approach among the multiple committees of jurisdiction on this matter and lead to legislation that re-imposes a strict regulatory framework upon the financial services industry.

“As Ferdinand Pecora, the commission’s namesake, remarked about the outcome of its investigation, “Legal chicanery and pitch darkness were the banker’s stoutest allies.”  I urge the members of this body to take heed of Pecora’s words, now more irrefutably accurate than ever, and support this resolution, which will establish a time-tested mechanism by which to investigate and remedy the various unsavory practices that have led our Nation to an economic precipice of gargantuan proportions.

“Thank you, and yield back the balance of my time.”

Dingell Praises Governor Granholm, Advanced Battery Manufacturers on New Investment in Michigan

Dearborn, MI - Congressman John D. Dingell (D-MI15) praised Michigan Governor Jennifer Granholm (D) and four advanced battery manufacturers that will commit almost $2 billion dollars to Michigan as they launch new manufacturing sites in the state.  The new investment will create more than 6,600 jobs in Michigan.

“I believe this project will be a big part of Governor Granholm’s legacy here in Michigan.  She has put the state in a position to be the leader in the production of advanced battery manufacturing in our country. The United States desperately needs to be competitive in producing this green technology.  She knew the companies would appreciate the outstanding workers and talent here in Michigan, and she made a wise move using tax incentives to close the deal.  Now, it is up to all of us in the Michigan Congressional delegation to make sure these companies succeed.  We will work with the Department of Energy to get them a fair opportunity for grant money. This project is critical right now and in Michigan’s long term future.  This is one big step forward in making Michigan a leader in creating green technology to be used around the world.”

Below are the four companies, their investments and the tax credits received:

• A123 Systems – investing $600M based on $125.2M in Michigan state tax credits
• Johnson Controls-SAFT - investing $220M based on $148.5M in Michigan state tax credits
• LG Chem/Compact Power – investing $200M based on $125M in Michigan state tax credits
• KD Advanced Battery Group – Dow Chemical, Kokam America, Townsend Ventures LLC – investing $665M based on $144.6M in Michigan state tax credits

Two companies have announced their site locations; Johnson Controls-SAFT will locate its plant in Holland and A123 has selected Livonia. Other plant locations have not yet been finalized.