Speaker Nancy Pelosi calls for emergency assistance to automakers

House Speaker Nancy Pelosi backed called for “emergency and limited financial assistance” for the domestic auto industry, according to the Associated Press. Congressman Barney Frank has been asked to draft a bill which would specify how automakers would apply for assistance, and how much they could receive from the fund set up under the bank bailout bill. Pelosi said any aid should include limits on executive compensation, and strict government reviews. President-elect Barack Obama has called for similar aid with similar restrictions.