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BUSINESS BRIEFING / AUTOS

U.S. help sought on car loans

October 23, 2008|times wire reports

Lawmakers from Michigan intend to urge Federal Reserve Chairman Ben S. Bernanke and Treasury Secretary Henry M. Paulson to use their regulatory powers to loosen credit to help finance car loans.

The members of Congress said in a letter obtained by the Associated Press that the loss of liquidity in credit markets "threatens to cripple these industries and the communities in which they operate."

The letter is expected to be sent today.

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