U.S. Reps. Jean Schmidt (R-Loveland) and Bob Latta (R-Bowling Green) gave their reasons for voting against legislation passed in the U.S. House that seeks to give $14 billion in bridge loans to companies of the American auto industry.

 "The auto industry is a critical segment of our nation's economy, especially in Ohio," Latta said. "During the testimony from the ‘Detroit 3' and the drafting of this legislation, important questions remain unanswered that put the American taxpayer at serious risk."

Latta said Congress was putting one person in charge of an entire area of the economy and that he could not in good faith give one person management power over the car companies.

"This bill yields vast power in the ‘car czar' to decide what types of vehicles Americans will drive, how corporate organizations and debt will be restructured, and whether or not the companies are meeting the criteria of the bailout," Latta said. "This bill also fails to address what will happen to the companies should they not be in compliance with the bailout, as Congress will immediately demand repayment."

Latta said that it is clear each company currently does not possess the cash to operate at this time and questioned how the auto companies will "repay the loan in the near future if they cannot meet the requirements set forth in the bill?"

Latta also said the legislation is nothing more than a short-term bridge loan to the "Detroit 3" with no guarantee they would not return in the near future for additional funding.     

"House Republican leadership laid out an alternative plan earlier today, mapping out a plan of faster restructuring with harder deadlines for the ‘Detroit 3' to meet," Latta said. "Additionally, the plan calls for each of the companies' creditors to drastically reduce their respective indebtedness by at least 1/3.  Most importantly, the House Republican plan is financed with government insurance, similar to fee-based programs like the FDIC, which provides much needed protection for this taxpayer investment."

Latta further criticized the Democratic legislation as being fast tracked through normal proceedings and bypassed hearings and extensive debate.

"Members had less than ten hours to review the bill before voting," Latta said. "Securing the nation's auto industry is a serious concern that needs review and careful attention. This bill fails to provide accountability on American taxpayers' investments, security to the millions employed by the automotive industry, and does not guarantee any solid restructuring plans for any of the ‘Detroit 3.'  Under the bill, the risk behind this investment is too great for the American taxpayer."

Latta said that these reasons led him to cast a no vote.

"Once again, too much power is vested in one individual with too much discretion on where America's automotive future will be," Latta said.

Schmidt also said she does not support the measure because she believes there's a better way.

"The auto industry is vitally important to the United States and the Second Congressional District; however, I believe there is a better path to reform that does not put taxpayer dollars at risk," Schmidt said. "Therefore I could not support the measure considered today by the House of Representatives."

Minority Leader U.S. Rep. John Boehner (R-West Chester) and House Republicans introduced alternative auto industry legislation Wednesday called the American Automotive Reorganization and Recovery Plan.