April 9, 2010 The U.S. Department of the Treasury launched a $5 billion plan on Wednesday to help stabilize the status of auto suppliers in distress. According to the Ministry of Finance, the program will help secure domestic employment and provide GM and Chrysler with access to the necessary auto parts.

According to the Wall Street Journal's Chinese website, although the U.S. Department of the Treasury will provide funds through its 700 billion U.S. dollar financial assistance fund, the decision is in the hands of Chrysler and General Motors. The Ministry of Finance stated that suppliers interested in participating in the program should directly contact Chrysler and General Motors.

Treasury spokesman Jenni Engebretsen stated in an announcement released on Wednesday morning that the Ministry of Finance is pleased that GM and Chrysler are taking prompt actions to launch a supplier support program. With the financial support of the Ministry of Finance, these efforts will help stabilize the supply base of auto parts and restore the credit flow of this key industry.

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