FACTBOX: Key elements of auto bailout proposal
(Reuters) - Congressional Democrats sent the White House plan to aid struggling U.S. automakers with up to $17 billion in loans drawn from an existing Energy Department fuel-efficiency technology fund.
General Motors Corp and Chrysler LLC both want billions of dollars by month's end. Ford Motor Co is seeking a line of credit to be tapped if finances worsen more than expected in 2009.
The final amount to be available depends on a review of the energy loan fund by congressional budget analysts.
Here are key elements of the draft "Auto Industry Financing and Restructuring Act," which is still subject to negotiation:
* President to designate one or more officials to oversee the plan and report to Congress periodically.
* Loans would be for seven years -- at 5 percent interest for five years, and 9 percent the final two years.
* Authorizes loans or lines of credit to automakers that submitted plans to Congress on December 2.
* By March 31, requires automakers submit a comprehensive restructuring plan on achieving long-term viability.
* Companies required to flag any transaction worth over $25 million, which federal government's plan overseer can veto.
* President's car chief would get warrants for common or preferred stock in the companies in exchange for the loans.
* Prohibits payment of dividends by a company receiving assistance.
* Limits compensation of top executives at automakers receiving assistance and prohibits golden parachutes while a loan is outstanding.
* Requires automakers to divest any interest in private passenger aircraft during the period of the assistance.
* Gives the General Accountability Office, the investigative arm of Congress, broad access to company information.
(Reporting by Thomas Ferraro; Editing by Tim Dobbyn)
