Carter Signs Chrysler Bailout, Corporate Welfare Precedent Set

President Jimmy Carter signed the Chrysler Corporation Loan Guarantee Act of 1979 into law on January 7, 1980, following House passage on December 13, 1979 (271-136 vote) and Senate passage on December 21, 1979 (53-44 vote). The legislation provided up to $1.5 billion in federal loan guarantees to …