On Thursday, March 19, 2009 the U.S. Department of Treasury announced the creation of a $5 billion line of credit for auto parts suppliers directly threatened by the financial condition of General Motors and Chrysler.

The revolving credit fund will be established with money from the Troubled Assets Relief Program (TARP), with automakers having the option of using the program for a 5 percent fee of up to $250 million. Suppliers would be required to agree to government terms and to also pay a small fee.

In a statement about the new aid package, Treasury Secretary Timothy Geithner said, "The program will provide supply companies with much needed access to liquidity to assist them in meeting payrolls and covering their expenses, while giving the domestic auto companies reliable access to the parts they need."

Currently Ford is the only member of the Big Three operating without federal aid. The company has already indicated it would not participate in the program describing its position as "viable" and saying it expected "no issue with continued payments to our suppliers."

Members of President Barak Obama's auto task force, speaking off the record, said the financing move was the first step in the promised restructuring of the auto industry. The broader themes of that action will be laid out at month's end when the panel has completed its review of the viability plans submitted to the government by General Motors and Chrysler.