What happened on January 7 - Interesting US History

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A Website Devoted to Interesting Events in U.S. History

ON THIS DAY IN UNITED STATES HISTORY

January 7, 1980

U.S. President Jimmy Carter Authorizes a
$1.5 Billion Bail-out Loan for Chrysler

On this day in 1980, United States President Jimmy Carter authorized $1.5 billion in loan guarantees to Chrysler. At the time, Chrysler was struggling due partially to the rise in oil prices caused by the oil embargo.

At the time, Chrysler has been building larger cars but everyone was looking to buy smaller, more fuel efficient cars. Under the leadership of Lee Iacocca, a former Ford executive, Chrysler went on to pay back those loans in the early 80's.

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January 7, 1980

U.S. President Jimmy Carter Authorizes a $1.5 Billion Bail-out Loan for Chrysler

U.S. President Jimmy Carter Authorizes a
$1.5 Billion Bail-out Loan for Chrysler