EmailBy MoneyNews
The Obama administration on Tuesday proposed a trust fund of more than $800 million to pay for the cleanup of closed General Motors sites in 14 states.
President Barack Obama, speaking in Youngstown, Ohio, which is near a GM assembly plant, called the trust a "landmark agreement to help dozens of communities like Youngstown revitalize and redevelop old, shuttered GM facilities, preparing them for new industries, new jobs and new opportunity."
Ed Montgomery, who leads the White House Council on Automotive Communities and Workers, said the fund would clean up nearly 90 properties shuttered in the GM bankruptcy.
He said it represented the largest environmental and economic development effort for former manufacturing sites.
