U.S. Department of Justice Transcript: Volkswagen Emissions decree

The transcript from the Department of Justice news conference this morning regarding VW Emission issue.

There will be a buy back, a fix, and financial compensation. The dissent decree will be open for public comment for 30 days and then will be closed to public comment. There are NO dates set for fixes or compensation yet.

PLEASE STAND BY. PLEASE STAND BY.

>> GOOD MORNING, EVERYONE. THIS IS YOUR TWO-MINUTE WARNING. THE DEPUTY ATTORNEY GENERAL SALLY Q. YATES IS GOING TO SPEAK FIRST THEN THE ASSISTANT ATTORNEY GENERAL AND CYNTHIA GILES AND JESSICA WRETCH THE FTC DIRECTOR OF CONSUMER PROTECTION AND YOU SHOULD HAVE A PRESS PACKET BY NOW AND IN YOUR PRESS PACKET IS A PRESS RELEASE. ALSO REMARKS. ALSO A FACT SHEET, A CONSUMER FACT SHEET. AND ALSO THE FIRST SEVEN PAGES OF THE CONSENT DECREE WHICH HASTHE WHERE AS DECREE AND NOT THE ENTIRE CON CENT DECREE. THAT WILL BE AVAILABLE ON DOT GOV. THANK YOU FOR JOINING US.

>> GOOD MORNING EVERYONE AND THANK YOU FOR COMING. I’M PLEASED TO BE JOINED THIS MORNING BY EKPE UDOHADMINISTRATOR GINA MCCARTHY AND FTC CHAIRWOMANETH IT RAMIREZ AND HERE AT DEPARTMENT OF JUSTICE, CINTIA GILES EKPE UDOH’S FOR THE OFFICE OF ENFORCEMENT AND COMPLIANCE ASSURANCE AND THE DIRECTOR AT THE FTC’S CONSUMERPROTECTION BUREAU. WE ARE HERE TIE TO ANNOUNCE SEVERAL DEVELOPMENTS INTO OUR ONGOING — WHERE THE MOSTFLAGRANT VIOLATIONS OF OUR CONSUMER’S ENVIRONMENTAL LAWS IN OUR COUNTRY’S HISTORY. FOR YEARS AMERICANS HAVE BEENBUYING VOLKSWAGEN CARS THINKING THEIR EMISSIONS COME APPLIES WITH STANDARDS BUT NOW AS VOLKSWAGEN NOW ACKNOWLEDGES, HUNDREDS OF THOUSANDS OF THOSE CARS SOLD WERE PUMPING UP TO 40 TIMES THE AMOUNT PERMITTED BYFEDERAL LAW OF TOXIC FUME. AND THESE VEHICLES WERE EQUIPPED WITH A SOFT AWARE THAT MASKED THE EAMOUNTS OF POLLUTANTS EMILTED. BY DUPING THE REGULATORS VOLKSWAGEN TURNED OVER HALF A MILLION AMERICAN DRIVERS INTOENWITTING ACCOMPLICES INTO THE ASSAULT ON OUR ENVIRONMENT. SINCE THEN THE DEPARTMENT OF JUSTICE HAS BEEN WORKING WITH OUR ENVIRONMENTAL STATE AND TO DETERMINE WHAT LAWS WERE BROKE AND WHO BROKE THE LAWS. IT WAS ALLEGED VOLKSWAGEN USED ILLEGAL SOFT AWARE TO BEAT EPETITIONS TESTS. ALONG WITH A RELATED SETTLEMENT FILED BY THE FTH TO THE THESE TWO SETTLEMENTS FILED EARLIER THIS MORNING IN SAN FRANCISCO ARE VALUED AT UP TO $14.7 BILLION. DIBBLELY THEY SET FORLT WHAT VOLKSWAGEN MUST DO TO COMPENSATE CONSUMERS AND MITIGATE THE ENVIRONMENTAL DAMAGE. UNDER THESE SETTLEMENTS VOLKSWAGEN MUST FIRST PAY CONSUMERS TO GET THESE CARS OFF THE ROAD. SECONDLY, THE COMPANY MUST FUND POLLUTION REDUCTION PROJECTS THAT ARE DESIGNED TO OFFSET THE DAMAGE IT’S CAUSE AND THIRD THE COMPANY MUST INVEST IN PROJECTS THAT WILL ENCOURAGE AMERICANS TO EXPAND THEIR USE OF EMISSIONS -FREE VEHICLES IN THE FUTURE. WE CANNOT UNDO THE DAMAGE THE DAMAGE IT’S DONE TO OUR AIR QUALITY BUT WE CAN OFFSET THAT DAMAGE BY REDUCING 34R50UGS FROM FUTURE SOURCES. NOW, WITH RESPECT TO THE AGREEMENT MORE SPECIFICALLY VOLKSWAGEN MUST OFFER TO BUY BACK ANY CAR ON THE ROAD. THAT’S NEARLY 500,000 TWO-LITTER VEHICLES THAT ARE MODEL YEARS 2009 THROUGH 2015. AS PART OF THE BUY BACK VOLKSWAGEN IS REQUIRED TO OFFER A FAIR PRICE AND TERMINATE LEASES AT NO COST AND VOLKSWAGENCAN ALSO APPLY FOR AN APPROVAL OF AN EMISSIONS FIX AND ARE ABLE TO THAT YOU HAVE IF APPROVED INSTEAD OF A BUYBACK.AND THEY WILL FUND DESIGNS TO REDUCE KNOCKS EMISSIONS. THESE PROJECTS WILL BE, ZERO EMISSIONS VEHICLES. TAKEN TOGETHER, THESE COMPONENTS ARE VALUED AT UP TO 14.7 BILLION DOLLARS. ALTHOUGH THE PRECISE AMOUNT WILL DEPEND ON HOW MANY CONSUMERS CHOOSE TO BUY BACK OR FIX. THIS ILLUSTRATES THE JUSTICE DEPARTMENT’S COMMITMENT TOPROTECTING AMERICAN CONSUMERS, TO SAFE GUARDING OUR ENVIRONMENT AND TO AGGRESSIVELY PURSUING COMPANIES THAT MAKE MISREPRESENTATIONS AND THAT VY THREAT LAW. IT MAKES A SIGNIFICANT FIRST STEP TOWARD HOLDING VOLKSWAGENACCOUNTABLE FOR ITS FAILURE OF PUBLIC’S DUTIES AND TRUST. LET ME BE CLEAR, IT’S BY NO MEANS THE LAST STEP. THE SETTLEMENTS DO NOT CONTROVERSIAL GOVERNMENT’S PENDING CLAIMS FOR PENALTIES UNDER THE CLEAN AIR ACT NOR DO THAT CLOSE PENDING CRIMINAL LIABILITY ALTHOUGH I CAN ASSURE YOU OUR CRIMINAL INVESTIGATION IS ACTIVE AND ONGOING. WE’LL FOLLOW THE FACTS WHEREVER THEY GO AND MAKE A DETERMINATION ABOUT WHETHER ANY COMPANIES OR INDIVIDUALS SHOULD BE CRIMINALLY CHARGED. I’M ESPECIALLY GRATEFUL TODAY FOR THE DEPARTMENT OF JUSTICE LAWYERS MANY OF WHOM ARE HERETHIS MORNING INCLUDING BRUCE AND BETH INGLE AND I WANT TO THANK OUR PARTNERS AT THE EKPE UDOH, THE STATE OF CALIFORNIA — THE EPA AND IN ADDITION I WOULD LIKE TO COMMEND EFFORTS TO A WORKABLE SETTLEMENT AND AT THIS POINT I’DLIKE TO TURN THE PODIUM OVER THE GINA MCCARTHY, EPA ADMINISTRATOR.

ADMINISTRATOR MCCARTHY: THANK YOU

DEPUTY ATTORNEY GENERAL YATES: FOR YOUR WORK AS WELL AS JOHN’S WORK AND WE WILL PROBABLY BE HERE AGAIN BECAUSE OF YOUR WORK, JOHN. THERE’S A TREMENDOUS PARTNERSHIP BETWEEN DOJ AND EPA THAT ARE ESSENTIAL AND I WANT TO THANK

CHAIRWOMAN RAMIREZ: AND RECOGNIZE THE GREAT WORK DONE BY MARY NICHOLS THE CHAIR RESOURCE BOARD AS WELL AS THE THOSE THAT HAVE ENGAGED IN THESE DISCUSSIONS. THEY HAVE BEEN CRUCIAL PLAYERS IN THE SETTLEMENT WE ANNOUNCE TODAY AND GLOWS WITHOUT ANNOUNCING HOW 3R0UD I AM OF THE WORLD CLASS TEAM AT EPA. BYRON, LEE, AMONG SO MANY OTHERSWHO SPENT COUNTLESS HOURS BRINGING THE VERY INTERESTS TOGETHER TO GET THE JOB DONE AND DONE EXTRAORDINARILY WELL. I HAVE TO ADMIT THIS IS THE SETTLEMENT THAT SHOULD HAPPEN BUT WHETHER IT COULD HAVE? I WAS A LITTLE BIT SKEPTICAL BUT CINTIA TOLD ME IT’S GOING TO HAPPEN AND IT IS AND WE’RE HERE TODAY AND I’M INCREDIBLY PROUD TO BE STANDING HERE WITH DEPUTY ATTORNEY ATTORNEY GENERAL JATES. IT’S WORTH REPEATING THAT EVERY ACTION EPA TAKES IS ALL ABOUTPROTECTING PUBLIC HEALTH AND THE ENVIRONMENT. AND THAT’S OUR MISSION AND IT ALSO INCLUDES LIMITING THE POLLUTANTS THAT GO INTO THE AIR WE BREATHE. THEY TAKE MILLIONS OF TONS OF POLLUTION OUT OF OUR AIR AND PROTECT PEOPLE ALL ACROSS THE UNITED STATES AND BEYOND FROM THE HEALTH EFFECTS LIKE AGGRAVATED ASTHMA. RESPIRATORY PROBLEMS AND EVEN PREMATURE DEATH. A CRITICAL PART IS TO DEFEND USING THE POWERS CONGRESS GAVE US. 3WI USING OUR CLEAN AIR ACTAUTHORITIES EPA ACHIEVED WHAT IS TO BE CALLED A GROUNDBREAKING SETTLEMENT TO REFAIR DAMAGE VOLKSWAGEN CAUSED WHEN THEY SENT HALF A MILLION CARS ON TO OUR ROADS AFTER REASONABLY ACHIEVEIBLE COST-EFFECTIVE STANDARDS. TODAY USING THE POWER OF THE CLEAN AIR ACT WE’RE GETTING V.W.’S POLLUTING VEHICLES OFF THE ROAD AND REDUCING HARMFULPOLLUTION IN OUR AIR, POLLUTION THAT SHOULD NEVER HAVE BEEN EMITTED IN THE FIRST PLACE. THE SCOPE OF OUR AGREEMENT THE UNPRECEDENTED. IT NOT ONLY ADDRESSES THE DAMAGE DONE BUT PROVIDES FUNDING FOR STATES AND TRIBES TO MAKE THEIR AIR CLEANER AND SUPPORTS MAJOR INVESTMENTS THAT WILL SUPPORT THE TRANSFUSION INTO CLEAN VEHICLES THAT’S TAKING PLACE ALREADY IN THE AUTO INDUSTRY. I WANT THIS AGREEMENT TO REMIND EVERY AMERICAN THAT EPA IS ON THE JOB AND WE HAVE YOUR BACK. WHEN COMPANIES BREAK RULES DESIGNED TO PROTECT YOUR HEALTH. WHEN CHEATERS STACK DECK AGAINSTBUSINESSES THAT FOLLOW THE LAW AND WHEN SLY LATERS TRY TOFUL WOOL OVER YOUR EYES. EPA STANDS UP FOR YOU AND WECLAIM THE PROTECTIONS THAT ARE RIGHTFULLY YOURS UNDER LAW. TODAY WE ARE — BEGINING WITH MODEL YEAR 2009. THAT INCLUDES NEARLY HALF A MILLION CARS EMITTING NIGHT GIN OXIDE ENTERING THE AIR AT UP TO 40 TIMES THE LEGAL LIMIT ANDWE’RE HOLDING THEM RESPONSIBLE FOR DISTORTING THE MARKET FOR CLEAN CARS. THERE ARE THREE KEY ELEMENTS IN TODAY’S AGREEMENT. FIRST, WW — VW WILL GET ITS POLLUTING CARS OFF THE ROAD AND EVERY CONSUMER HAS SECURED THE CHOICE OF HAVING V.W. BUY BACK THEIR CAR OR LEASE OR MOVING THEIR CAR AT NO COST. IF AND WHEN A MODIFICATION TO REDUCE EMISSION SINCERE APPROVED. TO — V.W. WILL SPEND UP TO $10 BILLION TO GET AT LEAST 85% OF THESE POLLUTING CARS OFF THE ROAD AND TO ENSURE CONSUMERS ARE ADEQUATELY COMPENSATED AS WELL AS MOTIVATED TO GET THOSE CARS OFF THE ROAD. YOU HEAR MORE ABOUT THIS AND SECONDLY, VOLKSWAGEN BE WILL MAKE UP FOR THE POLLUTION ITS CAUSED. IT WILL CONTRIBUTE TO — THELARGEST MONETARY OBLIGATION POLLUTION REDUCTION IN CLEAN AIR ACT ENFORCEMENT HISTORY AND IT IS REAL MONEY. STATES AND TRIBES WILL BE ABLE TO APPLY FOR FUNDING TO IMPLEMENT CLEAN AIR PROJECTS THAT WILL MAKE SENSE FOR THEM AND CUT POLLUTION IN WAYS WE COULD HAVE NEVER REALIZED AND INVEST IN THE CLEAN TRANSPORTATION FUTURE. VOLKSWAGEN WILL INVEST IN $2 BILLION IN INFRASTRUCTURE FOR ZERO-EMISSION VEHICLES IN THE UNITED STATES, THIS INCLUDES CHARGING STATIONS AND IMPROVING ACCESS TO ZERO-EMISSION VEHICLES. IT’S DEVOTE ENTIRELY TO SUPPORTING THE ADVANCEMENT OF ACLEANER, GREENER SETTLEMENT THAT IS FULL OF CONSUMER CHOICE. AND TODAY’S SETTLEMENT DOES NOT ADDRESS V.W.’S VIOLATION OF 3.LITTER VEHICLES AND NOT YET ADDRESSING THE CRIMINAL CHARGES OR CIVIL PENALTIES THAT ARE BEING PURSUED SEPARATELY. 3WU WE HAVE ACHIEVED OUR NUMBER ONE PRIORITY. WE 230U7BD A BATH FORWARD TRUCE POLLUTION IN OUR AIR THAT THREATENS OUR HEALTH AND USING THE POWER OF THE CLEAN AIR ACT. LIT DRIVE PUBLIC HEALTH IMPROVEMENTS OVER THE LONG-TERM. PARDON AT ANY YOU KNOW. THESE INVESTMENTS WILL HELP CLEAR CLEAN AIR POLLUTANTS TODAY AND IN THE FUTURE.IT’S AN EXAMPLE OF WHAT A STRONG EPA IS DOING AND SHOULD SEND A CLEAR MESSAGE THAT WHEN YOU BREAK THE LAWS DESIGNED TO PROTECT PUBLIC HEALTH IN THIS COUNTRY, THERE ARE SERIOUS CONSEQUENCES. EPA WILL CONTINUE TO DO WHAT ISNECESSARY TO STAND UP FOR OUR HEALTH AND COMMON ENVIRONMENT. THANK YOU. NOW I WILL TURN IT OVER THE FTCCHAIRWOMAN RAMIREZ. 

CHAIRWOMAN RAMIREZ: THANK YOU

JAMES: I’M DELIGHTED TO BE HERE WITH YOU AND ATTORNEY GENERAL YATES THIS MORNING. THROUGH THE EFFORTS OF OUR STAFF WE HAVE SECURED REMEDIES IN THIS MATTER AND THE ENVIRONMENT THAT ARE SIGNIFICANT. AT THE NATION’S LEADING CONSUMER PROTECTION AGENCY THE FEDERAL TRADE COMMISSION HAS OBTAINED A COURT ORDER REQUIRING VOLKSWAGEN TO CREATE A $10 BILLION COMPENSATION FUND FOR AFFECTED V.W. OWNERS. THIS IS A LARGEST CONSUMER-FUNDED PROGRAM IN THEFTC’S HISTORY. OUR GOAL IN THIS CASE WAS TO ASSURE CONSUMERS RECEIVED FULL COMPENSATION. THESE CONSUMERS WERE HARMED BY VOLKSWAGEN BOTH BECAUSE THEY UNFAIRLY SOLD CARS WITH ILLEGAL DEVICES AND ADVERTISE DO SO THESE CARS WITH CLAIMS THAT THEY WERE CLEAN. FOR YEARS VOLKSWAGEN’S HIGH-PROFILE MARKETING CAMPAIGN TIME-OUTED THE COMPANY’S CLEAN DIESEL CARS WITH ECOFRIENDLY CLAIMS SUCH AS “DIESEL:IT’S NO LONGER A DIRT QUI WORLD” AND CLEAN DIESEL SUCH AS OURS CAN RE REDUCE EMISSIONS BY 90% AND CAN GET A HIGH RESALE VALUE. NOW CONSUMERS OWN A CAR THAT EMITTS 2345ERLY 40 TIMES THE AMOUNT OF DANGEROUS POLLUTANT AND THE CAR’S RE-SALE VALUE HAS PLUMMETED. UNDER TODAY’S ORDERS CONSUMERS WILL HAVE THE OPTION OF SELLING THEIR CARS BACK TO THE COMPANY AT FAVORABLE PRICES. EVERYONE WHO ELECTS TO BUY BACK WILL RECEIVE WHAT THE CAR WAS WORTH BEFORE V.W.’S FOUND OUT AND SEVERE TAXES AND THINGS TOBUY A NEW CAR. THEY WILL RANGE FROM $12,500 TO $44,000 DEPENDING ON THE MODEL AND ADJUSTMENTS FOR MILEAGE, PACKAGES AND GEOGRAPHIC REGION. IF THERE’S AN APPROVED RETRO FIT FIX, CONSUMERS CAN CHOOSE TO RECEIVE THAT AND A COMPENSATION PACKAGE TO ENSURE THEY ARE CONFERENCEN STATED FULLY FOR THEIR CARS DIMINISHED VALUE. NILLINGS, THOSE LEASING AN AFFECTED CAR WILL HAVE THE CHOICE OF EITHER CANCELING THEIR LEASES WITHOUT EARLY TERMINATION FEES OR HAVING THEIR CARS RETRO FITTED. THESE CONSUMERS WILL ALSO RECEIVE MONETARY COMPENSATION. A COURT-APPOINTED MONITOR WILL OVERSEE ADVOCATES WAG ON THE MAKE SURE THE COMPANY COMPLIES WITH COURT ORDERS AND AND ALSOIMPOSES CONDUCT RESTRICTIONS ON ADVOCATES WAG SON THAT IF THE COUNTRY MISREPRESENTS ITSELF AGAIN IT CAN BE HELD IN CONTEMPT IN COURT AND FACE STEEP PENALTIES AND POSSIBLE CRIMINAL PROSECUTION. TODAY’S ANNOUNCEMENT REPRESENTSTHE CULMINATION OF MONTHS OF NEYS HAVE BEEN WORKING NEARLY AROUND THE CLOCK TO OBTAIN ORDERS IN THIS CASE TOADDRESS VOLKSWAGENS’ COSTS AND ASSURE CONSUMERS ARE FULLY KAHN COMPENSATED FOR THEIR LOSSES. I WANT TO THANK ALL THE STAFF INVOLVED FOR THEIR TREMENDOUSLY HARD WORK. FINALLY, LET ME SAY THAT I THINK TODAY’S ANNOUNCEMENT SHOULD SEND A STRONG MESSAGE THAT THE COST OF BREAKING OUR CONSUMER AND ENVIRONMENTAL LAWS IS HIGH. MANY AMERICANS CARE DEEPLY ABOUT THE ENVIRONMENT AND COMPANIES SHOULD NOT BE PERMITTED TO TAKE ADVANTAGE OF THAT PRIORITY AND THOFSE US CHARGED WITH PROTECTING THE VIRNLTSE AND AMERICAN CONSUMERS ARE WATCHING AND WILL NOT HESITATE TO TAKE ACTION WHEN THAT HAPPENS. THANK YOU VERY MUCH. LET ME TURN THE FLOOR BACK TO DEPARTMENT ATTORNEY GENERAL YATES.

ATTORNEY GENERAL YATES: THANK YOU. NOW QUESTIONS?

>> YOU JUST MENTIONED YOU’RE WATCHING AND OTHER COMPANIES SHOULD BE WARNED. 120 TO WHAT EXTENT HAVE YOU LOOKED AT OTHER COMPANIES AND THEIR BEHAVIOR AND HAVE YOU FOUND ANY CASES IN OTHER COMPANIES?

>> I THINK, AS YOU KNOW, WE ARE TESTING OTHER COMPANIES AND CLEARLY KNOW IF VOLKSWAGEN HAD A DEFEAT DEVICE, WE NEED TO MAKE SURE NONE OTHERS STROLLED FOLLOWED THAT PATH. WE ARE IN THE MIDDLE OF CONDUCTING THOSE TESTINGS ANDDOING IT WITH THE STATE OF CALIFORNIA AS WELL AS OUR FRNTSDZ IN CANADA SO IT’S A JOINT EFFORT AND WE WILL BE RELEASING INFORMATION AS IT BECOMES AVAILABLE TO US. WELL, WE HAVE RELEASED SOME. I DON’T KNOW WHEN IT’S ALL GOING TO BE COMPLETED BUT — YOU WILL CERTAINLY HEAR ABOUT IT AND IF THERE’S ANY TYPE OF INFRACTION FOUND, YOU WILL KNOW WE WILLTAKE IT SERIOUSLY.

>> IT’S SAID VOLKSWAGEN HAS THE CHOICE OF FIXING THE CARS OR BUYING THEM BACK SO AS IT STANDS TODAY IS VOLKSWAGEN GOING TO HAVE TO BUY BACK ALL THESE CARS?

ADMINISTRATOR MCCARTHY: WELL CHOICES DON’T NEED TO BE MADE BY THE CONSUMERS. SO WE ARE HOPEFUL THAT WITHIN A SIX 46 MONTH WINDOW, WE WILL HAVE A DETERMINATION AS TO WHETHER A FIX IS POSSIBLE.  IF ONE COMES ALONG AT ANY POINT IN TIME.BUT REALLY THE CONSUMERS HAVE A LENGTH OF TIME, UP TO MAY OF 2018 TO MAKE CHOICES. THIS IS A VERY BIG TASK VOLKSWAGEN IS GOING TO BE ABLE TO TAKE ON. AS SOON AS RIGHT AFTER THE SETTLEMENT IS EFFECTIVE BUT WE WILL ALSO HAVE OPPORTUNITIES FOR HOME THE THINK ABOUT IT AND SEE  IF THEY WANT THE FIX INSTEAD SO THIS IS ALL ABOUT CONSUMER CHOICES AND MAKING SURE THEY HAVE THE TIME AND MAKING SURE VOLKSWAGEN IS MEETING ITS RESPONSIBILITIES THAT EPA HAS SET A STANDARD FOR THAT WILL BE RIGOROUS. AND WE’RE WORKING THROUGH THOSE ISSUES NOW.

>>YOU TALK ABOUT HOW THIS WAS AN HISTORIC SETTLEMENT AND THE DEPUTY ATTORNEY GENERAL SAID IT WAS A MASSIVE FRAUD.SHOULD WE TAKE THAT AS TO BE A SIGNAL THAT CRIMINAL CHARGES ARE FORTHCOMING AND IF NOT, WILL SAYING THINGS LIKE THAT NAURT?

ATTORNEY GENERAL YATES: WELL, YOU SHOULD CERTAINLY TAKE IT AS A SYMBOL THAT WE ARE LOOKING AT IT SERIOUSLY CRIMINALLY BOTH THE COMPANIES INVOLVED.

CAN YOU COMMENT ON WHETHER THE GERMANY LAWS ARE IMPEDING THE INVESTIGATION? DEPUTY

ATTORNEY GENERAL YATES: WE ARE WORKING THROUGH THAT. BUT NOT ABLE TO SAY ANYMORE ABOUT WHAT’S GOING ON IN THECRIMINAL INVESTIGATION.

>> THE CHIEF DEVISING QUESTION INVOLVED COMPONENTS AND TECHNICIANS FROM THE NUMBER OF DIFFERENT COMPANIES. TO WHAT DEGREE ARE YOU LOOKING AT OTHER COMPANIES THAT MAY HAVE BEEN INVOLVED IN IMPLEMENTING THIS CHEAT?

ATTORNEY GENERAL YATES: ARE YOU REFERRING TO THE CRIMINAL INVESTIGATION?

YES, WE ARE LOOKING AT MULTIPLE COMPANIES AND MULTIPLE INDIVIDUALS.

IF NOT VOLKSWAGEN , WHETHER —

ADMINISTRATOR MCCARTHY: VOLKSWAGEN IS REQUIRED WITH THE CARS THEY BRING BACK TO ACTUALLY FIX THEM, TORNADO WARNING TO A FIX THAT EPA WOULD APPROVE OR TO SCRAP THEM BUT THERE’S ALSO ENCOURAGEMENT IN HERE FOR THERECYCLING OF ANY OF THE SCRAP THAT CAN BE REUSED. SO THESE ARE NOT GOING TO BE SHITCHED ELSEWHERE IN THEIRCURRENT FORM. THIS IS ABOUT TAKING CARE OF THE AIR POLLUTION THAT WAS EMITTED HERE IN THE U.S. BUT WE ARE NOT SHIPPING THAT POLLUTION ELSEWHERE.

> CAN YOU TALK A LITTLE BIT ABOUT WHAT’S GOING TO BE IN THE KNOCKS FORM IN TERMS OF THE $2 BILLION INVESTMENT, JUSTINFRASTRUCTURE?

ADMINISTRATOR MCCARTHY: ON THE MITIGATION TRUST FUND IT’S $2.7 BILLION AND IT ACTUALLY GOES ALLOCATED OUT TO THE STATES WITH SOME PORTION FOR TRIBES AS WELL. THAT GOES TO REPLACING OLDER DIESEL ENGINE AND EQUIPMENT AND OCEAN GOING SHORE POWER. ISSUES LIKE LIGHT DUTY VEHICLE AS WELL AS DIESEL EMISSION AND ACTIONS. SO IF ANY OF YOU ARE FLASH WITH THE DIESEL EMISSION REDUCTION PROGRAM WE HAVE, IT’S ALL THOSE TYPES OF PROJECTS AND THE IMPORTANT THING IS IT ACTUALLY ALLOWS FOLKS TO TAKE CARE OF THE INFRATRUCKTURE ALREADY AVAILABLE TO IT TO READILY END? MONEY ON THE EQUIPMENT THEY KNOW ABOUT AND CALCULATE THE REDUCTIONS THEY ARE ABLE TO ACHIEVE AND $2 BILLION SOUNDS LIKE A LOT OF MONEY AND SOUNDS LIKE A LOT MORE MONEY WHEN YOU BREAK IT DOWN BY STATE. THIS IS AN ABILITY TO FUND PROGRAMS IN TERMS OF OUR ABILITY TO PROTECT PUBLIC HEALTH AND GET OUR SCHOOL KIDS CLEANER BUSES AND GET PASSENGER BUSES CLEANER AND GET TRUCKS UPGRADED AND TAKE CARE OF OUR PORTS WHICH, CONTINUE TO BE A PROBLEM. SO THEY KNOW ABOUT THESE ISSUES AND I THINK IT’S A REAL OPPORTUNITY FOR US TO MAKE A LARGER PROFIT. I ALSO THINK A GREAT JOB AT DESIGNING THIS IN A WAY THAT IT WILL BE EXTRAORDINARILY ACCOUNTABLE AND IT’S GOING TO ACTUALLY BE DONE OTHER A 10-YEAR WINDOW.So they know about these issues and I think it will be a real opportunity for us to make significant progress. In terms of the commitments, we have also done, I think they have done a great job of designing this in a way that would be extraordinarily accountable. IT IS GOING TO ACTUALLY BE DONEOVER A TEN-YEAR WINDOW. WE’RE TALKING ABOUT 30 MONTH PLANS IN SUBMITTED TO EPA ON HOW THAT MONEY IS GOING TO BEINVESTED, AND IT IS GOING TO BE ALLOWED TO BE UTILIZED FOR A VARIETY OF DIFFERENT PROJECTS THAT INCLUDE INFRASTRUCTURE,BRAND NEUTRAL EDUCATION AND OUTREACH, AN OPPORTUNITY FOR RIDESHARE WITH ZERO EMISSION VEHICLES, OTHER WAYS OF CAUTIONARY AND GETTING THE ZERO EMISSION VEHICLES OUTCOME IS AVAILABLE TO FIND ALSO OPPORTUNITIES FOR VOLKSWAGEN TO PROPOSE A PLAN AND FOR AS TO APPROVE IT THAT WILL GO BEYOND INFRASTRUCTURE AND LOOK ATCREATIVE WAYS OF IMPROVING ACCESS TO ZERO EMISSION VEHICLES.

>> ONE MORE QUESTION, THE ZERO EMISSION FAVORS TESLA, GM OR OTHER U.S. CARMAKERS.

ADMINISTRATOR MCCARTHY: EVERY MAJOR MANUFACTURER IN THE AUTO INDUSTRY PRODUCES ELECTRICAL VEHICLES. THIS IS NOT JUST ELECTRIC VEHICLES, THIS IS AN OPPORTUNITY AND THE REASON WE DO IT WITHIN 30 INCREMENTS WITHIN THE PLAN IS TO TAKE ADVANTAGE OF NEW TECHNOLOGIES IN THE MARKET. AND IT PROVIDES AS OPPORTUNITIES TO MORE ACCESS FOR THE ZEROEMISSION VEHICLES AVAILABLE TODAY FROM EVERY AUTO MANUFACTURER. THIS IS NOT A VW BENEFITS PACKAGE. ANYTHING THEY DONE WAS SEPARATE, AND WE’LL MAKE SURE THAT HAPPENS.

>> ONE MORE.

ATTORNEY GENERAL YATES: I WOULD LIKE TO TIE ABOUT THE STATUS OF THE DISSENT DEGREE.

>> THIS MORNING AT 8:30 THREE ELECTRONICALLY FILED 300 PAGES IN THE NORTHERN DISTRICT OF CALIFORNIA, WHERE THIS CASE IS. ARE THREE PRINCIPAL SPEAKERS HAVE TALKED ABOUT THE BUYBACK, THE OPTIONS AND WHAT YOU HAVE TO DO FOR THE BUYBACK RATE IT HAS A WHOLE OTHER APPENDIX ON THE COMMISSION ISSUES AND ANOTHER ONE WILL BE THERE. FINALLY, ONE ON MITIGATION. THIS IS ENTIRELY TRANSPARENT. ALL OF THE CONSENT DEGREE, INCLUDING THE FEDERAL TRADE ORDER WAS SIMULTANEOUSLY TO THE COURT AND THERE WAS — AND WE WILL TAKE PUBLIC COMMENT ON THE DISSENT DECREE FOR 30 DAYS.PEOPLE CAN TELL US ANYTHING THAT THEY WANT AND IT IS NOT FINAL UNTIL WE HAVE FINISHED THEIR PROCESS. 

>> PAUSE FOR A SECOND.

>> IT IS THE FIRST BUYBACK WE ARE AWARE THAT HAS OCCURRED AND THE LARGEST LITIGATION. EVERY STATE GETS MONEY, AND THEMINIMUM BUT THEY GET MONEY TO OFFSET THAT AND IT PUTS CONSUMERS AND THE ENVIRONMENT TOGETHER AND WITH EPA AND THE CALIFORNIA RESOURCES AND THAT IS A CODE REGULAR. IN THIS HISTORIC IN EVERY WAY AND WE HAVE MORE TO GO.

>> IS THIS THE BIGGEST PART OF THE CIVIL CASE IN EFFECT TO THE CARS ON THE ROAD?

>> WE HAVE YET TO GO INTO THE NORMAL ISSUES OF PENALTY RELIEF. WE ARE ALREADY IN THAT PROCESS AND LITIGATION.

 

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