To amend the Motor Vehicle Information and Cost Savings Act of 1975 pertaining to fuel economy standards for automobiles and light trucks.

[AI summary unavailable — showing source text] Repeals title V of the Motor Vehicle Information and Cost Savings Act of 1975 regarding fuel economy standards for automobiles and light trucks. Authorizes credits earned by a manufacturer under the CAFE Program (credits for exceeding the average fuel economy standards) to be used by such manufacturer to offset deficits incurred in any model year in which the manufacturer failed to exceed the applicable standard without regard to the three-year limitation in carrying credits forward and backward.…