I 111th CONGRESS 2d Session H. R. 6046 IN THE HOUSE OF REPRESENTATIVES July 30, 2010 Mr. Lee of New York introduced the following bill; which was referred to the Committee on Education and Labor, and in addition to the Committees on Financial Services, the Judiciary, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned A BILL To require the GAO to evaluate the propriety of assistance provided to General Motors Corporation under the Troubled Asset Relief Program, and for other purposes.

1.

Provision of information to the GAO

(a)

In general

Not later than 90 days after the date of enactment of this Act, the Presidential Task Force on the Auto Industry (hereafter in this Act referred to as the Task Force) shall submit to the Government Accountability Office all information in its possession relating to certain specific communications involving General Motors Corporation (hereafter in this Act referred to as General Motors), relating to the role of the Task Force in negotiating, reviewing, approving, or any other aspect of— (1)the plans for reorganization or restructuring in connection with bankruptcy proceedings that commenced during 2009 under chapter 11, of title 11, United States Code (hereafter in this Act referred to as bankruptcy proceedings), with respect to General Motors; (2)levels of and reductions in— (A)the employee and retiree benefits of current and former General Motors salaried employees, union employees, and non-union hourly employees; and (B)retiree benefits for former employees of the Delphi Corporation (hereafter in this Act referred to as Delphi), including its salaried retirees, non-union hourly retirees, and union retirees; (3)the determination of General Motors not to alter any pre-existing pension obligations (including Delphi pension obligations) during bankruptcy proceedings; (4)the determination of General Motors to expand pension benefits for former unionized Delphi employees that did not have a pre-existing pension agreement with General Motors; and (5)actual payments made by the United States to General Motors, including any schedule of payments, any formal or informal terms and conditions governing such payments, and the amount of interest in ownership the Federal Government would acquire of General Motors and any terms or conditions as such. (b)

Provision of information to GAO

Notwithstanding any other provision of law, not later than 90 days after the date of enactment of this Act— (1)the National Archives and Records Administration shall submit to the Government Accountability Office all information in its possession related to certain specific communications that occurred between October 3, 2008, and January 20, 2010, related to the role of the Department of the Treasury in negotiating, reviewing, approving, determining, or in any other aspect relating to General Motors qualifying for Federal financial assistance under the Troubled Asset Relief Program, including any schedule of payments, and any formal or informal terms and conditions governing such payments; and (2)the Pension Benefit Guaranty Corporation shall submit to the Government Accountability Office all information in its possession related to certain specific communications that occurred in 2009 relating to the role of that Office in negotiating, reviewing, approving, determining, or in any other aspect related to the decision to remove the liens held on the overseas assets of Delphi.

2.

Report to congress

(a)

Audit required

The Government Accountability Office shall audit the specific communications required under section 1 and shall, not later than 1 year after the date of enactment of this Act, submit a report to the Senate and the House of Representatives containing its findings. The Government Accountability Office shall, in conducting such audit, consider any relevant and publically available bankruptcy records of General Motors and Delphi. (b)

Considerations

The audit under subsection (a) shall consider— (1)any decision made during General Motors bankruptcy proceedings that appears to be quid pro quo and unduly influenced by the receipt of Federal funds from the Troubled Asset Relief Program; (2)any business decision that General Motors made during bankruptcy proceedings that would be unlikely for a similar for-profit business (that is not receiving Federal assistance under the Troubled Asset Relief Program) to make; (3)any action or measure that any Federal Government official took to persuade or force General Motors to take any particular action or measure; and (4)whether the decision for the Pension Benefit Guarantee Corporation to remove the liens held on the overseas assets of Delphi was in the best interest of United States taxpayers.