[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 175 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
S. RES. 175

  Expressing the sense of the Senate that the Federal Government is a 
 reluctant shareholder in the ownership of General Motors and Chrysler.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              June 9, 2009

 Mr. Nelson of Nebraska submitted the following resolution; which was 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                               RESOLUTION


 
  Expressing the sense of the Senate that the Federal Government is a 
 reluctant shareholder in the ownership of General Motors and Chrysler.

Whereas the United States is facing a deep economic crisis that has caused 
        millions of American workers to lose their jobs;
Whereas the collapse of the American automotive industry would have dealt a 
        devastating blow to an already perilous economy;
Whereas the Federal Government, under President George W. Bush and President 
        Barack Obama, intervened in the American automotive industry in order to 
        prevent additional job losses in the industry that would have resulted 
        in a ripple effect across the entire economy;
Whereas any investment of taxpayer dollars in the American automotive industry 
        should be temporary;
Whereas the Federal Government is a reluctant shareholder in General Motors 
        Corporation and Chrysler Motors LLC, as any involvement is only to 
        protect the investment of taxpayer dollars;
Whereas the Federal Government, as the primary shareholder, will not be involved 
        in the day-to-day management of General Motors; and
Whereas the Federal Government shall closely monitor General Motors and Chrysler 
        to ensure that they are being responsible stewards of taxpayer dollars 
        and are taking all possible steps to expeditiously return to solvency: 
        Now, therefore, be it
    Resolved, That it is the sense of the Senate that--
            (1) the Federal Government is only a temporary stakeholder 
        in the American automotive industry and should take all 
        possible steps to protect American taxpayer dollars and divest 
        its ownership interests in such companies as expeditiously as 
        possible; and
            (2) the Comptroller General of the United States should 
        conduct a study to determine the period of time it may take 
        General Motors and Chrysler to return to solvency and for the 
        Federal Government to complete divestiture.
                                 <all>