[Congressional Record (Bound Edition), Volume 155 (2009), Part 11]
[Senate]
[Page 14341]
[From the U.S. Government Publishing Office, www.gpo.gov]




  SENATE RESOLUTION 175--EXPRESSING THE SENSE OF THE SENATE THAT THE 
   FEDERAL GOVERNMENT IS A RELUCTANT SHAREHOLDER IN THE OWNERSHIP OF 
                      GENERAL MOTORS AND CHRYSLER

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

                              S. Res. 175

       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.

                          ____________________