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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H. Res. 571 Introduced in House (IH)]

111th CONGRESS
  1st Session
H. RES. 571

 Expressing the sense of the House of Representatives that the Federal 
 Government should relinquish its temporary ownership interests in the 
General Motors Corporation and Chrysler Group, LLC, as soon as possible 
and should not micromanage or unduly intercede in management decisions 
                           of such companies.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             June 19, 2009

Mr. Walz (for himself, Mr. Ellsworth, and Mr. Wilson of South Carolina) 
submitted the following resolution; which was referred to the Committee 
                         on Financial Services

_______________________________________________________________________

                               RESOLUTION

 
 Expressing the sense of the House of Representatives that the Federal 
 Government should relinquish its temporary ownership interests in the 
General Motors Corporation and Chrysler Group, LLC, as soon as possible 
and should not micromanage or unduly intercede in management decisions 
                           of such companies.

Whereas the Federal Government is taking a significant ownership stake in 
        Chrysler Group, LLC, and the General Motors Corporation;
Whereas General Motors has entered Chapter 11 bankruptcy and Chrysler has gone 
        through Chapter 11 bankruptcy;
Whereas Chrysler is receiving more than $12,000,000,000 in aid from the Federal 
        Government and General Motors is receiving approximately 
        $50,000,000,000;
Whereas any use of taxpayer dollars for the Federal Government to take a share 
        of ownership in the American automotive industry should be temporary;
Whereas a prearranged time schedule for divestment of such Government share of 
        ownership could create problems;
Whereas the Obama administration has stated that ``[t]he Government has no 
        desire to own equity stakes in companies any longer than necessary, and 
        will seek to dispose of its ownership interests as soon as 
        practicable'';
Whereas the Obama administration has stated that ``[t]he government will protect 
        the taxpayers' investment by managing its ownership stake in a hands-
        off, commercial manner. The government will not interfere with or exert 
        control over day-to-day company operations''; and
Whereas public ownership of automobile companies presents a constant temptation 
        to lawmakers to micromanage and unduly intercede in management 
        decisions: Now, therefore, be it
    Resolved, That it is the sense of the House of Representatives 
that--
            (1) after taking a temporary ownership interest in the 
        United States automobile companies, the Federal Government 
        should take all possible actions to protect taxpayer dollars 
        and divest such ownership interest in such companies as quickly 
        as possible; and
            (2) the Federal Government should not micromanage and 
        unduly intercede in management of the automobile companies in 
        which it takes a temporary ownership interest.
                                 <all>
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