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.

Bill: 111-hr-6046
Sponsor: Rep. Lee, Christopher J. [R-NY-26]
Introduced: 2010-07-30 in the House
Policy area: Commerce
Subjects: Bankruptcy
Business records
Congressional oversight
Corporate finance and management
Employee benefits and pensions
Financial crises and stabilization
Government information and archives
Government studies and investigations
Manufacturing
Motor vehicles

Summary:
action_date: 2010-07-30
text: 
Directs the Presidential Task Force on the Auto Industry to submit to the Government Accountability Office (GAO) all information in its possession relating to certain specific communications involving General Motors Corporation (GM) relating to the Task Force's role in negotiating, reviewing, approving, or any other aspect of: (1) the plans for reorganization or restructuring GM in connection with bankruptcy proceedings that commenced during 2009; (2) levels of and reductions in the employee and retiree benefits of current and former GM salaried employees, union employees, and non-union hourly employees and the retiree benefits for former employees of the Delphi Corporation; (3) GM's determination not to alter any preexisting pension obligations during bankruptcy proceedings; (4) GM's determination to expand pension benefits for former unionized Delphi employees that did not have a preexisting pension agreement with GM; and (5) actual payments made by the United States to GM.
 
Requires: (1) the National Archives and Records Administration (NARA) to submit to GAO 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 GM qualifying for federal financial assistance under the Troubled Asset Relief Program (TARP); and (2) the Pension Benefit Guaranty Corporation (PBGC) to submit to GAO all information in its possession related to certain communications that occurred in 2009 relating to PBGC's role in negotiating, reviewing, approving, determining, or in any other aspect related to the decision to remove liens on Delphi's overseas assets.
 
Directs GAO to audit such communications, report its findings to Congress within one year, and include among audit considerations: (1) any decision made during GM's bankruptcy proceedings that appears to be quid pro quo and unduly influenced by the receipt of TARP funds or that would be unlikely to be made by a similar for-profit business that is not receiving TARP assistance; (2) any action that any federal official took to persuade or force GM to take any particular action; and (3) whether the PBGC decision to remove liens on Delphi's overseas assets was in the best interest of U.S. taxpayers.


Legislative actions:
action_date: 2010-10-13
text: Referred to the Subcommittee on Workforce Protections.
action_date: 2010-09-20
text: Referred to the Subcommittee on Commercial and Administrative Law.
action_date: 2010-07-30
text: Referred to House Oversight and Government Reform
action_date: 2010-07-30
text: Referred to House Judiciary
action_date: 2010-07-30
text: Referred to House Financial Services
action_date: 2010-07-30
text: 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.
action_date: 2010-07-30
text: Referred to House Education and Labor
action_date: 2010-07-30
text: Introduced in House
action_date: 2010-07-30
text: Introduced in House