Co-sponsor the Bipartisan Susan Muffley Act (H.R.6929 / S.3766) To Right a Government Wrong
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- Last Updated: Wednesday, 15 June 2022 22:11
- Published: Wednesday, 15 June 2022 22:00
Congress has the responsibility to restore the full, earned pension benefits of salaried retirees of the former auto parts maker Delphi Corporation. In 2009, the Government’s Auto Task Force (ATF) directed General Motors through its 45-day bankruptcy. The ATF used $51 Billion of public monies to buy 61% of the common stock of "New GM," or "Government Motors" as pundits called it. It’s understandable that the Government would seek to prevent GM from being liquidated, which would have put the U.S. auto industry in turmoil.
But before investing public money in "New GM," the ATF intruded into the bankruptcy of GM's biggest supplier at the time – Delphi. The ATF put the Government’s financial gain ahead of what's morally right and fair to citizens. The ATF insisted that Delphi must rapidly emerge from its own Chapter 11 before the ATF became "New GM's" principal investor. This added real time pressures to what happened next.