GovTrack’s Bill Summary
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Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
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.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
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