Congressman Paul Ryan questioned recent claims made by General Motors [GM] and Obama Administration officials that the automaker's bailout has been fully repaid to the American taxpayer.
In a letter to Treasury Secretary Geithner, Ryan, along with Congressmen Jeb Hensarling (TX) and Scott Garrett (NJ), calls for greater clarity and transparency on the true taxpayer exposure resulting from the federal government's continued ownership of GM.
Ryan issued the following statement:
"Contrary to claims that GM has paid back its bailout in full, the automaker simply transferred $6.7 billion dollars from one taxpayer-funded TARP account to another. The fact is: the federal government still owns GM. The government remains deeply entrenched in the auto industry and the American people deserve to have transparent information on the financial health of GM.
"If anyone is owed a clear and honest explanation it is those hit hardest by the downturn in the auto industry, including those I serve in Janesville, Kenosha, Oak Creek and the surrounding communities in Southern Wisconsin. For these reasons, I have asked Treasury Secretary Geithner and the Obama Administration to provide an updated, accurate, and honest account of the taxpayer money that is still propping up General Motors."