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Levin Statement on Announcement of Treasury's GM Plan


Location: Washington, DC

Sen. Carl Levin, D-Mich., made the following statement on the Treasury Department's announcement of a plan to exit its General Motors stock holdings:

"Today's announcement is an important step in GM's recovery, and in the government's necessary, but temporary, role in that recovery. This plan strikes the proper balance between maximizing return for the taxpayer and limiting government involvement in a private enterprise. Both GM and the Obama administration have been eager to bring the government's role to a close in a responsible and orderly way, and this plan meets those goals.

"It's important to keep in mind what the federal investment in GM and Chrysler sought to accomplish. It was about protecting more than 1 million workers whose jobs could have been lost, protecting families and communities that would have been devastated if the domestic auto industry had collapsed, preventing the massive cost the federal government would have had to bear in terms of unemployment insurance and other expenses, and avoiding the very real prospect of a second Great Depression. By any reasonable measure, this investment has been a tremendous success for GM and Chrysler and for America."

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