Bennett's bill would give GM stock to taxpayers

Bennett's bill would give GM stock to taxpayers

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WASHINGTON, D.C. -- Sen. Bob Bennett and Sen. Lamar Alexander, R-Tenn., proposed legislation Thursday governing taxpayers' investment in the auto companies.

Under the Auto Stock for Every Taxpayer Act, the government could not spend additional TARP funds on bankrupt auto companies like GM and Chrysler. It also would require the Treasury to distribute to individual taxpayers all of its stock in General Motors and Chrysler.

The bill also says the secretary of the Treasury and his designee have an obligation to the American taxpayer to maximize the return on that investment, so long as the government holds stock in the auto companies.

Bennett's amendment also would ensure that the government does not exercise its voting rights as a shareholder in an improper way.

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