Walz Introduces Resolution Calling for Exit Strategy of the Federal Government's Ownership of Car Companies

Press Release

Walz Introduces Resolution Calling for Exit Strategy of the Federal Government's Ownership of Car Companies

Sense of the Congress Resolution has bipartisan support

Today, Congressman Tim Walz announced that he has introduced a resolution in the House of Representatives calling for the federal government to "relinquish its temporary ownership interests in the General Motors Corporation and Chrysler Group, LLC, as soon as possible." Furthermore, the resolution states that the federal government "should not micromanage or unduly intercede in management decisions of such companies." The resolution is co-sponsored by Republican Rep. Joe Wilson of South Carolina and Democrat Rep. Brad Ellsworth of Indiana.

"Taxpayers are frustrated that the government now owns such a big stake in these car companies. We have major issues like health care reform and clean energy that we must address. The government should return control of the auto manufacturers to the private sector so we can return to the people's business," said Walz. "I introduced this resolution today to clearly spell out the need for an exit strategy of the federal Government's ownership of car companies. "

"The federal government should not be in charge or in ownership of American corporations. Such action only sets a dangerous precedent for the interference of Congress into other areas of our economy, and it unnecessarily introduces politics into an already difficult situation," said Rep. Joe Wilson. "I want to commend Congressman Walz for his leadership in introducing this resolution, and I look forward to working together, in a bipartisan manner, to bring a swift and deliberate end to the government's involvement in the auto-industry."

"I applaud this effort because it encourages the Government of the United States to return control of GM and Chrysler to the private sector as soon as possible," said John Wade, President of the Rochester Area Chamber of Commerce.

The resolution recognizes the temptation for the government to micromanage the car companies and expresses the sense of the Congress that it should not. "I voted against the auto bailout last fall in part because I just don't think the federal government should be in the auto business," said Walz. "Having elected officials of all political stripes attempting to micro-manage the decisions of auto companies is a recipe for all sorts of unintended consequences."

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