We support the Republican Leader's sensible and timely Resolution of Inquiry that requests that the President transmit to the House of Representatives any and all information regarding the government's role in negotiating the restructurings of General Motors Corp. and Chrysler LLC. Before approving the resolution, the Committee adopted an amendment offered by Mr. Lee of New York specifically requesting information from the Automotive Task Force on decisions related to employee and retiree benefits at Delphi Corporation, which is GM's largest parts supplier. The amendment assures that Congress will examine whether the Task Force accounted for both hourly and salaried employees' pension benefits and the impact of having pensions turned over to the PBGC.

When its restructuring plan was first announced, GM agreed to assume the pension benefits of Delphi's hourly workers, while the salaried workers would have had their pensions turned over to the federally-chartered Pension Benefit Guaranty Corporation (PBGC).

However, Delphi announced on July 22, 2009, that GM has backed out of its plan to assume the pensions of hourly retirees. The PBGC has filed suit to take over the benefits of all of the company's roughly 70,000 workers.

Combined, Delphi's hourly and salaried plans have a funding shortfall of $6.8 billion, $6.2 billion of which will be covered by the PBGC. Payments by the agency are capped by law depending upon a retiree's age. Under this plan, Delphi retirees stand to lose as much as 70 percent of their pension payments.

These retirees are hard-working Americans who certainly understand the need to make sacrifices to ensure a better, stronger economy over the long-term. They did not, however, sign up for having the benefits they earned, the benefits they counted on, being taken from them. A broad bipartisan coalition of lawmakers in the House has worked hard to stand up for these retirees and give them a voice in Washington. As 60 percent owners in the new GM, they, their families, and American taxpayers have a right to demand a substantive explanation on how the Task Force reached these decisions.

At the committee markup, Chairman Frank pledged to help ensure that a hearing is held on this matter before the House adjourns for the August District Work Period. We look forward to working with him to see that this hearing occurs in short order.

Signed,
Christopher Lee.
Spencer Bachus.
John Campbell.
Thaddeus McCotter.
Peter King.
Judy Biggert.
Daniel B. Maffei.
Joe Baca.
Travis W. Childers.
Mary J. Kilroy.
Gary C. Peters.
Carolyn B. Maloney.
Charles A. Wilson.
Paul Hodes.
Steve Driehaus.
Alan Grayson.