November 18, 2010

Congressman Gregory W. Meeks Statement on General Motors IPO

(WASHINGTON, DC)–Congressman Gregory W. Meeks (NY-6), Senior Member of the House Foreign Affairs Committee, Financial Services Committee and Chairman of the Subcommittee on International Monetary Policy and Trade released the following statement today in regards to General Motors IPO:

“Only two years after the American people made an investment in General Motors to save an icon of American industry and hundreds of thousands of jobs in the United States, I am pleased that the company is gaining market share and has been able to launch one of the most successful initial public offerings in history.  I praise President Obama, Secretary Geithner, and Dr. Summers for their stewardship in ensuring that American taxpayers are repaid for their investment to save American entrepreneurship and industry.  From the high demand for the IPO, which will raise close to $23 billion to repay taxpayers, pay down the deficit and reduce the government’s stake significantly, it is clear the new General Motors will have the capital to compete globally, and to create and maintain essential manufacturing jobs for our economy.”

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