Hochul Stands Up For Delphi Retirees, Pushes For Government Transparency

WASHINGTON, D.C. – Today, Congresswoman Kathy Hochul (NY-26) met with the Assistant Secretary of the Treasury for Financial Stability, Timothy Massad, who oversees the Troubled Asset Relief Program (TARP), about the need to restore benefits to salaried retirees of the former Delphi Corporation.

“I’ve heard from many of the Delphi retirees in Western New York who lost their life insurance, their health care, and up to 70 percent of their pensions following Delphi’s separation from General Motors and subsequent bankruptcy. In addition to the pensions they earned helping to build the American auto industry, these hard-working men and women are looking for answers. The Treasury, and all federal agencies must be forthright and disclose all information related to the administration of TARP and the termination of the pension plan for Delphi’s salaried workers,” Rep. Hochul said.

In the meeting, Rep. Hochul pressed the Assistant Secretary to work with GM and Delphi’s retirees to restore pensions earned by these workers.  Hochul also pushed the Treasury to commit to the highest level of transparency and produce any documents which can help answer questions about the Administration’s intervention in the auto industry. 

Just yesterday, three former Treasury officials testifying before the House Committee on Oversight and Government Reform agreed to participate in the TARP Special Inspector General’s audit after refusing to cooperate for a year.  In today’s meeting, the Assistant Secretary committed to working with Rep. Hochul to improve public understanding of TARP and its administration.

Rep. Hochul has written letters to the President, the Secretary of the Treasury, the Secretary of Labor, and General Motors requesting the restoration of benefits for the Delphi salaried retirees.  She is also a cosponsor of H.R. 4232, the Restore FOIA Act, bipartisan legislation which would require the Treasury and other agencies administering TARP to increase public access to federal documents.  In June, Hochul spoke on behalf of the Delphi salaried retirees on the House floor; her speech can be viewed here.