Paul Ryan on TARP and GM
Summary
When GM first began to show signs of strain and announced the closure of a plant in Janesville, Congressman Ryan pledged to work closely with union leaders, GM officials, and members of the Janesville community. A few months later when the Auto Industry Financing and Restructuring Act was introduced, Congressman Ryan supported the measure noting that any assistance to the domestic auto industry should be drawn from previously approved funds from a U.S. Department of Energy loan package, rather than divert resources from the financial rescue package or rely on additional taxpayer dollars. The Auto Industry Financing and Restructuring Act accomplished this goal and Congressman Ryan voted in favor of it.
When the original legislation failed and Congress and the Bush and Obama administrations were considering using TARP funds, Congressman Ryan opposed those measures. He stated that allowing the Big Three to access funds from the financial rescue package creates a dangerous precedent for other corporations to lay claim to TARP funds.
In 2010, when GM claimed that it had paid back its loans from the TARP program, Congressman Ryan noted that contrary to claims, the automaker simply transferred $6.7 billion dollars from one taxpayer-funded TARP account to another. He noted that the federal government still owns GM and remained deeply entrenched in the auto industry and the American people deserve to have transparent information on the financial health of GM.
Reaction to GM Announcement of Plant Closures
In June of 2008, Congressman Ryan issued a press statement noting his disappointment at the GM decision to close a plant in Janesville. He notes in the press release that he will look to work with the GM and congressional leadership to provide assistance where available.
Reaction to Restructuring Act
In December of 2008, Congressman Ryan issued a press statement noting his view that funds that go to GM must not come from taxpayers funds in the relief package, but from the already allocated loan package.
Tapping TARP a Dangerous Precedent
In December of 2008, Congressman Ryan issued a press statement noting his view that using TARP funds to address the GM problems was a dangerous precedent.
Skepticism of GM Repayment
On April 28, 2010 Congressman Ryan issued a press statement noting his view that claims made by GM that they had paid back the entire amount it was given as part of the bailout funds.
Voting Record
Auto Industry Financing and Restructuring Act
As the last vote in the 2008 session, the House passed the Auto Industry Financing and Restructuring Act. Although the legislation was not brought up for a vote in the Senate, it provided the blueprint for how Presidents Bush and Obama would later deal with GM. Paul Ryan voted in favor of the legislation to assist GM.
Paul Ryan voted in favor of the legislation to assist GM.
Sponsored and Cosponsored Legislation
This representative has not been identified as sponsoring or cosponsoring significant legislation related to this title.