1. Since the beginning of 2009, the Obama Administration has exercised an unprecedented amount of control over the American automotive industry. Some believe this control has resulted the picking of winners and losers among those retirees who have been impacted by auto bankruptcies. What role did the Treasury Department play in the decision to terminate the pension plan of the Delphi Salaried workers? Did the Treasury Department participate in discussions with the Pension Benefit Guaranty Corporation about the termination of the Delphi Salaried workers pension plan? If so, what was the position of the Treasury Department in those discussions and the reasoning behind any decision to force only the Delphi Salaried workers to undergo substantial cuts in their pensions?
2. Currently, the Federal Government owns 60% of General Motors. During the Government’s majority ownership of GM, decisions have been made which have favorably impacted some groups, while detrimentally impacting others. Recently, it was decided that hourly retirees and other union workers whose pensions were cut by the PBGC would have those pensions “topped-up” by the new GM. What role did the Treasury Department have in that decision? ???3. The United Auto Workers has recently stated that Delphi Salaried Retirees should be treated with “fairness and equity”. Additionally, the UAW stated in a letter dated January 15, 2010, that it supports providing the same "top-ups" to the Salaried workers as a matter of "fairness and equity" that were provided to the other Delphi workers. Does the Administration agree?
Congressman Mike Turner today announced he has submitted questions to Treasury Secretary Timothy Geithner investigating the Treasury Department’s involvement in the decision to cut Delphi salaried retirees’ pension plans.
Congressman Mike Turner today announced he has submitted questions to Treasury Secretary Timothy Geithner investigating the Treasury Department’s involvement in the decision to cut Delphi salaried retirees’ pension plans. Congressman Turner submitted the questions in advance of Secretary Geithner’s scheduled testimony on Wednesday, January 27 before the House Oversight and Government Reform Committee.
“Secretary Geithner owes an explanation to Delphi’s salaried retirees as to the Treasury's decision to permit a cut in their promised pension benefits,” said Turner, a member of the House Oversight and Government Reform Committee. “These men and women were promised benefits as part of their loyalty and hard work during their careers at Delphi. They deserve to know why this promise was broken and the factors leading to the Treasury Department’s decision. Secretary Geithner should explain his department’s reasoning.”
Below are the questions Congressman Turner submitted: