GM’s bankruptcy announcement necessitates greater oversight for taxpayers (Rep. Marcia Fudge)

As a result of General Motor’s Monday announcement of bankruptcy, the American taxpayers now control 60% of the company’s assets. Therefore, Congress must increase its oversight on behalf of taxpayers and GM’s employees.

Above all else, Congress must advocate for transparency. GM’s President and CEO, Fritz Henderson, pledged the company would be transparent in its corporate modifications. To best protect GM employees and their families, I hope GM publishes its plant and dealer closings and modifications in a timely and thorough manner. This afternoon the Senate Commerce, Science and Transportation Committee will hold a hearing entitled “GM and Chrysler Dealership Closures: Protecting Dealers And Consumers,” to underscore the need for transparency and to hold manufacturers accountable.

While all of America was disheartened by GM’s announcement, as it marks the end of an era, we should also be encouraged. With a well-managed process and proper taxpayer protection, GM could swiftly emerge from bankruptcy to thrive once again.

I acknowledge the difficult concessions union leaders and members made during discussions leading up to the bankruptcy filing. As President Obama said, this is an ‘unfortunate sacrifice’ that predicates many others. However, it is my most sincere hope and belief that GM will emerge from bankruptcy with greater economic viability and corporate sustainability.