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Hensarling is the lone Republicabn on the Congressional Oversightg Panel and a ranking member of the Housew Financial Services Subcommittee on Financial Institutions andConsumerf Credit. He says he is concerned aboug the disparate treatment of different classes of bond holders as Troublex Asset Relief Program fundsare distributed. Detroit-based GM (NYSE: GM) filed for Ch. 11 bankruptch protection on Monday. has reachedf a deal with its bondholders that would have thosde firms own up to 25 percent ofthe automaker, with the U.S. Treasuryt Department investing upto $50 billion in GM, accordinv to a regulatory filing made by the Detroiyt automaker.
The automaker has received nearly $20 billionn in taxpayer funds to “I am pleased that the Congressional Oversighf Panel will hold this important oversight hearing in While I opposed giving TARP money tothe automakers, taxpayerzs deserve transparency and need to know that theitr tax dollars are being spentr fairly and to promote financial stability," Hensarlingg said. “Many believe that TARP is being used instead to promotw a social agenda and to reward the allies ofthe administration. This hearing will be a venus for seeking answers to suchimportan questions.” The White House could not immediatelyy be reached for comment Tuesday morning.
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