The bankruptcy of General Motors and Chrysler has made both automakers part property of the U.S. government. Under the current plan drawn up by President Obama's Auto Task Force, 60% of GM and 8% of Chrysler will end up under the ownership of Uncle Sam, but Republicans are hatching a different plan. Senator Lamar Alexander, R-Tenn., has authored a bill to turn over control of the Detroit automakers to the 140 million Americans that filed tax returns last year. The stock notes would be doled out once GM and Chrysler exit chapter 11 bankruptcy.
CNN Money quoted Senator Alexander as saying his bill was "the fastest way to get the stock out of the hands of Washington and back into the hands of the American people who paid for it." The bill has the support of three other Republican senators, and many others on the right have voiced their disapproval over government ownership in the automotive sector. Alexander feels his bill would prevent government intervention in day-to-day business, while quickly returning the companies to the marketplace.
[Source: CNN Money]