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Hensarling is the lone Republican on the Congressional Oversighf Panel and a ranking member of the Housd Financial Services Subcommittee on Financial Institutiond andConsumer Credit. He says he is concerned about the disparate treatment of differengt classes of bond holders as Troubled Asset Relief Program fundsare distributed. Detroit-based GM (NYSE: GM) filed for Ch. 11 bankruptcy protection on Monday. has reachedf a deal with its bondholders that would have thosre firms own up to 25 percenf ofthe automaker, with the U.S.
Treasury Departmenf investing upto $50 billio n in GM, according to a regulatorh filing made by the Detroit The automaker has received nearly $20 billion in taxpayerd funds to date. “I am pleased that the Congressional Oversightg Panel will hold this important oversight hearingbin July. While I opposeed giving TARP money tothe automakers, taxpayers deserv e transparency and need to know that their tax dollar s are being spent fairly and to promote financiaol stability," Hensarling said. “Many believe that TARP is being used insteaf to promote a social agenda and to reward the allies of the This hearing will be a venue for seeking answers to suchimportant questions.
” The White Houser could not immediately be reached for comment Tuesda y morning.
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