US Senate Committee on Health, Education, Labor, & Pensions

Enzi Calls President’s Auto Task Force Pension Decision a Mistake Move to Dump Massive Pension Obligations on Federal Government Poses Serious Risks

Wednesday, July 22, 2009Craig Orfield (202) 224-6770

Washington, D.C. – U.S. Senator Mike Enzi (R-Wyo.), Ranking Member of the Senate Health, Education, Labor and Pensions (HELP) Committee commented today on theannouncement from the Pension Benefit Guaranty Corporation (PBGC) that it will takeover the pension plans for Delphi Corp – the parts manufacturer for General Motors(GM).

“This development is inconsistent with the task force’s goals to conduct business in atransparent manner and then get the government out of the industry as soon aspossible,” said Enzi. “There should be more accountability in this process for theAmerican people.”

“It is obvious that the task force is willing to bend over backwards to bail out theproblems created in Detroit, while ignoring the rest of our nation’s pensions for workersin other industries. I am disappointed in the actions of the President’s Auto Task Force to direct the PBGC and GM to take over Delphi’s pension plans at a cut rate,” addedEnzi. “The Auto Task Force has continued to fail to resolve the problems of the autopension plans even after GM has come out of bankruptcy. It is a crime that GM is onlypaying $70 million while dumping $3.5 billion worth of liability on the PBGC and thefederal government.”

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