US House OKs Measure Forcing GM, Chrysler To Negotiate With Dealers
July 16 2009 - 7:46PM
Dow Jones News
The U.S. House approved legislation Thursday to force General
Motors Co. and Chrysler Group LLC to reinstate roughly 2,000
dealers the car makers' cut as part of their government-backed
bankruptcy reorganizations.
The Obama administration strongly opposed the measure, warning
this week the bill could derail the auto makers' restructuring
efforts, backed by about $60 billion in government funding. The
White House stopped short of threatening a veto.
The provision, attached to a must-pass spending bill, forbids
the administration from giving bailout funds to the auto makers
unless they fully restore dealers' rights under state franchise
laws. The measure could effectively force GM and Chrysler to reopen
dealerships or to increase compensation payments to rejected
dealers.
The vote was 219-208.
Talks among dealers, auto makers and lawmakers aimed at reaching
a compromise appeared to break down Thursday. Dealers said they
believed they had enough support to get the legislation through
Congress and wouldn't accept anything short of the measures in the
House bill.
"We're at the table with Congress and we hope that the dealers
decide to join us," GM spokesman Greg Martin said.
The bill now goes to the Senate, where support for the dealers
is less certain. Senate Majority Leader Harry Reid, D-Nev., said
this week the legislation on dealers wasn't a top priority.
The main purpose of Thursday's House bill is to fund the
Treasury Department and other federal agencies, including the
Securities Exchange Commission, the Consumer Products Safety
Commission and the Federal Deposit Insurance Corporation in fiscal
2010.
The SEC would receive $76 million over its funding level in the
current year, bringing its budget for fiscal 2010 to $1.08 billion.
The increase is to boost its enforcement abilities.
The bill also places stringent disclosure requirements on the
Treasury related to its efforts to stabilize the financial
markets.
The requirements would apply to investments made through the
Troubled Asset Relief Program - the primary vehicle through which
the federal government has made investments in private firms since
the economic crisis began last fall - but also to its moves to take
over Fannie Mae (FNM) and Freddie Mac (FRE) and in "any other
investments of taxpayer funds aimed at ensuring economic and
financial stability."
The House bill would compel the Treasury to inform Congress by
Dec. 1 whether it intends to make further investments in companies,
when it expects outstanding money to be repaid to the Treasury, and
whether it anticipates the taxpayer ultimately earning a profit or
taking a loss on those investments already made.
Neither the tough disclosure language nor the measure aimed at
assisting the auto dealers is in companion legislation in the
Senate. Majority Leader Harry Reid, D-Nev., said this week the
Senate would be unlikely to take up the dealership measure.
The $24 billion spending bill is one of 12 that Congress must
pass each year to fund the various arms of the federal government
through the next fiscal year. The federal government's fiscal year
begins on Oct. 1.
-By Corey Boles and Josh Mitchell, Dow Jones Newswires;
202-862-6601; corey.boles@dowjones.com