Filed under: Government/Legal, Chrysler, GM, Earnings/Financials
The House Oversight and Government Reform Committee is moving prevent General Motors and Chrysler lobbying while the federal government owns stake in each company. Representative Darrell Issa (R, Calif.) set to introduce the measure on behalf the committee today. The ban isn′t anything new other bailed out companies. According to Automotive News, Fannie Mae Freddie Mac both currently under similar bans after receiving government aid last year.
Not surprisingly, that hasn′t stopped General Motors saying that it would oppose legislation. Like most large corporations, automaker employs a significant lobbying effort. AN says that time that it declared bankruptcy last year until March 2010, GM has spent $4.3 million lobbying congress, and Chrysler has forked over $2.3 million doing same.
Representative Issa has said that he hopes to bar any company that the government owns five percent or more lobbying at all. The move seems more than fair, and may act as a proper deterrent companies looking easy cash at the expense tax payers.
[Source: Automotive News | Image: House Representatives]
Report: Chrysler, GM could banned from lobbying originally appeared Autoblog Thu, 17 Jun 2010 18:32:00 EST. Please see our terms for use feeds.
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