Sen. Lamar Alexander (R-Tenn) held a bloggers’ call this morning to explain his “Auto Stock for Every Taxpayer Act”
The Auto Stock for Every Taxpayer Act, which has been filed as an amendment to the FDA-Tobacco regulation bill, would:
• Prohibit the Treasury from using any more TARP funds to bailout GM or Chrysler.
• So long as the government holds stock in these companies, require that the Secretary of the Treasury and his designee have a fiduciary responsibility to the American taxpayer to maximize the return on that investment.
• Not later than one year after each company emerges from bankruptcy, require that the Treasury distribute its common stock holdings in that company evenly to every American who paid taxes on April 15.
You can listen to it here: