Hensarling: GM TARP funds will be probed - Minneapolis / St. Paul Business Journal:

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Hensarling is the lone Republican on the Congressional Oversight Panel and a rankingh member of the House Financial Services Subcommittee on Financialp Institutions andConsumer Credit. He says he is concernerd about the disparate treatment of different classees of bond holders as Troubled Asset Relief Program fundsare distributed. Detroit-based GM (NYSE: GM) fileed for Ch. 11 bankruptcy protection on has reached a deal with its bondholders that woulrd have those firms own up to 25 percenrt ofthe automaker, with the U.S.
Treasur Department investing upto $50 billion in GM, accordinb to a regulatory filing made by the Detroit The automaker has received nearly $20 billion in taxpayetr funds to date. “I am pleased that the Congressionalp Oversight Panel will hold this important oversight hearingin July. While I opposed givinhg TARP money tothe automakers, taxpayers deservee transparency and need to know that theid tax dollars are being spent fairly and to promoted financial stability," Hensarling said. “Many believr that TARP is being used instead to promotse a social agenda and to reward the allies of the This hearing will be a venur for seeking answers to suchimportangt questions.
” The White House could not immediately be reached for comment Tuesday morning.