Congressman Tim Ryan Joins in Congressional Hearing on Treasury’s Role in the Delphi Pension Loss
Washington, D.C. – Congressman Tim Ryan asked numerous questions in a Congressional hearing on the Treasury Department’s role in the Delphi pension loss, calling for an extension of the Health Care Tax Credit for Delphi retirees—and suggesting that in light of the Delphi situation that the country’s bankruptcy laws need to be reformed.
“I do not believe that Congress or the retirees still have a complete picture of what happened in this situation, said Congressman Ryan. “If it’s determined through evidence produced here or in a court of law that the Delphi salaried retirees—and the splinter unions—were unjustly harmed due to politics or favoritism, then they must be made whole and I will continue to advocate for that position.”
The hearing took place last week in the Oversight/Government Operations Subcommittee. In addition to committee members, also participating in the hearing were Christy Romero, Special Inspector General for the Troubled Asset Relief Program (TARP); Barbara Bovbeirg and Nicole Clowers, from the U.S. Government Accountability; Matthew Feldman, the former Chief Legal Advisor for the Treasury Department’s Auto Team; Steven Rattner, former lead auto advisor for the Treasury Department; Harry Wilson, former Senior Advisor to the Secretary of the Treasury; and Harvey Miller, a bankruptcy attorney.
Congressman Ryan has introduced legislation that would allow the Delphi Salaried retirees and other retirees who are receiving PBGC pensions, the opportunity to continue receiving health coverage tax credits through the HCTC program which would otherwise terminate completely at the end of this year.