U.S. Congressional Republicans introduced legislation Thursday to convert the government's investment in General Motors Corp. and Chrysler LLC into company shares that would be distributed to every American taxpayer.The legislation, pushed by four Republican senators, would subvert the Obama administration's plan for the U.S. government to take a 60% ownership stake in GM and 8% in Chrysler. Instead of the government holding the shares, the Treasury secretary would be required to distribute GM and Chrysler stock to the roughly 120 million Americans who submitted tax returns for 2008, said Sen. Lamar Alexander, R-Tenn., the proposal's author. The secretary would have one year to complete the task once GM emerged from Chapter 11 bankruptcy.
"This is the fastest way to get the stock out of the hands of Washington and back into the hands of the American people who paid for it," Alexander said.
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