Washington, DC - Congressman John D. Dingell (D-MI15) made the following remarks on General Motors’s announcements that the company would make Ed Whitacre CEO as well as pay off the remaining $5.7 billion in federal loans this summer. 

“In his short time with the company, Ed Whitacre has made it very clear that this is not your father’s General Motors.  He has taken a direct role in aggressively rebuilding the company.   Perhaps the greatest testament to the quality of his work is what Speaker Pelosi, Majority Leader Hoyer, and Secretaries LaHood and Solis and I saw at the 2010 North American International Auto Show in Detroit: some of the finest, safest, most fuel-efficient, and consumer friendly cars you’ll find in any showroom around the world.  Those going to Washington’s upcoming auto show will see the same thing.  Ed Whitacre’s is the right man to run GM.  Moreover, in these turbulent economic times, his decision to stay at GM is a commendable display of stability and faith in the company’s future.

“Under Whitacre’s lead, GM is ahead of schedule in paying off its debts the federal government.  GM will be paying off $5.7 billion in loans by June.  This is a remarkable achievement, especially considering the state of GM’s balance sheet was just a year ago.  GM’s progress in rebuilding itself is proof positive that the American taxpayer’s money was well spent in preserving the vitality of a significant contributor to the U.S. economy.  I am sure this investment has saved and will create thousands of jobs for working families across the country.  If the naysayers had their way, GM might not be here today and hundreds of thousands of direct and indirect jobs would have been lost.  Because of the vision and commitment of President Obama and some Members of Congress, GM will emerge as a competitive, healthy company.”