Washington, D.C.– Today, U.S. Congressman Walter B. Jones (NC-03), House Republican Leader John Boehner and 18 other House Republicans sent a letter to President Barack Obama demanding answers on the use of American tax dollars to bail out General Motors (GM). Despite the strong opposition of Congressman Jones and many House Republicans, over the past year the U.S. government orchestrated a takeover of the U.S. auto industry and sunk nearly $50 billion in taxpayers’ money into GM. The administration has also disclosed very little information about the details of the government bailout of GM. However, last week the President’s former “Car Czar”, Steve Rattner, stated that the value of the taxpayers’ stake in GM has plunged to only $25 billion.

“Keeping American taxpayers in the dark is wrong. The Administration pledged transparency, and yet there has been none as far as the General Motors bailout is concerned,” said Congressman Jones. “I have been adamantly opposed to all bailouts and there must be accountability shown for our taxpayers’ money, especially if it is being wasted.”

The letter to the President is as follows:

Dear Mr. President:

Last December, the U.S. Treasury Department loaned General Motors $13 billion. In the spring, Treasury loaned GM another $6 billion. In June, days before GM declared bankruptcy, the Administration provided another $30 billion – just in time to convert taxpayer loans to equity taking ownership of GM.

All of these funds came from the Troubled Asset Relief Program – a bailout never intended for such purposes. As the Congressional Oversight Panel wrote last month, “the use of TARP funds for the automotive industry raises questions regarding both Presidents’ authority to use these funds under EESA legislation and, more broadly, under the U.S. Constitution.”

Last week, Steve Rattner, your former “Car Czar,” estimated that the taxpayers’ stake in GM now stands at $25 billion. If Mr. Rattner is correct, the Administration’s “Bridge Loan to Nowhere” lost half of the taxpayers’ money. And while sales for private-owned Ford Motors fell only 6% in September, government-owned GM saw a 45% decline.

Despite your Administration’s pledge of transparency, this “Bridge Loan to Nowhere” comes with none. American taxpayers remain in the dark when it comes to basic details of $49 billion in taxpayers’ money provided to GM.

How much should taxpayers expect to lose from the “Bridge Loan to Nowhere?” When will we see the minutes from Automotive Task Force meetings? When will we see all financial and operating information for GM – at the same level of detail that shareholders of any other major company would expect?

As the American people struggle through the Great Recession, they deserve better than a $25 billion loss in a non-transparent investment.