Elizabeth Warren Criticizes GM $20 Billion Stock Buyback Plan

Senator Elizabeth Warren and other lawmakers are criticizing General Motors for approving a $20 billion multi-year stock buyback program. Warren, who will chair the Senate Committee on Banking, Housing and Urban Affairs in January, argues the plan prioritizes executives and shareholders over American families and workers, especially as vehicle prices hit record highs and the company implements layoffs and furloughs.

Warren noted that the company benefited from tariff exemptions and tax giveaways under the Trump administration. Senator-elect Abdul El-Sayed and Republican Mike Rogers also denounced the move, with El-Sayed characterizing the program as the largest stock buyback in the history of the automotive industry.

General Motors announced the board's approval of the program on October 20. The company stated that the authorization has no expiration date and may be suspended at any time.