DETROIT – General Motors this week filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) consisting of common stock to be sold by certain stockholders. 

According to media reports, the proposed IPO, which was delayed by the recent announcement of CEO Ed Whitacre's plan to retire, is an effort to repay the $50 billion in government bailout funds GM has received.

GM said the amount of securities offered will be determined by market conditions and other factors at the time of the offering. The number of shares to be offered and the price range for the offering have not yet been determined.  

According to a report from Reuters and CNBC.com, GM filed for an IPO of up to $100 million, and sources close to the company say the automaker could raise as much as $20 billion.

Congressman Chaka Fattah (D-Pa.), chairman of the Congressional Urban Caucus and Pennsylvania's senior member of the House Appropriations Committee, commented on this latest step toward economic recovery in the auto industry.

“Everyone who turns on a TV is treated to a robust ad-war among American automakers,” said Fattah. “GM's stock offering to return as a public company is major. The manufacturer that nay-sayers were willing to see go belly up is now eager to ante up – to pay back the taxpayers for their good-faith investment. This is about more than just cars. We are experiencing a huge rolling step toward economic recovery in our manufacturing sector that is truly 'Made in America.'"