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White House trade adviser Peter Navarro told Fox Business Network's “Making Money with Charles Payne” the review is necessary to support retirees who he said are losing out on earned money.
“The reason why we’re working on it is because the litigation process ran its course and these Delphi salaried and non-union employees are still getting screwed,” he said.
Navarro made clear that the Pension Benefit Guaranty Corporation (PBGC), where Delphi trusteeship was transferred after going bankrupt, is not the “villain” in the situation. Rather, the Treasury Department under President Obama and Joe Biden are to blame.
The trade adviser explained that following the $30 billion bailout of General Motors in 2009, the United Auto Workers had employee pensions topped off for union members while nearly 20,000 non-union workers were left out to dry.
Now, Trump is starting a 90-day process to address the long-standing battle alongside other White House officials including Navarro, Treasury Secretary Steven Mnuchin and Labor Secretary Eugene Scalia.
“We’re going to come up with a way to try to make these folks whole,” he said. “This shows President Trump is the blue-collar president. He cares about these people. Joe Biden and Barack Obama did not."