Editor’s note: This commentary from the Yakima Herald-Republic is presented in place of the customary Spokesman-Review editorial.

When General Motors talks, U.S. taxpayers listen. That’s because we all have a stake in its future.

On Monday, the once-dominant automaker, which had a brief encounter with bankruptcy this summer, indicated it would begin returning some of the $50 billion the federal government provided to help restart the company’s economic engine.

GM’s chairman vowed to repay the company’s entire debt to the treasury. To begin with, the chairman said GM will pay off $6.7 billion in cash by the end of this year and could wipe out the rest of the bailout by 2011. That payoff depends on how well the government does when a public offering is made of the stock GM issued in return for the $50 billion bailout.

This news doesn’t mean GM is on its way to a healthy bottom line anytime soon. The nation’s No. 1 automaker still lost nearly $1.2 billion in the third quarter and is running considerably behind its U.S. rival, Ford Motor Co., which earned a $1 billion profit during the same third quarter – without any federal support.

Though the news is encouraging about GM’s goal to pay back the bailout funds early, it’s important to find a way to protect the company’s stockholders – U.S. taxpayers – from the political machinations of Congress.

A solution may be on the horizon.

The Kansas City Star reports on legislation proposed by Democratic Sen. Mark Warner, of Virginia, and Republican Sen. Bob Corker, of Tennessee, that would place the Treasury Department’s investment in GM and other large corporations in an independent trust. This trust fund would assure taxpayers that the controversial bailouts are well cared for and are indeed temporary.

Under the bill, independent trustees, free of political ties, would manage any U.S. interest in a private firm greater than 10 percent. The list of companies would include Chrysler, AIG, Citigroup and, of course, GM.

The Star notes: “As long as the taxpayers have a stake in GM, politicians will be inclined to meddle to keep important constituents happy.

“Moving the Treasury’s shares into a trust would provide at least a measure of insulation from political influence.”

The federal bailouts have aroused much suspicion and concern. Critics have been quick to affix the label of “socialism” to these bailouts. However, as we experienced years ago during the federal bailout involving the savings-and-loan industry, the government can actually come out of a financial mess with a profit showing on its books.

Passing legislation to create a separate and independent trust will provide greater certainty that taxpayers will, one day, experience this happy ending.