Wilson's nomination sparked a controversy that erupted during his confirmation hearings before the Senate Armed Services Committee, based on his large stockholdings in General Motors. Reluctant to sell the stock, valued at the time at more than $2.5 million (or about $24 million in 2018), Wilson agreed to do so under committee pressure. During the hearings, when asked if he could make a decision as Secretary of Defense that would be adverse to the interests of General Motors, Wilson answered affirmatively. But he added that he could not conceive of such a situation "because for years I thought what was good for our country was good for General Motors, and vice versa." That statement has frequently been misquoted as "What's good for General Motors is good for the country." Although Wilson tried for years to correct the misquote, he was reported, at the time of his retirement in 1957, to have accepted the popular impression.