The Obama administration is planning for the U.S. government to hold an ownership stake in a revamped General Motors Corp. (GM) for "at least two years," a person briefed by the administration on its plans said Friday.

Under the latest restructuring plan for the nation's largest car maker, the U.S. Treasury Department would forgive about $10 billion in loans to GM in exchange for at least a 50% equity stake in the company, according to the person, a Capitol Hill lawmaker who spoke on the condition of anonymity. Neither GM nor the Obama administration has said publicly how long the government would hold onto GM shares, and discussions are ongoing.

But administration officials have told at least one Capitol Hill lawmaker that the administration expects the government to hold GM shares for at least two years out of "necessity," said the person, who declined to comment further.

The administration has said it doesn't intend to run the daily operations of auto companies. Under the latest GM plan, the government would have the power to appoint board members but wouldn't directly manage the company.

-By Josh Mitchell, Dow Jones Newswires; 202-862-6637; joshua.mitchell@dowjones.com