Rather than name a “car czar” to oversee the restructuring of the American auto industry, President Obama has decided to create an administration task force to evaluate plans submitted by the Big Three automakers to return to viability and to act as advisers and overseers of the process. Steven Hurst at the Huffington Post reports:
Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers will oversee the across-the-government panel, the official said, speaking on the condition of anonymity because no announcement has been made.
GM and Chrysler are expected to submit restructuring plans to the government by Tuesday, the deadline for showing how they can repay billions in loans and become viable in spite of a huge drop in auto sales.
This is probably good news for Detroit, as it signals that the Obama administration is very serious about guiding the auto industry back to profitability.