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WASHINGTON - President Barack Obama plans to appoint senior administration officials — rather than a single "car czar," as had been discussed — to oversee a restructuring of the auto industry.
Treasury Secretary Timothy Geithner and National Economic Council Director Lawrence Summers will oversee the across-the-government panel, a senior administration official said Sunday on the condition of anonymity because no announcement had been made.
Obama also plans to name restructuring expert Ron Bloom a senior adviser to Geithner. He will not be the "car czar" pointman many labor and business leaders expected. Bloom, a former consultant to the United Steelworkers of America, will be doing much of the financial analysis for the administration.
Geithner is expected to be the only Cabinet secretary to be part of the panel, the senior administration official said. Deputy secretaries, however, would be involved.
Obama "felt it was important to have the treasury secretary as his official designee to oversee these loans," the senior administration official said.
An administration official said members of the task force would be drawn from several Cabinet agencies and offices, including the departments of Treasury, Labor, Transportation, Commerce and Energy; the National Economic Council; the White House Office of Energy and Environment; the Council of Economic Advisers; and the Environmental Protection Agency.
The White House had been expected to appoint a single individual, a car czar, to oversee the industry's restructuring. But the Obama administration decided to leave the Treasury Department in charge, as the previous administration had done.
Geithner and Larry Summers, director of the National Economic Council, will oversee the task force. Geithner will have authority, as the president's designee, to enforce the loan agreements and decide whether to call back billions in loans to GM and Chrysler if the companies haven't made sufficient progress by March 31.
SAN FRANCISCO (MarketWatch) -- The creation of a "car czar" to oversee the federal bailout of Detroit's automakers might trigger what's known as an event in the vast market for credit-default swaps, prompting holders of General Motors Corp. and Ford Motor Co. credit protection to demand payouts, Banc of America Securities said.
Such an event is also likely if a federal bailout falls flat and either company files for bankruptcy, as many investors fear.
Originally posted by skeptic1
Distraction? You think.....
This guy can't even lay out an understandable plan for the financial systems to the public. Now, he's going to be involved in the auto industry restructuring?
I have a feeling that things are just going to get worse.