No Car Czar

Although former president George Bush had indicated an intention to appoint a ‘Car Czar’ to oversee reform of the U.S. auto industry, President Barack Obama announced recently that no such overseer will be appointed. Obama instead plans to appoint a governmental task force to investigate how best to help the Detroit Big Three American automakers go through a successful restructuring. 

Secretary of the Treasure Timothy Geithner will be in charge of overseeing the car bailout loans as co-head of the new high-level panel together with White House economic adviser Lawrence Summers. No immediate explanation was given for why the ‘Car Czar’ plan was abandoned. Handing of the auto industry crisis is now in the hands of Obama’s closest financial advisors. Chrysler and GM have until Tuesday, February 17th to submit plans for long term viability to Congress in order to continue to receive bailout loans.