Obama: No Car Czar

According to a late-breaking report in Automotive News, President Obama has decided against appointing a single individual as a “car czar” to oversee the restructuring of Chrysler and General Motors.

Instead, the President will form a task force charged with ensuring the plans to be submitted next Tuesday will move the automakers to long-term viability. According to the report, Treasury Secretary Timothy Geithner will be Obama’s “designee” for monitoring the auto loan program and will also be the co-leader of the high-level panel along with White House economic adviser Lawrence Summers.

There was no word on when the President’s program would be officially announced but it will likely come soon as the government must make a decision on the future of the loan program by March 31, 2008.

 Like on Facebook