What’s to be done about the floundering American automotive industry? Appoint a “car czar,” you say? No, this is a job for a whole team of people, such as the newly formed Presidential Task Force on Autos. One small hitch: It’ll be headed up by Timothy Geithner and Lawrence Summers.
The Detroit News:
Geithner will be the president’s designee, overseeing the $17.4 billion in loans for GM and Chrysler. He also has veto power over any proposed auto transaction over $100 million and can call back the loans on March 31 if the companies haven’t made enough progress.
“Well, the approach that the administration has settled on I think provides a vast amount of expertise that crosses a number of governmental agencies and departments, and brings in the vast amount of experience that the administration has to deal with the auto restructuring—any auto restructuring issues,” Robert Gibbs, White House Press Secretary, told reporters aboard Air Force One. “So I think that the model that’s been set up with Secretary Geithner and Dr. Summers is one that will help coordinate throughout the federal government the responses that include energy, transportation, as well as the economic team.”