In lieu of appointing a single authority to help guide the restructuring of the Detroit Three, a senior adviser is suggesting that Obama instead plans to look to Treasury Secretary, Timothy F. Geithner; National Economic Council chairman Lawrence H. Summers, and Ron Bloom, a labor union and corporate restructuring expert. The three men will work with a presidential auto industry oversight panel, with Obama "reserving for himself any decision on the viability of GM and Chrysler."
The aforementioned panel will be known as the Presidential Task Force on Autos, and will incorporate officials from various government agencies, including commerce, energy, labor, transportation, and Treasury. A number of panel members are already embedded in the project, helping to develop viability plan proposals with the automakers themselves,
Both General Motors and Chrysler are scheduled to file restructuring plans with the Treasury in time to meet a Tuesday deadline, at which point Obama and his newly-assembled team are expected to review the plans for one-to-two weeks before issuing a public statement. More details at the link below. Thanks for the tip, Mike!
[Source: The New York Times | Image: AFP/Getty]