"Car czar" is the term that has been used to describe the plans for a congressional appointee that would oversee automakers who have benefited from the auto bailout and assure that government money is spent appropriately.
Car Czar Unappointed
On February 15, 2009, the White House announced that President Obama will not appoint a "car czar." Instead, Obama decided to create a task force to oversee the restructuring of the industry, led by Secretary of the Treasury Timothy Geithner and National Economic Council Director Lawrence Summers.cAutomaker Bailout
$15 billion to $17 billion deal agreed upon on December 5, 2008.- $34 billion was originally requested by the automakers.
- Participants in the bailout include General Motors and Chrysler.c
References
Fast Facts
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Fact:
Speaker of the House Nancy Pelosi suggested Paul Volcker as a "car czar" -
Fact:
The Bush Administration supported the establishment of a "car czar" position -
Fact:
Auto makers were required to submit viability plans for their companies on February 17, 2009 -
Fact:
Obama decided to create a task force because he feels the issue is too complex for a "car czar" only
