President to Appoint Task Force on Autos

Feb 16, 2009 9:14am

Despite previous plans, President Obama has decided not to appoint a "Car Czar," a senior administration official tells ABC News, opting instead to appoint Treasury Secretary Tim Geithner and National Economic Council director Larry Summers as heads of a Presidential Task Force on Autos to oversee the restructuring of the auto industry.

In preparation for the automakers’ submissions of loan plans on Tuesday, Feb. 17th, a senior administration official tells ABC News, members of the Task Force will be drawn from relevant cabinet agencies and offices, including the Departments of Treasury, Labor, Transportation, Commerce, and Energy, the NEC, the White House Office of Energy and Environment, the Council of Economic Advisers and the EPA.

One key member of the Task Force will be Ron Bloom, a restructuring expert and a new a senior advisor at the Treasury Department. Bloom is a former vice president of Lazard Freres & Co. LLC, and a restructuring expert for the U.S. Steelworkers. You can read a 2003 Business Week Q&A with Bloom HERE.

The president has designated Geithner to oversee the loan agreements with the auto companies.

– jpt

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