As negotiations continue over details of a federal aid package for the automakers, support seems to be growing for the appointment of a government overseer to monitor the car companies. House Speaker Nancy Pelosi, D-Calif., speaking Tuesday morning on NBC's "Today Show," said she supports the concept of a so-called car czar as a
way to alleviate concerns that management left on their own would not
do enough to solve the companies' problems.
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The speaker said she considered the plan "a second chance," and not
a bailout. She said she hoped a czar could be named as soon as this
week and suggested former Federal Reserve Chairman and current Barack
Obama confidant Paul Volcker, "who has bipartisan confidence," would be
a good choice.
Pelosi's appearance is likely meant to rally support for a bailout ahead of an expected vote. The plan, which still faces skepticism from some lawmakers and large sections of the public, would provide $15 billion in short-term financing for the automakers in return for commitments by the companies to restructure. -
Lou WhitemanSee TheDeal.com story with the latest from WashingtonSee Dealwatch: Autos
