Sen. Charles Schumer (D-N.Y.) is pressing for Congress to create a ‘car czar’ position by early next week to guide a bailout process for the Big Three.
Schumer sent a letter to colleagues today pushing the idea, which he forwarded at yesterday’s Senate Banking Committee hearing where the CEOs of GM, Ford, and Chrysler testified. The so-called czar, under Schumer’s plan, would guide restructuring talks with the companies and disburse bailout funds.
The czar would also be empowered to offer a government guarantee on car warranties.
GM and the Government Accountability Office have each proposed that Congress grant oversight authority to a board, rather than an individual.
See a copy of Schumer’s letter below:
December 5, 2008
Dear Colleague,
At yesterday