US Gov Seeking for “Car Czar”

The global recession soap-opera continues with a new report which came out today, with the House of Representatives Speaker Nancy Pelosi pointing that a “car czar” to supervise the Detroit 3 could be named this week. More specifically, the US congress is now seeking for an adviser who could be able to oversee the reorganization of US carmakers affected by economic crisis. Former Federal Reserve Chairman Paul Volcker is regarded as the favorite to gain this role, according to Autonews which quoted Nancy Pelosi's statement for NBC's Today Show.

And such a supervisor could be named in the next few days, Pelosi told the aforementioned source, with the clear goal to find a “car czar” before the Detroit 3 receives the bailout package.

“I would want the czar to be appointed before one dollar was spent ... so theoretically this week. I think somebody like Paul Volcker, who has bipartisan confidence and the public and private confidence,” Pelosi was quoted as saying by Autonews.

The story so far: seriously affected by the global economic crisis, the Detroit 3, or if you prefer, General Motors, Chrysler and Ford, requested government support in order to minimize loses and reorganize production. Even though the Congress and the White House initially agreed with the request, officials still asked the carmakers involved in the negotiations to concentrate on more fuel-efficient and environmentally-friendly engines for their future models, pointing that these could represent the only ways to remain in business.

Nevertheless, US companies are still experiencing extremely low sales on most emerging markets, so such a funding package is absolutely necessary. However, the Detroit 3 is still fighting for Government's money so keep your eyes peeled on autoevolution to find out new reports as soon as they happen.