‘Car czar’ to be appointed as early as this week

A “car czar” could be appointed as early as this week according to House of Representatives Speaker Nancy Pelosi. A presidentially appointed “car czar” will oversee the Big 3’s restructuring efforts and will write the guidelines for the $15 billion in loans.

According to Automotive News, Pelosi told NBC’s “Today Show” that she favors former Federal Reserve Chairman Paul Volcker to head the restructuring of the auto industry. Volcker was recently appointed by Obama as his adviser to get the U.S. economy out of recession.

Democrats and the White House are currently negotiating the $15 billion bailout package, which must then be approved by Congress. According to recent reports out of Washington, official announcement could come any day this week.