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Originally Posted by Dragoneye
The "czar"...is simply an overseer. Try to keep that up front when referring to the postition.
He/She can't DO anything. He/She cannot...CANNOT...dictate anything the automakers do or tell them what types of vehicles they build. He/She can ONLY authorize and approve (or reject) restructuring efforts and costs/payments associated with the $15 Billion loans. He/She also reports to congress periodically on the status of the companies.
Secondly, don't read to deeply into the "czar" title. It's unofficial, and thankfully appears nowhere in the bill. They refer to this person as the "President's designee".
The only thing that's scary to me...is that according to the Bill drawn up by congress, the President's designee requires no experience in the auto Industry...at all. This is quoted from the document:
"The President shall designate 1 or more officers from the Executive Branch having appropriate expertise in such areas as economic stabilization,financial aid to commerce and industry, financial restructuring, energy efficiency, and environmental protection..."
But then again...this could be a good thing; because this person will have no proper authority over anything other than how they conduct their businesses and operations.
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From what I saw about the bill the Car Czar will have total control over the car companies meeting the restructuring plan requirments by March 31st, if in HIS opinion they don't meet them he can either force them to repay the loans, or he can submit his own plan to the companies and if they accept it they don't have to repay the money right then. He has plenty of power under this bill they are trying to pass for the loan money... He will also have the authority to approve or reject any expence over 25 Million.