From Surf Wiki (app.surf) — the open knowledge base

Presidential Task Force on the Auto Industry

United States task force

Summary

United States task force

The Presidential Task Force on the Auto Industry was an ad hoc group of United States cabinet-level and other officials that was formed by President Barack Obama to deal with the financial bailout of automakers Chrysler and General Motors.

Based on an assessment that automobile manufacturing was a critical sector of the economy providing 3 to 4 million jobs for Americans, that liquidation was imminent for two of the three major U.S. automakers, and that the break ups would devastate the U.S. economy, the U.S. government became involved in the day-to-day management decisions of Chrysler and General Motors through the Task Force.

The Presidential Task Force formed and started holding meetings in February 2009. It reviewed financial and operational restructuring plans submitted by Chrysler and General Motors (GM) and made its own specific recommendations at cabinet level meetings to the President regarding the restructurings and the requests for funds from the companies. By mid-July 2009, both companies had restructured and emerged from bankruptcy. The Task Force was scaled back from "day to day" involvement to periodic "monitoring".

According to an April 2014 report of the Special Inspector General of the Troubled Asset Relief Program, the U.S. government had lost $11.2 billion (~$ in ) in its rescue of General Motors. The U.S. government spent $50 billion to bail out GM, meaning it recovered 77.6 percent of its investment amount.

Members and official designees

The Task Force was composed of the following cabinet members and public officials:

Members

Co-chairs:
- Secretary of the Treasury, Tim Geithner
- National Economic Council Director, Larry Summers
Secretary of Transportation
Secretary of Commerce
Secretary of Labor
Secretary of Energy
Chair of the President’s Council of Economic Advisers, Christina Romer
Director of the Office of Management and Budget, Peter R. Orszag
Environmental Protection Agency Administrator
Director of the White House Office of Energy and Climate Change
Lead Auto Advisor at the Treasury Department, Steven Rattner
Senior Advisor on Auto Issues at the Treasury Department, Ron Bloom Senior Advisor on Auto Issues at the Treasury Department, Harry Wilson

Official designees

Of the Members of the Presidential Task Force:

Diana Farrell, Deputy Director, National Economic Council
Gene Sperling, Counselor to the Secretary of Treasury
Jared Bernstein, Chief Economist to Vice President Biden
Jay Williams, Senior Advisor, Department of Labor
Lisa Heinzerling, Senior Climate Policy Counsel to the EPA Administrator
Austan Goolsbee, Staff Director and Chief Economist of the Economic Recovery Advisory Board
Dan Utech, Senior Advisor to the Secretary of Energy
Heather Zichal, Deputy Director, White House Office of Energy and Climate Change
Joan DeBoer, Chief of Staff, Department of Transportation
Rick Wade, Senior Advisor, Department of Commerce

Staff

Brian Deese, special assistant to the president for economic policy

References

Press room [http://www.ustreas.gov/press/releases/tg64.htm "Treasury Announces Auto Supplier Support Program: Program Will Aid Critical Sector of American Economy"], U.S. Dept. of the Treasury, March 19, 2009.
Myerson, Harold. [https://archive.today/20130415155019/http://www.prospect.org/cs/articles?article=the_case_for_keeping_the_big_three_out_of_bankruptcy "The Case for Keeping Big Three Out of Bankruptcy"], "The American Prospect", November 24, 008, retrieved December 7, 2008.
Press Room [http://www.treasury.gov/press/releases/tg207.htm "Statement from Treasury Secretary Geithner on the Presidential Task Force on the Auto Industry"] {{Webarchive. link. (2009-09-17 , U.S. Dept. of the Treasury, July 13, 2009.)
David Shepardson and Gordon Trowbridge. [http://www.detnews.com/apps/pbcs.dll/article?AID=/20090221/AUTO01/902210372/1148 "Auto task force taking shape"] February 21, 2009.
Press Room [http://www.ustreas.gov/press/releases/tg36.htm "http://www.ustreas.gov/press/releases/tg36.htm"] {{webarchive. link. (2009-09-04 , U.S. Dept. of the Treasury, February 20, 2009)
Recommendations also included directives on improving wage and benefit structures, and developing competitive [[Fuel economy in automobiles
(30 April 2014). "U.S. Government says it lost $11.2 billion on GM bailout". Reuters.
Press room.[http://www.ustreas.gov/press/releases/tg36.htm "Geithner, Summers Convene Official Designees to Presidential Task Force on the Auto Industry"] {{webarchive. link. (2009-09-04 , U.S. Dept of the Treasury, February 20. 2009.)
[https://www.nytimes.com/2009/06/01/business/01deese.html?hpw "The 31-Year-Old in Charge of Dismantling G.M."] by David E. Sanger, ''The New York Times'', May 31, 2009 (p. B1 6/1/09 NY ed.). Retrieved 6/1/09.

Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

united-states-department-of-the-treasury automotive-industry-in-the-united-states 2008-in-economic-history great-recession-in-the-united-states 2000s-in-economic-history task-forces united-states-national-commissions united-states-presidential-task-forces presidency-of-barack-obama

Want to explore this topic further?

Ask Mako anything about Presidential Task Force on the Auto Industry — get instant answers, deeper analysis, and related topics.

Research with Mako

Free with your Surf account

Content sourced from Wikipedia, available under CC BY-SA 4.0.

This content may have been generated or modified by AI. CloudSurf Software LLC is not responsible for the accuracy, completeness, or reliability of AI-generated content. Always verify important information from primary sources.

Report