Democrats in Congress are working on a bill that would provide the troubled U.S. automotive industry at least $15 billion in emergency loans and give the federal government power to "manage a massive restructuring" of the Big Three auto manufacturers, the Washington Post reports. The legislation under consideration would create a seven-member "auto board" that would consist of cabinet members with a chairperson appointed by the president.
And there could be some changes at the top of the auto companies as part of the deal. Appearing on CBS News' "Face the Nation" yesterday morning, Senate Banking Committee Chairman Chris Dodd said new leadership of the car companies might be needed, particularly at General Motors where he said the company's chairman Rick Wagoner "has to move on." "I think you have got to consider new leadership," Dodd said on the program. "If you're going to really restructure this, you have got to bring in a new team to do this, in my view."
GM is reportedly in the most dire need of emergency aid and Michigan Governor Jennifer Granholm told the "Early Show" that "if General Motors doesn't get this loan by the end of this month, it is 'game over.'"