For a second time, Sen. Chuck Schumer, (D-N.Y.) pushed the idea of drafting legislation that would give a specific sum to an envoy of the president who would oversee how the money is disbursed. That person, who Schumer said might be the Treasury Secretary, would gather all the bond holders, company executives, workers, and dealers in a room to negotiate. Everyone would have to make some compromises.
“That seems to me the best model, given that we don’t have much time, that there’s not much taste for giving the money and then seeing if the conditions are met down the road,” he said.
Schumer argues that board oversight, an idea several others in Congress back, would take too long.
All three CEOs, the union president, and representative of the dealers agreed to the idea.
Dodd says he would prefer if they called the envoy a “trustee,” a title he says has a different connotation.