WASHINGTON (AFP) — The Treasury Department has tapped Steven Rattner, the cofounder of a private equity group, to act as a special advisor on the restructuring of the US auto industry, officials said Monday.
Rattner, 56, who was rumored to be the administration's top pick for a 'car czar,' will join a cabinet-level task force which includes Treasury secretary Timothy Geithner and Lawrence Summers, economic advisor to president Barack Obama.
His official title will be Counselor to the Secretary of the Treasury.
Rattner was the co-founder of the investment firm Quadrangle Group. A former financial journalist with the New York Times, Rattner previously was the deputy chairman of investment bank Lazard Freres & Co.
He has no specific experience with the auto industry.
The task force is charged with examining the restructuring plans of General Motors and Chrysler, which last week asked for 21.6 billion dollars in additional loans after having been awarded 17.4 billion in emergency loans in December.
Agreement on the final plan will serve as a basis for the Treasury's decision to call in or extend the loans.
That decision is expected to come by the end of March.
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