There is a double-standard in treatment between the banking industry and the auto industry, Rep. Gary PetersGary Charles PetersNTSB won't investigate Tesla that crashed into parked police car Poll: 8 in 10 people in key states concerned about driverless cars Federal 'turf war' complicates cybersecurity efforts MORE (D-Mich.), whose district includes Chysler's headquarters asserted Tuesday.

The solution, Peters said, is to not let Detroit off gently, but to enfoce just as rigorous accountability for Wall Street banks as the troubled automakers.

"I think the corner of that is that there seems to be a double-standard right now," Peters said Tuesday morning on MSNBC. "What you see on Wall Street is that there's an incredible amount of money going there -- billions and billions -- without any accountability."

"I think what we need to have is equal accountability in the banking industry," the freshman congressman added. "We're okay with being accountable in Detroit."

Peters alleged that outsiders do not understand the complexity of the auto industry, nor do they comprehend how poorly Chrysler and General Motors would do in bankruptcy.

"The lives of hundreds of thousands of people are at stake here," Peters told MSNBC.