Because there are competing and conflicting objectives with regard to ongoing operations at General Motors and Chrysler, the Treasury must quickly begin implementation of the recommendations outlined in the report. In particular, it is important to clearly isolate the operations from political considerations. For example, the recommendation to transfer funds into an independent trust should be actively pursued.
Without some intervention to assist in the retooling of the domestic auto industry, many hundreds of thousands of jobs in manufacturing, parts supply, and dealerships would have been lost, in addition to vital advanced research, development, and manufacturing capability. An uncontrolled, extended bankruptcy would have had a devastating ripple effect across the broader economy.
As I continue to support the actions taken to save hundreds of thousands of jobs related to the auto industry, I remain intensely committed to restoring public confidence that our government can responsibly administer effective oversight.
We cannot begin to restore public confidence in our governmental and financial institutions until the American taxpayers see consistent enforcement of oversight provisions, a clear statement of progress against objectives, and accountability for success or failure. Without the transparency of open and full disclosure, lessons will not be learned and public confidence will not be rebuilt.