Former Federal Reserve chief Paul Volcker is shaping up as the frontrunner for the new “car czar” position included in the Big Three bailout bill that passed the House last night, reports the Wall Street Journal. The selection is being coordinated between the White House and the incoming Obama administration, the Journal says, noting that Volcker, 81, was the main government contact during Chrysler’s 1970s bailout.
Volcker already has been designated as one of President-elect Barack Obama’s primary economic advisers, and the White House and members of Congress have both reacted favorably to his name. Volcker is someone "acceptable to both sides," an aide to Speaker Nancy Pelosi tells the Journal. One Volcker associate said it might take some persuasion, but he would "probably do it."