Last Friday, just days after General Motors Corp. and Chrysler LLC submitted their revised restructuring plans to the U.S. Treasury, Treasury Secretary Tim Geithner and National Economic Council Director Larry Summers, as the heads of the Presidential Task Force on the Auto Industry, convened a meeting for official designees to discuss their perspectives on the restructuring plans.

The Task Force is a cabinet-level group that also includes the Secretaries of Transportation, Commerce, Labor and Energy, the Chair of the President’s Council of Economic Advisers, the Director of the Office of Management and Budget, the EPA Administrator, and the Director of the White House Office of Energy and Climate Change. Furthermore, Ron Bloom, the Senior Advisor on auto issues at the Treasury, is also a participant.

The official designees presented their initial analyses on the restructuring plans, discussing financial and operational restructuring, improving wage and benefit competitiveness, and making progress toward energy efficient, competitive cars. Emphasizing the urgent need for fundamental restructuring of the U.S. auto industry to achieve long-term viability, Secretary Geithner and Director Summers tasked the designees with presenting their initial recommendations at the next cabinet-level meeting of the Task Force.