WASHINGTON (CNN) - As auto giants General Motors and Chrysler face Tuesday's deadline to submit plans to show the government how they can repay billions in federal loans, the White House is creating a Presidential Task Force on Autos to oversee the restructuring of the auto industry, a senior administration official said.
The task force will include members from the Departments of Treasury, Labor, Transportation, Commerce, and Energy, the National Economic Council (NEC), the White House Office of Energy and Environment, the Council of Economic Advisers and the Environmental Protection Agency, the official said.
It will be overseen by Treasury Secretary Tim Geithner and NEC Director Larry Summers.
Geithner will oversee the loan agreements with the automakers.
Teams at the Treasury Department and the National Economic Council are working with the automakers and stakeholders to prepare for their Tuesday submissions, the official said.
From February 17 to March 31, "the auto companies and stakeholders are expected to show progress in meeting the restructuring goals set forth in their plans" the senior administration official said.
The adminstration would work with the automakers daily over the next two weeks on their strategies to repay their loans, the official said.
Despite weeks of speculation over whether the administration would
appoint a "car czar", the senior administration official said there would be none.
Ron Bloom, a nationally recognized restructuring expert, will join the
administration's team as a senior adviser at the Treasury Department, the senior administration official said.
Bloom is a former vice president of Lazard Freres & Company LLC, and is a former restructuring expert for labor for the U.S. Steelworkers.
The team will provide advice and analysis to Geithner and Summers about the auto industry.
Updated 9:25 a.m.