Aid automakers wisely

The government needs to make sure that tax dollars for automakers are spent wisely.

With ObamaâÄôs organizing of an advisory panel to oversee the future of the auto industry, American tax dollars will finally be put to good use. Treasury Secretary Tim Geithner and other advisers including Larry Summers will lead bailed-out automotive corporations in overseeing loan agreements. This oversight panel allows for immediate accountability from the auto giants, and if nothing else, these past 6 months have shown that our corporations need regulation and oversight. General Motors and Chrysler LLC – who received billions of government funding from the bailout âÄì are about to get it. On the specified panel are a bunch of technocrats who represent every bureaucracy from the EPA to the Department of Commerce and the Department of Labor. These experts will demand fiscal accountability from the same corporate heads that flew to Washington in their private jets while asking for loans. Although the efficacy of this panel is still in question, they will hopefully provide sound advice for the defeated auto industry. However, there is always a fear of government ownership and control when lending a hand to desperate corporations. But it is far less crooked to have a group of professional advisers and representatives conduct oversight than to allow for a âÄúczarâÄù to control the rules. This watchdog panel of bureaucrats will hopefully demand that these plans and goals are regulated in a way that encourages growth and sustainability. In light of the recently approved stimulus package, this oversight panel will test the transparency and efficiency of the Obama administration. It is time for government to demand accountability from the frivolous corporations that are spending billions of loaned tax dollars. GM and Chrysler need to show innovative strategies and goals that will not only be forward thinking, but also will repay their loans. And in order to get our nation back on track, the bureaucracy needs to play a role by regulating how tax dollars are spent.