Obama says automakers submit "more serious" plan

By Jeff Mason and Caren Bohan

CHICAGO (Reuters) - U.S. President-elect Barack Obama said on Wednesday struggling automakers have put forward a "more serious" restructuring proposal to Congress but withheld judgement on the plans until hearings are held.

At a news conference, Obama named rival-turned-supporter Bill Richardson as his secretary of commerce, calling the New Mexico governor a perfect ambassador for U.S. business interests in the midst of deep global economic turmoil.

Obama, who takes over from President George W. Bush on January 20, said Congress was right to demand a more detailed restructuring plan before deciding on a financial bailout for General Motors, Ford Motor and Chrysler.

"It appears, based on reports that we've seen, that this time the executives from these automakers are putting forward a more serious set of plans," Obama said.

He said any bailout should be "based on realistic assessments of what the auto market is going to be and a realistic plan for how we're going to make these companies viable over the long term."

Executives of the struggling auto industry are expected to appear before Congress on Thursday and Friday. "I want to wait and see specifically what's said during those hearings," Obama told reporters.

The auto industry bailout is one of a host of problems facing Obama when he takes office amid the worst U.S. economic crisis since the 1930s, and he said Richardson would be uniquely suited to help represent U.S. business interests around the world.

"He is going to be a key strategist on all the issues we work on," he said.