The Washington Post reports congressional Democrats are drafting legislation that would give Detroit automakers at least $15 billion in emergency loans early next week and grant the federal government broad authority to manage a massive restructuring of their operations. The proposal would establish a seven-member “auto board” of Cabinet officials and a chairman to be appointed by President Bush to help restore the faltering industry to profitability. On Friday, Democratic Congressman Barney Frank said lawmakers can’t allow the automakers to collapse.

Rep. Barney Frank: “A failure, to some extent, of three of our major domestic manufacturing entities would be a very serious problem in any case. In the midst of the worst economic situation since the Great Depression, it would be an unmitigated disaster.”