Romney: As President, I’d Sell GM Stake, Review CAFE Rules

Mitt Romney, the presumptive Republican presidential nominee, declares that if elected, he would quickly sell the U.S. government's 26.5% stake in General Motors Co. even if it meant taking a steep loss, The Detroit News reports.

Romney a longtime critic of the federal bailout of GM and Chrysler in 2009 tells the newspaper that the Obama administration is delaying the sale to avoid the embarrassment of a huge taxpayer loss on the deal.

Treasury Dept. officials have said they want to exit the investment as soon as possible but are waiting to sell when GM's stock price is higher.

Romney also vows to review the Obama administration's plan to boost average fuel economy standards to 54.5 miles per gallon by 2025. He says he would work with carmakers to find ways to encourage fuel economy rather than forcing manufacturers to make fuel-efficient vehicles that consumers may not want.

Romney tells the News he would reconsider the federal government's financial support of the fledgling electric vehicle industry. The candidate blames the collapse of several EV startups on a lack of consumer interest in the technology.