Dodd: General Motors Executive Should Resign in Exchange for Bailout

U.S. Senate Banking Committee Chairman Chris Dodd called on a top auto executive to resign in exchange for bailout money from the federal government.

Dodd said General Motors' chief executive officer Rick Wagoner -- who has been with GM since 1977 -- should be replaced if the faltering auto company is to receive any money from the government.

"I think he has to move on," the Democratic senator said of Wagoner during an interview Sunday on CBS' "Face the Nation."

"If you are really going to restructure this, you've got to bring in a new team to do this," he said.

Dodd also said he is hopeful Congress will pass a short-term $15 billion aid package for the automakers in the next several days. But the Connecticut Democrat says the companies should have to restructure if they want a more significant bailout from Congress next year.

He added that the companies need quick cash to avoid collapse in the next several weeks. But over the long-term, Dodd said Chrysler probably ought to merge with another company.

Dodd said Ford is the healthiest of the Big Three U.S. automakers.

The Associated Press contributed to this report.