After successfully overseeing the US government endeavors of helping Chrysler and General Motors emerge speedily from bankruptcy restructuring proceedings, Steven Rattner has stepped down as the head of the Obama administration's auto task force.

Rattner had assumed the responsibility as the government's top auto adviser in February this year. Before assuming the post, Rattner - an ex-New York Times reporter and Wall Street financier - had been building his banking and investing image on media deals, as well as his political capital through fund-raising for the Democratic Party.

Though Rattner refrained from making any comment on the reason behind his stepping down, his term as the auto adviser to the government was always unclear. Only last week, he had refused to divulge on his own future role and that of other members of the auto task force.

In a statement pertaining to Rattner's resignation on Monday, Treasury Secretary Timothy Geithner said that Rattner has decided to "transition back to private life and his family in New York City." Calling Rattner's headship and vision "invaluable," Geithner added that he hoped Rattner would bring his singular skills to government service in the future too.

Meanwhile, Ron Bloom would be taking over as the administration's new chief auto adviser. Bloom, a former adviser to the United Steelworkers union, has worked along with Rattner on the administration's auto- industry task force.