Toyoda, President of Toyota Agrees to Testify Before Congress

CNN is reporting that the Chief Executive of Toyota, Toyoda to testify before U.S. lawmakers. This comes after an initial statement indicating that he wouldn't appear before Congress. After numerous Toyota recalls, the most serious of which dealt with an accelerator problem that resulted in the loss of life, there is a public demand for answers, and this could be Toyota's best opportunity to convince the public that they are taking responsiblity for their shortcomings and have a plan to remedy these serious problems.

NEW YORK (CNNMoney.com) -- Toyota president Akio Toyoda accepted on Thursday a formal invitation to testify at a hearing to be held next Wednesday.

The House Oversight Committee sent the invitation Thursday morning. Toyoda had initially said he would not appear before the committee but would instead send North America chief Yoshimi Inaba.

But late Thursday, Toyoda released a short statement: "I have received Congressman Towns' invitation to testify before the House Committee on Oversight and Government Reform on February 24 and I accept. I look forward to speaking directly with Congress and the American people."

The invitation sent by Committee Chairman Edolphus Towns, D-N.Y., reads: "There appears to be growing public confusion regarding which vehicles may be affected and how people should respond. In short, the public is unsure as to what exactly the problem is, whether it is safe to drive their cars, or what they should do about it."