B-202453: Jul 13, 1982

COMMERCE DEPARTMENT - ECONOMIC DEVELOPMENT ADMINISTRATION - LOAN GUARANTEES - PUBLIC WORKS AND ECONOMIC DEVELOPMENT ACT - PRIVATE LENDER REQUIREMENT - SCOPE OF APPLICABILITY ECONOMIC DEVELOPMENT ADMINISTRATION (EDA) DOES NOT HAVE AUTHORITY TO IMPLEMENT PROPOSAL WHEREBY PUBLIC LENDERS WOULD BE PERMITTED TO PURCHASE GUARANTEED PORTION OF LOANS MADE BY PRIVATE LENDING INSTITUTIONS TO PRIVATE BORROWER...

B-202453: Jul 13, 1982

GAO was requested by the Economic Development Administration (EDA) to give a legal opinion concerning the scope of the private borrower-private lender requirement set forth in the Public Works and Economic Development Act of 1965. EDA has the authority under the Act to guarantee up to 90 percent of guaranteed loans made to private borrowers by private lending institutions and is presently consider...