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Highlights

Pursuant to a congressional request, GAO commented on a draft bill which would subject loan guarantee authority to the Impoundment Control Act in the same manner as budget authority. The general purpose of the bill is to subject executive implementation of loan guarantee programs to more congressional oversight, and GAO believes that it provides an adequate basis for achieving that purpose. Specific legal and procedural issues presented by the draft bill were discussed, including: the application of the act to loan guarantee programs enacted for the benefit of a specific recipient; and technical amendments with the potential for clarifying and improving application of the bill.