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Highlights

Pursuant to a congressional request, GAO commented on proposed bill S. 2613 which would amend the Impoundment Control Act of 1974 and subject the loan guarantee authority to the 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 the bill provides an adequate basis for achieving that purpose. Specific legal and procedural issues presented by the bill were discussed, including: the application of the act to loan guarantee programs enacted for the benefit of a specific recipients; technical amendments with potential for clarifying and improving application of the bill; and an assessment of potential paperwork and regulatory burdens that would result from its enactment.