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The Federal Investment in Amtrak's Assets Should Be Secured

PAD-81-32 Published: Mar 03, 1981. Publicly Released: Mar 03, 1981.
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Highlights

Amtrak has not become the profit-making corporation that was originally planned on in 1970. Instead, it has become dependent on Federal funds and subject to greater Federal control while legally remaining a private corporation. As of fiscal year 1980, the Federal Government had given Amtrak over $3 billion for its capital acquisition and improvement programs.

Recommendations

Matter for Congressional Consideration

Matter Status Comments
Congress should further amend section 601(b) of the Rail Passenger Service Act of 1970 so that any future appropriations for Amtrak's capital program can only be available after Amtrak and the Secretary of Transportation have entered agreements creating a Federal claim and securing, in favor of the United States, all assets acquired in the past and the future using Federal capital funding.
Closed – Not Implemented
This recommendation is still valid, however, because of the budget impact no action will be taken.

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Topics

AssetsBankruptcyCapitalFederal aid to railroadsFederal corporationsFederal fundsGovernment guaranteed loansLoan repaymentsRailroad transportation operationsLoan guarantees