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RCED-83-22 1 (1982-11-04)

handle is hein.gao/gaobabdsh0001 and id is 1 raw text is: BY THE US, GENERAL ACCOUNTING OFFICE Report To The Director Office Of Management And Budget Federal Credit Policy On Guaranteed Loans Should Be Clarified And Enforced Office of Management and Budget (OMB) Circular No. A-70 was issued to help pro- vide effective and economical Federal credit assistance programs by prescribing, for example, that certain fees be charged, that private lenders-share financial risk on guaranteed obligations, that excessive interest rates be controlled, and that guar- antees of tax-exempt obligations be avoided. However, Federal agencies often do not comply with these principles because the circ ilar does not communicate clearly and OMB has not enforced compliance. The resulting costs and inequities are serious, but OMB has postponed corrective action for years. GA4 is recommending that OMB reissue the circular and enforce the principles adopted. If such action is to be postponed further, GAO recommends that interim gui ance be provided in memorandum form. Su h actions would be consistent with the ad i nistration's other efforts to improve management control of Federal credit. ,,,ED S 7 *Iccou r4v 119850 GAO/RCED-83-22 NOVEMBER 4, 1982 0 ..jV (./

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