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,!7=Accountability * Integrity * Reliability
United States General Accounting Office
Washington, DC 20548
B-301397
September 4, 2003
The Honorable Don Nickles
Chairman, Committee on the Budget
United States Senate
Dear Mr. Chairman:
This is in response to your request that the General Accounting Office prepare a
comparison of the program that would be created by S. 1125, the Fairness In
Asbestos Injury Resolution Act of 2003 (FAIR Act), recently reported in the Senate,
and the existing National Vaccine Injury Compensation Program and Black Lung
Benefits Program. You also asked that we comment on the borrowing authority in
S. 1125. Enclosed is a chart comparing the two statutory programs and S. 1125. In
response to your second request, we offer the following observations regarding the
borrowing authority in S. 1125.
FAIR Act
Subsection 223(c) of the bill provides as follows:
(c) BORROWING AUTHORITY-The Administrator [of the Office of
Asbestos Injury Claims Resolution] is authorized to borrow, in any
calendar year, an amount not to exceed anticipated contributions to the
[Asbestos Injury Claims Resolution] Fund in the following calendar year
for purposes of carrying out the obligations of the Fund under this Act.
The Senate report on the bill explains that the FAIR Act provides the Administrator
with authority to borrow from commerciallending institutions amounts to offset
short term losses in an amount that does not exceed anticipated contributions for the
following year. S. Rep. No. 108-118 at 29 (2003) (emphasis added). See also id. at 53.](ViewImageLocal?handle=hein.gao/gaobacykh0001&div=1&collection=&method=preview&ext=.png&size=3)