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![handle is hein.gao/gaobadxsy0001 and id is 1 raw text is:
DOCONENT RESUME
00323 - CA10518421
[Loan Guarantees of the Federal Goverament]. March 29, 1977. 2
pp.
Testimcny before the House Committee OD Batiking, Finance and
Urban Affairs: Economic Stabilization Subcommittee; by Elmer B.
Staats, Comptrcller General.
Issue Area: Accounting and Financial Reporting (2800).
Contact: Office of the Comptroller General.
Budget Function: General Government: Cantral Fiscal Operttions
(303).
Congressional RBlevancc-t House Committee on X.nking, Finance and
Urban Affai:xs: Economic Stabilization Subcommittee.
There should be full disclosure of .e tudget impact on
all existing and proposed Federal credit and credit support
programs. The special treatment accorded loan guarantees, and
the exclusion of the Federal Financing Bank (and other
off-budget agencies) from the budget totals, creates a situation
in which it is possible to commit Federal funds without having
gone through the normal discipline of the budget process, a
discipline which is applicable to most proposals that spend thae
taxpayers@ money. The Federal Financing Bank should be barred
from engaging in transactions which result 4.i the cnnversicia of
guaranteed to direct loans when its activities are not fully
reflected in the budget. The magnitude of other off-budget
activities in 'she Federal Goveri'ment that escape normal
budgetary discipline is sufficiently large to undermine the
credibility and i.nalytical usefulness of the unified budget
concept. (Author/Q£)](ViewImageLocal?handle=hein.gao/gaobadxsy0001&div=1&collection=&method=preview&ext=.png&size=3)