DOT council promises tighter credit oversight
The U.S. Transportation Department said its new Credit Council will provide increased oversight and management of the federal government’s direct loan and loan guarantee programs.
The DOT agencies involved in the council include the Maritime Administration, Federal Railroad Administration, Federal Highway Administration and Office of Small and Disadvantaged Business Utilization. These agencies are responsible for $7.5 billion in outstanding loans and guarantees.
“The council will offer a fully coordinated and integrated review of incoming applications and current loan portfolios by standardizing the department’s oversight of the financial review process,” said Linda Combs, DOT’s assistant secretary of budget and programs and chief financial officer, in a statement.
DOT believes the council will lead to a more efficient and streamlined application review process, while “preserving autonomy within each operating administration.” MarAd, for example, will continue to make decisions regarding Title XI loan guarantees for U.S.-flag shipbuilding.
“Shipbuilders and shipowners should be pleased to note that the department has developed a process that encourages and enhances efficiency, transparency and reliability from the time an application arrives to the point when a decision is made,” said William G. Schubert, maritime administrator.