Audit Initiated of FRA's Oversight of the Railroad Rehabilitation and Improvement Financing Program
The Office of Inspector General is initiating an audit of the Railroad Rehabilitation and Improvement Financing (RRIF) program. RRIF is a $35 billion credit program—administered by the Federal Railroad Administration (FRA)—authorized to provide loans and loan guarantees to railroads and other eligible entities to finance development of the Nation’s rail infrastructure. This audit’s objective will be to evaluate FRA’s oversight of the program, and the effectiveness of the program’s support to railroads and other eligible entities to achieve improvements to the Nation’s rail infrastructure. Specifically, we will assess FRA’s policies and procedures for evaluating and selecting RRIF applications; and, identify factors that affect prospective applicants’ decisions on whether or not to apply for RRIF credit assistance.