New Audit Announcements
Audit Initiated of the Department of Transportation's Credit Council
The Department of Transportation (DOT) established the DOT Credit Council in 2004 to ensure the application of consistent credit policies and management practices across the Department’s credit programs. These programs—the Transportation Infrastructure Finance and Innovation Act of 1998 (TIFIA) program; the Railroad Rehabilitation and Improvement Financing (RRIF) program; the Federal Ship Financing program (Title XI); and the Minority Business Resource Center Short-Term Lending program—currently have a portfolio totaling roughly $30 billion. The Council sets credit policies, oversees the programs, and reviews financial analyses of credit applications and private activity bond allocations and recommends approval or disapproval to the programs. Because of the importance of the Credit Council’s role, we are initiating an audit of the Council’s oversight of the Department’s credit programs. Our objective is to assess the Council’s policies and procedures for carrying out its responsibilities.