GAO Recommends Auto Bailout Oversight Board

The Government Accountability Office (GAO) today recommended that, if Congress awards Detroit its requested $34 billion in federal assistance, a board of overseers should be appointed to disburse the bailout and oversee structural reforms in the Big Three auto companies.

Congress could establish a board "to approve, disburse, and oversee the use of these initial funds and provide any additional federal funds and continued oversight. This board could also oversee any structural reforms of the companies. Among other responsibilities, Congress could give the board authority to establish and implement eligibility criteria for potential borrowers and to implement procedures and controls in order to protect the government

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