Page:United States Statutes at Large Volume 100 Part 5.djvu/895

 CONCURRENT RESOLUTIONS—JUNE 27, 1988

100 STAT. 4369

needed to cover inflation. Such report shall be referred to the Committee on Appropriations and Committee on Armed Services of each House. The Committee on the Budget of each House shall be notified upon the transmittal of such report. (b) It is further the sense of the Congress that the report described in subsection (a) shall also be submitted to the General Accounting Office which shall report to the Congress within a period of 14 days on its findings as to that report, and that upon receipt of the General Accounting Office report the Committees on Armed Services of the House and Senate shall take appropriate action to ensure that only the appropriate levels of funding for inflation are provided. (c) It is further the sense of the Congress that for fiscal years 1988 and 1989, the Secretary of Defense shall, within 90 days of the close of each such fiscal year, issue to the Speaker of the House of Representatives and the President pro tempore of the Senate, a report accounting for any moneys appropriated for each respective prior fiscal year to cover inflation, which have not been obligated for such purposes. GNP DEFLATOR

SEC. 6. It is the sense of the Congress that the Committees on Armed Services of the House and Senate should consider legislation prohibiting the Department of Defense from using an arbitrary deflator (one not based on historical or factual data) for major weapons systems which would provide funding for major weapons systems inflation in excess of the GNP deflator. FEDERAL CREDIT PROGRAM REFORM

SEC. 7. (a) The Congress finds that: (1) The Federal Government is a major lender and allocator of capital through direct loan and loan guarantee programs. (2) The creation of the Federal Financing Bank was a major step in streamlining and reducing the cost of these programs. (3) Despite the improvements in funding brought about by the Federal Financing Bank, however, serious shortcomings remain in the allocation and management of Federal credit programs. (4) Current allocation decisions for a loan and loan guarantee programs do not adequately reflect economic costs and, because cost calculations are not uniform across programs, they do not allow accurate comparisons among programs. (5) Current Federal credit program controls provide little incentive for sound credit management practices or timely debt collection. (b) It is therefore the sense of the Congress that the appropriate committees of the Congress should review proposals to change the Federal credit budget, including use of mechanisms which would— (1) provide uniform budget treatment of Federal credit programs based on their subsidy cost; (2) permit accurate comparison of credit and spending programs based on their true economic cost; (3) promote effective management of Federal credit programs, providing accurate and comprehensive data on Federal credit activity and encouraging timely debt collection; and (4) undertake accounting and management reforms for Federal credit programs as appropriate.

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