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Published: 2008

Total Pages: 0

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Provisions in the Chrysler Loan Guarantee Act of 1979 included the establishment of a Chrysler Loan Guarantee Board, extensive federal oversight of Chrysler's operations, detailed reporting requirements by Chrysler's management, shared sacrifice of parties benefiting from the loan guarantee, and protection of the federal government's interest. [...] Currently, the Federal Credit Reform Act requires that the reported budgetary cost of a credit program equal the estimated subsidy costs to the taxpayer at the time the credit is provided. [...] On January 7, 1980, Chrysler Corporation Loan Guarantee Act of 1979 (the Act) was signed into law as P. L. 96-185 by President Jimmy Carter.3 The Act included numerous provisions, which are summarized as follows:4 • The Act established the Chrysler Corporation Loan Guarantee Board (the Board), which was composed of the Secretary of the Treasury (chairperson of the Board), the Chairman of the [...] They also acquire the value of the unsubsidized portion of the loans (actual disbursements by the government minus the subsidy cost). [...] Currently, the FCRA requires that the reported budgetary cost of a credit program equal the estimated subsidy costs at the time the credit is provided.