What is the Credit Council?
DOT administers four credit programs:
- the Transportation Infrastructure Finance and Innovation Act of 1998 (TIFIA) Program;
- the Railroad Rehabilitation and Improvement Financing (RRIF) Program;
- the Maritime Guaranteed Loan (Title XI) Program; and
- the Minority Business Resource Center (MBRC) Short-Term Lending Program.
DOT also allocates tax-exempt Private Activity Bonds (PABs)
In 2004, the Department restructured the oversight and management of its credit programs to ensure the application of consistent credit policies and management practices across all DOT credit programs. The restructuring plan called for the establishment of a DOT Credit Council.
Schedule and Agendas
The DOT Credit Council has the following primary responsibilities:
- set the Department’s credit policies and oversee the Department’s credit programs and the allocation of tax-exempt PABs,
- review the financial analysis of proposed credit assistance and significant modifications to projects previously approved for credit assistance and PAB allocations,
- review on a regular basis the status of the outstanding loan portfolios of the Department’s credit programs and PAB allocations.
- recommend the approval or disapproval of proposed credit assistance and PAB allocations.
The DOT Credit Council is comprised of the following members:
- Deputy Secretary of Transportation, who serves as Chair
- Assistant Secretary for Budget and Programs and Chief Financial Officer, who serves as Vice Chair
- Under Secretary of Transportation for Policy
- General Counsel
- Assistant Secretary for Transportation Policy
- Federal Highway Administrator
- Federal Transit Administrator
- Federal Railroad Administrator
- Maritime Administrator
- Director of the Office of Small and Disadvantaged Business Utilization.
The Secretary of Transportation may designate three additional DOT employees as at-large members to the DOT Credit Council.