November 9, 2001
House-Senate Conference allocates $33 million for Title XI
DOT Inspector General to audit Title XI
"AMCV presently has approved loan guarantees totaling over $367 million that are now at risk," says a memo from theo ffice of the Inspector General to MarAd. "We will determine what immediate actions, if any, the Department of Transportation and MARAD can take to better protect the interests of the United States."
"We will also perform a comprehensive review of the Title XI program," continues the memo. "Specifically, we will determine (1) if procedures for submission, review, approval, and monitoring of selected Title XI loan guarantees comply with applicable laws and regulations; and (2) if these procedures are adequate and effectively implemented in order to protect the interests of the United States."
"The audit will be conducted primarily at MARAD Headquarters," says the memo. "However, we will also visit selected companies that have received approved Title XI loan guarantees and shipyards where their ships are being built."