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Financial Management: The Federal Government's Experience With Financial Rescues

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Report Type Reports and Testimonies
Report Date Sept. 20, 1983
Report No. 122380
Subject
Summary:

In testimony before a congressional subcommittee, GAO suggested that Congress consider information gained from prior experience to develop a coordinated Federal assistance policy focusing on problems facing industries and municipalities. Specifically, GAO discussed efforts to rescue three large failing firms and one municipality on the verge of bankruptcy and suggested guidelines. GAO believes that it is essential that: (1) any problem be rapidly identified; (2) the national interest be clearly established; (3) the goals be clear and not in conflict; and (4) the Government's financial interests be adequately protected. The purposes of the rescue should be to: (1) ensure the continuation of a product or service; (2) maintain existing levels of employment; (3) protect those involved from disastrous losses; and (4) prevent a broader financial collapse. The Government's interests can be protected by concessions from those with a stake in the outcome, Government-approval authority, collateral, and compensation for risk. GAO cautioned that rescue should be the exception rather than the rule.

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