Fairness In Asbestos Injury Resolution Act of 2003, B-301397, September 4, 2003
B-301397: Sep 4, 2003
Chairman: This is in response to your request that the General Accounting Office prepare a comparison of the program that would be created by S. 1125. Enclosed is a chart comparing the two statutory programs and S. 1125. FAIR Act Subsection 223(c) of the bill provides as follows: "(c) BORROWING AUTHORITY-The Administrator [of the Office of Asbestos Injury Claims Resolution] is authorized to borrow. Borrowing Authority Generally "Borrowing authority" is a type of budget authority that permits a federal agency to incur obligations and to liquidate those obligations out of borrowed moneys. Borrowing from the Treasury is the most common form of borrowing authority. Although commercial borrowing authority is less common than Treasury borrowing authority.