GAO FARM CREDIT PLAN SUPPORTED BY KEY LAWMAKER
An influential member of Congress
endorsed a General Accounting Office, GAO, proposal calling for
establishing a federal board to oversee government assistance
to the financially-troubled farm credit system.
    Rep. Ed Jones, D-Tenn., chairman of the House Agriculture
subcommittee which will draft a farm credit rescue package
later this year, told reporters following testimony by
Comptroller General Charles Bowsher, that establishing a
federal board to implement the rescue is a good idea.
    "I like the idea of an additional layer of management" to
oversee the rescue, Jones told reporters.
    Rep. Jones made the remarks following a hearing at which
the General Accounting Office, GAO, outlined its suggestions
for a bail-out of the system.
    Comptroller General Bowsher proposed Congress set up a
strong board, modeled on the example of the successful Chrysler
loan guarantee board, to make hard choices on restructuring the
failing system.
    The members of the board would include both representatives
of government agencies and some independent officials, Bowsher
proposed.
 Reuter
