Federal Lending Oversight and Control Act

[AI summary unavailable — showing source text] Federal Lending Oversight and Control Act - Declares that the purpose of this Act is to provide a statutory basis for controlling loans and loan guarantees under Federal credit programs through the congressional budget process. Title I: Reports Regarding Federal Credit Activity - Requires the Secretary of the Treasury, not later than February 1 and August 1 of each year, in consultation with the Council of Economic Advisors, to transmit a report to both Houses of Congress regarding Federal credit activity during the previous six month period. Requires each such report to examine the relationship between Federal credit activity during the previous six-month period and: (1) the condition of the economy; (2) the availability and cost of credit in the private sector; and (3) the exercise of monetary and fiscal policy by the Federal Government. Amends the Federal Reserve Act to direct the Board of Governors of the Federal Reserve System, in their biannual reports to Congress concerning recent developments affecting economic trends in the Nation, to examine the effects of Federal credit activity on the availability and cost of credit in the private sector and on the exercise of monetary …