Federal Lending Oversight and Control Act

[AI summary unavailable — showing source text] Federal Lending Oversight and Control Act - Title I: Reports Regarding Federal Credit Activity - Requires the Council of Economic Advisers, in its annual report to the Congress as required by the Employment Act of 1946, to examine the relationship between Federal credit activity during the previous year 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 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 policy by the Board and the Federal Open Market Committee. Amends the Budget and Accounting Act of 1921 to require the President, in his annual budget statement to the Congress, to include all essential facts regarding direct lending by the Government and guarantees by the Government of the repayment of indebtedness incurred by another person or government. Title II: Chang…