49 U.S.C. § 117 — Council on Credit and Finance

(a) Establishment — The Secretary of Transportation must set up a Council on Credit and Finance, following this section. (b) Membership — (1) In general — The Council includes: (A) the Deputy Secretary of Transportation; (B) the Under Secretary for Policy; (C) the Chief Financial Officer and Assistant Secretary for Budget and Programs; (D) the Department's General Counsel; (E) the Assistant Secretary for Transportation Policy; (F) the Federal Highway Administrator; (G) the Federal Transit Administrator; and (H) the Federal Railroad Administrator. (2) Additional members — The Secretary may add up to 3 more department officials as at-large members. (3) Chairperson and vice chairperson — (A) The Deputy Secretary chairs the Council. (B) The Chief Financial Officer and Assistant Secretary for Budget and Programs is vice chair. (4) Executive director — The Executive Director of the National Surface Transportation and Innovative Finance Bureau sits on the Council as a non-voting member. (c) Duties — The Council must: (1) review applications for the programs listed in section 116(d)(1)(A)-(C); (2) review applications for the program in section 116(d)(1)(D), when the Secretary decides that's appropriate; (3) recommend to the Secretary which projects should get funded under those programs; (4) regularly review projects that already got funded; and (5) do any other duties the Secretary assigns.