49 USC § 117 - Council on Credit and Finance

---
identifier: "/us/usc/t49/s117"
source: "usc"
legal_status: "official_legal_evidence"
title: "49 USC § 117 - Council on Credit and Finance"
title_number: 49
title_name: "TRANSPORTATION"
section_number: "117"
section_name: "Council on Credit and Finance"
chapter_number: 1
chapter_name: "ORGANIZATION"
positive_law: true
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Added Pub. L. 114–94, div. A, title IX, § 9002(a), Dec. 4, 2015, 129 Stat. 1618.)"
---


# § 117. Council on Credit and Finance

**(a)** **Establishment.—** The Secretary of Transportation shall establish a Council on Credit and Finance in accordance with this section.

**(b)** **Membership.—**

**(1)** **In general.—** The Council shall be composed of the following members:

**(A)** The Deputy Secretary of Transportation.

**(B)** The Under Secretary of Transportation for Policy.

**(C)** The Chief Financial Officer and Assistant Secretary for Budget and Programs.

**(D)** The General Counsel of the Department of Transportation.

**(E)** The Assistant Secretary for Transportation Policy.

**(F)** The Administrator of the Federal Highway Administration.

**(G)** The Administrator of the Federal Transit Administration.

**(H)** The Administrator of the Federal Railroad Administration.

**(2)** **Additional members.—** The Secretary may designate up to 3 additional officials of the Department to serve as at-large members of the Council.

**(3)** **Chairperson and vice chairperson.—**

**(A)** **Chairperson.—** The Deputy Secretary of Transportation shall serve as the chairperson of the Council.

**(B)** **Vice chairperson.—** The Chief Financial Officer and Assistant Secretary for Budget and Programs shall serve as the vice chairperson of the Council.

**(4)** **Executive director.—** The Executive Director of the National Surface Transportation and Innovative Finance Bureau shall serve as a nonvoting member of the Council.

**(c)** **Duties.—** The Council shall—

**(1)** review applications for assistance submitted under the programs referred to in subparagraphs (A), (B), and (C) of section 116(d)(1);

**(2)** review applications for assistance submitted under the program referred to in section 116(d)(1)(D), as determined appropriate by the Secretary;

**(3)** make recommendations to the Secretary regarding the selection of projects to receive assistance under such programs;

**(4)** review, on a regular basis, projects that received assistance under such programs; and

**(5)** carry out such additional duties as the Secretary may prescribe.

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**Source Credit**: (Added Pub. L. 114–94, div. A, title IX, § 9002(a), Dec. 4, 2015, 129 Stat. 1618.)

## Statutory Notes and Related Subsidiaries

### Effective Date

Section effective , see , set out as an Effective Date of 2015 Amendment note under , Government Organization and Employees.