I 

112TH CONGRESS 

1ST SESSION H. R. 3581 

To amend the Balanced Budget and Emergency Deficit Control Act of 1985 

to increase transparency in Federal budgeting, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 7, 2011 

Mr. GARRETT (for himself, Mr. RYAN of Wisconsin, Mr. HENSARLING, Mr. 

PRICE of Georgia, Mr. HUELSKAMP, Mr. CHAFFETZ, and Mr. 

STUTZMAN) introduced the following bill; which was referred to the Committee on the Budget, and in addition to the Committees on Oversight 

and Government Reform and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such 

provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to increase transparency in Federal 

budgeting, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Budget and Account5 ing Transparency Act of 2011’’. 


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1 TITLE I—FAIR VALUE 

2 ESTIMATES 

3 SEC. 101. CREDIT REFORM. 

4 (a) IN GENERAL.—Title V of the Congressional 

5 Budget Act of 1974 is amended to read as follows: 

6 ‘‘TITLE V—FAIR VALUE 

7 ‘‘SEC. 501. PURPOSES. 

8 ‘‘The purposes of this title are to— 

9 ‘‘(1) measure more accurately the costs of Fed10 eral credit programs by accounting for them on a 

11 fair value basis; 

12 ‘‘(2) place the cost of credit programs on a 

13 budgetary basis equivalent to other Federal spend14 ing; 

15 ‘‘(3) encourage the delivery of benefits in the 

16 form most appropriate to the needs of beneficiaries; 

17 and 

18 ‘‘(4) improve the allocation of resources among 

19 Federal programs. 

20 ‘‘SEC. 502. DEFINITIONS. 

21 ‘‘For purposes of this title: 

22 ‘‘(1) The term ‘direct loan’ means a disburse23 ment of funds by the Government to a non-Federal 

24 borrower under a contract that requires the repay25 ment of such funds with or without interest. The 


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1 term includes the purchase of, or participation in, a 

2 loan made by another lender and financing arrange3 ments that defer payment for more than 90 days, in4 cluding the sale of a Government asset on credit 

5 terms. The term does not include the acquisition of 

6 a federally guaranteed loan in satisfaction of default 

7 claims or the price support loans of the Commodity 

8 Credit Corporation. 

9 ‘‘(2) The term ‘direct loan obligation’ means a 

10 binding agreement by a Federal agency to make a 

11 direct loan when specified conditions are fulfilled by 

12 the borrower. 

13 ‘‘(3) The term ‘loan guarantee’ means any 

14 guarantee, insurance, or other pledge with respect to 

15 the payment of all or a part of the principal or inter16 est on any debt obligation of a non-Federal borrower 

17 to a non-Federal lender, but does not include the in18 surance of deposits, shares, or other withdrawable 

19 accounts in financial institutions. 

20 ‘‘(4) The term ‘loan guarantee commitment’ 

21 means a binding agreement by a Federal agency to 

22 make a loan guarantee when specified conditions are 

23 fulfilled by the borrower, the lender, or any other 

24 party to the guarantee agreement. 


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1 ‘‘(5)(A) The term ‘cost’ means the sum of the 

2 Treasury discounting component and the risk com3 ponent of a direct loan or loan guarantee, or a modi4 fication thereof. 

5 ‘‘(B) The Treasury discounting component shall 

6 be the estimated long-term cost to the Government 

7 of a direct loan or loan guarantee, or modification 

8 thereof, calculated on a net present value basis, ex9 cluding administrative costs and any incidental ef10 fects on governmental receipts or outlays. 

11 ‘‘(C) The risk component shall be an amount 

12 equal to the difference between— 

13 ‘‘(i) the estimated long-term cost to the 

14 Government of a direct loan or loan guarantee, 

15 or modification thereof, estimated on a fair 

16 value basis, applying the guidelines set forth by 

17 the Financial Accounting Standards Board in 

18 Financial Accounting Standards #157, or a 

19 successor thereto, excluding administrative 

20 costs and any incidental effects on govern21 mental receipts or outlays; and 

22 ‘‘(ii) the Treasury discounting component 

23 of such direct loan or loan guarantee, or modi24 fication thereof. 


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1 ‘‘(D) The Treasury discounting component of a 

2 direct loan shall be the net present value, at the time 

3 when the direct loan is disbursed, of the following 

4 estimated cash flows: 

5 ‘‘(i) Loan disbursements. 

6 ‘‘(ii) Repayments of principal. 

7 ‘‘(iii) Essential preservation expenses, pay8 ments of interest and other payments by or to 

9 the Government over the life of the loan after 

10 adjusting for estimated defaults, prepayments, 

11 fees, penalties, and other recoveries, including 

12 the effects of changes in loan terms resulting 

13 from the exercise by the borrower of an option 

14 included in the loan contract. 

15 ‘‘(E) The Treasury discounting component of a 

16 loan guarantee shall be the net present value, at the 

17 time when the guaranteed loan is disbursed, of the 

18 following estimated cash flows: 

19 ‘‘(i) Payments by the Government to cover 

20 defaults and delinquencies, interest subsidies, 

21 essential preservation expenses, or other pay22 ments. 

23 ‘‘(ii) Payments to the Government includ24 ing origination and other fees, penalties, and re25 coveries, including the effects of changes in loan 


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1 terms resulting from the exercise by the guar2 anteed lender of an option included in the loan 

3 guarantee contract, or by the borrower of an 

4 option included in the guaranteed loan contract. 

5 ‘‘(F) The cost of a modification is the sum of— 

6 ‘‘(i) the difference between the current es7 timate of the Treasury discounting component 

8 of the remaining cash flows under the terms of 

9 a direct loan or loan guarantee and the current 

10 estimate of the Treasury discounting component 

11 of the remaining cash flows under the terms of 

12 the contract, as modified; and 

13 ‘‘(ii) the difference between the current es14 timate of the risk component of the remaining 

15 cash flows under the terms of a direct loan or 

16 loan guarantee and the current estimate of the 

17 risk component of the remaining cash flows 

18 under the terms of the contract as modified. 

19 ‘‘(G) In estimating Treasury discounting com20 ponents, the discount rate shall be the average inter21 est rate on marketable Treasury securities of similar 

22 duration to the cash flows of the direct loan or loan 

23 guarantee for which the estimate is being made. 

24 ‘‘(H) When funds are obligated for a direct loan 

25 or loan guarantee, the estimated cost shall be based 


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1 on the current assumptions, adjusted to incorporate 

2 the terms of the loan contract, for the fiscal year in 

3 which the funds are obligated. 

4 ‘‘(6) The term ‘program account’ means the 

5 budget account into which an appropriation to cover 

6 the cost of a direct loan or loan guarantee program 

7 is made and from which such cost is disbursed to 

8 the financing account. 

9 ‘‘(7) The term ‘financing account’ means the 

10 nonbudget account or accounts associated with each 

11 program account which holds balances, receives the 

12 cost payment from the program account, and also 

13 includes all other cash flows to and from the Gov14 ernment resulting from direct loan obligations or 

15 loan guarantee commitments made on or after Octo16 ber 1, 1991. 

17 ‘‘(8) The term ‘liquidating account’ means the 

18 budget account that includes all cash flows to and 

19 from the Government resulting from direct loan obli20 gations or loan guarantee commitments made prior 

21 to October 1, 1991. These accounts shall be shown 

22 in the budget on a cash basis. 

23 ‘‘(9) The term ‘modification’ means any Gov24 ernment action that alters the estimated cost of an 

25 outstanding direct loan (or direct loan obligation) or 


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1 an outstanding loan guarantee (or loan guarantee 

2 commitment) from the current estimate of cash 

3 flows. This includes the sale of loan assets, with or 

4 without recourse, and the purchase of guaranteed 

5 loans (or direct loan obligations) or loan guarantees 

6 (or loan guarantee commitments) such as a change 

7 in collection procedures. 

8 ‘‘(10) The term ‘current’ has the same meaning 

9 as in section 250(c)(9) of the Balanced Budget and 

10 Emergency Deficit Control Act of 1985. 

11 ‘‘(11) The term ‘Director’ means the Director 

12 of the Office of Management and Budget. 

13 ‘‘(12) The term ‘administrative costs’ means 

14 costs related to program management activities, but 

15 does not include essential preservation expenses. 

16 ‘‘(13) The term ‘essential preservation ex17 penses’ means servicing and other costs that are es18 sential to preserve the value of loan assets or collat19 eral. 

20 ‘‘SEC. 503. OMB AND CBO ANALYSIS, COORDINATION, AND 

21 REVIEW. 

22 ‘‘(a) IN GENERAL.—For the executive branch, the 

23 Director shall be responsible for coordinating the esti24 mates required by this title. The Director shall consult 


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1 with the agencies that administer direct loan or loan guar2 antee programs. 

3 ‘‘(b) DELEGATION.—The Director may delegate to 

4 agencies authority to make estimates of costs. The delega5 tion of authority shall be based upon written guidelines, 

6 regulations, or criteria consistent with the definitions in 

7 this title. 

8 ‘‘(c) COORDINATION WITH THE CONGRESSIONAL

9 BUDGET OFFICE.—In developing estimation guidelines, 

10 regulations, or criteria to be used by Federal agencies, the 

11 Director shall consult with the Director of the Congres12 sional Budget Office. 

13 ‘‘(d) IMPROVING COST ESTIMATES.—The Director 

14 and the Director of the Congressional Budget Office shall 

15 coordinate the development of more accurate data on his16 torical performance and prospective risk of direct loan and 

17 loan guarantee programs. They shall annually review the 

18 performance of outstanding direct loans and loan guaran19 tees to improve estimates of costs. The Office of Manage20 ment and Budget and the Congressional Budget Office 

21 shall have access to all agency data that may facilitate 

22 the development and improvement of estimates of costs. 

23 ‘‘(e) HISTORICAL CREDIT PROGRAMS COSTS.—The 

24 Director shall review, to the extent possible, historical data 

25 and develop the best possible estimates of adjustments 


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1 that would convert aggregate historical budget data to 

2 credit reform accounting. 

3 ‘‘SEC. 504. BUDGETARY TREATMENT. 

4 ‘‘(a) PRESIDENT’S BUDGET.—Beginning with fiscal 

5 year 1992, the President’s budget shall reflect the Treas6 ury discounting component of direct loan and loan guar7 antee programs. Beginning with fiscal year 2015, the 

8 President’s budget shall reflect the costs of direct loan and 

9 loan guarantee programs. The budget shall also include 

10 the planned level of new direct loan obligations or loan 

11 guarantee commitments associated with each appropria12 tions request. 

13 ‘‘(b) APPROPRIATIONS REQUIRED.—Notwithstanding 

14 any other provision of law, new direct loan obligations may 

15 be incurred and new loan guarantee commitments may be 

16 made for fiscal year 1992 and thereafter only to the extent 

17 that— 

18 ‘‘(1) new budget authority to cover their costs 

19 is provided in advance in an appropriation Act; 

20 ‘‘(2) a limitation on the use of funds otherwise 

21 available for the cost of a direct loan or loan guar22 antee program has been provided in advance in an 

23 appropriation Act; or 

24 ‘‘(3) authority is otherwise provided in appro25 priation Acts. 


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1 ‘‘(c) EXEMPTION FOR DIRECT SPENDING PRO2 GRAMS.—Subsections (b) and (e) shall not apply to a di3 rect loan or loan guarantee program that— 

4 ‘‘(1) constitutes an entitlement (such as the 

5 guaranteed student loan program or the veteran’s 

6 home loan guaranty program); or 

7 ‘‘(2) all existing credit programs of the Com8 modity Credit Corporation on the date of enactment 

9 of this title. 

10 ‘‘(d) BUDGET ACCOUNTING.— 

11 ‘‘(1) The authority to incur new direct loan ob12 ligations, make new loan guarantee commitments, or 

13 modify outstanding direct loans (or direct loan obli14 gations) or loan guarantees (or loan guarantee com15 mitments) shall constitute new budget authority in 

16 an amount equal to the cost of the direct loan or 

17 loan guarantee in the fiscal year in which definite 

18 authority becomes available or indefinite authority is 

19 used. Such budget authority shall constitute an obli20 gation of the program account to pay to the financ21 ing account. 

22 ‘‘(2) The outlays resulting from new budget au23 thority for the cost of direct loans or loan guaran24 tees described in paragraph (1) shall be paid from 

25 the program account into the financing account and 


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1 recorded in the fiscal year in which the direct loan 

2 or the guaranteed loan is disbursed or its costs al3 tered. 

4 ‘‘(3) All collections and payments of the financ5 ing accounts shall be a means of financing. 

6 ‘‘(e) MODIFICATIONS.—An outstanding direct loan 

7 (or direct loan obligation) or loan guarantee (or loan guar8 antee commitment) shall not be modified in a manner that 

9 increases its costs unless budget authority for the addi10 tional cost has been provided in advance in an appropria11 tion Act. 

12 ‘‘(f) REESTIMATES.—When the estimated cost for a 

13 group of direct loans or loan guarantees for a given pro14 gram made in a single fiscal year is re-estimated in a sub15 sequent year, the difference between the reestimated cost 

16 and the previous cost estimate shall be displayed as a dis17 tinct and separately identified subaccount in the program 

18 account as a change in program costs and a change in 

19 net interest. There is hereby provided permanent indefi20 nite authority for these re-estimates. 

21 ‘‘(g) ADMINISTRATIVE EXPENSES.—All funding for 

22 an agency’s administrative costs associated with a direct 

23 loan or loan guarantee program shall be displayed as dis24 tinct and separately identified subaccounts within the 

25 same budget account as the program’s cost. 


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1 ‘‘SEC. 505. AUTHORIZATIONS. 

2 ‘‘(a) AUTHORIZATION FOR FINANCING ACCOUNTS.— 

3 In order to implement the accounting required by this 

4 title, the President is authorized to establish such non5 budgetary accounts as may be appropriate. 

6 ‘‘(b) TREASURY TRANSACTIONS WITH THE FINANC7 ING ACCOUNTS.— 

8 ‘‘(1) IN GENERAL.—The Secretary of the 

9 Treasury shall borrow from, receive from, lend to, or 

10 pay to the financing accounts such amounts as may 

11 be appropriate. The Secretary of the Treasury may 

12 prescribe forms and denominations, maturities, and 

13 terms and conditions for the transactions described 

14 in the preceding sentence, except that the rate of in15 terest charged by the Secretary on lending to financ16 ing accounts (including amounts treated as lending 

17 to financing accounts by the Federal Financing 

18 Bank (hereinafter in this subsection referred to as 

19 the ‘Bank’) pursuant to section 405(b)) and the rate 

20 of interest paid to financing accounts on uninvested 

21 balances in financing accounts shall be the same as 

22 the rate determined pursuant to section 502(7). 

23 ‘‘(2) LOANS.—For guaranteed loans financed 

24 by the Bank and treated as direct loans by a Fed25 eral agency pursuant to section 406(b)(1), any fee 

26 or interest surcharge (the amount by which the inVerDate Mar 15 2010 04:47 Dec 13, 2011 Jkt 019200 PO 00000 Frm 00013 Fmt 6652 Sfmt 6201 E:\BILLS\H3581.IH H3581

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1 terest rate charged exceeds the rate determined pur2 suant to section 502(7) that the Bank charges to a 

3 private borrower pursuant to section 6(c) of the 

4 Federal Financing Bank Act of 1973 shall be con5 sidered a cash flow to the Government for the pur6 poses of determining the cost of the direct loan pur7 suant to section 502(7). All such amounts shall be 

8 credited to the appropriate financing account. 

9 ‘‘(3) REIMBURSEMENT.—The Bank is author10 ized to require reimbursement from a Federal agen11 cy to cover the administrative expenses of the Bank 

12 that are attributable to the direct loans financed for 

13 that agency. All such payments by an agency shall 

14 be considered administrative expenses subject to sec15 tion 504(g). This subsection shall apply to trans16 actions related to direct loan obligations or loan 

17 guarantee commitments made on or after October 1, 

18 1991. 

19 ‘‘(4) AUTHORITY.—The authorities provided in 

20 this subsection shall not be construed to supersede 

21 or override the authority of the head of a Federal 

22 agency to administer and operate a direct loan or 

23 loan guarantee program. 

24 ‘‘(5) TITLE 31.—All of the transactions pro25 vided in the subsection shall be subject to the proviVerDate Mar 15 2010 04:47 Dec 13, 2011 Jkt 019200 PO 00000 Frm 00014 Fmt 6652 Sfmt 6201 E:\BILLS\H3581.IH H3581

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1 sions of subchapter II of chapter 15 of title 31, 

2 United States Code. 

3 ‘‘(6) TREATMENT OF CASH BALANCES.—Cash 

4 balances of the financing accounts in excess of cur5 rent requirements shall be maintained in a form of 

6 uninvested funds and the Secretary of the Treasury 

7 shall pay interest on these funds. The Secretary of 

8 the Treasury shall charge (or pay if the amount is 

9 negative) financing accounts an amount equal to the 

10 risk component for a direct loan or loan guarantee, 

11 or modification thereof. Such amount received by the 

12 Secretary of the Treasury shall be a means of fi13 nancing and shall not be considered a cash flow of 

14 the Government for the purposes of section 502(7). 

15 ‘‘(c) AUTHORIZATION FOR LIQUIDATING AC16 COUNTS.—(1) Amounts in liquidating accounts shall be 

17 available only for payments resulting from direct loan obli18 gations or loan guarantee commitments made prior to Oc19 tober 1, 1991, for— 

20 ‘‘(A) interest payments and principal repay21 ments to the Treasury or the Federal Financing 

22 Bank for amounts borrowed; 

23 ‘‘(B) disbursements of loans; 

24 ‘‘(C) default and other guarantee claim pay25 ments; 


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1 ‘‘(D) interest supplement payments; 

2 ‘‘(E) payments for the costs of foreclosing, 

3 managing, and selling collateral that are capitalized 

4 or routinely deducted from the proceeds of sales; 

5 ‘‘(F) payments to financing accounts when re6 quired for modifications; 

7 ‘‘(G) administrative costs and essential preser8 vation expenses, if— 

9 ‘‘(i) amounts credited to the liquidating ac10 count would have been available for administra11 tive costs and essential preservation expenses 

12 under a provision of law in effect prior to Octo13 ber 1, 1991; and 

14 ‘‘(ii) no direct loan obligation or loan guar15 antee commitment has been made, or any modi16 fication of a direct loan or loan guarantee has 

17 been made, since September 30, 1991; or 

18 ‘‘(H) such other payments as are necessary 

19 for the liquidation of such direct loan obliga20 tions and loan guarantee commitments. 

21 ‘‘(2) Amounts credited to liquidating accounts in any 

22 year shall be available only for payments required in that 

23 year. Any unobligated balances in liquidating accounts at 

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1 neous receipts as soon as practicable after the end of the 

2 fiscal year. 

3 ‘‘(3) If funds in liquidating accounts are insufficient 

4 to satisfy obligations and commitments of such accounts, 

5 there is hereby provided permanent, indefinite authority 

6 to make any payments required to be made on such obliga7 tions and commitments. 

8 ‘‘(d) REINSURANCE.—Nothing in this title shall be 

9 construed as authorizing or requiring the purchase of in10 surance or reinsurance on a direct loan or loan guarantee 

11 from private insurers. If any such reinsurance for a direct 

12 loan or loan guarantee is authorized, the cost of such in13 surance and any recoveries to the Government shall be in14 cluded in the calculation of the cost. 

15 ‘‘(e) ELIGIBILITY AND ASSISTANCE.—Nothing in this 

16 title shall be construed to change the authority or the re17 sponsibility of a Federal agency to determine the terms 

18 and conditions of eligibility for, or the amount of assist19 ance provided by a direct loan or a loan guarantee. 

20 ‘‘SEC. 506. TREATMENT OF DEPOSIT INSURANCE AND AGEN21 CIES AND OTHER INSURANCE PROGRAMS. 

22 ‘‘This title shall not apply to the credit or insurance 

23 activities of the Federal Deposit Insurance Corporation, 

24 National Credit Union Administration, Resolution Trust 

25 Corporation, Pension Benefit Guaranty Corporation, NaVerDate Mar 15 2010 04:47 Dec 13, 2011 Jkt 019200 PO 00000 Frm 00017 Fmt 6652 Sfmt 6201 E:\BILLS\H3581.IH H3581

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1 tional Flood Insurance, National Insurance Development 

2 Fund, Crop Insurance, or Tennessee Valley Authority. 

3 ‘‘SEC. 507. EFFECT ON OTHER LAWS. 

4 ‘‘(a) EFFECT ON OTHER LAWS.—This title shall su5 persede, modify, or repeal any provision of law enacted 

6 prior to the date of enactment of this title to the extent 

7 such provision is inconsistent with this title. Nothing in 

8 this title shall be construed to establish a credit limitation 

9 on any Federal loan or loan guarantee program. 

10 ‘‘(b) CREDITING OF COLLECTIONS.—Collections re11 sulting from direct loans obligated or loan guarantees 

12 committed prior to October 1, 1991, shall be credited to 

13 the liquidating accounts of Federal agencies. Amounts so 

14 credited shall be available, to the same extent that they 

15 were available prior to the date of enactment of this title, 

16 to liquidate obligations arising from such direct loans obli17 gated or loan guarantees committed prior to October 1, 

18 1991, including repayment of any obligations held by the 

19 Secretary of the Treasury or the Federal Financing Bank. 

20 The unobligated balances of such accounts that are in ex21 cess of current needs shall be transferred to the general 

22 fund of the Treasury. Such transfers shall be made from 

23 time to time but, at least once each year.’’. 

24 (b) CONFORMING AMENDMENT.—The table of con25 tents set forth in section 1(b) of the Congressional Budget 


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1 and Impoundment Control Act of 1974 is amended by 

2 striking the items relating to title V and inserting the fol3 lowing: 

‘‘TITLE V—CREDIT REFORM 

‘‘Sec. 501. Purposes. 

‘‘Sec. 502. Definitions. 

‘‘Sec. 503. OMB and CBO analysis, coordination, and review. 

‘‘Sec. 504. Budgetary treatment. 

‘‘Sec. 505. Authorizations. 

‘‘Sec. 506. Treatment of deposit insurance and agencies and other insurance 

programs. 

‘‘Sec. 507. Effect on other laws.’’. 

4 SEC. 102. EFFECTIVE DATE. 

5 The amendment made by section 101 shall take effect 

6 beginning with fiscal year 2014. 

7 TITLE II—BUDGETARY 

8 TREATMENT 

9 SEC. 201. CBO AND OMB STUDIES RESPECTING BUDGETING 

10 FOR COSTS OF FEDERAL INSURANCE PRO11 GRAMS. 

12 Not later than one year after the date of enactment 

13 of this Act, the Directors of the Congressional Budget Of14 fice and of the Office of Management and Budget shall 

15 each prepare a study and make recommendations to the 

16 Committees on the Budget of the House of Representa17 tives and the Senate as to the feasability of applying fair 

18 value concepts to budgeting for the costs of Federal insur19 ance programs. 


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1 SEC. 202. ON-BUDGET STATUS OF FANNIE MAE AND 

2 FREDDIE MAC. 

3 Notwithstanding any other provision of law, the re4 ceipts and disbursements, including the administrative ex5 penses, of the Federal National Mortgage Association and 

6 the Federal Home Loan Mortgage Corporation shall be 

7 counted as new budget authority, outlays, receipts, or def8 icit or surplus for purposes of— 

9 (1) the budget of the United States Govern10 ment as submitted by the President; 

11 (2) the congressional budget; and 

12 (3) the Balanced Budget and Emergency Def13 icit Control Act of 1985. 

14 SEC. 203. FANNIE MAE AND FREDDIE MAC DEBT SUBJECT 

15 TO PUBLIC DEBT LIMIT. 

16 For purposes of section 3101(b) of chapter 31 of title 

17 31, United States Code, the face amount of obligations 

18 issued after the 90th day beginning after the date of en19 actment of this Act by the Federal National Mortgage As20 sociation and by the Federal Home Loan Mortgage Cor21 poration outstanding at one time shall be treated as issued 

22 by the United States Government under that chapter. 

23 SEC. 204. EFFECTIVE DATE. 

24 Sections 202 and 203 shall not apply with respect 

25 to an enterprise (as such term is defined in section 1303 

26 of the Federal Housing Enterprises Financial Safety and 


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1 Soundness Act of 1992 (12 U.S.C. 4502)) after the date 

2 that all of the following have occurred: 

3 (1) The conservatorship for such enterprise 

4 under section 1367 of such Act (12 U.S.C. 4617) 

5 has been terminated. 

6 (2) Such enterprise has repaid to the Federal 

7 Government all financial assistance provided to the 

8 enterprise by the Federal Government pursuant to 

9 the amendments made by section 1117 of the Hous10 ing and Economic Recovery Act of 2008 (Public 

11 Law 110–289; 122 Stat. 2683) or otherwise. 

12 (3) The charter for the enterprise has been re13 voked, annulled, or terminated and the authorizing 

14 statute (as such term is defined in such section 

15 1303) with respect to the enterprise has been re16 pealed. 

17 TITLE III—BUDGETARY TREAT18 MENT OF POSTAL SERVICE 

19 SEC. 301. BUDGETARY TREATMENT OF POSTAL SERVICE. 

20 (a) POSTAL SERVICE FUND RETURNED TO ON

21 BUDGET STATUS.—Section 2009a of title 39, United 

22 States Code, is repealed. 

23 (b) POSTAL SERVICE COMPETITIVE PRODUCTS

24 FUND.—Section 2011 of title 39, United States Code, is 

25 amended by— 


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1 (1) repealing subsection (f); and 

2 (2) redesignating subsections (g), (h), and (i) 

3 as subsections (f), (g), and (h), respectively. 

4 (c) APPLICABILITY.—The amendments made by this 

5 section shall apply with respect to budgets for fiscal years 

6 beginning after September 30, 2012. 

7 TITLE IV—BUDGET REVIEW AND 

8 ANALYSIS 

9 SEC. 401. CBO AND OMB REVIEW AND RECOMMENDATIONS 

10 RESPECTING RECEIPTS AND COLLECTIONS. 

11 Not later than one year after the date of enactment 

12 of this Act, the Directors of the Congressional Budget Of13 fice and of the Office of Management and Budget shall 

14 jointly prepare a study of the history of offsetting collec15 tions against expenditures and the amount of receipts col16 lected annually, the historical application of the budgetary 

17 terms ‘‘revenue’’, ‘‘offsetting collections’’, and ‘‘offsetting 

18 receipts’’, and review the application of those terms and 

19 each make recommendations to the Committees on the 

20 Budget of the House of Representatives and the Senate 

21 of whether such usage should be continued or modified. 

22 SEC. 402. AGENCY BUDGET JUSTIFICATIONS. 

23 Section 1108 of title 31, United States Code, is 

24 amended by inserting at the end the following new sub25 section: 


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1 ‘‘(h) Whenever any agency prepares and submits 

2 written budget justification materials for any committee 

3 of the House of Representatives or the Senate, such agen4 cy shall post such budget justification on the same day 

5 of such submission on the public website of the agency 

6 in a format that is searchable, sortable, and downloadable 

7 by the public.’’. 

Æ 


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