I 

113TH CONGRESS 

1ST SESSION H. R. 1872 

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 

MAY 8, 2013 

Mr. GARRETT (for himself, Mr. RYAN of Wisconsin, Mr. DUNCAN of South 

Carolina, Mr. FLORES, Mr. MULVANEY, Mr. WESTMORELAND, Mr. 

AMASH, and Mr. HENSARLING) introduced the following bill; which was 

referred to the Committee on the Budget, and in addition to the Committee on Oversight and Government Reform, 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 2013’’. 


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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— 

3 ‘‘(1) any direct loan or loan guarantee program 

4 that constitutes an entitlement (such as the guaran5 teed student loan program or the veteran’s home 

6 loan guaranty program); 

7 ‘‘(2) the credit programs of the Commodity 

8 Credit Corporation existing on the date of enactment 

9 of this title; or 

10 ‘‘(3) any direct loan (or direct loan obligation) 

11 or loan guarantee (or loan guarantee commitment) 

12 made by the Federal National Mortgage Association 

13 or the Federal Home Loan Mortgage Corporation. 

14 ‘‘(d) BUDGET ACCOUNTING.— 

15 ‘‘(1) The authority to incur new direct loan ob16 ligations, make new loan guarantee commitments, or 

17 modify outstanding direct loans (or direct loan obli18 gations) or loan guarantees (or loan guarantee com19 mitments) shall constitute new budget authority in 

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

21 loan guarantee in the fiscal year in which definite 

22 authority becomes available or indefinite authority is 

23 used. Such budget authority shall constitute an obli24 gation of the program account to pay to the financ25 ing account. 


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1 ‘‘(2) The outlays resulting from new budget au2 thority for the cost of direct loans or loan guaran3 tees described in paragraph (1) shall be paid from 

4 the program account into the financing account and 

5 recorded in the fiscal year in which the direct loan 

6 or the guaranteed loan is disbursed or its costs al7 tered. 

8 ‘‘(3) All collections and payments of the financ9 ing accounts shall be a means of financing. 

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

11 (or direct loan obligation) or loan guarantee (or loan guar12 antee commitment) shall not be modified in a manner that 

13 increases its costs unless budget authority for the addi14 tional cost has been provided in advance in an appropria15 tion Act. 

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

17 group of direct loans or loan guarantees for a given pro18 gram made in a single fiscal year is re-estimated in a sub19 sequent year, the difference between the reestimated cost 

20 and the previous cost estimate shall be displayed as a dis21 tinct and separately identified subaccount in the program 

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

23 net interest. There is hereby provided permanent indefi24 nite authority for these re-estimates. 


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

2 an agency’s administrative costs associated with a direct 

3 loan or loan guarantee program shall be displayed as dis4 tinct and separately identified subaccounts within the 

5 same budget account as the program’s cost. 

6 ‘‘SEC. 505. AUTHORIZATIONS. 

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

8 In order to implement the accounting required by this 

9 title, the President is authorized to establish such non10 budgetary accounts as may be appropriate. 

11 ‘‘(b) TREASURY TRANSACTIONS WITH THE FINANC12 ING ACCOUNTS.— 

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

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

15 pay to the financing accounts such amounts as may 

16 be appropriate. The Secretary of the Treasury may 

17 prescribe forms and denominations, maturities, and 

18 terms and conditions for the transactions described 

19 in the preceding sentence, except that the rate of in20 terest charged by the Secretary on lending to financ21 ing accounts (including amounts treated as lending 

22 to financing accounts by the Federal Financing 

23 Bank (hereinafter in this subsection referred to as 

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

25 of interest paid to financing accounts on uninvested 


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1 balances in financing accounts shall be the same as 

2 the rate determined pursuant to section 502(5)(G). 

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

4 by the Bank and treated as direct loans by a Fed5 eral agency pursuant to section 406(b)(1), any fee 

6 or interest surcharge (the amount by which the in7 terest rate charged exceeds the rate determined pur8 suant to section 502(5)(G) that the Bank charges to 

9 a private borrower pursuant to section 6(c) of the 

10 Federal Financing Bank Act of 1973 shall be con11 sidered a cash flow to the Government for the pur12 poses of determining the cost of the direct loan pur13 suant to section 502(5). All such amounts shall be 

14 credited to the appropriate financing account. 

15 ‘‘(3) REIMBURSEMENT.—The Bank is author16 ized to require reimbursement from a Federal agen17 cy to cover the administrative expenses of the Bank 

18 that are attributable to the direct loans financed for 

19 that agency. All such payments by an agency shall 

20 be considered administrative expenses subject to sec21 tion 504(g). This subsection shall apply to trans22 actions related to direct loan obligations or loan 

23 guarantee commitments made on or after October 1, 

24 1991. 


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

2 this subsection shall not be construed to supersede 

3 or override the authority of the head of a Federal 

4 agency to administer and operate a direct loan or 

5 loan guarantee program. 

6 ‘‘(5) TITLE 31.—All of the transactions pro7 vided in the subsection shall be subject to the provi8 sions of subchapter II of chapter 15 of title 31, 

9 United States Code. 

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

11 balances of the financing accounts in excess of cur12 rent requirements shall be maintained in a form of 

13 uninvested funds and the Secretary of the Treasury 

14 shall pay interest on these funds. The Secretary of 

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

16 negative) financing accounts an amount equal to the 

17 risk component for a direct loan or loan guarantee, 

18 or modification thereof. Such amount received by the 

19 Secretary of the Treasury shall be a means of fi20 nancing and shall not be considered a cash flow of 

21 the Government for the purposes of section 502(5). 

22 ‘‘(c) AUTHORIZATION FOR LIQUIDATING AC23 COUNTS.—(1) Amounts in liquidating accounts shall be 

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1 gations or loan guarantee commitments made prior to Oc2 tober 1, 1991, for— 

3 ‘‘(A) interest payments and principal repay4 ments to the Treasury or the Federal Financing 

5 Bank for amounts borrowed; 

6 ‘‘(B) disbursements of loans; 

7 ‘‘(C) default and other guarantee claim pay8 ments; 

9 ‘‘(D) interest supplement payments; 

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

11 managing, and selling collateral that are capitalized 

12 or routinely deducted from the proceeds of sales; 

13 ‘‘(F) payments to financing accounts when re14 quired for modifications; 

15 ‘‘(G) administrative costs and essential preser16 vation expenses, if— 

17 ‘‘(i) amounts credited to the liquidating ac18 count would have been available for administra19 tive costs and essential preservation expenses 

20 under a provision of law in effect prior to Octo21 ber 1, 1991; and 

22 ‘‘(ii) no direct loan obligation or loan guar23 antee commitment has been made, or any modi24 fication of a direct loan or loan guarantee has 

25 been made, since September 30, 1991; or 


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1 ‘‘(H) such other payments as are necessary for 

2 the liquidation of such direct loan obligations and 

3 loan guarantee commitments. 

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

5 year shall be available only for payments required in that 

6 year. Any unobligated balances in liquidating accounts at 

7 the end of a fiscal year shall be transferred to miscella8 neous receipts as soon as practicable after the end of the 

9 fiscal year. 

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

11 to satisfy obligations and commitments of such accounts, 

12 there is hereby provided permanent, indefinite authority 

13 to make any payments required to be made on such obliga14 tions and commitments. 

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

16 construed as authorizing or requiring the purchase of in17 surance or reinsurance on a direct loan or loan guarantee 

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

19 loan or loan guarantee is authorized, the cost of such in20 surance and any recoveries to the Government shall be in21 cluded in the calculation of the cost. 

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

23 title shall be construed to change the authority or the re24 sponsibility of a Federal agency to determine the terms 


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1 and conditions of eligibility for, or the amount of assist2 ance provided by a direct loan or a loan guarantee. 

3 ‘‘SEC. 506. TREATMENT OF DEPOSIT INSURANCE AND AGEN4 CIES AND OTHER INSURANCE PROGRAMS. 

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

6 activities of the Federal Deposit Insurance Corporation, 

7 National Credit Union Administration, Resolution Trust 

8 Corporation, Pension Benefit Guaranty Corporation, Na9 tional Flood Insurance, National Insurance Development 

10 Fund, Crop Insurance, or Tennessee Valley Authority. 

11 ‘‘SEC. 507. EFFECT ON OTHER LAWS. 

12 ‘‘(a) EFFECT ON OTHER LAWS.—This title shall su13 persede, modify, or repeal any provision of law enacted 

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

15 such provision is inconsistent with this title. Nothing in 

16 this title shall be construed to establish a credit limitation 

17 on any Federal loan or loan guarantee program. 

18 ‘‘(b) CREDITING OF COLLECTIONS.—Collections re19 sulting from direct loans obligated or loan guarantees 

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

21 the liquidating accounts of Federal agencies. Amounts so 

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

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

24 to liquidate obligations arising from such direct loans obli25 gated or loan guarantees committed prior to October 1, 


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1 1991, including repayment of any obligations held by the 

2 Secretary of the Treasury or the Federal Financing Bank. 

3 The unobligated balances of such accounts that are in ex4 cess of current needs shall be transferred to the general 

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

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

7 (b) CONFORMING AMENDMENT.—The table of con8 tents set forth in section 1(b) of the Congressional Budget 

9 and Impoundment Control Act of 1974 is amended by 

10 striking the items relating to title V and inserting the fol11 lowing: 

‘‘TITLE V—FAIR VALUE 

‘‘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.’’. 

12 SEC. 102. EFFECTIVE DATE. 

13 The amendment made by section 101 shall take effect 

14 beginning with fiscal year 2015. 

15 SEC. 103. BUDGETARY ADJUSTMENT. 

16 (a) IN GENERAL.—Section 251(b)(1) of the Balanced 

17 Budget and Emergency Deficit Control Act of 1985 is 

18 amended by adding at the end the following new sentence: 

19 ‘‘A change in discretionary spending solely as a result of 

20 the amendment to title V of the Congressional Budget Act 

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1 parency Act of 2013 shall be treated as a change of con2 cept under this paragraph.’’. 

3 (b) REPORT.—Before adjusting the discretionary 

4 caps pursuant to the authority provided in subsection (a), 

5 the Office of Management and Budget shall report to the 

6 Committees on the Budget of the House of Representa7 tives and the Senate on the amount of that adjustment, 

8 the methodology used in determining the size of that ad9 justment, and a program-by-program itemization of the 

10 components of that adjustment. 

11 (c) SCHEDULE.—The Office of Management and 

12 Budget shall not make an adjustment pursuant to the au13 thority provided in subsection (a) sooner than 60 days 

14 after providing the report required in subsection (b). 

15 TITLE II—BUDGETARY 

16 TREATMENT 

17 SEC. 201. CBO AND OMB STUDIES RESPECTING BUDGETING 

18 FOR COSTS OF FEDERAL INSURANCE PRO19 GRAMS. 

20 Not later than 1 year after the date of enactment 

21 of this Act, the Directors of the Congressional Budget Of22 fice and of the Office of Management and Budget shall 

23 each prepare a study and make recommendations to the 

24 Committees on the Budget of the House of Representa25 tives and the Senate as to the feasability of applying fair 


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1 value concepts to budgeting for the costs of Federal insur2 ance programs. 

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

4 FREDDIE MAC. 

5 Notwithstanding any other provision of law, the re6 ceipts and disbursements, including the administrative ex7 penses, of the Federal National Mortgage Association and 

8 the Federal Home Loan Mortgage Corporation shall be 

9 counted as new budget authority, outlays, receipts, or def10 icit or surplus for purposes of— 

11 (1) the budget of the United States Govern12 ment as submitted by the President; 

13 (2) the congressional budget; and 

14 (3) the Balanced Budget and Emergency Def15 icit Control Act of 1985. 

16 SEC. 203. EFFECTIVE DATE. 

17 Section 202 shall not apply with respect to an enter18 prise (as such term is defined in section 1303 of the Fed19 eral Housing Enterprises Financial Safety and Soundness 

20 Act of 1992 (12 U.S.C. 4502)) after the date that all of 

21 the following have occurred: 

22 (1) The conservatorship for such enterprise 

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

24 has been terminated. 


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1 (2) The Director of the Federal Housing Fi2 nance Agency has certified in writing that such en3 terprise has repaid to the Federal Government the 

4 maximum amount consistent with minimizing total 

5 cost to the Federal Government of the financial as6 sistance provided to the enterprise by the Federal 

7 Government pursuant to the amendments made by 

8 section 1117 of the Housing and Economic Recovery 

9 Act of 2008 (Public Law 110–289; 122 Stat. 2683) 

10 or otherwise. 

11 (3) The charter for the enterprise has been re12 voked, annulled, or terminated and the authorizing 

13 statute (as such term is defined in such section 

14 1303) with respect to the enterprise has been re15 pealed. 

16 TITLE III—BUDGET REVIEW AND 

17 ANALYSIS 

18 SEC. 301. CBO AND OMB REVIEW AND RECOMMENDATIONS 

19 RESPECTING RECEIPTS AND COLLECTIONS. 

20 Not later than 1 year after the date of enactment 

21 of this Act, the Director of the Office of Management and 

22 Budget shall prepare a study of the history of offsetting 

23 collections against expenditures and the amount of re24 ceipts collected annually, the historical application of the 

25 budgetary terms ‘‘revenue’’, ‘‘offsetting collections’’, and 


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1 ‘‘offsetting receipts’’, and review the application of those 

2 terms and make recommendations to the Committees on 

3 the Budget of the House of Representatives and the Sen4 ate of whether such usage should be continued or modi5 fied. The Director of the Congressional Budget Office 

6 shall review the history and recommendations prepared by 

7 the Director of the Office of Management and Budget and 

8 shall submit comments and recommendations to such 

9 Committees. 

10 SEC. 302. AGENCY BUDGET JUSTIFICATIONS. 

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

12 amended by inserting at the end the following new sub13 section: 

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

15 written budget justification materials for any committee 

16 of the House of Representatives or the Senate, such agen17 cy shall post such budget justification on the same day 

18 of such submission on the ‘open’ page of the public website 

19 of the agency, and the Office of Management and Budget 

20 shall post such budget justification in a centralized loca21 tion on its website, in the format developed under para22 graph (2). 

23 ‘‘(2) The Office of Management and Budget, in con24 sultation with the Congressional Budget Office and the 

25 Government Accountability Office, shall develop and notify 


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1 each agency of the format in which to post a budget jus2 tification under paragraph (1). Such format shall be de3 signed to ensure that posted budget justifications for all 

4 agencies— 

5 ‘‘(A) are searchable, sortable, and downloadable 

6 by the public; 

7 ‘‘(B) are consistent with generally accepted 

8 standards and practices for machine-discoverability; 

9 ‘‘(C) are organized uniformly, in a logical man10 ner that makes clear the contents of a budget jus11 tification and relationships between data elements 

12 within the budget justification and among similar 

13 documents; and 

14 ‘‘(D) use uniform identifiers, including for 

15 agencies, bureaus, programs, and projects.’’. 

Æ 


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