‘‘(4) AUTHORITY.—The authorities provided in 
this subsection shall not be construed to supersede 
or override the authority of the head of a Federal 
agency to administer and operate a direct loan or 
loan guarantee program. 
‘‘(5) TITLE 31.—All of the transactions pro-
vided in the subsection shall be subject to the provi-
sions of subchapter II of chapter 15 of title 31, 
United States Code. 
‘‘(6) TREATMENT OF CASH BALANCES.—Cash 
balances of the financing accounts in excess of cur-
rent requirements shall be maintained in a form of 
uninvested funds and the Secretary of the Treasury 
shall pay interest on these funds. The Secretary of 
the Treasury shall charge (or pay if the amount is 
negative) financing accounts an amount equal to the 
risk component for a direct loan or loan guarantee, 
or modification thereof. Such amount received by the 
Secretary of the Treasury shall be a means of fi-
nancing and shall not be considered a cash flow of 
the Government for the purposes of section 502(5). 
‘‘(c) 
AUTHORIZATION
FOR
LIQUIDATING
AC-
COUNTS.—(1) Amounts in liquidating accounts shall be 
available only for payments resulting from direct loan obli-
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gations or loan guarantee commitments made prior to Oc-
tober 1, 1991, for— 
‘‘(A) interest payments and principal repay-
ments to the Treasury or the Federal Financing 
Bank for amounts borrowed; 
‘‘(B) disbursements of loans; 
‘‘(C) default and other guarantee claim pay-
ments; 
‘‘(D) interest supplement payments; 
‘‘(E) payments for the costs of foreclosing, 
managing, and selling collateral that are capitalized 
or routinely deducted from the proceeds of sales; 
‘‘(F) payments to financing accounts when re-
quired for modifications; 
‘‘(G) administrative costs and essential preser-
vation expenses, if— 
‘‘(i) amounts credited to the liquidating ac-
count would have been available for administra-
tive costs and essential preservation expenses 
under a provision of law in effect prior to Octo-
ber 1, 1991; and 
‘‘(ii) no direct loan obligation or loan guar-
antee commitment has been made, or any modi-
fication of a direct loan or loan guarantee has 
been made, since September 30, 1991; or 
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‘‘(H) such other payments as are necessary for 
the liquidation of such direct loan obligations and 
loan guarantee commitments. 
‘‘(2) Amounts credited to liquidating accounts in any 
year shall be available only for payments required in that 
year. Any unobligated balances in liquidating accounts at 
the end of a fiscal year shall be transferred to miscella-
neous receipts as soon as practicable after the end of the 
fiscal year. 
‘‘(3) If funds in liquidating accounts are insufficient 
to satisfy obligations and commitments of such accounts, 
there is hereby provided permanent, indefinite authority 
to make any payments required to be made on such obliga-
tions and commitments. 
‘‘(d) REINSURANCE.—Nothing in this title shall be 
construed as authorizing or requiring the purchase of in-
surance or reinsurance on a direct loan or loan guarantee 
from private insurers. If any such reinsurance for a direct 
loan or loan guarantee is authorized, the cost of such in-
surance and any recoveries to the Government shall be in-
cluded in the calculation of the cost. 
‘‘(e) ELIGIBILITY AND ASSISTANCE.—Nothing in this 
title shall be construed to change the authority or the re-
sponsibility of a Federal agency to determine the terms 
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and conditions of eligibility for, or the amount of assist-
ance provided by a direct loan or a loan guarantee. 
‘‘SEC. 506. TREATMENT OF DEPOSIT INSURANCE AND AGEN-
CIES AND OTHER INSURANCE PROGRAMS. 
‘‘This title shall not apply to the credit or insurance 
activities of the Federal Deposit Insurance Corporation, 
National Credit Union Administration, Resolution Trust 
Corporation, Pension Benefit Guaranty Corporation, Na-
tional Flood Insurance, National Insurance Development 
Fund, Crop Insurance, or Tennessee Valley Authority. 
‘‘SEC. 507. EFFECT ON OTHER LAWS. 
‘‘(a) EFFECT ON OTHER LAWS.—This title shall su-
persede, modify, or repeal any provision of law enacted 
prior to the date of enactment of this title to the extent 
such provision is inconsistent with this title. Nothing in 
this title shall be construed to establish a credit limitation 
on any Federal loan or loan guarantee program. 
‘‘(b) CREDITING OF COLLECTIONS.—Collections re-
sulting from direct loans obligated or loan guarantees 
committed prior to October 1, 1991, shall be credited to 
the liquidating accounts of Federal agencies. Amounts so 
credited shall be available, to the same extent that they 
were available prior to the date of enactment of this title, 
to liquidate obligations arising from such direct loans obli-
gated or loan guarantees committed prior to October 1, 
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1991, including repayment of any obligations held by the 
Secretary of the Treasury or the Federal Financing Bank. 
The unobligated balances of such accounts that are in ex-
cess of current needs shall be transferred to the general 
fund of the Treasury. Such transfers shall be made from 
time to time but, at least once each year.’’. 
(b) CONFORMING AMENDMENT.—The table of con-
tents set forth in section 1(b) of the Congressional Budget 
and Impoundment Control Act of 1974 is amended by 
striking the items relating to title V and inserting the fol-
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.’’. 
SEC. 102. EFFECTIVE DATE. 
The amendment made by section 101 shall take effect 
beginning with fiscal year 2015. 
SEC. 103. BUDGETARY ADJUSTMENT. 
(a) IN GENERAL.—Section 251(b)(1) of the Balanced 
Budget and Emergency Deficit Control Act of 1985 is 
amended by adding at the end the following new sentence: 
‘‘A change in discretionary spending solely as a result of 
the amendment to title V of the Congressional Budget Act 
of 1974 made by the Budget and Accounting Trans-
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parency Act of 2013 shall be treated as a change of con-
cept under this paragraph.’’. 
(b) REPORT.—Before adjusting the discretionary 
caps pursuant to the authority provided in subsection (a), 
the Office of Management and Budget shall report to the 
Committees on the Budget of the House of Representa-
tives and the Senate on the amount of that adjustment, 
the methodology used in determining the size of that ad-
justment, and a program-by-program itemization of the 
components of that adjustment. 
(c) SCHEDULE.—The Office of Management and 
Budget shall not make an adjustment pursuant to the au-
thority provided in subsection (a) sooner than 60 days 
after providing the report required in subsection (b). 
TITLE II—BUDGETARY 
TREATMENT 
SEC. 201. CBO AND OMB STUDIES RESPECTING BUDGETING 
FOR COSTS OF FEDERAL INSURANCE PRO-
GRAMS. 
Not later than 1 year after the date of enactment 
of this Act, the Directors of the Congressional Budget Of-
fice and of the Office of Management and Budget shall 
each prepare a study and make recommendations to the 
Committees on the Budget of the House of Representa-
tives and the Senate as to the feasability of applying fair 
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value concepts to budgeting for the costs of Federal insur-
ance programs. 
SEC. 202. ON-BUDGET STATUS OF FANNIE MAE AND 
FREDDIE MAC. 
Notwithstanding any other provision of law, the re-
ceipts and disbursements, including the administrative ex-
penses, of the Federal National Mortgage Association and 
the Federal Home Loan Mortgage Corporation shall be 
counted as new budget authority, outlays, receipts, or def-
icit or surplus for purposes of— 
(1) the budget of the United States Govern-
ment as submitted by the President; 
(2) the congressional budget; and 
(3) the Balanced Budget and Emergency Def-
icit Control Act of 1985. 
SEC. 203. EFFECTIVE DATE. 
Section 202 shall not apply with respect to an enter-
prise (as such term is defined in section 1303 of the Fed-
eral Housing Enterprises Financial Safety and Soundness 
Act of 1992 (12 U.S.C. 4502)) after the date that all of 
the following have occurred: 
(1) The conservatorship for such enterprise 
under section 1367 of such Act (12 U.S.C. 4617) 
has been terminated. 
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(2) The Director of the Federal Housing Fi-
nance Agency has certified in writing that such en-
terprise has repaid to the Federal Government the 
maximum amount consistent with minimizing total 
cost to the Federal Government of the financial as-
sistance provided to the enterprise by the Federal 
Government pursuant to the amendments made by 
section 1117 of the Housing and Economic Recovery 
Act of 2008 (Public Law 110–289; 122 Stat. 2683) 
or otherwise. 
(3) The charter for the enterprise has been re-
voked, annulled, or terminated and the authorizing 
statute (as such term is defined in such section 
1303) with respect to the enterprise has been re-
pealed. 
TITLE III—BUDGET REVIEW AND 
ANALYSIS 
SEC. 301. CBO AND OMB REVIEW AND RECOMMENDATIONS 
RESPECTING RECEIPTS AND COLLECTIONS. 
Not later than 1 year after the date of enactment 
of this Act, the Director of the Office of Management and 
Budget shall prepare a study of the history of offsetting 
collections against expenditures and the amount of re-
ceipts collected annually, the historical application of the 
budgetary terms ‘‘revenue’’, ‘‘offsetting collections’’, and 
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‘‘offsetting receipts’’, and review the application of those 
terms and make recommendations to the Committees on 
the Budget of the House of Representatives and the Sen-
ate of whether such usage should be continued or modi-
fied. The Director of the Congressional Budget Office 
shall review the history and recommendations prepared by 
the Director of the Office of Management and Budget and 
shall submit comments and recommendations to such 
Committees. 
SEC. 302. AGENCY BUDGET JUSTIFICATIONS. 
Section 1108 of title 31, United States Code, is 
amended by inserting at the end the following new sub-
section: 
‘‘(h)(1) Whenever any agency prepares and submits 
written budget justification materials for any committee 
of the House of Representatives or the Senate, such agen-
cy shall post such budget justification on the same day 
of such submission on the ‘open’ page of the public website 
of the agency, and the Office of Management and Budget 
shall post such budget justification in a centralized loca-
tion on its website, in the format developed under para-
graph (2). 
‘‘(2) The Office of Management and Budget, in con-
sultation with the Congressional Budget Office and the 
Government Accountability Office, shall develop and notify 
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each agency of the format in which to post a budget jus-
tification under paragraph (1). Such format shall be de-
signed to ensure that posted budget justifications for all 
agencies— 
‘‘(A) are searchable, sortable, and downloadable 
by the public; 
‘‘(B) are consistent with generally accepted 
standards and practices for machine-discoverability; 
‘‘(C) are organized uniformly, in a logical man-
ner that makes clear the contents of a budget jus-
tification and relationships between data elements 
within the budget justification and among similar 
documents; and 
‘‘(D) use uniform identifiers, including for 
agencies, bureaus, programs, and projects.’’. 
Æ 
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