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, 
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 2014. 
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-
parency Act of 2012 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 
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. 
(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