‘‘(e) HISTORICAL CREDIT PROGRAMS COSTS.—The Di-
rector shall review, to the extent possible, historical data 
and develop the best possible estimates of adjustments that 
would convert aggregate historical budget data to credit re-
form accounting. 
‘‘SEC. 504. BUDGETARY TREATMENT. 
‘‘(a) PRESIDENT’S BUDGET.—Beginning with fiscal 
year 1992, the President’s budget shall reflect the Treasury 
discounting component of direct loan and loan guarantee 
programs. Beginning with fiscal year 2015, the President’s 
budget shall reflect the costs of direct loan and loan guar-
antee programs. The budget shall also include the planned 
level of new direct loan obligations or loan guarantee com-
mitments associated with each appropriations request. 
‘‘(b) APPROPRIATIONS REQUIRED.—Notwithstanding 
any other provision of law, new direct loan obligations may 
be incurred and new loan guarantee commitments may be 
made for fiscal year 1992 and thereafter only to the extent 
that— 
‘‘(1) new budget authority to cover their costs is 
provided in advance in an appropriation Act; 
‘‘(2) a limitation on the use of funds otherwise 
available for the cost of a direct loan or loan guar-
antee program has been provided in advance in an 
appropriation Act; or 
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‘‘(3) authority is otherwise provided in appro-
priation Acts. 
‘‘(c) EXEMPTION
FOR
DIRECT
SPENDING
PRO-
GRAMS.—Subsections (b) and (e) shall not apply to— 
‘‘(1) any direct loan or loan guarantee program 
that constitutes an entitlement (such as the guaran-
teed student loan program or the veteran’s home loan 
guaranty program); 
‘‘(2) the credit programs of the Commodity Cred-
it Corporation existing on the date of enactment of 
this title; or 
‘‘(3) any direct loan (or direct loan obligation) 
or loan guarantee (or loan guarantee commitment) 
made by the Federal National Mortgage Association 
or the Federal Home Loan Mortgage Corporation. 
‘‘(d) BUDGET ACCOUNTING.— 
‘‘(1) The authority to incur new direct loan obli-
gations, make new loan guarantee commitments, or 
modify outstanding direct loans (or direct loan obli-
gations) or loan guarantees (or loan guarantee com-
mitments) shall constitute new budget authority in an 
amount equal to the cost of the direct loan or loan 
guarantee in the fiscal year in which definite author-
ity becomes available or indefinite authority is used. 
Such budget authority shall constitute an obligation 
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of the program account to pay to the financing ac-
count. 
‘‘(2) The outlays resulting from new budget au-
thority for the cost of direct loans or loan guarantees 
described in paragraph (1) shall be paid from the 
program account into the financing account and re-
corded in the fiscal year in which the direct loan or 
the guaranteed loan is disbursed or its costs altered. 
‘‘(3) All collections and payments of the financ-
ing accounts shall be a means of financing. 
‘‘(e) MODIFICATIONS.—An outstanding direct loan (or 
direct loan obligation) or loan guarantee (or loan guarantee 
commitment) shall not be modified in a manner that in-
creases its costs unless budget authority for the additional 
cost has been provided in advance in an appropriation Act. 
‘‘(f) REESTIMATES.—When the estimated cost for a 
group of direct loans or loan guarantees for a given pro-
gram made in a single fiscal year is re-estimated in a subse-
quent year, the difference between the reestimated cost and 
the previous cost estimate shall be displayed as a distinct 
and separately identified subaccount in the program ac-
count as a change in program costs and a change in net 
interest. There is hereby provided permanent indefinite au-
thority for these re-estimates. 
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‘‘(g) ADMINISTRATIVE EXPENSES.—All funding for an 
agency’s administrative costs associated with a direct loan 
or loan guarantee program shall be displayed as distinct 
and separately identified subaccounts within the same 
budget account as the program’s cost. 
‘‘SEC. 505. AUTHORIZATIONS. 
‘‘(a) AUTHORIZATION FOR FINANCING ACCOUNTS.—In 
order to implement the accounting required by this title, 
the President is authorized to establish such non-budgetary 
accounts as may be appropriate. 
‘‘(b) TREASURY TRANSACTIONS WITH THE FINANCING 
ACCOUNTS.— 
‘‘(1) IN GENERAL.—The Secretary of the Treas-
ury shall borrow from, receive from, lend to, or pay 
to the financing accounts such amounts as may be 
appropriate. The Secretary of the Treasury may pre-
scribe forms and denominations, maturities, and 
terms and conditions for the transactions described in 
the preceding sentence, except that the rate of interest 
charged by the Secretary on lending to financing ac-
counts (including amounts treated as lending to fi-
nancing accounts by the Federal Financing Bank 
(hereinafter in this subsection referred to as the 
‘Bank’) pursuant to section 405(b)) and the rate of 
interest paid to financing accounts on uninvested bal-
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ances in financing accounts shall be the same as the 
rate determined pursuant to section 502(5)(G). 
‘‘(2) LOANS.—For guaranteed loans financed by 
the Bank and treated as direct loans by a Federal 
agency pursuant to section 406(b)(1), any fee or in-
terest surcharge (the amount by which the interest 
rate charged exceeds the rate determined pursuant to 
section 502(5)(G) that the Bank charges to a private 
borrower pursuant to section 6(c) of the Federal Fi-
nancing Bank Act of 1973 shall be considered a cash 
flow to the Government for the purposes of deter-
mining the cost of the direct loan pursuant to section 
502(5). All such amounts shall be credited to the ap-
propriate financing account. 
‘‘(3) REIMBURSEMENT.—The Bank is authorized 
to require reimbursement from a Federal agency to 
cover the administrative expenses of the Bank that are 
attributable to the direct loans financed for that agen-
cy. All such payments by an agency shall be consid-
ered administrative expenses subject to section 504(g). 
This subsection shall apply to transactions related to 
direct loan obligations or loan guarantee commit-
ments made on or after October 1, 1991. 
‘‘(4) AUTHORITY.—The authorities provided in 
this subsection shall not be construed to supersede or 
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