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 
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-
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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, 
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 
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and Impoundment Control Act of 1974 is amended by 
striking the items relating to title V and inserting the fol-
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.’’. 
SEC. 102. EFFECTIVE DATE. 
The amendment made by section 101 shall take effect 
beginning with fiscal year 2014. 
TITLE II—BUDGETARY 
TREATMENT 
SEC. 201. CBO AND OMB STUDIES RESPECTING BUDGETING 
FOR COSTS OF FEDERAL INSURANCE PRO-
GRAMS. 
Not later than one 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. 
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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. FANNIE MAE AND FREDDIE MAC DEBT SUBJECT 
TO PUBLIC DEBT LIMIT. 
For purposes of section 3101(b) of chapter 31 of title 
31, United States Code, the face amount of obligations 
issued after the 90th day beginning after the date of en-
actment of this Act by the Federal National Mortgage As-
sociation and by the Federal Home Loan Mortgage Cor-
poration outstanding at one time shall be treated as issued 
by the United States Government under that chapter. 
SEC. 204. EFFECTIVE DATE. 
Sections 202 and 203 shall not apply with respect 
to an enterprise (as such term is defined in section 1303 
of the Federal Housing Enterprises Financial Safety and 
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