interest. There is hereby provided permanent indefinite au-
thority for these re-estimates. 
‘‘(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 
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‘Bank’) pursuant to section 405(b)) and the rate of 
interest paid to financing accounts on uninvested bal-
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. 
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‘‘(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 guar-
antee program. 
‘‘(5) TITLE 31.—All of the transactions provided 
in the subsection shall be subject to the provisions 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 current 
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 nega-
tive) 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 financ-
ing and shall not be considered a cash flow of the 
Government for the purposes of section 502(5). 
‘‘(c) AUTHORIZATION FOR LIQUIDATING ACCOUNTS.— 
(1) Amounts in liquidating accounts shall be available only 
for payments resulting from direct loan obligations or loan 
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guarantee commitments made prior to October 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, man-
aging, 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 preserva-
tion 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 miscellaneous 
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 obligations 
and commitments. 
‘‘(d) REINSURANCE.—Nothing in this title shall be 
construed as authorizing or requiring the purchase of insur-
ance 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 insurance 
and any recoveries to the Government shall be included 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 
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conditions of eligibility for, or the amount of assistance pro-
vided 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 super-
sede, modify, or repeal any provision of law enacted prior 
to the date of enactment of this title to the extent such provi-
sion 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 result-
ing from direct loans obligated or loan guarantees com-
mitted prior to October 1, 1991, shall be credited to the liq-
uidating accounts of Federal agencies. Amounts so credited 
shall be available, to the same extent that they were avail-
able prior to the date of enactment of this title, to liquidate 
obligations arising from such direct loans obligated or loan 
guarantees committed prior to October 1, 1991, including 
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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 excess 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 contents 
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 following: 
‘‘TITLE V—FAIR VALUE 
‘‘Sec. 500. Short title. 
‘‘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 pro-
grams. 
‘‘Sec. 507. Effect on other laws.’’. 
SEC. 102. 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 Transparency 
Act of 2014 shall be treated as a change of concept under 
this paragraph.’’. 
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(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 Com-
mittees on the Budget of the House of Representatives and 
the Senate on the amount of that adjustment, the method-
ology used in determining the size of that adjustment, and 
a program-by-program itemization of the components of 
that adjustment. 
(c) SCHEDULE.—The Office of Management and Budg-
et shall not make an adjustment pursuant to the authority 
provided in subsection (a) sooner than 60 days after pro-
viding the report required in subsection (b). 
SEC. 103. EFFECTIVE DATE. 
The amendments made by section 101 shall take effect 
beginning with fiscal year 2017. 
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 Office 
and of the Office of Management and Budget shall each pre-
pare a study and make recommendations to the Committees 
on the Budget of the House of Representatives and the Sen-
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ate as to the feasability of applying fair value concepts to 
budgeting for the costs of Federal insurance 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 deficit 
or surplus for purposes of— 
(1) the budget of the United States Government 
as submitted by the President; 
(2) the congressional budget; and 
(3) the Balanced Budget and Emergency Deficit 
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 Federal 
Housing Enterprises Financial Safety and Soundness Act 
of 1992 (12 U.S.C. 4502)) after the date that all of the fol-
lowing 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 Finance 
Agency has certified in writing that such enterprise 
has repaid to the Federal Government the maximum 
amount consistent with minimizing total cost to the 
Federal Government of the financial assistance pro-
vided 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 repealed. 
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 col-
lections against expenditures and the amount of receipts 
collected annually, the historical application of the budg-
etary terms ‘‘revenue’’, ‘‘offsetting collections’’, and ‘‘offset-
ting receipts’’, and review the application of those terms 
and make recommendations to the Committees on the Budg-
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et of the House of Representatives and the Senate of whether 
such usage should be continued or modified. 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 amend-
ed by inserting at the end the following new subsections: 
‘‘(h)(1) Whenever any agency prepares and submits 
written budget justification materials for any committee of 
the House of Representatives or the Senate, such agency 
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 location on 
its website, in the format developed under paragraph (2). 
Each agency shall include with its written budget justifica-
tion the process and methodology the agency is using to 
comply with the Fair Value Accounting Act of 2014. 
‘‘(2) The Office of Management and Budget, in con-
sultation with the Congressional Budget Office and the Gov-
ernment Accountability Office, shall develop and notify 
each agency of the format in which to post a budget jus-
tification under paragraph (1). Such format shall be de-
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