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to October 1, 1991. These accounts shall be shown 
in the budget on a cash basis. 
‘‘(9) The term ‘modification’ means any Gov-
ernment action that alters the estimated cost of an 
outstanding direct loan (or direct loan obligation) or 
an outstanding loan guarantee (or loan guarantee 
commitment) from the current estimate of cash 
flows. This includes the sale of loan assets, with or 
without recourse, and the purchase of guaranteed 
loans (or direct loan obligations) or loan guarantees 
(or loan guarantee commitments) such as a change 
in collection procedures. 
‘‘(10) The term ‘current’ has the same meaning 
as in section 250(c)(9) of the Balanced Budget and 
Emergency Deficit Control Act of 1985. 
‘‘(11) The term ‘Director’ means the Director 
of the Office of Management and Budget. 
‘‘(12) The term ‘administrative costs’ means 
costs related to program management activities, but 
does not include essential preservation expenses. 
‘‘(13) The term ‘essential preservation ex-
penses’ means servicing and other costs that are es-
sential to preserve the value of loan assets or collat-
eral. 
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‘‘SEC. 503. OMB AND CBO ANALYSIS, COORDINATION, AND 
REVIEW. 
‘‘(a) IN GENERAL.—For the executive branch, the 
Director shall be responsible for coordinating the esti-
mates required by this title. The Director shall consult 
with the agencies that administer direct loan or loan guar-
antee programs. 
‘‘(b) DELEGATION.—The Director may delegate to 
agencies authority to make estimates of costs. The delega-
tion of authority shall be based upon written guidelines, 
regulations, or criteria consistent with the definitions in 
this title. 
‘‘(c) COORDINATION WITH
THE CONGRESSIONAL 
BUDGET OFFICE.—In developing estimation guidelines, 
regulations, or criteria to be used by Federal agencies, the 
Director shall consult with the Director of the Congres-
sional Budget Office. 
‘‘(d) IMPROVING COST ESTIMATES.—The Director 
and the Director of the Congressional Budget Office shall 
coordinate the development of more accurate data on his-
torical performance and prospective risk of direct loan and 
loan guarantee programs. They shall annually review the 
performance of outstanding direct loans and loan guaran-
tees to improve estimates of costs. The Office of Manage-
ment and Budget and the Congressional Budget Office 
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shall have access to all agency data that may facilitate 
the development and improvement of estimates of costs. 
‘‘(e) HISTORICAL CREDIT PROGRAMS COSTS.—The 
Director 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 reform accounting. 
‘‘SEC. 504. BUDGETARY TREATMENT. 
‘‘(a) PRESIDENT’S BUDGET.—Beginning with fiscal 
year 2017, the President’s budget shall reflect the costs 
of direct loan and loan guarantee programs. The budget 
shall also include the planned level of new direct loan obli-
gations or loan guarantee commitments associated with 
each appropriations request. For each fiscal year within 
the five-fiscal year period beginning with fiscal year 2017, 
such budget shall include, on an agency-by-agency basis, 
subsidy estimates and costs of direct loan and loan guar-
antee programs with and without the risk component. 
‘‘(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 2017 and thereafter only to the extent 
that— 
‘‘(1) new budget authority to cover their costs 
is provided in advance in an appropriation Act; 
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‘‘(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 
‘‘(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 
Credit 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 ob-
ligations, 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 
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an amount equal to the cost of the direct loan or 
loan guarantee in the fiscal year in which definite 
authority becomes available or indefinite authority is 
used. Such budget authority shall constitute an obli-
gation of the program account to pay to the financ-
ing account. 
‘‘(2) The outlays resulting from new budget au-
thority for the cost of direct loans or loan guaran-
tees described in paragraph (1) shall be paid from 
the program account into the financing account and 
recorded in the fiscal year in which the direct loan 
or the guaranteed loan is disbursed or its costs al-
tered. 
‘‘(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 guar-
antee commitment) shall not be modified in a manner that 
increases its costs unless budget authority for the addi-
tional cost has been provided in advance in an appropria-
tion 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 sub-
sequent year, the difference between the reestimated cost 
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and the previous cost estimate shall be displayed as a dis-
tinct and separately identified subaccount in the program 
account as a change in program costs and a change in 
net interest. There is hereby provided permanent indefi-
nite authority 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 dis-
tinct 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 FINANC-
ING ACCOUNTS.— 
‘‘(1) IN
GENERAL.—The Secretary of the 
Treasury 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 
prescribe forms and denominations, maturities, and 
terms and conditions for the transactions described 
in the preceding sentence, except that the rate of in-
terest charged by the Secretary on lending to financ-
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ing accounts (including amounts treated as lending 
to financing 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 
balances 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 Fed-
eral agency pursuant to section 406(b)(1), any fee 
or interest surcharge (the amount by which the in-
terest rate charged exceeds the rate determined pur-
suant to section 502(5)(G) that the Bank charges to 
a private borrower pursuant to section 6(c) of the 
Federal Financing Bank Act of 1973 shall be con-
sidered a cash flow to the Government for the pur-
poses of determining the cost of the direct loan pur-
suant to section 502(5). All such amounts shall be 
credited to the appropriate financing account. 
‘‘(3) REIMBURSEMENT.—The Bank is author-
ized to require reimbursement from a Federal agen-
cy to cover the administrative expenses of the Bank 
that are attributable to the direct loans financed for 
that agency. All such payments by an agency shall 
be considered administrative expenses subject to sec-
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tion 504(g). This subsection shall apply to trans-
actions related to direct loan obligations or loan 
guarantee commitments made on or after October 1, 
1991. 
‘‘(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). 
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‘‘(c) 
AUTHORIZATION
FOR
LIQUIDATING
AC-
COUNTS.—(1) Amounts in liquidating accounts shall be 
available only for payments resulting from direct loan obli-
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 
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‘‘(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 
‘‘(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. 
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‘‘(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-
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 
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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. 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 
programs. 
‘‘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 
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of 1974 made by the Budget and Accounting Trans-
parency Act of 2014 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). 
SEC. 103. EFFECTIVE DATE. 
The amendments made by section 101 shall take ef-
fect 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 Of-
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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: 
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(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 
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collections against expenditures and the amount of re-
ceipts collected annually, the historical application of the 
budgetary terms ‘‘revenue’’, ‘‘offsetting collections’’, and 
‘‘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-
sections: 
‘‘(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). Each agency shall include with its written 
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budget justification the process and methodology the agen-
cy 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 
Government 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-
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. 
‘‘(i)(1) Not later than the day that the Office of Man-
agement and Budget issues guidelines, regulations, or cri-
teria to agencies on how to calculate the risk component 
under the Fair Value Accounting Act of 2014, it shall sub-
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mit a written report to the Committees on the Budget of 
the House of Representatives and the Senate containing 
all such guidelines, regulations, or criteria. 
‘‘(2) For fiscal year 2017 and each of the next four 
fiscal years thereafter, the Comptroller General shall sub-
mit an annual report to the Committees on the Budget 
of the House of Representatives and the Senate reviewing 
and evaluating the progress of agencies in the implementa-
tion of the Fair Value Accounting Act of 2014. 
‘‘(3) Such guidelines, regulations, or criteria shall be 
deemed to be a rule for purposes of section 553 of title 
5 and shall be issued after notice and opportunity for pub-
lic comment in accordance with the procedures under such 
section.’’. 
Passed the House of Representatives April 7, 2014. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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