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. 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. 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 Transparency 
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Act of 2012 shall be treated as a change of concept 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 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). 
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 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 one 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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