In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
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Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Living Independently for Extended 
Time Act'' or the ``LIFETIME Act''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) The number of Americans over age 65 or living with a 
        disability is growing, and over 70 percent of these individuals 
        will need some form of long-term services and supports, with a 
        majority of individuals preferring home and community-based 
        care.
            (2) This is a major demographic shift and provides an 
        opportunity for innovative solutions in long-term services and 
        supports.
            (3) Developing programs to facilitate high-quality 
        independent community-based living, create and improve jobs, 
        and address and improve upon gaps in existing systems will be 
        essential to providing necessary services and supports to these 
        individuals and families.
            (4) It is imperative that Congress act to address the 
        looming long-term services and supports crisis.

SEC. 3. PURPOSE.

    It is the purpose of this Act to establish a grant program to 
provide incentives to States for the development of solutions to the 
increased need of individuals for long-term services and supports and 
to increase State support and systems in long-term care.

SEC. 4. ESTABLISHMENT OF LONG-TERM SERVICES AND SUPPORTS INNOVATION 
              GRANT PROGRAM.

    (a) State Planning Grants.--
            (1) In general.--Not later than 90 days after the date on 
        which grant announcements are made under subsection (d), the 
        Secretary of Health and Human Services (referred to in this Act 
        as the ``Secretary'') shall award grants to eligible States to 
        enable such States to develop innovative programs to meet the 
        unique need for long-term services and supports in the State.
            (2) Eligibility.--To be eligible to receive a grant under 
        paragraph (1), a State shall--
                    (A) submit to the Secretary an application, at such 
                time, in such manner, and containing such information 
                as the Secretary may require;
                    (B) demonstrate to the Secretary that the State 
                will work in conjunction with both public and private 
                long-term services and supports stakeholder groups 
                described in paragraph (3) to develop a coordinated 
                statewide long-term services and supports program for 
                the State that is not duplicative of other programs 
                providing such services and supports in the State; and
                    (C) provide assurances that the State will, not 
                later than 1 year after the date on which the grant is 
                awarded, submit to the Secretary a comprehensive plan 
                for the implementation of innovative long-term services 
                and supports program in the State, which shall include 
                the utilization of existing State or local frameworks.
            (3) Stakeholder groups.--Stakeholder groups described in 
        this paragraph shall be groups that--
                    (A) represent the interests of--
                            (i) consumers of long-term services and 
                        supports and related insurance products, as 
                        well as their representatives;
                            (ii) older adults;
                            (iii) individuals with cognitive or 
                        functional limitations;
                            (iv) family caregivers for individuals 
                        described in clause (i), (ii), or (iii);
                            (v) the health care workforce who directly 
                        provide long-term services and supports;
                            (vi) private long-term services and 
                        supports insurance providers;
                            (vii) employers;
                            (viii) State insurance departments;
                            (ix) area agency on aging or State agency 
                        on aging;
                            (x) direct care workforce; and
                            (xi) State Medicaid agencies;
                    (B) have demonstrated experience in dealing with 
                issues related to long-term services and supports, 
                health care policy, and public and private insurance; 
                and
                    (C) represent the health care interests and needs 
                of a variety of geographic areas and demographic 
                groups.
    (b) State Implementation Grants.--
            (1) In general.--The Secretary shall award grants to 
        eligible States to enable such States to implement the 
        comprehensive plans submitted under subsection (a)(2)(C) to 
        meet the long-term services and supports needs of such States.
            (2) Eligibility.--To be eligible to receive a grant under 
        paragraph (1), a State shall--
                    (A) submit to the Secretary an application, at such 
                time, in such manner, and containing such information 
                as the Secretary may require;
                    (B) have submitted a comprehensive plan under 
                subsection (a)(2)(C) that has been approved by the 
                Secretary or, if the State has not applied for a grant 
                under subsection (a), submit a plan (that is similar to 
                the plans required under subsection (a)(2)(C)) to the 
                Secretary for the implementation of new, or continued 
                operation of existing, long-term services and supports 
                activities;
                    (C) provide assurances that the State will provide 
                long-term services and supports under the grant to 
                individuals who demonstrate a need for such services 
                regardless of age;
                    (D) provide assurances that the State will provide 
                matching funds in accordance with paragraph (3); and
                    (E) submit to the Secretary progress and outcomes 
                reports containing uniform data as determined 
                appropriate by the Secretary.
            (3) Matching requirement.--To be eligible to receive a 
        grant under paragraph (1), a State shall agree, with respect to 
        the costs to be incurred by the State in implementing the 
        comprehensive plan under subsection (a)(2)(C), to make 
        available non-Federal contributions (in cash or in-kind) toward 
        such costs in an amount equal to not less than $1 for each $4 
        of Federal funds provided under the grant. Such contributions 
        may be made directly or through donations from public or 
        private entities.
            (4) Preference.--In awarding grants under paragraph (1), 
        the Secretary shall give preference to States that 
        demonstrate--
                    (A) the activities to be carried out under the 
                grant will enhances access to quality, affordable long-
                term services and supports for consumers; and
                    (B) the sustainability and scalability of the 
                program to be carried out under the grant beyond the 
                grant period.
            (5) Limitation.--A State shall not use in excess of 5 
        percent of the amount awarded under a grant under paragraph (1) 
        for the administrative expenses associated with carrying out 
        activities under the grant.
    (c) Technical Assistance and Outcomes Data.--The Secretary may use 
not to exceed 5 percent of the amount appropriated for each fiscal year 
under subsection (f) to--
            (1) provide technical assistance to States in carrying out 
        programs under this section; and
            (2) collect and disseminate data, including from the 
        reports submitted by the States under subsection (b)(2)(D), on 
        improvements to long-term services and supports provided in the 
        States and the effect that grants under this section had on the 
        availability of such services and supports.
    (d) Grant Announcements.--Not later than 1 year after the date of 
enactment of this Act, the Secretary shall announce the opportunity to 
apply for the initial series of grants under this section. Not later 
than 2 years after such date, the Secretary shall announce the 
opportunity to apply for the remaining grants under this section.
    (e) Report.--Not later than 1 year after the date on which grants 
are awarded under subsection (b), and annually thereafter, the 
Secretary shall submit to Congress a report on the activities carried 
out under grants under this section, including a description of 
improvements to long-term services and supports provided in the States 
and the effect that grants under this section had on the availability 
of such services and supports.
    (f) Appropriations.--
            (1) In general.--There is authorized to be appropriated--
                    (A) to award grants under subsection (a), 
                $50,000,000, to be used during the first fiscal year 
                for which such grants are awarded; and
                    (B) to award grants under subsection (b), 
                $250,000,000, to be available until expended.
            (2) Additional amounts.--In addition to amounts 
        appropriated under paragraph (1)(B) for a fiscal year, the 
        Secretary may use any amounts appropriated under paragraph 
        (1)(A) and remaining unexpended after fiscal year 2015 to award 
        grants under subsection (b).
    (g) Definition.--In this Act, the term ``long-term services and 
supports'' means the services and supports described in section 321(a) 
of the Older Americans Act of (42 U.S.C. 3030d(a) et seq.).

Answer: Living Independently for Extended Time Act or the LIFETIME Act  This bill requires the Department of Health and Human Services to award grants to enable eligible states to develop innovative programs to meet the unique need for long-term services and supports in the state. 


Question: SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Student Loan Refinancing 
Act''.

SEC. 2. STUDENT LOAN CONSOLIDATION.

    Section 459B of the Higher Education Act of 1965 (20 U.S.C. 1087i-
2) is amended--
            (1) in subsection (a)(3), by striking ``section'' and 
        inserting ``subsection'';
            (2) in subsection (b), by striking ``this section'' and 
        inserting ``subsection (a)'' each place the term appears; and
            (3) by inserting at the end the following:
    ``(c) Temporary Loan Consolidation Authority for Certain Loans Made 
After July 1, 2006.--
            ``(1) Loan consolidation authority.--
                    ``(A) In general.--A borrower who has 1 or more 
                loans in a category described in subparagraph (B) may 
                consolidate all of the loans of the borrower that are 
                described in subparagraph (B) into a Federal Direct 
                Consolidation Loan during the period described in 
                subparagraph (C).
                    ``(B) Categories of loans that may be 
                consolidated.--The categories of loans that may be 
                consolidated under subparagraph (A) are loans made on 
                or after July 1, 2006, that are--
                            ``(i) loans made under this part;
                            ``(ii) loans purchased by the Secretary 
                        pursuant to section 459A; and
                            ``(iii) loans made under part B that are 
                        held by an eligible lender, as such term is 
                        defined in section 435(d).
                    ``(C) Time period in which loans may be 
                consolidated.--
                            ``(i) Federal direct loans.--In the case of 
                        a borrower who has 1 or more loans described 
                        under subparagraph (B)(i), the Secretary 
                        shall--
                                    ``(I) consolidate the loans 
                                described under subparagraph (B)(i) not 
                                later than 90 days after the date of 
                                enactment of the Federal Student Loan 
                                Refinancing Act; and
                                    ``(II) notify the borrower, in 
                                writing, prior to such consolidation 
                                that--
                                            ``(aa) the borrower's loans 
                                        under this part have been 
                                        consolidated at a lower 
                                        interest rate; and
                                            ``(bb) the borrower's 
                                        repayment plan and the other 
                                        terms and conditions of the 
                                        borrower's loan remain 
                                        unchanged.
                            ``(ii) Other loans.--In the case of a 
                        borrower who has 1 or more loans described 
                        under clause (ii) or (iii) of subparagraph (B), 
                        the Secretary shall--
                                    ``(I) initiate the loan 
                                consolidation process for the loans 
                                described under clause (ii) or (iii) of 
                                subparagraph (B), not later than 90 
                                days after the date of enactment of the 
                                Federal Student Loan Refinancing Act, 
                                by sending a completed loan 
                                consolidation application to the 
                                borrower;
                                    ``(II) notify the borrower, as part 
                                of such application, that a fee will be 
                                assessed and that the interest rate of 
                                the Federal Direct Consolidation Loan 
                                will be set in accordance with 
                                paragraph (2); and
                                    ``(III) notify the borrower, as 
                                part of such application, that if the 
                                borrower wishes to consolidate in 
                                accordance with the completed 
                                application, the borrower must endorse 
                                the application and submit the 
                                application to the Secretary not more 
                                than 6 months after receipt of the 
                                application.
            ``(2) Terms of loans.--The following terms and conditions 
        shall apply to a Federal Direct Consolidation Loan made under 
        this subsection:
                    ``(A) The applicable rate of interest on a Federal 
                Direct Consolidation Loan made under this subsection 
                shall be--
                            ``(i) 4 percent; or
                            ``(ii) in a case in which the weighted 
                        average of the interest rates on the 
                        outstanding loans of a borrower that will be 
                        consolidated is less than 4 percent, the lesser 
                        of--
                                    ``(I) the weighted average of the 
                                interest rates on the outstanding loans 
                                of a borrower that will be 
                                consolidated; or
                                    ``(II) a rate of interest equal 
                                to--
                                            ``(aa) 4 percent; minus
                                            ``(bb) 0.4 percent of the 
                                        principal balance of the 
                                        consolidation loan, at the time 
                                        of consolidation.
                    ``(B) In the case of a loan consolidated under 
                paragraph (1)(C)(ii), an origination fee equal to 0.4 
                percent of the principal balance of the consolidation 
                loan, at the time of consolidation, will be added to 
                the principal balance of the loan, and the Secretary 
                shall use the fee to cover the cost of making and 
                servicing the loan.
                    ``(C) If 1 or more of the loans being consolidated 
                is a loan described under paragraph (1)(B)(iii), the 
                interest rate on the Federal Direct Consolidation Loan 
                under this subsection shall be reduced by 0.25 percent.
                    ``(D) Any benefit a borrower is receiving or 
                earning at the time a Federal Direct Consolidation Loan 
                is issued under this subsection shall not be affected 
                by consolidation under this section, including benefits 
                such as a deferment or forbearance, accumulation of 
                monthly payments as part of the public service loan 
                forgiveness program under section 455(m), accumulation 
                of monthly payments toward a loan discharge under the 
                income-based repayment plan under section 493C, 
                participation in a particular repayment plan, and other 
                benefits to the borrower.''.

SEC. 3. EXEMPTIONS FROM OTHER LAWS.

    (a) Exemption From the Paperwork Reduction Act.--Chapter 35 of 
title 44, United States Code, shall not apply to this Act.
    (b) Inapplicability of Rulemaking Requirements.--Sections 482(c) 
and 492 of the Higher Education Act of 1965 (20 U.S.C. 1089(c), 1098a) 
and section 553 of title 5, United States Code, shall not apply to the 
amendments made by this Act, or to any regulations promulgated under 
such amendments.

Answer: Federal Student Loan Refinancing Act This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to allow borrowers that received loans under the William D. Ford Federal Direct Loan (DL) or Federal Family Education Loan (FFEL) program on or after July 1, 2006, to consolidate those loans as Federal Direct Consolidation Loans.  It directs the Department of Education (ED) to consolidate DLs, and send a completed loan consolidation application to FFEL borrowers, within 90 days of this bill's enactment. It gives FFEL borrowers six months after their receipt of such application to endorse it and submit it to ED if they wish to consolidate their loans. The bill sets the interest rate on Federal Direct Consolidation Loans at 4% or, if the weighted average of the interest rates of the loans being consolidated is less than 4%, the lesser of: (1) that weighted average, or (2) an interest rate equal to 0.4% of the principal balance of the consolidation loan at the time of consolidation. It adds an origination fee equal to 0.4% of the principal balance of the consolidation loan at the time of consolidation if an FFEL is being consolidated. It reduces the interest rate on a Federal Direct Consolidation Loan by 0.25% if one or more of the loans being consolidated is an FFEL held by an eligible lender. The bill prohibits any benefit a borrower is receiving or earning when issued a Federal Direct Consolidation Loan from being affected by the consolidation.


Question: SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Government 
Management Reform Act of 1994''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:
Sec. 1. Short title and table of contents.

                       TITLE I--LIMITATION ON PAY

Sec. 101. Limitation on certain annual pay adjustments.

                   TITLE II--HUMAN RESOURCE MANAGEMENT

Sec. 201. SES annual leave accumulation.

               TITLE III--STREAMLINING MANAGEMENT CONTROL

Sec. 301. Authority to increase efficiency in reporting to Congress.

                     TITLE IV--FINANCIAL MANAGEMENT

Sec. 401. Short title.
Sec. 402. Electronic payments.
Sec. 403. Franchise fund pilot programs.
Sec. 404. Simplification of management reporting process.
Sec. 405. Annual financial reports.

                       TITLE I--LIMITATION ON PAY

SEC. 101. LIMITATION ON CERTAIN ANNUAL PAY ADJUSTMENTS.

    Effective as of December 31, 1994--
        (1) section 601(a)(2) of the Legislative Reorganization Act of 
    1946 (2 U.S.C. 31(2)) is amended--
            (A) by striking out ``(2) Effective'' and inserting in lieu 
        thereof ``(2)(A) Subject to subparagraph (B), effective''; and
            (B) by adding at the end thereof the following:
    ``(B) In no event shall the percentage adjustment taking effect 
under subparagraph (A) in any calendar year (before rounding), in any 
rate of pay, exceed the percentage adjustment taking effect in such 
calendar year under section 5303 of title 5, United States Code, in the 
rates of pay under the General Schedule.'';
        (2) section 104 of title 3, United States Code, is amended--
            (A) in the first sentence by inserting ``(a)'' before 
        ``The'';
            (B) in the second sentence by striking out ``Effective'' 
        and inserting in lieu thereof ``Subject to subsection (b), 
        effective''; and
            (C) by adding at the end thereof the following:
    ``(b) In no event shall the percentage adjustment taking effect 
under the second and third sentences of subsection (a) in any calendar 
year (before rounding) exceed the percentage adjustment taking effect 
in such calendar year under section 5303 of title 5 in the rates of pay 
under the General Schedule.'';
        (3) section 5318 of title 5, United States Code, is amended--
            (A) in the first sentence by striking out ``Effective'' and 
        inserting in lieu thereof ``(a) Subject to subsection (b), 
        effective''; and
            (B) by adding at the end thereof the following:
    ``(b) In no event shall the percentage adjustment taking effect 
under subsection (a) in any calendar year (before rounding), in any 
rate of pay, exceed the percentage adjustment taking effect in such 
calendar year under section 5303 in the rates of pay under the General 
Schedule.''; and
        (4) section 461(a) of title 28, United States Code, is 
    amended--
            (A) by striking out ``(a) Effective'' and inserting in lieu 
        thereof ``(a)(1) Subject to paragraph (2), effective''; and
            (B) by adding at the end thereof the following:
    ``(2) In no event shall the percentage adjustment taking effect 
under paragraph (1) in any calendar year (before rounding), in any 
salary rate, exceed the percentage adjustment taking effect in such 
calendar year under section 5303 of title 5 in the rates of pay under 
the General Schedule.''.

                  TITLE II--HUMAN RESOURCE MANAGEMENT

SEC. 201. SES ANNUAL LEAVE ACCUMULATION.

    (a) In General.--Effective on the first day of the first applicable 
pay period beginning after the date of the enactment of this Act, 
subsection (f) of section 6304 of title 5, United States Code, is 
amended to read as follows:
    ``(f)(1) This subsection applies with respect to annual leave 
accrued by an individual while serving in a position in--
        ``(A) the Senior Executive Service;
        ``(B) the Senior Foreign Service;
        ``(C) the Defense Intelligence Senior Executive Service;
        ``(D) the Senior Cryptologic Executive Service; or
        ``(E) the Federal Bureau of Investigation and Drug Enforcement 
    Administration Senior Executive Service.
    ``(2) For purposes of applying any limitation on accumulation under 
this section with respect to any annual leave described in paragraph 
(1)--
        ``(A) `30 days' in subsection (a) shall be deemed to read `90 
    days'; and
        ``(B) `45 days' in subsection (b) shall be deemed to read `90 
    days'.''.
    (b) Use of Excess Leave.--Notwithstanding the amendment made by 
subsection (a), in the case of an employee who, on the effective date 
of subsection (a), is subject to subsection (f) of section 6304 of 
title 5, United States Code, and who has to such employee's credit 
annual leave in excess of the maximum accumulation otherwise permitted 
by subsection (a) or (b) of section 6304 (determined applying the 
amendment made by subsection (a)), such excess annual leave shall 
remain to the credit of the employee and be subject to reduction, in 
the same manner as provided in subsection (c) of section 6304.

               TITLE III--STREAMLINING MANAGEMENT CONTROL

SEC. 301. AUTHORITY TO INCREASE EFFICIENCY IN REPORTING TO CONGRESS.

    (a) Purpose.--The purpose of this title is to improve the 
efficiency of executive branch performance in implementing statutory 
requirements for reports to Congress and committees of Congress such as 
the elimination or consolidation of duplicative or obsolete reporting 
requirements and adjustments to deadlines that shall provide for more 
efficient workload distribution or improve the quality of reports.
    (b) Authority of the Director.--The Director of the Office of 
Management and Budget may publish annually in the budget submitted by 
the President to the Congress, recommendations for consolidation, 
elimination, or adjustments in frequency and due dates of statutorily 
required periodic reports to the Congress or committees of Congress. 
For each recommendation, the Director shall provide an individualized 
statement of the reasons that support the recommendation. In addition, 
for each report for which a recommendation is made, the Director shall 
state with specificity the exact consolidation, elimination, or 
adjustment in frequency or due date that is recommended.
    (c) Recommendations.--The Director's recommendations shall be 
consistent with the purpose stated in subsection (a).
    (d) Consultation.--Before the publication of the recommendations 
under subsection (b), the Director or his designee shall consult with 
the appropriate congressional committees concerning the 
recommendations.

                     TITLE IV--FINANCIAL MANAGEMENT

SEC. 401. SHORT TITLE.

    This title may be cited as the ``Federal Financial Management Act 
of 1994''.

SEC. 402. ELECTRONIC PAYMENTS.

    (a) In General.--Section 3332 of title 31, United States Code, is 
amended to read as follows:

``Sec. 3332. Required direct deposit

    ``(a)(1) Notwithstanding any other provision of law, all Federal 
wage, salary, and retirement payments shall be paid to recipients of 
such payments by electronic funds transfer, unless another method has 
been determined by the Secretary of the Treasury to be appropriate.
    ``(2) Each recipient of Federal wage, salary, or retirement 
payments shall designate one or more financial institutions or other 
authorized payment agents and provide the payment certifying or 
authorizing agency information necessary for the recipient to receive 
electronic funds transfer payments through each institution so 
designated.
    ``(b)(1) The head of each agency shall waive the requirements of 
subsection (a) of this section for a recipient of Federal wage, salary, 
or retirement payments authorized or certified by the agency upon 
written request by such recipient.
    ``(2) Federal wage, salary, or retirement payments shall be paid to 
any recipient granted a waiver under paragraph (1) of this subsection 
by any method determined appropriate by the Secretary of the Treasury.
    ``(c)(1) The Secretary of the Treasury may waive the requirements 
of subsection (a) of this section for any group of recipients upon 
request by the head of an agency under standards prescribed by the 
Secretary of the Treasury.
    ``(2) Federal wage, salary, or retirement payments shall be paid to 
any member of a group granted a waiver under paragraph (1) of this 
subsection by any method determined appropriate by the Secretary of the 
Treasury.
    ``(d) This section shall apply only to recipients of Federal wage 
or salary payments who begin to receive such payments on or after 
January 1, 1995, and recipients of Federal retirement payments who 
begin to receive such payments on or after January 1, 1995.
    ``(e) The crediting of the amount of a payment to the appropriate 
account on the books of a financial institution or other authorized 
payment agent designated by a payment recipient under this section 
shall constitute a full acquittance to the United States for the amount 
of the payment.''.
    (b) Technical and Conforming Amendment.--The table of sections for 
chapter 33 of title 31, United States Code, is amended by amending the 
item for section 3332 to read:
``3332. Required direct deposit.''.

SEC. 403. FRANCHISE FUND PILOT PROGRAMS.

    (a) Establishment.--There is authorized to be established on a 
pilot program basis in each of six executive agencies a franchise fund. 
The Director of the Office of Management and Budget, after consultation 
with the chairman and ranking members of the Committees on 
Appropriations and Governmental Affairs of the Senate, and the 
Committees on Appropriations and Government Operations of the House of 
Representatives, shall designate the agencies.
    (b) Uses.--Each such fund may provide, consistent with guidelines 
established by the Director of the Office of Management and Budget, 
such common administrative support services to the agency and to other 
agencies as the head of such agency, with the concurrence of the 
Director, determines can be provided more efficiently through such a 
fund than by other means. To provide such services, each such fund is 
authorized to acquire the capital equipment, automated data processing 
systems, and financial management and management information systems 
needed. Services shall be provided by such funds on a competitive 
basis.
    (c) Funding.--(1) There are authorized to be appropriated to the 
franchise fund of each agency designated under subsection (a) such 
funds as are necessary to carry out the purposes of the fund, to remain 
available until expended. To the extent that unexpended balances remain 
available in other accounts for the purposes to be carried out by the 
fund, the head of the agency may transfer such balances to the fund.
    (2) Fees for services shall be established by the head of the 
agency at a level to cover the total estimated costs of providing such 
services. Such fees shall be deposited in the agency's fund to remain 
available until expended, and may be used to carry out the purposes of 
the fund.
    (3) Existing inventories, including inventories on order, 
equipment, and other assets or liabilities pertaining to the purposes 
of the fund may be transferred to the fund.
    (d) Report on Pilot Programs.--Within 6 months after the end of 
fiscal year 1997, the Director of the Office of Management and Budget 
shall forward a report on the results of the pilot programs to the 
Committees on Appropriations of the Senate and of the House of 
Representatives, and to the Committee on Governmental Affairs of the 
Senate and the Committee on Government Operations of the House of 
Representatives. The report shall contain the financial and program 
performance results of the pilot programs, including recommendations 
for--
        (1) the structure of the fund;
        (2) the composition of the funding mechanism;
        (3) the capacity of the fund to promote competition; and
        (4) the desirability of extending the application and 
    implementation of franchise funds to other Federal agencies.
    (e) Procurement.--Nothing in this section shall be construed as 
relieving any agency of any duty under applicable procurement laws.
    (f) Termination.--The provisions of this section shall expire on 
October 1, 1999.

SEC. 404. SIMPLIFICATION OF MANAGEMENT REPORTING PROCESS.

    (a) In General.--To improve the efficiency of executive branch 
performance in implementing statutory requirements for financial 
management reporting to the Congress and its committees, the Director 
of the Office of Management and Budget may adjust the frequency and due 
dates of or consolidate any statutorily required reports of agencies to 
the Office of Management and Budget or the President and of agencies or 
the Office of Management and Budget to the Congress under any laws for 
which the Office of Management and Budget has financial management 
responsibility, including--
        (1) chapters 5, 9, 11, 33, 35, 37, 39, 75, and 91 of title 31, 
    United States Code;
        (2) the Federal Civil Penalties Inflation Adjustment Act of 
    1990 (28 U.S.C. 2461 note; Public Law 101-410; 104 Stat. 890).
    (b) Application.--The authority provided in subsection (a) shall 
apply only to reports of agencies to the Office of Management and 
Budget or the President and of agencies or the Office of Management and 
Budget to the Congress required by statute to be submitted between 
January 1, 1995, and September 30, 1997.
    (c) Adjustments in Reporting.--The Director may consolidate or 
adjust the frequency and due dates of any statutorily required reports 
under subsections (a) and (b) only after--
        (1) consultation with the Chairman of the Senate Committee on 
    Governmental Affairs and the Chairman of the House of 
    Representatives Committee on Government Operations; and
        (2) written notification to the Congress, no later than 
    February 8 of each fiscal year covered under subsection (b) for 
    those reports required to be submitted during that fiscal year.

SEC. 405. ANNUAL FINANCIAL REPORTS.

    (a) Financial Statements.--Section 3515 of title 31, United States 
Code, is amended to read as follows:

``Sec. 3515. Financial statements of agencies

    ``(a) Not later than March 1 of 1997 and each year thereafter, the 
head of each executive agency identified in section 901(b) of this 
title shall prepare and submit to the Director of the Office of 
Management and Budget an audited financial statement for the preceding 
fiscal year, covering all accounts and associated activities of each 
office, bureau, and activity of the agency.
    ``(b) Each audited financial statement of an executive agency under 
this section shall reflect--
        ``(1) the overall financial position of the offices, bureaus, 
    and activities covered by the statement, including assets and 
    liabilities thereof; and
        ``(2) results of operations of those offices, bureaus, and 
    activities.
    ``(c) The Director of the Office of Management and Budget shall 
identify components of executive agencies that shall be required to 
have audited financial statements meeting the requirements of 
subsection (b).
    ``(d) The Director of the Office of Management and Budget shall 
prescribe the form and content of the financial statements of executive 
agencies under this section, consistent with applicable accounting and 
financial reporting principles, standards, and requirements.
    ``(e) The Director of the Office of Management and Budget may waive 
the application of all or part of subsection (a) for financial 
statements required for fiscal years 1996 and 1997.
    ``(f) Not later than March 1 of 1995 and 1996, the head of each 
executive agency identified in section 901(b) of this title and 
designated by the Director of the Office of Management and Budget shall 
prepare and submit to the Director of the Office of Management and 
Budget an audited financial statement for the preceding fiscal year, 
covering all accounts and associated activities of each office, bureau, 
and activity of the agency.
    ``(g) Not later than March 31 of 1995 and 1996, for executive 
agencies not designated by the Director of the Office of Management and 
Budget under subsection (f), the head of each executive agency 
identified in section 901(b) of this title shall prepare and submit to 
the Director of the Office of Management and Budget a financial 
statement for the preceding fiscal year, covering--
        ``(1) each revolving fund and trust fund of the agency; and
        ``(2) to the extent practicable, the accounts of each office, 
    bureau, and activity of the agency which performed substantial 
    commercial functions during the preceding fiscal year.
    ``(h) For purposes of subsection (g), the term `commercial 
functions' includes buying and leasing of real estate, providing 
insurance, making loans and loan guarantees, and other credit programs 
and any activity involving the provision of a service or thing for 
which a fee, royalty, rent, or other charge is imposed by an agency for 
services and things of value it provides.''.
    (b) Audits by Agencies.--Subsection 3521(f) of title 31, United 
States Code, is amended to read as follows:
    ``(f)(1) For each audited financial statement required under 
subsections (a) and (f) of section 3515 of this title, the person who 
audits the statement for purpose of subsection (e) of this section 
shall submit a report on the audit to the head of the agency. A report 
under this subsection shall be prepared in accordance with generally 
accepted government auditing standards.
    ``(2) Not later than June 30 following the fiscal year for which a 
financial statement is submitted under subsection (g) of section 3515 
of this title, the person who audits the statement for purpose of 
subsection (e) of this section shall submit a report on the audit to 
the head of the agency. A report under this subsection shall be 
prepared in accordance with generally accepted government auditing 
standards.''.
    (c) Governmentwide Financial Statement.--Section 331 of title 31, 
United States Code, is amended by adding the following new subsection:
    ``(e)(1) Not later than March 31 of 1998 and each year thereafter, 
the Secretary of the Treasury, in coordination with the Director of the 
Office of Management and Budget, shall annually prepare and submit to 
the President and the Congress an audited financial statement for the 
preceding fiscal year, covering all accounts and associated activities 
of the executive branch of the United States Government. The financial 
statement shall reflect the overall financial position, including 
assets and liabilities, and results of operations of the executive 
branch of the United States Government, and shall be prepared in 
accordance with the form and content requirements set forth by the 
Director of the Office of Management and Budget.
    ``(2) The Comptroller General of the United States shall audit the 
financial statement required by this section.''.







                               Speaker of the House of Representatives.







                            Vice President of the United States and    
                                               President of the Senate.

Answer:
TABLE OF CONTENTS: 
     Title I:  Limitation on Pay 
     Title II:  Human Resource Management 
     Title III:  Streamlining Management Control 
     Title IV:  Financial Management 
Government Management Reform Act of 1994 - 
Title I:  Limitation on Pay
 - Amends the Legislative Reorganization Act of 1946 and other Federal law to limit annual cost of living adjustments for Members of Congress, the Vice President, senior Government officials, and Federal judges. 
Title II:  Human Resource Management
 - Amends Federal civil service law to eliminate unlimited accumulation of annual leave by members of the Senior Executive Service.  Sets a limit on excess leave of 90 days per year. 
Title III:  Streamlining Management Control
 - Authorizes the Director of OMB to publish annually in the President's Budget any recommendations for the consolidation, elimination, or adjustment in frequency and due dates of statutorily required periodic reports to the Congress or its committees. 
Title IV:  Financial Management
 - Federal Financial Management Act of 1994 - Amends Federal law to require direct deposit of Federal wage, salary, and retirement payments by electronic funds transfer for recipients who begin receiving such payments on or after January 1, 1995. 
(Sec. 403) Authorizes the establishment of a franchise fund in each of six executive agencies for the equipment and computer systems necessary for the maintenance and operation of administrative support services that may be performed more advantageously on a centralized basis.  Authorizes appropriations. 
(Sec. 404) Authorizes the Director of the Office of Management and Budget (OMB) to consolidate or adjust the frequency and due dates of statutorily required periodic agency reports to OMB or the President and agency or OMB reports to the Congress under any laws for which OMB has financial management responsibility. 
(Sec. 405) Requires the annual financial statements of executive agencies to be audited prior to submission to OMB.