(This measure has not been amended since it was reported to the House on January 31, 2012. The summary of that version is repeated here.)
Budget and Accounting Transparency Act of 2012 - Title I: Fair Value Estimates - (Sec. 101) Amends the Federal Credit Reform Act of 1990 (FCRA) (title V of the Congressional Budget Act of 1974 [CBA]) to revise the budgetary treatment of federal direct loans and loan guarantees to account for them on a fair value basis (currently, a FCRA accrual basis).
Requires the President's budget from FY1992 on to reflect the Treasury discounting component of direct loan and loan guarantee programs. Defines the "Treasury discounting component" as the estimated long-term cost to the federal government of a direct loan or loan guarantee (or modification) calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays.
Revises other requirements for the President's budget, beginning with FY2015, including conditions for new direct loans or loan guarantee commitments. Requires new budget authority for such loans or loan guarantee commitments to be provided in advance in an appropriation Act.
Exempts a direct loan or loan guarantee program that constitutes an entitlement (such as the guaranteed student loan program or the veteran's home loan guaranty program), all existing credit programs of the Commodity Credit Corporation (CCC), or any direct loan or loan guarantee made by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) from: (1) the above requirement, and (2) the prohibition against modification of an outstanding direct loan or loan guarantee in a manner that increases its costs unless budget authority for the additional cost has been provided in advance in an appropriation Act.
Repeals the general authorization of appropriations to federal agencies for the cost associated with such direct loan obligations or loan guarantee commitments.
Revises requirements for Treasury transactions with financing accounts (nonbudget accounts associated with each program account which holds balances, receives the cost payment from the program account, and also includes all other cash flows to and from the federal government resulting from direct loan obligations or loan guarantee commitments made on or after October 1, 1991).
Limits the availability of amounts in liquidating accounts to specified payments resulting from direct loan obligations or loan guarantee commitments made before October 1, 1991.
(Sec. 103) Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to treat a change in discretionary spending solely as a result of the amendment to title V of the CBA made by this Act as a change of concept (requiring adjustments to discretionary spending limits).
Requires the Office of Management and Budget (OMB), before adjusting such discretionary spending limits, to report to the congressional budget committees on the amount of that adjustment, the methodology used in determining it, and a program-by-program itemization of its components. Prohibits OMB from making such an adjustment until 60 days after making such a report.
Title II: Budgetary Treatment - (Sec. 201) Requires each of the Directors of the Congressional Budget Office (CBO) and of the Office of Management and Budget (OMB) to study and make recommendations to the congressional budget committees on the feasibility of applying fair value concepts to budgeting for the costs of federal insurance programs.
(Sec. 202) Requires the receipts and disbursements, including the administrative expenses, of the GSEs to be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of: (1) the President's budget, (2) the congressional budget, and (3) the Gramm-Rudman-Hollings Act.
(Sec. 203) Terminates mandatory on-budget status treatment for a GSE after all of the following occurs: (1) its conservatorship has been terminated; (2) the Director of the Federal Housing Finance Agency (FHFA) has certified in writing that the GSE has repaid to the federal government the maximum amount consistent with minimizing the total federal cost of the financial assistance provided to the GSE; and (3) its charter has been revoked, annulled, or terminated and its authorizing statute has been repealed.
Title III: Budget Review and Analysis - (Sec. 301) Requires OMB to: (1) study the history of offsetting collections against expenditures and the amount of receipts collected annually, especially the historical application of the budgetary terms "revenue," "offsetting collections," and "offsetting receipts"; and (2) review the application of those terms and make recommendations to the congressional budget committees on whether such usage should be continued or modified.
Requires CBO to review the history and the recommendations and submit its own comments and recommendations to those committees.
(Sec. 302) Requires any federal agency, whenever it prepares and submits written budget justification materials for any congressional committee, to post them on the same day as its submission on the "open" page of its public website.
Requires OMB to: (1) post the budget justification in a centralized location on its website in an OMB developed format, and (2) notify each federal agency of the format in which to post it.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3581 Introduced in House (IH)]
112th CONGRESS
1st Session
H. R. 3581
To amend the Balanced Budget and Emergency Deficit Control Act of 1985
to increase transparency in Federal budgeting, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 7, 2011
Mr. Garrett (for himself, Mr. Ryan of Wisconsin, Mr. Hensarling, Mr.
Price of Georgia, Mr. Huelskamp, Mr. Chaffetz, and Mr. Stutzman)
introduced the following bill; which was referred to the Committee on
the Budget, and in addition to the Committees on Oversight and
Government Reform and Ways and Means, for a period to be subsequently
determined by the Speaker, in each case for consideration of such
provisions as fall within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To amend the Balanced Budget and Emergency Deficit Control Act of 1985
to increase transparency in Federal budgeting, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Budget and Accounting Transparency
Act of 2011''.
TITLE I--FAIR VALUE ESTIMATES
SEC. 101. CREDIT REFORM.
(a) In General.--Title V of the Congressional Budget Act of 1974 is
amended to read as follows:
``TITLE V--FAIR VALUE
``SEC. 501. PURPOSES.
``The purposes of this title are to--
``(1) measure more accurately the costs of Federal credit
programs by accounting for them on a fair value basis;
``(2) place the cost of credit programs on a budgetary
basis equivalent to other Federal spending;
``(3) encourage the delivery of benefits in the form most
appropriate to the needs of beneficiaries; and
``(4) improve the allocation of resources among Federal
programs.
``SEC. 502. DEFINITIONS.
``For purposes of this title:
``(1) The term `direct loan' means a disbursement of funds
by the Government to a non-Federal borrower under a contract
that requires the repayment of such funds with or without
interest. The term includes the purchase of, or participation
in, a loan made by another lender and financing arrangements
that defer payment for more than 90 days, including the sale of
a Government asset on credit terms. The term does not include
the acquisition of a federally guaranteed loan in satisfaction
of default claims or the price support loans of the Commodity
Credit Corporation.
``(2) The term `direct loan obligation' means a binding
agreement by a Federal agency to make a direct loan when
specified conditions are fulfilled by the borrower.
``(3) The term `loan guarantee' means any guarantee,
insurance, or other pledge with respect to the payment of all
or a part of the principal or interest on any debt obligation
of a non-Federal borrower to a non-Federal lender, but does not
include the insurance of deposits, shares, or other
withdrawable accounts in financial institutions.
``(4) The term `loan guarantee commitment' means a binding
agreement by a Federal agency to make a loan guarantee when
specified conditions are fulfilled by the borrower, the lender,
or any other party to the guarantee agreement.
``(5)(A) The term `cost' means the sum of the Treasury
discounting component and the risk component of a direct loan
or loan guarantee, or a modification thereof.
``(B) The Treasury discounting component shall be the
estimated long-term cost to the Government of a direct loan or
loan guarantee, or modification thereof, calculated on a net
present value basis, excluding administrative costs and any
incidental effects on governmental receipts or outlays.
``(C) The risk component shall be an amount equal to the
difference between--
``(i) the estimated long-term cost to the
Government of a direct loan or loan guarantee, or
modification thereof, estimated on a fair value basis,
applying the guidelines set forth by the Financial
Accounting Standards Board in Financial Accounting
Standards #157, or a successor thereto, excluding
administrative costs and any incidental effects on
governmental receipts or outlays; and
``(ii) the Treasury discounting component of such
direct loan or loan guarantee, or modification thereof.
``(D) The Treasury discounting component of a direct loan
shall be the net present value, at the time when the direct
loan is disbursed, of the following estimated cash flows:
``(i) Loan disbursements.
``(ii) Repayments of principal.
``(iii) Essential preservation expenses, payments
of interest and other payments by or to the Government
over the life of the loan after adjusting for estimated
defaults, prepayments, fees, penalties, and other
recoveries, including the effects of changes in loan
terms resulting from the exercise by the borrower of an
option included in the loan contract.
``(E) The Treasury discounting component of a loan
guarantee shall be the net present value, at the time when the
guaranteed loan is disbursed, of the following estimated cash
flows:
``(i) Payments by the Government to cover defaults
and delinquencies, interest subsidies, essential
preservation expenses, or other payments.
``(ii) Payments to the Government including
origination and other fees, penalties, and recoveries,
including the effects of changes in loan terms
resulting from the exercise by the guaranteed lender of
an option included in the loan guarantee contract, or
by the borrower of an option included in the guaranteed
loan contract.
``(F) The cost of a modification is the sum of--
``(i) the difference between the current estimate
of the Treasury discounting component of the remaining
cash flows under the terms of a direct loan or loan
guarantee and the current estimate of the Treasury
discounting component of the remaining cash flows under
the terms of the contract, as modified; and
``(ii) the difference between the current estimate
of the risk component of the remaining cash flows under
the terms of a direct loan or loan guarantee and the
current estimate of the risk component of the remaining
cash flows under the terms of the contract as modified.
``(G) In estimating Treasury discounting components, the
discount rate shall be the average interest rate on marketable
Treasury securities of similar duration to the cash flows of
the direct loan or loan guarantee for which the estimate is
being made.
``(H) When funds are obligated for a direct loan or loan
guarantee, the estimated cost shall be based on the current
assumptions, adjusted to incorporate the terms of the loan
contract, for the fiscal year in which the funds are obligated.
``(6) The term `program account' means the budget account
into which an appropriation to cover the cost of a direct loan
or loan guarantee program is made and from which such cost is
disbursed to the financing account.
``(7) The term `financing account' means the nonbudget
account or accounts associated with each program account which
holds balances, receives the cost payment from the program
account, and also includes all other cash flows to and from the
Government resulting from direct loan obligations or loan
guarantee commitments made on or after October 1, 1991.
``(8) The term `liquidating account' means the budget
account that includes all cash flows to and from the Government
resulting from direct loan obligations or loan guarantee
commitments made prior to October 1, 1991. These accounts shall
be shown in the budget on a cash basis.
``(9) The term `modification' means any Government 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 expenses' means
servicing and other costs that are essential to preserve the
value of loan assets or collateral.
``SEC. 503. OMB AND CBO ANALYSIS, COORDINATION, AND REVIEW.
``(a) In General.--For the executive branch, the Director shall be
responsible for coordinating the estimates required by this title. The
Director shall consult with the agencies that administer direct loan or
loan guarantee programs.
``(b) Delegation.--The Director may delegate to agencies authority
to make estimates of costs. The delegation 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 Congressional 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 historical performance and prospective risk of
direct loan and loan guarantee programs. They shall annually review the
performance of outstanding direct loans and loan guarantees to improve
estimates of costs. The Office of Management and Budget and the
Congressional Budget Office 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 1992, the
President's budget shall reflect the Treasury discounting component of
direct loan and loan guarantee programs. Beginning with fiscal year
2015, 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 obligations or loan guarantee commitments
associated with each appropriations request.
``(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 1992 and thereafter
only to the extent that--
``(1) new budget authority to cover their costs is provided
in advance in an appropriation Act;
``(2) a limitation on the use of funds otherwise available
for the cost of a direct loan or loan guarantee program has
been provided in advance in an appropriation Act; or
``(3) authority is otherwise provided in appropriation
Acts.
``(c) Exemption for Direct Spending Programs.--Subsections (b) and
(e) shall not apply to a direct loan or loan guarantee program that--
``(1) constitutes an entitlement (such as the guaranteed
student loan program or the veteran's home loan guaranty
program); or
``(2) all existing credit programs of the Commodity Credit
Corporation on the date of enactment of this title.
``(d) Budget Accounting.--
``(1) The authority to incur new direct loan obligations,
make new loan guarantee commitments, or modify outstanding
direct loans (or direct loan obligations) or loan guarantees
(or loan guarantee commitments) shall constitute new budget
authority in 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 obligation of the program account
to pay to the financing account.
``(2) The outlays resulting from new budget authority for
the cost of direct loans or loan guarantees 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
altered.
``(3) All collections and payments of the financing
accounts shall be a means of financing.
``(e) Modifications.--An outstanding direct loan (or direct loan
obligation) or loan guarantee (or loan guarantee commitment) shall not
be modified in a manner that increases its costs unless budget
authority for the additional cost has been provided in advance in an
appropriation Act.
``(f) Reestimates.--When the estimated cost for a group of direct
loans or loan guarantees for a given program made in a single fiscal
year is re-estimated in a subsequent year, the difference between the
reestimated cost and the previous cost estimate shall be displayed as a
distinct 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 indefinite 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 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 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 interest charged by
the Secretary on lending to financing 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(7).
``(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 interest surcharge (the amount by which
the interest rate charged exceeds the rate determined pursuant
to section 502(7) that the Bank charges to a private borrower
pursuant to section 6(c) of the Federal Financing Bank Act of
1973 shall be considered a cash flow to the Government for the
purposes of determining the cost of the direct loan pursuant to
section 502(7). All such amounts shall be credited to the
appropriate 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 agency. All such payments by an agency shall
be considered administrative expenses subject to section
504(g). This subsection shall apply to transactions 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 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 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 financing and shall not be considered a cash flow of
the Government for the purposes of section 502(7).
``(c) Authorization for Liquidating Accounts.--(1) Amounts in
liquidating accounts shall be available only for payments resulting
from direct loan obligations or loan guarantee commitments made prior
to October 1, 1991, for--
``(A) interest payments and principal repayments to the
Treasury or the Federal Financing Bank for amounts borrowed;
``(B) disbursements of loans;
``(C) default and other guarantee claim payments;
``(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 required for
modifications;
``(G) administrative costs and essential preservation
expenses, if--
``(i) amounts credited to the liquidating account
would have been available for administrative costs and
essential preservation expenses under a provision of
law in effect prior to October 1, 1991; and
``(ii) no direct loan obligation or loan guarantee
commitment has been made, or any modification 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 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 insurance 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 responsibility of a Federal
agency to determine the terms and conditions of eligibility for, or the
amount of assistance provided by a direct loan or a loan guarantee.
``SEC. 506. TREATMENT OF DEPOSIT INSURANCE AND AGENCIES 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, National 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 supersede, 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 resulting 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 obligated 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
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--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 PROGRAMS.
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 prepare a study and make
recommendations to the Committees on the Budget of the House of
Representatives and the Senate 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 receipts and
disbursements, including the administrative expenses, 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. 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 enactment of this Act by the Federal
National Mortgage Association and by the Federal Home Loan Mortgage
Corporation 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 Soundness Act of 1992 (12 U.S.C.
4502)) after the date that all of the following have occurred:
(1) The conservatorship for such enterprise under section
1367 of such Act (12 U.S.C. 4617) has been terminated.
(2) Such enterprise has repaid to the Federal Government
all financial assistance 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 revoked,
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--BUDGETARY TREATMENT OF POSTAL SERVICE
SEC. 301. BUDGETARY TREATMENT OF POSTAL SERVICE.
(a) Postal Service Fund Returned to on Budget Status.--Section
2009a of title 39, United States Code, is repealed.
(b) Postal Service Competitive Products Fund.--Section 2011 of
title 39, United States Code, is amended by--
(1) repealing subsection (f); and
(2) redesignating subsections (g), (h), and (i) as
subsections (f), (g), and (h), respectively.
(c) Applicability.--The amendments made by this section shall apply
with respect to budgets for fiscal years beginning after September 30,
2012.
TITLE IV--BUDGET REVIEW AND ANALYSIS
SEC. 401. CBO AND OMB REVIEW AND RECOMMENDATIONS RESPECTING RECEIPTS
AND COLLECTIONS.
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 jointly prepare a study of the history of
offsetting collections against expenditures and the amount of receipts
collected annually, the historical application of the budgetary terms
``revenue'', ``offsetting collections'', and ``offsetting receipts'',
and review the application of those terms and each make recommendations
to the Committees on the Budget of the House of Representatives and the
Senate of whether such usage should be continued or modified.
SEC. 402. AGENCY BUDGET JUSTIFICATIONS.
Section 1108 of title 31, United States Code, is amended by
inserting at the end the following new subsection:
``(h) 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 public website
of the agency in a format that is searchable, sortable, and
downloadable by the public.''.
<all>
Rule H. Res. 539 passed House.
Considered under the provisions of rule H. Res. 539. (consideration: CR H534-549)
Rule provides for consideration of H.R. 3581 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. In lieu of the amendment in the nature of a substitute recommended by the Committee on the Budget now printed in the bill, it shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule an amendment in the nature of a substitute consisting of the text of Rules Committee Print 112-13.
House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 539 and Rule XVIII.
The Speaker designated the Honorable Candice S. Miller to act as Chairwoman of the Committee.
GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 3581.
The Chair announced its understanding that amendment numbered 1 printed in House Report 112-388 would not be offered.
DEBATE - Pursuant to the provisions of H. Res. 539, the Committee of the Whole proceeded with 10 minutes of debate on the Dold amendment No. 2.
DEBATE - Pursuant to the provisions of H. Res. 539, the Committee of the Whole proceeded with 10 minutes of debate on the Tonko amendment No. 3.
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The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3581.
The previous question was ordered pursuant to the rule. (consideration: CR H547)
The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H542-544)
Mr. Walz (MN) moved to recommit with instructions to The Budget. (consideration: CR H547-548; text: CR H547)
DEBATE - The House proceeded with 10 minutes of debate on the Walz (MN) motion to recommit. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to add a provision which would specify that the risk component for loans for students or veterans is zero.
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H547)
On motion to recommit with instructions Failed by the Yeas and Nays: 190 - 238 (Roll no. 41).
Roll Call #41 (House)Passed/agreed to in House: On passage Passed by recorded vote: 245 - 180 (Roll no. 42).
Roll Call #42 (House)On passage Passed by recorded vote: 245 - 180 (Roll no. 42).
Roll Call #42 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on the Budget.