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Section 13201(a) of the Budget Enforcement Act created the new title V on credit reform, including section 504. See infra p. 629. Public Law 97-258 repealed what used to be section 504. See An Act to Revise, Codify, and Enact Without Substantive Change Certain General and Permanent Laws, Related to Money and Finance, as title 31, United States Code, "Money and Finance," Pub. L. No. 97-258, 96 Stat. 877, 1082 (Sept. 13, 1982). As originally enacted in 1974, section 504 read as follows:

CONVERSION OF AUTHORIZATIONS OF APPROPRIATIONS

SEC. 504. Any law providing for an authorization of appropriations commencing on July 1 of a year shall, if that year is any year after 1975, be considered as meaning October 1 of that year. Any law providing for an authorization of appropriations ending on June 30 of a year shall, if that year is any year after 1976, be considered as meaning September 30 of that year. Any law providing for an authorization of appropriations for the fiscal year 1977 or any fiscal year thereafter shall be construed as referring to that fiscal year ending on September 30 of the calendar year having the same calendar

SEC. 505. AUTHORIZATIONS.781

(a) AUTHORIZATION OF APPROPRIATIONS FOR Costs.782 -- There are authorized to be appropriated to each Federal agency authorized to make direct loan obligations or loan guarantee commitments,184 such sums as may be necessary to pay the cost associated with such direct loan obligations or loan guarantee commitments.

785

(b) 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.

786

(c) TREASURY TRANSACTIONS WITH THE FINANCING ACCOUNTS. 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 above. The authorities described above shall not be construed to supercede or override the authority of the head of a Federal agency to administer and operate a direct loan787 or loan guarantee788 program. All of the transactions provided in this subsection shall be subject to the provisions of subchapter II of chapter 15 of

781

For legislative history of section 505, see infra note 794.

782

Section 502(5) defines "cost." See supra p. 233.

783

Section 502(2) defines "direct loan obligation." See supra p. 232.

784

Section 502(4) defines "loan guarantee commitment." See supra p. 233.

785

Section 502(7) defines "financing account." See supra p. 235.

786

Section 502(7) defines "financing account." See supra p. 235.

787

Section 502(1) defines "direct loan." See supra p. 232.

title 31, United States Code. 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.

789

(d) AUTHORIZATION FOR LIQUIDATING ACCOUNTS. If funds in liquidating accounts are insufficient to satisfy the obligations and commitments of said accounts, there is hereby provided permanent, indefinite authority to make any payments required to be made on such obligations and commitments.

(e) AUTHORIZATION OF APPROPRIATIONS FOR IMPLEMENTATION EXPENSES. -- There are authorized to be appropriated to existing accounts such sums as may be necessary for salaries and expenses to carry out the responsibilities under this title.

(f) 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.

(g) 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

or a loan guarantee.

794

loan793

789

Section 502(8) defines "liquidating account.” See supra p. 235.

790

Section 502(1) defines "direct loan." See supra p. 232.

791

Section 502(3) defines "loan guarantee." See supra p. 232.

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SEC. 506. TREATMENT OF DEPOSIT INSUR

ANCE AND795 AGENCIES AND OTHER
INSURANCE PROGRAMS.7%

(a) IN GENERAL.797

(1) This title shall not apply to the credit or insurance activities of the Federal Deposit Insurance Corporation, National Credit Union Administration, Resolution

79...continued)

Section 502(3) defines "loan guarantee." See supra p. 232.

794

Section 13201(a) of the Budget Enforcement Act created the new title V on credit reform, including section 505, and repealed what used to be section 505. See infra p. 629. Before enactment of the Budget Enforcement Act, section 505 read as follows:

REPEALS

SEC. 505. The following provisions of law are repealed:

(1) the ninth paragraph under the headings "Legislative Establishment", "Senate", of the Deficiency Appropriation Act, fiscal year 1934 (48 Stat. 1022; 2 U.S.C. 66); and

(2) the proviso to the second paragraph under the headings "House of Representatives", "Salaries, Mileage, and Expenses of Members", of the Legislative-Judiciary Appropriation Act, 1955 (68 Stat. 400; 2 U.S.C. 81).

795

This is so in the original; the word "and" should not be here.

796

Section 13201(a) of the Budget Enforcement Act created the new title V on credit reform, including section 507, and repealed what used to be section 506. See infra p. 629. Before enactment of the Budget Enforcement Act, section 506 read as follows:

TECHNICAL AMENDMENT

SEC. 506. (a) Section 105 of title 1, United States Code, is amended by striking out "June 30" and inserting in lieu thereof "September 30".

(b) The provisions of subsection (a) of this section shall be effective with respect to Acts making appropriations for the support of the Government for

any fiscal year commencing on or after October 1, 1976.

797 This subsection heading is so in the original. It should not be here, as there is no

Trust Corporation, Pension Benefit Guaranty Corporation, National Flood Insurance, National Insurance Development Fund, Crop Insurance, or Tennessee Valley Authority.

(2) The Director798 and the Director of the Congressional Budget Office shall each study whether the accounting for Federal deposit insurance programs should be on a cash basis on the same basis as loan guarantees, a different basis. Each Director shall report findings and recommendations to the President and the Congress on or before May 31, 1991.

799

or on

(3) For the purposes of paragraph (2), the Office of Management and Budget and the Congressional Budget Office shall have access to all agency data that may facilitate these studies.

798

Section 502(9) defines "Director" as "the Director of the Office of Management and Budget." See supra p. 235.

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