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. - 790 Nothing in this title shall be construed as authorizing or requiring the purchase of insurance or reinsurance on a direct loan or loan guarantee"1 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 loan or a loan guarantee.' 793 794 789 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. SEC. 506. TREATMENT OF DEPOSIT INSURANCE AND795 AGENCIES AND OTHER INSURANCE PROGRAMS." 796 (1) This title shall not apply to the credit or insurance activities of the Federal Deposit Insurance Corporation, National Credit Union Administration, Resolution 794 (...continued) 794 Section 502(3) defines "loan guarantee." See supra p. 232. Section 13201(a) of the Budget Enforcement Act created the new title V on credit reform, including section 505, and repealed what used to be section 505.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: 795 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 The following provisions of law are repealed: (1) the ninth paragraph under the headings "Legislative Establishment", "Senate", of the Deficiency Appropriation Act, fiscal year 1934 (48 Stat. 1022; 2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). 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 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 Author ity. 799 (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, or on a different basis. Each Director shall report findings and recommendations to the President and the Congress on or before May 31, 1991. (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. SEC. 507. EFFECT ON OTHER LAWS.800 (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. 801 (b) CREDITING OF COLLECTIONS. Collections resulting from direct loans 802 obligated or loan guarantees803 committed prior to October 1, 1991, shall be credited to the liquidating accounts804 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. 800 Section 13201(a) of the Budget Enforcement Act created the new title V on credit reform, including section 507. See infra p. 629. 801 Section 502(3) defines "loan guarantee." See supra p. 232. 802 Section 502(1) defines "direct loan." See supra p. 232. 803 804 Section 502(3) defines "loan guarantee." See supra p. 232. Section 502(8) defines "liquidating account." See supra p. 235. TITLE VI BUDGET AGREEMENT ENFORCEMENT PROVISIONS 805 805 Section 13111 of the Budget Enforcement Act repealed the original title heading of title VI and added what is now title VI. See infra p. 623. As originally enacted in 1974, the title heading for title VI read as follows: TITLE VI AMENDMENTS TO BUDGET AND ACCOUNTING ACT, 1921 Public Law 97-258 repealed the sections 601-605 and 607 originally enacted in the Congressional Budget Act of 1974. 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, § 5(b), 96 Stat. 877, 1082 (Sept. 13, 1982). Section 223 of Gramm-Rudman-Hollings repealed the original section 606. See infra p. 354. The original sections 601-605 and 607 were codified in sections 1105, 1106, and 1108-1110 of title 31. The statement of managers accompanying the conference report on the Budget Enforcement Act explains provisions of the new title VI: IX. ADDITIONAL CHANGES TO THE CONGRESSIONAL BUDGET AND IMPOUND- Current law The Congressional Budget and Impoundment Control Act of 1974, as amended, provides for the adoption each year of a concurrent resolution on the budget setting forth spending, deficit, and revenue levels. The budget resolution is enforced principally through points of order against legislation violating budget resolution spending, revenue, and deficit levels, and through reconciliation instructions to congressional committees. Budget resolutions include budget levels for three fiscal years, but only the first year levels are binding (i.e., enforceable by points of order). The budget resolution may not provide for a deficit in excess of the Gramm-Rudman-Hollings deficit target for the fiscal year. There are no other restrictions on congressional discretion in setting budget resolution levels under current law. Title X of the Act establishes congressional procedures for considering impoundment of funds by the executive branch. House bill |