BPLA (Contents)

Budget Process Law Annotated (1993)

Section 501

Congressional Budget and Impoundment Control Act of  1974

[Page 279]

SEC. 501.⁷⁴¹ PURPOSES.

The purposes or this title are to—

(1)     measure more accurately the costs⁷⁴² of Federal credit programs;

(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 cred it programs and between credit and other spending programs.⁷⁴³

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741. Section 501 is codified at Sec. 661. Purposes (Supp. IV 1992).

742. Section 502(5) defines “cost.” See infra p. 281.

743. Section 13201(a) of the Budget Enforcement Act of 1990 created the new title V on credit reform, including section 501. See infra p. 713. Public Law 97-258 repealed what used to be section 501. 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. 97-258, 96 Stat. 877,1082 (1982). Section 501 was codified in section 1102 of title 31. As originally enacted in 1974, section 501 read as follows:

fiscal year to begin on october 1

Sec. 501. Section 237 or the Revised Statutes (31 U.S.C. 1020) is amended to read as follows:

“Sec. 237. (a) The fiscal year of the Treasury or the United States, in all matters or accounts, receipts, expenditures, estimates, and appropriations—

“(1) shall, through June 30, 1976, commence on July of each year and end on June 30 or the following year; and

“(2) shall, beginning on October 1, 1976, commence on October 1 of each year and end on September 30 of the following year.

“(b) All accounts of receipts and expenditures required by law lo be published annually shall be prepared and published for each fiscal year as established by subsection (a).”

Counsel Notes

SECTION 501, in Current Law

Section 501, as in the current Congressional Budget Act of 1974 (Pub. L. 97-344).

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