BPLA (Contents)

Budget Process Law Annotated (1993)

Section 506

Congressional Budget and Impoundment Control Act of  1974

[PAGES 296-297]

[PAGE 296]

SEC. 506.⁸⁴⁰ TREATMENT OF DEPOSIT INSURANCE AND¹⁴¹ AGENCIES AND OTHER INSURANCE PROGRAMS.

(a)⁸⁴² In General.⁸⁴³—

(1) 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.

(2) The Director⁸⁴⁴ and the Director of the Congressional Budget Office shall each study whether the accounting [p. 297] for Federal Deposit Insurance programs should be on a cash basis on the same basis as loan guarantees⁸⁴⁵ 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.

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840. Section 506 is codified at 2 U.S.C. § 661e (Supp. IV 1992). Section 13201(a) of the Budget Enforcement Act of 1990 created the new title V on credit reform, including section 507, and repealed what used to be section 506. See infra p. 713. Before enactment of the Budget Enforcement Act of 1990, 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.

841. This is so in the original; the word “and” should not be here.[1]

842. Section 13201(a) of the Budget Enforcement Act of 1990 (see infra p. 713) created a subsection (a) here, even though it created no subsection (b) below.

843. This subsection heading is so in the original. It should not be here, as there is no subsection (b).[2]

844. Section 502(9) defines “Director” as “the Director of the Office of Management and Budget.” See supra p. 284.

845. Section 502(3) defines “loan guarantee.” See supra p. 280.

Counsel Notes

SECTION 506, in Current Law

Section 506, as in the current Congressional Budget Act of 1974 (Pub. L. 97-344).

Endnotes

[1] The word “and” remains in the section heading of this section.

[2] The Budget Enforcement Act of 1997 (Pub. L.105-33) struck out subsection (a) designation and heading, redesignated par-agraphs (1) to (3) of former subsection (a) as subsections (a) to (c), respectively, inserted subsection headings, and substituted “subsection (b)” for “paragraph (2)” in subsection (c).

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