§153. Sec. 503. OMB and CBO analysis, coordination, and review (Credit Reform)

CBA (Contents)

Congressional Budget Act of 1974

Section 503

TITLE V—CREDIT REFORM
SEC. 503. OMB AND CBO ANALYSIS, COORDINATION, AND REVIEW.[1] 

(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 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 Program 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.

(f) Administrative Costs.—The Director and the Director of the Congressional Budget Office shall each analyze and report to Congress on differences in long-term administrative costs for credit programs versus grant programs by January 31, 1992. Their reports shall recommend to Congress any changes, if necessary, in the treatment of administrative costs under credit reform accounting.

 

 

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Counsel Notes

[1] This section is classified to the U.S. Code at 2 U.S.C. 661b. 

Report by the Congressional Budget Office

As required by section 503(f), CBO prepared a report by the date set forth in the section: Congressional Budget Office, Budgeting for Administrative Costs Under Credit Reform, January 1, 1992.

SECTION 503 (CBA, As Enacted)

Section 503 (CBA, as Enacted), as originally enacted by the Congressional Budget Act of 1974 (Pub. L. 93-344).

SECTION 503 (CBA, as in BPLA)

Section 503 (CBA, as in BPLA), as set forth in the Budget Process Law Annotated (1993).

Legislative History Notes
Public Laws

Pub. L. 101–508, title XIII, §13201(a), Nov. 5, 1990, 104 Stat. 1388–611 (Budget Enforcement Act of 1990) added §503 to Pub. L. 93–344, title V (Congressional Budget Act of 1974).

Prior Provisions

A prior section 503 (as enacted), with the heading Accounting Procedures, was included in the Congressional Budget Act of 1974 (Pub. L. 93–344, title V, July 12, 1974, 88 Stat. 321).

A prior section 503 of Pub. L. 93–344, title V, July 12, 1974, 88 Stat. 321 , was classified to section 701 of former Title 31, prior to repeal and reenactment in section 1552(a) of Title 31, Money and Finance, by Pub. L. 97–258, §5(b), Sept. 13, 1982, 96 Stat. 1068 , the first section of which enacted Title 31.

 

 

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[BCR § 153]