§ 661b. — OMB and CBO analysis, coordination, and review.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 2USC661b]
TITLE 2--THE CONGRESS
CHAPTER 17A--CONGRESSIONAL BUDGET AND FISCAL OPERATIONS
SUBCHAPTER III--CREDIT REFORM
Sec. 661b. OMB and CBO analysis, coordination, and review
(a) In general
For the executive branch, the Director shall be responsible for
coordinating the estimates required by this subchapter. 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 subchapter.
(c) Coordination with 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.
(Pub. L. 93-344, title V, Sec. 503, as added Pub. L. 101-508, title
XIII, Sec. 13201(a), Nov. 5, 1990, 104 Stat. 1388-611.)
Prior Provisions
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, Sec. 5(b), Sept. 13, 1982, 96 Stat. 1068,
the first section of which enacted Title 31.
