The Congress declares that it is essential—
to assure effective congressional control over the budgetary process;
to provide for the congressional determination each year of the appropriate level of Federal revenues and expenditures;
to provide a system of impoundment control;
to establish national budget priorities; and
to provide for the furnishing of information by the executive branch in a manner that will assist the Congress in discharging its duties.
Pub. L. 93–344, § 288 Stat. 298(, , .)
Editorial Notes
Codification
section 1301 of Title 31Pub. L. 97–258, § 196 Stat. 877Section was formerly classified to prior to the general revision and enactment of Title 31, Money and Finance, by , , .
Statutory Notes and Related Subsidiaries
Effective Date
Pub. L. 93–344, title IX, § 90588 Stat. 331Pub. L. 93–344Pub. L. 105–33, title X, § 10120(a)111 Stat. 696, , , provided effective dates for prior to repeal by , , .
Short Title of 1999 Amendment
Pub. L. 106–141, § 1113 Stat. 1699
“This Act [amending sections 658b and 658c of this title] may be cited as the ‘State Flexibility Clarification Act’.”
, , , provided that:
Short Title of 1981 Amendment
Pub. L. 97–108, § 195 Stat. 1510
section 653 of this titlesection 653 of this title“That this Act [amending and enacting provisions set out as notes under ] may be cited as the ‘State and Local Government Cost Estimate Act of 1981’.”
, , , provided:
Short Title
Pub. L. 93–344, § 1(a)88 Stat. 297Pub. L. 104–130, § 4(a)110 Stat. 1211
section 190a–3 of this titlesection 105 of Title 1section 105 of Title 1“This Act [enacting chapters 17, 17A and 17B, and , and sections 11a, 11c, 11d, and 1020a of former Title 31, amending , General Provisions, sections 190b and 190d of this title, and sections 11, 665, 701, 1020, and 1151, 1152, 1153, and 1154 of former Title 31, repealing sections 66 and 81 of this title, and sections 571 and 581c–1 of former Title 31, and enacting provisions set out as notes under sections 190a–1, 621, 632, and 682 of this title, , General Provisions, and 1020 of former Title 31] may be cited as the ‘Congressional Budget and Impoundment Control Act of 1974’. Titles I through IX may be cited as the ‘Congressional Budget Act of 1974’, and title X [enacting chapter 17B of this title] may be cited as the ‘Impoundment Control Act of 1974’.”
, , , as amended by , , , provided that:
section 1(a) of Pub. L. 93–344Pub. L. 104–130section 5 of Pub. L. 104–130section 691 of this title[Amendment of , set out above, by was reversed pursuant to , set out as an Effective and Termination Dates note under .]
Pub. L. 93–344, title V, § 500Pub. L. 101–508, title XIII, § 13201(a)104 Stat. 1388–609
“This title [enacting subchapter III of this chapter] may be cited as the ‘Federal Credit Reform Act of 1990’.”
, as added , , , provided that:
Financial Safety and Soundness of Government-Sponsored Enterprises
Pub. L. 101–508, title XIII, § 13501104 Stat. 1388–628
Definition .—
For purposes of this section, the terms ‘Government-sponsored enterprise’ and ‘GSE’ mean the Farm Credit System (including the Farm Credit Banks, Banks for Cooperatives, and Federal Agricultural Mortgage Corporation), the Federal Home Loan Bank System, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, and the Student Loan Marketing Association.
Treasury Department Study and Proposed Legislation.—
The Department of the Treasury shall prepare and submit to Congress no later than , a study of GSEs and recommended legislation.
The study shall include an objective assessment of the financial soundness of GSEs, the adequacy of the existing regulatory structure for GSEs, the financial exposure of the Federal Government posed by GSEs, and the effects of GSE activities on Treasury borrowing.
Congressional Budget Office Study.—
The Congressional Budget Office shall prepare and submit to Congress no later than , a study of GSEs.
The study shall include an analysis of the financial risks each GSE assumes, how Congress may improve its understanding of those risks, the supervision and regulation of GSEs’ risk management, the financial exposure of the Federal Government posed by GSEs, and the effects of GSE activities on Treasury borrowing. The study shall also include an analysis of alternative models for oversight of GSEs and of the costs and benefits of each alternative model to the Government and to the markets and beneficiaries served by GSEs.
Access to Relevant Information.—
For the studies required by this section, each GSE shall provide full and prompt access to the Secretary of the Treasury and the Director of the Congressional Budget Office to its books and records and other information requested by the Secretary of the Treasury or the Director of the Congressional Budget Office.
In preparing the studies required by this section, the Secretary of the Treasury and the Director of the Congressional Budget Office may request information from, or the assistance of, any Federal department or agency authorized by law to supervise the activities of a GSE.
Confidentiality of Relevant Information.—
The Secretary of the Treasury and the Director of the Congressional Budget Office shall determine and maintain the confidentiality of any book, record, or information made available by a GSE under this section in a manner consistent with the level of confidentiality established for the material by the GSE involved.
section 552 of title 5 The Department of the Treasury shall be exempt from , United States Code, for any book, record, or information made available under subsection (d) and determined by the Secretary of the Treasury to be confidential under this subsection.
section 1906 of title 18 Any officer or employee of the Department of the Treasury shall be subject to the penalties set forth in , United States Code, if—
by virtue of his or her employment or official position, he or she has possession of or access to any book, record, or information made available under and determined to be confidential under this section; and
he or she discloses the material in any manner other than—
to an officer or employee of the Department of the Treasury; or
pursuant to the exception set forth in such section 1906.
2 U.S.C. 603 The Congressional Budget Office shall be exempt from section 203 of the Congressional Budget Act of 1974 [] with respect to any book, record, or information made available under this subsection and determined by the Director to be confidential under paragraph (1).
Requirement to Report Legislation .—
The committees of jurisdiction in the House shall prepare and report to the House no later than , legislation to ensure the financial soundness of GSEs and to minimize the possibility that a GSE might require future assistance from the Government.
It is the sense of the Senate that the committees of jurisdiction in the Senate shall prepare and report to the Senate no later than , legislation to ensure the financial safety and soundness of GSEs and to minimize the possibility that a GSE might require future assistance from the Government.
President’s Budget [sic] .—
The President’s annual budget submission shall include an analysis of the financial condition of the GSEs and the financial exposure of the Government, if any, posed by GSEs.”
Multiyear Authorizations and 2-Year Appropriations for Selected Agencies and Accounts
Pub. L. 100–119, title II, § 201101 Stat. 784
“It is the sense of the Congress that the Congress should undertake an experiment with multiyear authorizations and 2-year appropriations for selected agencies and accounts. An evaluation of the efficacy and desirability of such experiment should be conducted at the end of the 2-year period. The appropriate committees are directed to develop a plan in consultation with the leadership of the House and Senate to implement this experiment.”
, , , provided that:
Financial Management Reform
Pub. L. 100–119, title II, § 203101 Stat. 784
“It is the sense of the Congress that the Congress should undertake a coordinated effort to identify problems and develop specific recommendations to reform the financial management systems of the United States Government, including consideration of the use of generally accepted accounting principles.”
, , , provided that:
Exercise of Congressional Rulemaking Power
Pub. L. 93–344, title IX, § 90488 Stat. 331Pub. L. 99–177, title II, § 271(a)99 Stat. 1094Pub. L. 101–508, title XIII104 Stat. 1388–608Pub. L. 104–130, § 4(c)110 Stat. 1212Pub. L. 105–33, title X, § 10119111 Stat. 695Pub. L. 112–25, title I, § 105(c)125 Stat. 247Pub. L. 113–67, div. A, title I, § 122(16)127 Stat. 1176
The provisions of this title and of titles I, III, IV, and V and the provisions of sections 701, 703, and 1017 [enacting this chapter (except subchapter IV) and sections 190a–3 and 688 of this title, amending the Rules of the House of Representatives and the Standing Rules of the Senate, and sections 190b and 190d of this title, and enacting provisions set out as notes under this section and sections 190a–1 and 632 of this title] are enacted by the Congress—
as an exercise of the rulemaking power of the House of Representatives and the Senate, respectively, and as such they shall be considered as part of the rules of each House, respectively, or of that House to which they specifically apply, and such rules shall supersede other rules only to the extent that they are inconsistent therewith; and
with full recognition of the constitutional right of either House to change such rules (so far as relating to such House) at any time, in the same manner, and to the same extent as in the case of any other rule of such House.
Any provision of title III or IV [enacting subchapters I and II of this chapter] may be waived or suspended in the Senate by a majority vote of the Members voting, a quorum being present, or by the unanimous consent of the Senate.
Waivers.—
Permanent .—
Sections 305(b)(2), 305(c)(4), 306, 310(d)(2), 313, 904(c), and 904(d) of this Act [sections 636(b)(2), (c)(4), 637, 641(d)(2), and 644 of this title and subsecs. (c) and (d) of this note] may be waived or suspended in the Senate only by the affirmative vote of three-fifths of the Members, duly chosen and sworn.
Temporary .—
Sections 301(i), 302(c), 302(f), 310(g), 311(a), 312(b), 312(c), 314(e), and 314(f) of this Act [sections 632(i), 633(c), (f), 641(g), 642(a), 643(b), (c), and 645(e), (f) of this title] and sections 258(a)(4)(C), 258A(b)(3)(C)(i), 258B(f)(1), 258B(h)(1), 258B(h)(3), 258C(a)(5), and 258C(b)(1) of the Balanced Budget and Emergency Deficit Control Act of 1985 [sections 907a(a)(4)(C), 907b(b)(3)(C)(i), 907c(f)(1), (h)(1), (3), and 907d(a)(5), (b)(1) of this title] may be waived or suspended in the Senate only by the affirmative vote of three-fifths of the Members, duly chosen and sworn.
Appeals.—
Procedure .—
section 688 of this titleAppeals in the Senate from the decisions of the Chair relating to any provision of title III or IV [enacting subchapters I and II of this chapter] or section 1017 [] shall, except as otherwise provided therein, be limited to 1 hour, to be equally divided between, and controlled by, the mover and the manager of the resolution, concurrent resolution, reconciliation bill, or rescission bill, as the case may be.
Permanent .—
An affirmative vote of three-fifths of the Members, duly chosen and sworn, shall be required in the Senate to sustain an appeal of the ruling of the Chair on a point of order raised under sections 305(b)(2), 305(c)(4), 306, 310(d)(2), 313, 904(c), and 904(d) of this Act [sections 636(b)(2), (c)(4), 637, 641(d)(2), 644 of this title and subsecs. (c) and (d) of this note].
Temporary .—
An affirmative vote of three-fifths of the Members, duly chosen and sworn, shall be required in the Senate to sustain an appeal of the ruling of the Chair on a point of order raised under sections 301(i), 302(c), 302(f), 310(g), 311(a), 312(b), 312(c), 314(e), and 314(f) of this Act and sections 258(a)(4)(C), 258A(b)(3)(C)(i), 258B(f)(1), 258B(h)(1), 258B(h)(3), 258C(a)(5), and 258C(b)(1) of the Balanced Budget and Emergency Deficit Control Act of 1985.
Expiration of Certain Supermajority Voting Requirements .—
Subsections (c)(2) and (d)(3) shall expire on .”
section 904 of Pub. L. 93–344Pub. L. 104–130section 5 of Pub. L. 104–130section 691 of this title[Amendment of , set out above, by was reversed pursuant to , set out as an Effective and Termination Dates note under .]