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Title 2 — The CongressRelease 119-73

§661b OMB and CBO analysis, coordination, and review

Title 2 › Chapter CHAPTER 17A— - CONGRESSIONAL BUDGET AND FISCAL OPERATIONS › Subchapter SUBCHAPTER III— - CREDIT REFORM › § 661b

Last updated Apr 6, 2026|Official source

Summary

The Director must oversee the executive branch’s cost estimates and talk with the agencies that run direct loan or loan guarantee programs. The Director can let those agencies make estimates if they follow written rules that match the chapter’s definitions. The Director must work with the Director of the Congressional Budget Office (CBO) when making guidelines, share and use agency data, and review loan program performance each year to make estimates better and adjust past budget numbers to credit reform accounting. By January 31, 1992, both Directors must report to Congress comparing long-term administrative costs for credit programs versus grants and suggest any needed changes.

Full Legal Text

Title 2, §661b

The Congress — Source: USLM XML via OLRC

(a)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)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)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)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)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)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.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

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, § 5(b), Sept. 13, 1982, 96 Stat. 1068, the first section of which enacted Title 31.

Reference

Citations & Metadata

Citation

2 U.S.C. § 661b

Title 2 — The Congress

Last Updated

Apr 6, 2026

Release point: 119-73