Title 2 — The CongressRelease 119-73

§661f Effect on other laws

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

Last updated Apr 6, 2026|Official source

Summary

Laws made before November 5, 1990 that conflict with these rules must be replaced, changed, or canceled. These rules do not set any credit limits on federal loan or loan guarantee programs. Money collected from loans or guarantees made before October 1, 1991 must go into agencies’ liquidating accounts. Those funds can be used, as they were before November 5, 1990, to pay obligations from those loans, including amounts owed to the Treasury or the Federal Financing Bank. Any extra balances must be transferred to the Treasury’s general fund at least once a year.

Full Legal Text

Title 2, §661f

The Congress — Source: USLM XML via OLRC

(a)This subchapter shall supersede, modify, or repeal any provision of law enacted prior to November 5, 1990, to the extent such provision is inconsistent with this subchapter. Nothing in this subchapter shall be construed to establish a credit limitation on any Federal loan or loan guarantee program.

(b)Collections resulting from direct loans obligated or loan guarantees committed prior to October 1, 1991, shall be credited to the liquidating accounts of Federal agencies. Amounts so credited shall be available, to the same extent that they were available prior to November 5, 1990, to liquidate obligations arising from such direct loans obligated or loan guarantees committed prior to October 1, 1991, including repayment of any obligations held by the Secretary of the Treasury or the Federal Financing Bank. The unobligated balances of such accounts that are in excess of current needs shall be transferred to the general fund of the Treasury. Such transfers shall be made from time to time but, at least once each year.

Reference

Citations & Metadata

Citation

2 U.S.C. § 661f

Title 2 — The Congress

Last Updated

Apr 6, 2026

Release point: 119-73