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Title 2, The CongressRelease 119-110

§661b Omb and Cbo Analysis, Coordination, and Review

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

Last updated Sep 22, 2026|Official source

Summary

The OMB Director must coordinate cost estimates for the executive branch’s direct loan and loan guarantee programs. The Director must work with the agencies that run those programs and can let those agencies make estimates if they follow written rules. The Director must also consult with the Congressional Budget Office (CBO) when making those rules. The OMB and CBO Directors must work together to get better historical data, review outstanding loans each year, and have access to agency data to improve cost estimates. The OMB Director must also try to convert past budget numbers into credit reform accounting. By January 31, 1992, both Directors had to report to Congress on long‑term administrative costs for credit versus grant programs and recommend any needed changes.

Full Legal Text

Title 2, §661b

The Congress, Source: USLM XML via OLRC

(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.

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

Sep 22, 2026

Release point: 119-110