Title 2, The CongressRelease 119-110

§661f Effect on Other Laws

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

Last updated Sep 22, 2026|Official source

Summary

Overrides older laws passed before November 5, 1990 when they conflict with these rules. It does not create any credit limit on federal loan or loan guarantee programs. Money collected from direct loans made or loan guarantees committed before October 1, 1991 must go into the federal agencies’ liquidating accounts. Those funds can be used the same way they were before November 5, 1990 to pay off those loans or guarantees, including amounts owed to the Treasury or the Federal Financing Bank. Any leftover balances above current needs must be moved into the Treasury’s general fund from time to time, and at least once each year.

Full Legal Text

Title 2, §661f

The Congress, Source: USLM XML via OLRC

(a)Effect on other laws

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)Crediting of collections

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

Sep 22, 2026

Release point: 119-110