§ 661d. Authorizations

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1990

   Pub. L. 93–344 title V § 505 · 88 Stat. 297

   Enacted · 2 U.S.C. § 661d

   Pub. L. 93–344, title V, § 505, as added Pub. L. 101–508, title XIII, § 13201(a), Nov. 5, 1990, 104 Stat. 1388–613

   Source evidence

   Code source credit
   Pub. L. 93–344, title V, § 505, as added Pub. L. 101–508, title XIII, § 13201(a), Nov. 5, 1990, 104 Stat. 1388–613

   Enacted provision · exact public law section
   Sec. 505. The following provisions of law are repealed: (1) the ninth paragraph under the headings “Legislative Establishment”, “Senate”, of the Deficiency Appropriation Act, fiscal year 1934 (48 Stat. 1022; 2 U.S.C. 66) ; and (2) the proviso to the second paragraph under the headings “House of Representatives”, “Salaries, Mileage, and Expenses of Members”, of the Legislative-Judiciary Appropriation Act, 1955 (68 Stat. 400; 2 U.S.C. 81).

2. 1997

   Balanced Budget Act of 1997

   Pub. L. 105–33 § 10117(c)(2) · 111 Stat. 251

   Substituted · 2 U.S.C. § 661d(c)

   Pub. L. 105–33, § 10117(c)(2), substituted “supersede” for “supercede”

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 105–33, § 10117(c)(2), substituted “supersede” for “supercede”.

   Enacted provision · exact public law section
   (2) In subsection (c), by striking “supercede” and inserting “supersede”.

3. 1997

   Balanced Budget Act of 1997

   Pub. L. 105–33 § 10117(c)(1) · 111 Stat. 251

   Inserted · 2 U.S.C. § 661d(c)

   Pub. L. 105–33, § 10117(c)(1), inserted before period at end of second sentence “, except that the rate of interest charged by the Secretary on lending to financing accounts (including amounts treated as lending to financing accounts by the Federal Financing Bank (hereinafter in this subsection referred to as the ‘Bank’) pursuant to section 655(b) of this title) and the rate of interest paid to financing accounts on uninvested balances in financing accounts shall be the same as the rate determined pursuant to section 661a(5)(E) of this title. For guaranteed loans financed by the Bank and treated as direct loans by a Federal agency pursuant to section 655(b) of this title, any fee or interest surcharge (the amount by which the interest rate charged exceeds the rate determined pursuant to section 661a(5)(E) of this title) that the Bank charges to a private borrower pursuant to section 2285(c) of title 12 shall be considered a cash flow to the Government for the purposes of determining the cost of the direct loan pursuant to section 661a(5) of this title. All such amounts shall be credited to the appropriate financing account. The Bank is authorized to require reimbursement from a Federal agency to cover the administrative expenses of the Bank that are attributable to the direct loans financed for that agency. All such payments by an agency shall be considered administrative expenses subject to section 661c(g) of this title. This subsection shall apply to transactions related to direct loan obligations or loan guarantee commitments made on or after October 1, 1991”

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 105–33, § 10117(c)(1), inserted before period at end of second sentence “, except that the rate of interest charged by the Secretary on lending to financing accounts (including amounts treated as lending to financing accounts by the Federal Financing Bank (hereinafter in this subsection referred to as the ‘Bank’) pursuant to section 655(b) of this title) and the rate of interest paid to financing accounts on uninvested balances in financing accounts shall be the same as the rate determined pursuant to section 661a(5)(E) of this title. For guaranteed loans financed by the Bank and treated as direct loans by a Federal agency pursuant to section 655(b) of this title, any fee or interest surcharge (the amount by which the interest rate charged exceeds the rate determined pursuant to section 661a(5)(E) of this title) that the Bank charges to a private borrower pursuant to section 2285(c) of title 12 shall be considered a cash flow to the Government for the purposes of determining the cost of the direct loan pursuant to section 661a(5) of this title. All such amounts shall be credited to the appropriate financing account. The Bank is authorized to require reimbursement from a Federal agency to cover the administrative expenses of the Bank that are attributable to the direct loans financed for that agency. All such payments by an agency shall be considered administrative expenses subject to section 661c(g) of this title. This subsection shall apply to transactions related to direct loan obligations or loan guarantee commitments made on or after October 1, 1991”.

   Enacted provision · exact public law section
   (1) In subsection (c), by inserting before the period at the end of the second sentence the following: “, except that the rate of interest charged by the Secretary on lending to financing accounts (including amounts treated as lending to financing accounts by the Federal Financing Bank (hereinafter in this subsection referred to as the ‘Bank’) pursuant to section 406(b)) and the rate of interest paid to financing accounts on uninvested balances in financing accounts shall be the same as the rate determined pursuant to section 502(5)(E). For guaranteed loans financed by the Bank and treated as direct loans by a Federal agency pursuant to section 406(b), any fee or interest surcharge (the amount by which the interest rate charged exceeds the rate determined pursuant to section 502(5)(E)) that the Bank charges to a private borrower pursuant to section 6(c) of the Federal Financing Bank Act of 1973 shall be considered a cash flow to the Government for the purposes of determining the cost of the direct loan pursuant to section 502(5). All such amounts shall be credited to the appropriate financing account. The Bank is authorized to require reimbursement from a Federal agency to cover the administrative expenses of the Bank that are attributable to the direct loans financed for that agency. All such payments by an agency shall be considered administrative expenses subject Applicability. to section 504(g). This subsection shall apply to transactions related to direct loan obligations or loan guarantee commitments made on or after October 1, 1991”.

4. 1997

   Balanced Budget Act of 1997

   Pub. L. 105–33 § 10117(c)(3) · 111 Stat. 251

   Amended · 2 U.S.C. § 661d(d)

   Pub. L. 105–33, § 10117(c)(3), amended heading and text of subsec. (d) generally. Prior to amendment, text read as follows: “If funds in liquidating accounts are insufficient to satisfy the obligations and commitments of said accounts, there is hereby provided permanent, indefinite authority to make any payments required to be made on such obligations and commitments.”

   Source evidence

   Code amendment note
   Subsec. (d). Pub. L. 105–33, § 10117(c)(3), amended heading and text of subsec. (d) generally. Prior to amendment, text read as follows: “If funds in liquidating accounts are insufficient to satisfy the obligations and commitments of said accounts, there is hereby provided permanent, indefinite authority to make any payments required to be made on such obligations and commitments.”

   Enacted provision · exact public law section
   (3) By amending subsection (d) to read as follows: “(d) Authorization for Liquidating Accounts.— (1) Amounts in liquidating accounts shall be available only for payments resulting from direct loan obligations or loan guarantee commitments made prior to October 1, 1991, for— “(A) interest payments and principal repayments to the Treasury or the Federal Financing Bank for amounts borrowed; “(B) disbursements of loans; “(C) default and other guarantee claim payments; “(D) interest supplement payments; “(E) payments for the costs of foreclosing, managing, and selling collateral that are capitalized or routinely deducted from the proceeds of sales; “(F) payments to financing accounts when required for modifications; “(G) administrative expenses, if— “(i) amounts credited to the liquidating account would have been available for administrative expenses under a provision of law in effect prior to October 1, 1991; and “(ii) no direct loan obligation or loan guarantee commitment has been made, or any modification of a direct loan or loan guarantee has been made, since September 30, 1991; or “(H) such other payments as are necessary for the liquidation of such direct loan obligations and loan guarantee commitments. “(2) Amounts credited to liquidating accounts in any year shall be available only for payments required in that year. Any unobligated balances in liquidating accounts at the end of a fiscal year shall be transferred to miscellaneous receipts as soon as practicable after the end of the fiscal year. “(3) If funds in liquidating accounts are insufficient to satisfy obligations and commitments of such accounts, there is hereby provided permanent, indefinite authority to make any payments required to be made on such obligations and commitments.”.

5. 2013

   Bipartisan Budget Act of 2013

   Pub. L. 113–67 div. A title I § 122(15) · 127 Stat. 1165

   Changed · 2 U.S.C. § 661d(c)

   Pub. L. 113–67 made technical amendment to reference in original act which appears in text as reference to section 655(b) of this title

   Source evidence

   Code amendment note
   Subsec. (c). Pub. L. 113–67 made technical amendment to reference in original act which appears in text as reference to section 655(b) of this title.

   Enacted provision · exact public law section
   (15) In section 505(c) 2 USC 661d. , strike “section 406(b)” both places it appears and insert “section 405(b)”.

5 of 5 references resolved to an enrolled provision