CONCURRENT RESOLUTION S — J U N E 12, 1980
94 STAT. 3667
concurrent resolution on the budget, and on any reconciliation legislation required by such resolution. Action on such resolution should be completed not later than August 28, 1980. (c) Notwithstanding subsection (a) or (b) of this section, a resolution adopted under section 402 of the Crude Oil Windfall Profit Tax of 1980 (26 U.S.C. 1) which has the effect of reducing revenues shall be ^«^«' P ^oi. enrolled. SEC. 10. There is established a Congressional Federal Credit Budget for fiscal year 1981. (a) The appropriate levels of total Federal credit activity for fiscal year 1981 are: (1) New direct loan obligations, $63,900,000,000; (2) New primary loan guarantee commitments, $79,600,000,000. (b) It is the sense of the Congress that the President and the Congress, through the appropriations process, should limit in fiscal year 1981 the off-budget lending activity of the Federal Government to a level not to exceed $25,800,000,000; the on-budget lending activity to a level not to exceed $38,100,000,000; and new primary loan guarantee commitments to a level not to exceed $79,600,000,000. SEC. 11. It is the sense of the Senate that due to the extreme rate of inflation in the United States economy, the possible inflationary effects of Federal regulations and legislation shall be carefully monitored as part of this program of fiscal restraint. Inflationary effects should therefore be a prime consideration in developing both regulations and legislation. In order to coordinate the aggregate economic impact of regulations with Federal fiscal policy, it is the sense of the Senate that the President should implement a "zero net inflation impact" policy for the Federal regulations promulgated in the remainder of fiscal year 1980 and fiscal year 1981. This policy will require the President to keep an accounting for fiscal years 1980 and 1981 of all new regulations which have a significant, measurable cost to the economy. The aggregate net increase in costs or price effects of new regulations would have to be offset by modifications to existing regulations which reduce the costs or price effects by at least that amount in fiscal years 1980 and 1981, as well as subsequent fiscal years. The cost-saving modifications need not affect the same area of economic activity as the cost-inducing regulations. The President should institute an exemption procedure to assure the promulgation of regulations necessary to avert any imminent threat to health and safety. It is also the sense of the Senate that the Director of the Congressional Budget Office should issue a periodic "inflation scorekeeping" report which shall contain an estimate of the positive or negative inflationary effects, wherever measurable, of legislation enacted to date in the current session of Congress. The report shall also indicate for each bill, promptly after it is reported by a committee of Congress, whether: (1) it is judged to have no significant positive or negative impact on inflation; (2) it is judged to have a positive or negative inflationary impact on the amount specified in terms of both dollar amounts and change in the Consumer Price Index; and (3) it is judged likely to have a significant positive or negative impact on inflation, but the amount cannot be determined immediately. SEC. 12. Congress calls upon the President to review current inflation measures used for indexing Federal programs, as well as other indexing alternatives, to report to Congress by November 30,
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