Page:United States Statutes at Large Volume 104 Part 2.djvu/1019

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PUBLIC LAW 101-508 —NOV. 5, 1990 104 STAT. 1388-611 "(i) estimated payments by the Government to cover defaults and delinquencies, interest subsidies, or other pay- ments, and "(ii) the estimated pa3mients to the Government including origination and other fees, penalties and recoveries, "(D) Any Government action that alters the estimated net present value of an outstanding direct loan or loan guarantee (except modifications within the terms of existing contracts or through other existing authorities) shall be counted as a change in the cost of that direct loan or loan guarantee. The calculation of such changes shall be based on the estimated present value of the direct loan or loan guarantee at the time of modification. "(E) In estimating net present values, the discount rate shall be the average interest rate on marketable Treasury securities of similar maturity to the direct loan or loan guarantee for which the estimate is being made. "(6) The term 'credit program account' means the budget account into which an appropriation to cover the cost of a direct loan or loan guarantee program is made and from which such cost is disbursed to the financing account. "(7) The term 'financing account' means the non-budget account or accounts associated with each credit program account which holds balances, receives the cost pa3anent from the credit program account, and also includes all other cash flows to and from the Government resulting from direct loan obligations or loan guarantee commitments made on or after October 1, 1991. "(8) The term 'liquidating account' means the budget account that includes all cash flows to and from the Government resulting from direct loan obligations or loan guarantee commitments made prior to October 1, 1991. These accounts shall be shown in the budget on a cash basis. "(9) The term 'Director' means the Director of the Office of Management and Budget. "SEC. 503. OMB AND CBO ANALYSIS, COORDINATION, AND REVIEW. 2 USC 661b. "(a) IN GENERAL.—For the executive branch, the Director shall be responsible for coordinating the estimates required by this title. 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 title. "(c) (DOORDINATION WiTH THE 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 Congression£d Budget Office shall have access to all agency data that may facilitate the development and improvement of estimates of costs.