2 U.S.C. § 661

Purposes

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The purposes of this subchapter are to—(1) measure more accurately the costs of Federal credit programs;(2) place the cost of credit programs on a budgetary basis equivalent to other Federal spending;(3) encourage the delivery of benefits in the form most appropriate to the needs of beneficiaries; and(4) improve the allocation of resources among credit programs and between credit and other spending programs.(Pub. L. 93–344, title V, § 501, as added Pub. L. 101–508, title XIII, § 13201(a), Nov. 5, 1990, 104 Stat. 1388–610.)Editorial NotesPrior Provisions

A prior section 661, Pub. L. 93–344, title VI, § 606, July 12, 1974, 88 Stat. 325, directed that Budget Committees of House and Senate study, on a continuing basis, any provisions of law which exempt agencies or programs from inclusion in the budget and make recommendations from time to time with regard to terminating or modifying such provisions, prior to repeal by Pub. L. 99–177, title II, §§ 223, 275(a)(1), Dec. 12, 1985, 99 Stat. 1060, 1100, effective Dec. 12, 1985, and applicable with respect to fiscal years beginning after Sept. 30, 1985.

A prior section 501 of Pub. L. 93–344, title V, July 12, 1974, 88 Stat. 321, was classified to section 1020 of former Title 31, prior to repeal and reenactment as section 1102 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.

Statutory Notes and Related SubsidiariesShort Title

For short title of title V of Pub. L. 93–344, which enacted this subchapter, as the “Federal Credit Reform Act of 1990”, see section 500 of Pub. L. 93–344, set out as a note under section 621 of this title.

Notes of Decisions

Cited in 4 cases (1 in the last 5 years), 1993–2024 · leading case: Util. L. Rep. P 13,930 Wabash Valley Power Ass'n, Inc., an Indiana Not-For-Profit Corp. v. Rural Electrification Admin., 988 F.2d 1480 (7th Cir. 1993).

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Util. L. Rep. P 13,930 Wabash Valley Power Ass'n, Inc., an Indiana Not-For-Profit Corp. v. Rural Electrification Admin., 988 F.2d 1480 (7th Cir. 1993). “See 2 U.S.C. § 661 (Supp.1992). . Insured loans, which constitute a small percentage of REA credit activity, are made at a 5 percent interest rate.”

Anderson v. United States, 85 Fed. Cl. 532 (Fed. Cl. 2009). “The Federal Credit Reform Act, 2 U.S.C. §§ 661 -661f (2006), is the legal framework under which Congress determines funding for loan programs throughout the various departments of government.”

Applicability of the Fed. Credit Reform Act to Political Risk Ins. of Debt Issued by the United States Int'l Dev. Fin. Corp. (OLC 2024). · cites it 2× “” 2 U.S.C. § 661 (1), (2), (4). FCRA accomplishes these goals by defining the “cost” of federal credit programs to better track economic realities and then requiring agencies to operate based on those costs.”

Stokes v. Santander Consum. USA (MAG+) (M.D. Ala. 2019). “As a direct result of the banking act of 1862 through 1864, the Federal Reserve act of 1912-13, the Economic Relief Act of 1933, Statutory Federal Credit Union Reform Act of 1990, and 2 U.S.C. § 661 , there is no means by which anyone may pay a purported debt obligation.”

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