From the Congressional Glossary – Including Legislative and Budget Terms Wholly-Owned Government Corporation An enterprise or business activity designated by the Government Corporation Control Act of 1945 (31 U.S.C. § 9101) or some other statute as a wholly-owned government corporation. Each such corporation is required to submit an annual business-type statement to the Office of … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Federal Fund Accounts photo credit: 401K Budgetary accounts composed of moneys collected and spent by the federal government other than those designated as trust funds. Federal fund accounts include general, special, public enterprise, and intragovernmental fund accounts. (See also Standard General Ledger Chart of Accounts.) … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Working Capital Fund photo credit: General Wesc A type of intragovernmental revolving fund that operates as a self-supporting entity that conducts a regular cycle of businesslike activities. These funds function entirely from the fees charged for the services they provide consistent with their statutory authority. … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Revolving Fund photo credit: Orbisnonsuficit A fund established by Congress to finance a cycle of businesslike operations through amounts received by the fund. A revolving fund charges for the sale of products or services and uses the proceeds to finance its spending, usually on a … Read more
From the Congressional Glossary – Including Legislative and Budget Terms photo credit: TimothyJ A chart of accounts (and technical guidance) established to support the consistent recording of financial events as well as the preparation of standard external reports required by the Office of Management and Budget (OMB) and the Department of the Treasury. Agencies are … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Committee Allocation photo credit: Tetra Pak The distribution of total proposed new budget authority and outlays, as set forth in the concurrent resolution on the budget, among the congressional committees according to their jurisdictions. The allocations are set forth in the joint explanatory statement of … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Legislative Veto photo credit: Sir Hectimere A procedure, as of 1983 no longer allowed, permitting either the House or Senate, or both chambers, to review proposed executive branch regulations or actions and to block or modify those with which they disagreed. The specifics of the … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Ranking Minority Member / Ranking Member photo credit: Tambako the Jaguar The highest ranking (and usually longest serving) minority-party member of a standing committee or subcommittee. Senators may not serve as ranking minority member on more than one standing committee. The “Ranking Member” is the … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Yeas and Nays photo credit: dhendrix73 Yeas and Nays: A vote in which members respond “aye” or “no” on a question. Their names are called in alphabetical order The Constitution requires that yea-and-nay votes be taken and recorded when requested by one-fifth of the members … Read more
From the Congressional Glossary – Including Legislative and Budget Terms Conference Report photo credit: ☺ Lee J Haywood The compromise product negotiated by the conference committee. The “conference report,” which is printed and available to Senators, is submitted to each chamber for its consideration, such as approval or disapproval. The conference report contains a formal … Read more