FUNDING.

SEC. 1316 FUNDING. (a) Annual Assessments.—The Director may, to the extent provided in appropriation Acts, establish and collect from the enterprises annual assessments in an amount not exceeding the amount sufficient to provide for reasonable costs and expenses of the Office, including the expenses of any examinations under section 1317. The initial annual assessment shall include any startup costs of 106 STAT. 3948the Office and any anticipated costs and expenses of the Office for the following fiscal year. (b) Allocation of Annual Assessment to Enterprises.— (1) Amount of payment.—Each enterprise shall pay to the Director a proportion of the annual assessment made pursuant to subsection (a) that bears the same ratio to the total annual assessment that the total assets of each enterprise bears to the total assets of both enterprises. (2) Timing of payment.—The annual assessment shall be payable semiannually on September 1 and March 1 of the year for which the assessment is made. (3) Definition.— For the purpose of this section, the term “total assets” means, with respect to an enterprise, the sum of— (A) on-balance-sheet assets of the enterprise, as deter-mined in accordance with generally accepted accounting principles; (B) the unpaid principal balance of outstanding mortgage-backed securities issued or guaranteed by the enterprise that are not included in subparagraph (A); and (C) other off-balance-sheet obligations as determined by the Director. (c) Deficiencies Due to Increased Costs of Regulation.—The semiannual payments made pursuant to subsection (b) by any enterprise that is not classified (for purposes of subtitle B) as adequately capitalized may be increased, as necessary, in the discretion of the Director to pay additional estimated costs of regulation of the enterprise. (d) Surplus.—If any amount from any annual assessment collected from an enterprise remains unobligated at the end of the year for which the assessment was collected, such amount shall be credited to the assessment to be collected from the enterprise for the following year. (e) Initial Special Assessment.—Not later than the expiration of the 30-day period beginning on the date of the enactment of this Act, the enterprises shall each pay into the Federal Housing Enterprises Oversight Fund established under subsection (f) an initial assessment of $1,500,000 to cover the startup costs of the Office, including space and modifications thereof, capital equipment, supplies, recruitment, and activities of the Office during the period preceding the first annual assessment under subsection (a). Any amounts collected from an enterprise under this subsection shall be credited against the first annual assessment collected pursuant to subsection (a), and are hereby appropriated, and shall be avail-able and used, without fiscal year limitation, as provided in this section. (f) Fund.—There is established in the Treasury of the United States a fund to be known as the Federal Housing Enterprises Oversight Fund. Any assessments collected pursuant to this section shall be deposited in the Fund. Amounts in the Fund shall be available, to the extent provided in appropriation Acts and sub-section (e), for— (1) carrying out the responsibilities of the Director relating to the enterprises; and (2) necessary administrative and nonadministrative expenses of the Office to carry out the purposes of this title. (g) Budget and Financial Reports.— 106 STAT. 3949 (1) Financial operating plans and forecasts.—Before the beginning of each fiscal year, the Director shall submit a copy of the financial operating plans and forecasts for the Office to the Secretary and the Director of the Office of Management and Budget. (2) Reports of operations.—As soon as practicable after the end of each fiscal year and each quarter thereof, the Director shall submit a copy of the report of the results of the operations of the Office during such period to the Secretary and the Director of the Office of Management and Budget. (3) Inclusion in president’s budget.—The annual plans, forecasts, and reports required under this subsection shall be included (A) in the Budget of the United States in the appropriate form, and (B) in the congressional justifications of the department of Housing and Urban Development for each fiscal year in a form determined by the Secretary.