PUBLIC LAW 104-134—APR. 26, 1996 110 STAT. 1321-380 authorities contained in section 3711(g) of title 31, United States Code, as added by subsection (m) of this section. (3) AGENCY REPORTS.— Section 3719 of title 31, United States Code, is amended— (A) in subsection (a)— (i) by amending the first sentence to read as follows: Regulations. "In consultation with the Comptroller General of the United States, the Secretary of the Treasury shall prescribe regulations requiring the head of each agency with outstanding nontax claims to prepare and submit to the Secretary at least once each year a report summarizing the status of loans and accounts receivable that are managed by the head of the agency."; and (ii) in paragraph (3), by striking "Director" and inserting "Secretary"; and (B) in subsection (b), by striking "Director" and inserting "Secretary". (4) CONSOLIDATION OF REPORTS. —Notwithstanding any other 3i use 3719 provision of law, the Secretary of the Treasury may consolidate °ote. reports concerning debt collection otherwise required to be submitted by the Secretary into one annual report. (bb) The Director of the Office of Management and Budget 31 USC 3711 shall— note. (1) review the standards and policies of each Federal agency for compromising, writing-down, forgiving, or discharging indebtedness arising from programs of the agency; (2) determine whether those standards and policies are consistent and protect the interests of the United States; (3) in the case of any Federal agency standard or policy that the Director determines is not consistent or does not protect the interests of the United States, direct the head of the agency to make appropriate modifications to the standard or policy; and (4) report annually to the Congress on— (A) deficiencies in the standards and policies of Federal agencies for compromising, writing-down, forgiving, or discharging indebtedness; and (B) progress made in improving those standards and policies. (ccXD ELIMINATION OF MINIMUM NUMBER OF CONTRACTS. — Section 3718(b)(1)(A) of title 31, United States Code, is amended by striking the fourth sentence. (2) REPEAL. —Sections 3 and 5 of the Act of October 28, 1986 (popularly known as the Federal Debt Recovery Act; Public Law 99-578, 100 Stat. 3305) are hereby repealed. 31 USC 3718 notes. FEDERAL ADMINISTRATIVE AND PERSONAL SERVICES EXPENSES (RECISSIONS) SEC. 31002. (a) Of the funds available to the agencies of the Federal Government, $500,000,000 are hereby rescinded: Provided, That rescissions pursuant to this paragraph shall be taken only from administrative and personal services and contractual services and supplies accounts: Provided further, That rescissions shall be taken on a pro rata basis from funds available to every Federal
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