Federal Capital Revolving Fund Act of 2021
This bill establishes the Federal Capital Revolving Fund to support the acquisition of facilities for federal agencies.
Specifically, the fund supports facility acquisition projects that cost $250 million or more, including purchase, construction, and lease-purchase options. Agencies must submit requests for funds to specified congressional committees and the General Services Administration, as appropriate; the receipt of funds is also contingent on specific legislative approval and appropriations for repayments. Agencies must make repayments to the fund at least annually for an agreed-upon term, but for no longer than 15 years.
To establish a Federal Capital Revolving Fund to assist Federal 
     agencies in purchasing capital assets, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Capital Revolving Fund Act 
of 2021''.

SEC. 2. FINDINGS; PURPOSE.

    (a) Findings.--Congress finds that--
            (1) sudden increases in funding for purchases of federally 
        owned capital assets are difficult to fit within funding 
        available under discretionary spending limits;
            (2) failure to recapitalize or replace Federal capital 
        assets on a regular schedule ultimately increases the cost to 
        taxpayers of delivering services;
            (3) in appendix J, entitled ``Principles of Budgeting for 
        Capital Asset Acquisitions'', of Circular A-11, the Office of 
        Management and Budget recommended combining assets in capital 
        acquisition accounts to accommodate spikes in funding capital 
        acquisitions;
            (4) in the document entitled ``Budgeting for Federal 
        Investment'' and dated April 15, 2021, the Congressional Budget 
        Office states that there is, ``a budgetary incentive to opt for 
        short-term leases even if they are more expensive than long-
        term leases or purchases,'' and identifies a Federal Capital 
        Revolving Fund as a potential solution; and
            (5) the document of the Government Accountability Office 
        numbered GAO-14-239 found that budgeting for federally owned 
        capital assets could be improved by creating a Government-wide 
        capital acquisition fund with upfront mandatory funding--
                    (A) to pay for projects estimated to exceed a 
                certain total-cost threshold; and
                    (B) to be repaid by annual discretionary funding 
                provided by agency subcommittee appropriators.
    (b) Purpose.--The purpose of this Act is to improve the means by 
which the Federal Government budgets for expensive, federally owned, 
civilian facilities by--
            (1) establishing a mandatory revolving fund to pay the 
        upfront costs of acquiring those facilities in a manner that 
        ensures that the acquisition costs do not compete with smaller 
        purchases and operating expenses for funding under applicable 
        discretionary spending limits; and
            (2) requiring agencies to use discretionary appropriations 
        to replenish the revolving fund referred to in paragraph (1) 
        over a several-year period as the agencies use the facilities 
        described in that paragraph to meet Federal mission needs.

SEC. 3. DEFINITIONS.

    In this Act:
            (1) Administrator.--The term ``Administrator'' means the 
        Administrator of General Services.
            (2) Agency.--
                    (A) In general.--The term ``agency'' means any 
                agency included in a list under paragraph (1) or (2) of 
                section 901(b) of title 31, United States Code.
                    (B) Exclusion.--The term ``agency'' does not 
                include the Department of Defense.
            (3) Discretionary appropriations.--The term ``discretionary 
        appropriations'' has the meaning given that term in section 
        250(c) of the Balanced Budget and Emergency Deficit Control Act 
        of 1985 (2 U.S.C. 900(c)).
            (4) Eligible agency project.--
                    (A) In general.--The term ``eligible agency 
                project'' means an action by an agency--
                            (i) to acquire (including any related 
                        activity relating to siting, design, management 
                        and inspection, construction, or commissioning, 
                        and including all costs associated with 
                        temporary space and the acquisition of 
                        associated furniture, fixtures, and equipment 
                        necessary to furnish the Federal facility for 
                        initial occupancy) a facility for use by the 
                        agency as a Federal facility, through--
                                    (I) purchase;
                                    (II) construction;
                                    (III) manufacture;
                                    (IV) lease-purchase;
                                    (V) installment purchase;
                                    (VI) outlease-leaseback;
                                    (VII) exchange; or
                                    (VIII) modernization by renovation;
                            (ii) to pay to the Administrator an 
                        administrative fee for each acquisition 
                        described in clause (i), in accordance with 
                        section 5(h); and
                            (iii) the total cost of which is not less 
                        than $250,000,000.
                    (B) Exclusions.--The term ``eligible agency 
                project'' does not include--
                            (i) an acquisition for resale in the 
                        ordinary course of agency operations;
                            (ii) the acquisition of any consumable 
                        good, such as operating materials or supplies;
                            (iii) an activity for normal maintenance or 
                        repair of real property;
                            (iv) the payment of any salary or other 
                        operating expense of an agency;
                            (v) the provision by an agency to any non-
                        Federal individual or entity of--
                                    (I) a grant;
                                    (II) a tax incentive; or
                                    (III) a Federal credit assistance 
                                instrument; or
                            (vi) the execution of any capital lease 
                        pursuant to which title does not automatically 
                        pass to the Federal Government.
            (5) Federal facility.--The term ``Federal facility'' means 
        a structure on real property--
                    (A) that has a useful life of not less than 25 
                years, as determined by the Administrator; and
                    (B) within which 1 or more Federal employees or 
                personnel carry out, or are proposed to carry out, an 
                agency mission.
            (6) Fund.--The term ``Fund'' means the Federal Capital 
        Revolving Fund established by section 4(a).
            (7) GSA-affected agency.--The term ``GSA-affected agency'' 
        means an agency that acquires real property through the General 
        Services Administration pursuant to section 3307 of title 40, 
        United States Code.
            (8) Purchase transfer.--The term ``purchase transfer'' 
        means an amount that is--
                    (A) approved by an appropriations Act to be 
                transferred from the Fund to a purchasing agency under 
                section 5; and
                    (B) not less than the amount required under section 
                5(d).
            (9) Purchasing agency.--The term ``purchasing agency'' 
        means an agency that receives from the Fund a purchase transfer 
        to pay the cost of an eligible agency project.

SEC. 4. FEDERAL CAPITAL REVOLVING FUND.

    (a) Establishment.--There is established in the Treasury of the 
United States a fund, to be known as the ``Federal Capital Revolving 
Fund'', consisting of the amounts deposited under subsection (b), to be 
administered by the Administrator.
    (b) Deposits.--The Secretary of the Treasury shall deposit in the 
Fund--
            (1) as soon as practicable after the date of enactment of 
        this Act, out of any funds in the Treasury not otherwise 
        appropriated, $10,000,000,000 to capitalize the Fund; and
            (2) any amounts received from purchasing agencies through 
        repayments under section 6.
    (c) Availability.--Amounts in the Fund shall--
            (1) be used only for the purpose described in subsection 
        (d)(1); and
            (2) remain available until expended.
    (d) Use of Fund.--Amounts in the Fund--
            (1) shall be available only on approval of a purchase 
        transfer to a purchasing agency to pay the costs of an eligible 
        agency project, in accordance with this Act; and
            (2) may not be transferred or reprogrammed for any purpose 
        other than the purpose specified in paragraph (1).

SEC. 5. PURCHASE TRANSFERS.

    (a) Definitions.--In this section:
            (1) Applicable committee of jurisdiction.--The term 
        ``applicable committee of jurisdiction'', with respect to an 
        unaffected agency, means--
                    (A) the Committee on Appropriations of the Senate;
                    (B) the Committee on Appropriations of the House of 
                Representatives; and
                    (C) any other committee of the Senate or the House 
                of Representatives, the approval of which is required 
                for the unaffected agency to acquire real property.
            (2) Unaffected agency.--The term ``unaffected agency'' 
        means an agency that acquires real property pursuant to an 
        authority other than the General Services Administration.
    (b) Requests.--
            (1) GSA-affected agencies.--To be eligible to receive a 
        purchase transfer from the Fund, a GSA-affected agency shall 
        submit to the Administrator, the Committees on Appropriations 
        and Environment and Public Works of the Senate, and the 
        Committees on Appropriations and Transportation and 
        Infrastructure of the House of Representatives a request that 
        describes--
                    (A) the eligible agency project proposed to be 
                carried out by the GSA-affected agency using the 
                purchase transfer; and
                    (B) with respect to the eligible agency project 
                described in subparagraph (A)--
                            (i) each Federal facility proposed to be 
                        included;
                            (ii) an estimated total cost; and
                            (iii) a proposed schedule.
            (2) Unaffected agencies.--To be eligible to receive a 
        purchase transfer from the Fund, an unaffected agency shall 
        submit to each applicable committee of jurisdiction a request 
        that describes--
                    (A) the eligible agency project proposed to be 
                carried out by the unaffected agency using the purchase 
                transfer; and
                    (B) with respect to the eligible agency project 
                described in subparagraph (A)--
                            (i) each Federal facility proposed to be 
                        included;
                            (ii) an estimated total cost; and
                            (iii) a proposed schedule.
    (c) Approval.--
            (1) Notice for gsa-affected agencies.--On approval by the 
        Administrator of a request submitted by a GSA-affected agency 
        under subsection (b)(1), the Administrator shall submit to 
        Congress a notice of the approval in accordance with 
        subsections (b) and (h) of section 3307 of title 40, United 
        States Code.
            (2) Congress.--On receipt of a request for a purchase 
        transfer from the Fund and the notice of approval by the 
        Administrator for GSA-affected agencies required under 
        paragraph (1), Congress may enact legislation--
                    (A) approving the applicable eligible agency 
                project and the purchase transfer, subject to--
                            (i) for a request of a GSA-affected agency, 
                        subsections (c) and (d) of section 3307 of 
                        title 40, United States Code; or
                            (ii) for a request of an unaffected agency, 
                        any applicable laws (including regulations); 
                        and
                    (B) appropriating an amount equal to the first 
                repayment amount relating to the approved eligible 
                agency project.
            (3) Administrator.--The Administrator may transfer amounts 
        in the Fund to an agency only if--
                    (A) Congress has enacted legislation pursuant to 
                paragraph (2)(A) approving--
                            (i) the eligible agency project of the 
                        agency; and
                            (ii) the purchase transfer; and
                    (B) the agency has--
                            (i) received appropriations pursuant to 
                        section 6(e) for the first repayment amount; 
                        and
                            (ii) made the first repayment to the Fund 
                        in accordance with section 6.
            (4) Secretary of treasury.--The Secretary of the Treasury, 
        in consultation with the Director of the Office of Management 
        and Budget and the head of the applicable purchasing agency, 
        may establish within that purchasing agency new accounts for 
        the purpose of facilitating budgetary and financial reporting 
        of the transactions authorized by this Act.
    (d) Amount.--The total amount of a purchase transfer shall be not 
less than an amount equal to the sum of--
            (1) the full cost of the relevant eligible agency project, 
        which shall be not less than a useful segment of the applicable 
        Federal facility; and
            (2) the administrative fee required to be paid by the 
        relevant purchasing agency under subsection (h), as determined 
        by the Administrator.
    (e) Availability.--
            (1) In general.--Subject to paragraph (2), a purchase 
        transfer to a purchasing agency--
                    (A) shall remain available until expended;
                    (B) shall be used solely to pay the costs of an 
                eligible agency project; and
                    (C) may not be transferred or reprogrammed for any 
                other purpose.
            (2) Return of unused amounts.--Any portion of a purchase 
        transfer that is not necessary to pay for the total cost of an 
        eligible agency project shall be returned to the Fund, as 
        follows:
                    (A) Timing.--Any unobligated purchase transfer 
                amounts shall be returned to the Fund--
                            (i) after the relevant eligible agency 
                        project is substantially complete, as 
                        determined by the applicable purchasing agency; 
                        and
                            (ii) by not later than 2 years after the 
                        date on which the most recent outlay of funds 
                        from the purchase transfer by the purchasing 
                        agency occurred.
                    (B) Upward adjustments.--If, after the return of 
                unused purchase transfer amounts under subparagraph 
                (A), there occurs an upward adjustment to a previously 
                incurred obligation for the eligible agency project, 
                the Fund shall provide to the applicable purchasing 
                agency an expenditure transfer for the upward 
                adjustment in an amount equal to the lower of--
                            (i) the amount returned under subparagraph 
                        (A); and
                            (ii) the amount of the upward adjustment to 
                        the previously incurred obligation.
    (f) Limitations.--
            (1) Availability of amounts.--Notwithstanding any 
        appropriations Act making amounts available for a purchase 
        transfer under this section, if the amount made available to 
        the applicable purchasing agency for the first repayment amount 
        relating to the purchase transfer is less than the amount 
        required by section 6(b) for the fiscal year, the amount 
        transferred from the Fund to the purchasing agency shall be 
        equal to the product obtained by multiplying--
                    (A) that first repayment amount; and
                    (B) the number of years in the applicable repayment 
                period under section 6(c).
            (2) Annual maximum.--The total amount appropriated for a 
        fiscal year for new purchase transfers under this section shall 
        be not more than an amount equal to the sum of--
                    (A) $2,500,000,000; and
                    (B) the total amount, if any, by which the amounts 
                appropriated for purchase transfers during any 
                preceding fiscal years were less than the amount 
                described in subparagraph (A).
            (3) Higher project costs.--If the amount appropriated from 
        the Fund for a purchase transfer under this section is 
        insufficient to pay the full costs of the eligible agency 
        project that is the subject of the purchase transfer, an amount 
        in excess of the appropriated amount may be transferred from 
        the Fund to the applicable purchasing agency only if--
                    (A) the additional transfer is approved in advance 
                by an appropriations Act; and
                    (B) the purchasing agency has--
                            (i) received an appropriation of an 
                        additional amount for the adjustment to the 
                        repayment amount under section 6(b)(2); and
                            (ii) repaid to the Fund that additional 
                        repayment amount.
            (4) Effect of section.--Nothing in this section requires 
        any unaffected agency to receive approval from the 
        Administrator, or to achieve compliance with section 3307 of 
        title 40, United States Code, before acquiring real property 
        pursuant to an existing authority of the unaffected agency for 
        purposes of this Act.
    (g) Excess Purchase Transfer Amounts.--In any fiscal year during 
which the total amount of purchase transfers approved to be 
appropriated from the Fund exceeds an amount equal to the lesser of the 
amount available in the Fund and the annual limitation described in 
subsection (f)(2) for that fiscal year--
            (1) each purchase transfer approved by an appropriations 
        Act for the fiscal year shall be reduced by a uniform 
        percentage, to be calculated by the Administrator in a manner 
        that ensures that the excess is eliminated; and
            (2) the Administrator may not transfer from the Fund an 
        amount equal to more than the reduced purchase transfer amount 
        calculated under paragraph (1).
    (h) Administrative Fee.--On receipt of a purchase transfer, a 
purchasing agency shall pay to the Administrator from the purchase 
transfer a 1-time administrative fee in an amount equal to not less 
than 0.03 percent of the total cost of the eligible agency project that 
is the subject of the purchase transfer.

SEC. 6. REPAYMENTS TO FUND.

    (a) Agreement Required.--As a condition of receiving a purchase 
transfer from the Fund, a purchasing agency shall enter into a written 
agreement with the Administrator under which the purchasing agency 
shall agree to make annual repayments to the Fund in accordance with 
this section.
    (b) Amount.--
            (1) In general.--Subject to paragraph (2), the amount of an 
        annual repayment to the Fund by a purchasing agency under this 
        section shall be an amount equal to the quotient obtained by 
        dividing--
                    (A) the amount of the purchase transfer provided to 
                the purchasing agency; by
                    (B) the number of years in the repayment period, as 
                determined under subsection (c).
            (2) Adjustment.--
                    (A) In general.--In any case described in 
                subparagraph (B), after a purchasing agency repays to 
                the Fund the applicable repayment amount, the 
                Administrator shall adjust the repayment amount owed by 
                the purchasing agency for each fiscal year thereafter 
                by such uniform amount as the Administrator determines 
                to be necessary to ensure that the sum of all 
                repayments (including any repayments already paid to 
                the Fund) by the purchasing agency is equal to the 
                actual cost of the eligible agency project of the 
                purchasing agency.
                    (B) Description.--A case referred to in 
                subparagraph (A) is any case in which--
                            (i) the actual cost of the eligible agency 
                        project of the purchasing agency is less than 
                        the purchase transfer to the purchasing agency;
                            (ii)(I) the actual cost of the eligible 
                        agency project of the purchasing agency is 
                        greater than the purchase transfer to the 
                        purchasing agency; and
                            (II) an additional purchase transfer in an 
                        amount equal to the amount of the difference 
                        has been approved in advance in an 
                        appropriations Act;
                            (iii) the total amount of repayments by the 
                        purchasing agency exceeds the annual repayment 
                        amount described in paragraph (1); or
                            (iv) the amount of the purchase transfer is 
                        reduced under section 5(g).
    (c) Repayment Period.--The period over which a purchasing agency 
shall repay to the Fund the amount described in subsection (b) shall 
be--
            (1) such period as may be agreed to by the purchasing 
        agency and the Administrator; but
            (2) not longer than 15 years, beginning in the fiscal year 
        for which the first repayment amount is appropriated to the 
        purchasing agency pursuant to subsection (e)(1).
    (d) Frequency.--Repayments shall be made under this section not 
less frequently than annually during the period described in subsection 
(c).
    (e) Authorization of Appropriations.--
            (1) In general.--There are authorized to be appropriated to 
        each purchasing agency such sums as are necessary for the 
        repayments owed by the purchasing agency to the Fund under this 
        section for each fiscal year during the period--
                    (A) beginning in the first fiscal year during which 
                amounts are transferred from the Fund to the purchasing 
                agency under section 5(c)(3); and
                    (B) ending on the last day of the repayment period 
                determined for the purchasing agency under subsection 
                (c).
            (2) Treatment.--The receipt by a purchasing agency of 
        amounts made available pursuant to paragraph (1) for a fiscal 
        year shall be considered to be a legal obligation of the 
        purchasing agency during that fiscal year to make a repayment 
        to the Fund in accordance with this section.

SEC. 7. TREATMENT OF ELIGIBLE AGENCY PROJECTS AND FEDERAL FACILITIES.

    (a) Disposition.--
            (1) In general.--Disposition of an eligible agency project 
        and any Federal facility that is the subject of an eligible 
        agency project shall be carried out in accordance with--
                    (A) applicable laws (including regulations); and
                    (B) this subsection.
            (2) Outstanding repayment obligations.--If the disposition 
        of an eligible agency project or Federal facility described in 
        paragraph (1) occurs before the applicable purchasing agency 
        has completed the obligation of the purchasing agency to make 
        any repayment to the Fund under section 6, the purchasing 
        agency shall continue to make the required repayments until the 
        date on which the Fund is fully repaid, subject to the 
        availability of appropriations.
            (3) Use of proceeds.--
                    (A) In general.--If the disposition of an eligible 
                agency project or Federal facility described in 
                paragraph (1) results in the receipt of sale proceeds, 
                those proceeds shall be available--
                            (i) initially, to the applicable purchasing 
                        agency to pay any remaining unpaid repayments 
                        owed by the purchasing agency to the Fund; and
                            (ii) thereafter, for the purpose of 
                        supporting authorized real property activities 
                        (excluding operations and maintenance)--
                                    (I) to the applicable purchasing 
                                agency, in the case of a purchasing 
                                agency that is an unaffected agency (as 
                                defined in section 5(a)); or
                                    (II) to the Administrator, in the 
                                case of an asset held in the inventory 
                                of the General Services Administration 
                                under subsection (c).
                    (B) Availability.--Any proceeds from a sale under 
                subparagraph (A)--
                            (i) shall be available until expended, 
                        without further appropriation; and
                            (ii) may be deposited in any account of the 
                        applicable purchasing agency or the General 
                        Services Administration, as applicable, that is 
                        available for the purposes described in clauses 
                        (i) and (ii) of subparagraph (A).
    (b) Changes in Need or Condition.--A change in the mission need of 
a purchasing agency for an eligible agency project or Federal facility 
that is the subject of an eligible agency project, and any change in 
the condition of such an eligible agency project or Federal facility, 
shall not affect any applicable repayment obligation relating to the 
eligible agency project under section 6.
    (c) Holding in Administration Inventory.--
            (1) Definitions.--In this subsection:
                    (A) Administration.--The term ``Administration'' 
                means the General Services Administration.
                    (B) Covered property.--The term ``covered 
                property'' means any asset acquired through the 
                Administration by a purchasing agency using a purchase 
                transfer.
            (2) Inclusion in inventory.--On acquisition by a GSA-
        affected agency of any covered property, the covered property 
        shall be--
                    (A) placed in the inventory of the Administration; 
                and
                    (B) considered to be under the custody and control 
                of the Administrator, subject to the requirements of 
                this subsection.
            (3) Payment to administrator.--
                    (A) In general.--On receipt by a GSA-affected 
                agency of amounts pursuant to a purchase transfer for 
                the acquisition of any covered property, the GSA-
                affected agency--
                            (i) except as provided in clause (ii), 
                        shall transfer the purchase transfer amount to 
                        the Administrator for deposit in the Federal 
                        Buildings Fund under section 592 of title 40, 
                        United States Code; but
                            (ii) may retain such portion of the 
                        purchase transfer amount as is necessary for 
                        acquisition by the GSA-affected agency of 
                        associated furniture, fixtures, and equipment 
                        necessary to furnish the Federal facility for 
                        initial occupancy in accordance with 
                        subparagraph (B).
                    (B) Use.--The Administrator or a GSA-affected 
                agency shall use the amounts transferred under 
                subparagraph (A)(i) or retained under subparagraph 
                (A)(ii), respectively, only to pay the costs of the 
                eligible agency project associated with the covered 
                property.
                    (C) Prohibition on fees.--The Administrator may not 
                charge any fee for the execution of an eligible agency 
                project on covered property pursuant to subparagraph 
                (B), other than the 1-time administrative fee described 
                in section 5(h).
            (4) Occupancy agreement.--The Administrator and the head of 
        the applicable GSA-affected agency shall enter into an 
        occupancy agreement with respect to any covered property 
        acquired by the GSA-affected agency that--
                    (A) recognizes the investment of the GSA-affected 
                agency in the covered property and the associated 
                eligible agency project by providing for shell rent 
                abatement, in accordance with paragraph (5); and
                    (B) establishes that the purchasing agency shall 
                continue to be responsible for making annual repayments 
                to the Fund in accordance with section 6 with respect 
                to the covered property.
            (5) Shell rent abatement.--The shell rent abatement 
        provisions under paragraph (4)(A) relating to an occupancy 
        agreement with respect to covered property shall include 
        requirements that rental payments shall--
                    (A) be made by the GSA-affected agency to the 
                Administration immediately on occupancy of the covered 
                property by the GSA-affected agency;
                    (B) for the 5-year period beginning on the initial 
                date of occupancy of the covered property by the GSA-
                affected agency, be in an amount equal to the operating 
                costs during the rental payment period of the GSA-
                affected agency relating to the covered property; and
                    (C) effective during the period beginning on the 
                date immediately after the period described in 
                subparagraph (B) and ending on the date that is 25 
                years after the initial date of occupancy of the 
                covered property by the GSA-affected agency, be in an 
                amount equal to the sum of--
                            (i) the operating costs during the rental 
                        payment period of the GSA-affected agency 
                        relating to the covered property; and
                            (ii) such reduced shell rental rate as the 
                        GSA-affected agency and the Administrator may 
                        negotiate, subject to the requirement that the 
                        cumulative difference between the appraised 
                        market rent rate of the covered property and 
                        the reduced shell rental rate shall be equal to 
                        not more than the amount of the applicable 
                        purchase transfer.

SEC. 8. BUDGET ENFORCEMENT.

    For purposes of budget enforcement under the Congressional Budget 
and Impoundment Control Act of 1974 (2 U.S.C. 621 et seq.), the 
Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 900 
et seq.), and the Statutory Pay-As-You-Go Act of 2010 (2 U.S.C. 931 et 
seq.) relating to this Act, the following shall apply:
            (1) Direct spending.--Any provision in an appropriations 
        Act approving a purchase transfer from the Fund to a purchasing 
        agency, and collection by the Fund of repayments from the 
        purchasing agency--
                    (A) shall be classified as direct spending (as 
                defined in section 250(c) of the Balanced Budget and 
                Emergency Deficit Control Act of 1985 (2 U.S.C. 
                900(c))); and
                    (B) shall not be included in the estimates under 
                section 251(a)(7) of the Balanced Budget and Emergency 
                Deficit Control Act of 1985 (2 U.S.C. 901(a)(7)) or 
                considered budgetary effects for the purposes of 
                section 3(4) of the Statutory Pay-As-You-Go Act of 2010 
                (2 U.S.C. 932(4)).
            (2) Discretionary appropriations.--A provision providing 
        appropriations to a purchasing agency for annual repayments to 
        the Fund shall be--
                    (A) classified as discretionary appropriations; and
                    (B) scored in the fiscal year for which such 
                appropriations are made available by an appropriations 
                Act.
            (3) Changes to fund balance.--
                    (A) Definition.--In this paragraph, the term 
                ``provision changing the Fund balance'' means a 
                provision in an appropriations Act that--
                            (i) rescinds or precludes from obligation 
                        balances in the Fund;
                            (ii) rescinds or precludes from obligation 
                        balances of approved purchase transfers; or
                            (iii) reduces the annual limitation on 
                        total purchase transfers under section 5(f)(2).
                    (B) Effects.--A provision changing the Fund 
                balance--
                            (i) shall be considered budgetary effects 
                        for purposes of the Statutory Pay-As-You-Go Act 
                        of 2010 (2 U.S.C. 931 et seq.), and such 
                        budgetary effects shall be placed on the 
                        scorecards maintained pursuant to section 4(d) 
                        of that Act (2 U.S.C. 933(d)) and the 
                        scorecards maintained for purposes of section 
                        4106 of H. Con. Res. 71 (115th Congress); and
                            (ii) shall not be included in the estimates 
                        under section 251(a)(7) of the Balanced Budget 
                        and Emergency Deficit Control Act of 1985 (2 
                        U.S.C. 901(a)(7)).
            (4) Failure to appropriate repayments.--
                    (A) Definition.--In this paragraph, the term 
                ``failure to appropriate a repayment'' means that--
                            (i) an appropriations Act for a fiscal year 
                        provides a first repayment amount for an 
                        eligible agency project; and
                            (ii) for a subsequent fiscal year during 
                        the repayment period, no appropriations Act 
                        provides an appropriation for the repayment 
                        amount required for that fiscal year.
                    (B) Effects.--If there is a failure to appropriate 
                a repayment, an amount equal to the required repayment 
                for the applicable fiscal year, calculated pursuant to 
                section 6(b), shall be included in the estimates under 
                section 251(a)(7) of the Balanced Budget and Emergency 
                Deficit Control Act of 1985 (2 U.S.C. 901(a)(7)).
            (5) Transfers and reprogramming.--
                    (A) Definition.--In this paragraph, the term 
                ``transfer or reprogramming provision'' means a 
                provision in an appropriations Act that, 
                notwithstanding subparagraphs (B) and (C) of section 
                5(e)(1), authorizes or requires--
                            (i) a transfer of amounts in the Fund for 
                        any purpose other than to cover the costs of 
                        eligible agency projects; or
                            (ii) a purchasing agency to transfer or 
                        reprogram a purchase transfer for a purpose 
                        other than paying the costs of an eligible 
                        agency project.
                    (B) Effects.--The amount transferred or 
                reprogrammed under a transfer or reprogramming 
                provision shall be included in the estimates of 
                discretionary appropriations under section 251(a)(7) of 
                the Balanced Budget and Emergency Deficit Control Act 
                of 1985 (2 U.S.C. 901(a)(7)).

SEC. 9. SEQUESTRATION.

    Section 255(g)(1)(A) of the Balanced Budget and Emergency Deficit 
Control Act of 1985 (2 U.S.C. 905(g)(1)(A)) is amended by inserting 
after the item relating to Farm Credit System Insurance Corporation, 
Farm Credit Insurance Fund the following:
    ``Federal Capital Revolving Fund (47-4614-0-4-804).''.

SEC. 10. ADMINISTRATIVE PROVISIONS.

    (a) Treatment as Expenditure Transfers.--The following shall be 
considered to be, and shall be recorded as, expenditure transfers:
            (1) Each purchase transfer.
            (2) Each payment of an administrative fee under section 
        5(h).
            (3) Each transfer of repayment amounts to the Fund under 
        section 6.
    (b) Effect of Act.--Nothing in this Act--
            (1) provides any new real property landholding or land 
        managing authority to a purchasing agency;
            (2) otherwise affects any existing real property 
        landholding or land managing authority of an agency, as in 
        effect on the date of enactment of this Act; or
            (3) permits the President, the Administrator, or the head 
        of any other agency to transfer, reprogram, or otherwise use 
        any amounts in the Fund absent specific language enacted by 
        Congress authorizing such an action.
                                 <all>
Federal Capital Revolving Fund Act of 2021
A bill to establish a Federal Capital Revolving Fund to assist Federal agencies in purchasing capital assets, and for other purposes.
Federal Capital Revolving Fund Act of 2021
Sen. Van Hollen, Chris