3. Develop a method of identifying and budgeting for the expected costs of contingent liabilities of the federal government. OMB, in consultation with the Federal Accounting Standards Advisory Board (FASAB) and the CFO Council, should perform a study proposing a strategy for identifying and budgeting for future claims and contingent liabilities by September 1994. Similar to efforts to recognize and fund the costs of loan programs under the Credit Reform Act of 1990, contingent liabilities of the federal government should be costed up front and budgeted for based upon expected loss or subsidy rates.
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