Federal Credit Program Control Act of 1979

[AI summary unavailable — showing source text] Federal Credit Program Control Act of 1979 - Declares that the purpose of this Act is to provide a basis for controlling loans and loan guarantees under Federal credit programs through the congressional budget process. Amends the Congressional Budget Act of 1974 to require the Congressional Budget Office to provide information to the Budget Committees of each House of Congress with respect to direct loans and loan guarantees and to include such information in its annual report. Requires the first concurrent resolution on the budget for each fiscal year to set forth the appropriate level of total gross obligations for the principal amount of direct loans and the appropriate level of total commitments to guarantee loans and to allocate such totals among the major functional categories of the budget. Directs each standing committee of the House and Senate to submit its estimates of direct loan obligations and loan guarantee commitments provided for in legislation under its jurisdiction by March 15 of each year for consideration of the Budget Committees in formulating the budget resolution. Directs the House and Senate Banking Committees to submit recommendations to the Budget Committe…