Definition: Legislation that precludes the obligation of an amount of budget authority provided in an appropriation act or some other law until some time after the first day on which that budget authority would normally be available. For example, language in an appropriation act for fiscal year 2002 that precludes obligation of an amount until March 1 is an obligation delay; without that language, the amount would have been available for obligation on October 1, 2001 (the first day of fiscal year 2002). See also appropriation act, fiscal year, and forward funding; compare with advance appropriation.
Related Term(s): Advance appropriation, Appropriation act, Fiscal year, Forward funding
Bureau of Labor Statistics (BLS)
Definition: A set of activities or tasks that employees are paid to perform. Employees that perform essentially the same tasks are in the same occupation, whether or not they are in the same industry. Some occupations are concentrated in a few particular industries, other occupations are found in the majority of industries.
Bureau of Labor Statistics (BLS)
Definition: Occupations are classified into 1 of 11 categories that describe the education or training needed by most workers to become fully qualified. The categories are: first professional degree, doctoral degree, master’s degree, work experience in an occupation requiring a bachelor’s or higher degree, bachelor’s degree, associate degree, postsecondary vocational training, work experience in a related occupation, long-term on-the-job training, moderate-term on-the-job training, and short-term on-the-job training.
Bureau of Labor Statistics (BLS)
Definition: Any abnormal condition or disorder, other than one resulting from an occupational injury, caused by exposure to factors associated with employment. It includes acute and chronic illnesses or disease which may be caused by inhalation, absorption, ingestion, or direct contact.
Occupational injury
Off-budget
Office of Management and Budget
Definition: By law, Social Security and the Postal Service are accounted for separately from all other programs in the federal government and are accorded this separate treatment.
Definition: Spending or revenues excluded from the budget totals by law. The revenues and outlays of the two Social Security trust funds (the Old-Age and Survivors Insurance Trust Fund and the Disability Insurance Trust Fund) and the transactions of the Postal Service are off-budget. As a result, they are excluded from the totals and other amounts in the budget resolution and from any calculations necessary under the Deficit Control Act. See also Balanced Budget and Emergency Deficit Control Act of 1985, budget resolution, outlays, revenues, and trust funds.
Office of the Comptroller of the Currency – OCC
Federal Reserve Bank of San Francisco
Definition: An independent bureau of the Treasury Department and the oldest federal financial regulatory body. The OCC oversees the nation’s federally chartered banks and promotes a system of bank supervision and regulation that: promotes safety and soundness by requiring that national banks adhere to sound management principles and comply with the law; and encourages banks to satisfy customer and community needs while remaining efficient competitors in the financial services market.
Office of the Comptroller of the Currency (OCC)
Federal Reserve Bank of Cleveland
Definition: The Comptroller of the Currency is an officer of the Treasury Department responsible for chartering national banks and has primary supervisory authority over them. All national banks are required to be members of the Federal Reserve System and are insured by the Federal Deposit Insurance Corporation.
Federal Reserve Bank of Minneapolis
Definition: An independent bureau of the Treasury Department and the oldest federal financial regulatory body. The OCC oversees the nation’s federally chartered banks and through a system of bank supervision and regulation promotes safety and soundness by requiring that national banks adhere to sound management principles and comply with the law, and encourages banks to satisfy customer and community needs while remaining efficient competitors in the financial services market.
Office of Thrift Supervision – OTS
Office of Thrift Supervision (OTS)
Offsetting collections
Definition: Funds collected by the government that are required by law to be credited directly to an expenditure account. Offsetting collections are accounted for as negative budget authority and outlays; they offset budget authority and outlays (either direct or discretionary spending) at the program or account level. Offsetting collections generally result from business-like or market-oriented activities with the public or from intragovernmental transactions. Collections that result from the government’s exercise of its sovereign or governmental powers are ordinarily classified as revenues, but will be classified as offsetting collections when the law requires that treatment. See also budget authority, direct spending, discretionary spending, expenditure account, outlays, and revenues; compare with offsetting receipts.
Office of Management and Budget
Definition: Offsetting collections and offsetting receipts are monies that are deducted from outlays, rather than counted on the receipts side of the budget. They are often received in return for goods or services. For example, payments the Postal Service receives for stamps are offsetting collections. See also offsetting receipts.
Related Term(s): Budget authority, Direct spending act, Discretionary spending, Expenditure account, Outlays, Revenues
Office of Management and Budget
Definition: Offsetting collections and offsetting receipts are monies that are deducted from outlays, rather than counted on the receipts side of the budget. They are often received in return for goods or services. For example, payments the Postal Service receives for stamps are offsetting collections. See also offsetting collections.
Definition: Funds collected by the government that are credited to a receipt account. Offsetting receipts are accounted for as negative budget authority and outlays; they offset gross budget authority and outlays for direct spending programs in calculations of total direct spending. Offsetting receipts generally result from business-like or market-oriented activities with the public and from intragovernmental transactions. Collections that result from the government’s exercise of its sovereign or governmental powers are ordinarily classified as revenues, but will be classified as offsetting receipts when the law requires that treatment. See also budget authority, direct spending, outlays, receipt account, and revenues; compare with offsetting collections.
Related Term(s): Offsetting collections
Economics: Principles & Practices
Definition: Monetary policy in the form of bond sales or purchases in bond markets
Federal Reserve Bank of Cleveland
Definition: Purchases and sales of government and certain other securities in the open market by the New York Federal Reserve Bank as directed by the FOMC in order to influence the volume of money and credit in the economy. Purchases inject reserves into the depository system and foster expansion in money and credit; sales have the opposite effect. Open market operations are the Federal Reserve’s most important and most flexible monetary policy tool. They are used to promote either higher or lower growth in money and credit and to offset undesired changes in the reserve positions of depository institutions stemming from movements in currency, float, Treasury deposits, and other factors.
Federal Reserve Bank of Minneapolis
Definition: Purchases and sales of government securities and certain other securities in the open market, through the Domestic Trading Desk at the Federal Reserve Bank of New York as directed by the Federal Open Market Committee (FOMC), to influence the volume of money and credit in the economy. Purchases inject reserves into the banking system and stimulate growth of money and credit; sales do the opposite.
Federal Reserve Bank of San Francisco
Definition: Purchases and sales of government securities and certain other securities in the open market, through the Domestic Trading Desk at the Federal Reserve Bank of New York as directed by the Federal Open Market Committee (FOMC), to influence the volume of money and credit in the economy. Purchases inject reserves into the banking system and stimulate growth of money and credit; sales do the opposite.
Federal Reserve Bank of Cleveland
Definition: A line of credit that may be used repeatedly up to a certain limit, also called a charge account or revolving credit.
Federal Reserve Bank of Cleveland
Definition: A lease that may involve a balloon payment based on the value of the property when it is returned. (Also called finance lease.)
Federal Reserve Bank of San Francisco
Definition: The right to buy or sell a security or commodity at a specified price during a specified period. The holder of an option has the right, but not the obligation, to buy (call option) or sell (put option) a security or commodity at a specified price during a specified period. The writer of an option is obligated to sell (call option) or purchase (put option) the instrument only if the holder chooses to exercise the option.
Federal Reserve Bank of Cleveland
Definition: A debt security not traded on the national securities exchange which meets certain Regulation T requirements as to size of original offering, available information, and status of interest payments.
Related Term(s): Means of financing
Office of Management and Budget
Definition: Outlays are the amount of money the government actually spends in a given fiscal year.
Definition: Spending made to pay a federal obligation. Outlays may pay for obligations incurred in previous fiscal years or in the current year; therefore, they flow in part from unexpended balances of prior-year budget authority and in part from budget authority provided for the current year. For most categories of spending, outlays are recorded when payments are made or when cash is disbursed from the Treasury. However, outlays for interest on debt held by the public are recorded when the interest is earned, and outlays for direct loans and loan guarantees (since credit reform) reflect estimated subsidy costs instead of cash transactions. See also budget authority, credit subsidy, debt, and fiscal year.
Over the counter – OTC
Federal Reserve Bank of San Francisco
Definition: Figurative term for the means of trading securities that are not listed on an organized stock exchange such as the New York Stock Exchange, as in OTC margin bonds. Over-the-counter trading is done by broker-dealers who communicate by telephone and computer networks.
Over the counter (OTC )
Federal Reserve Bank of Minneapolis
Definition: Figurative term for the means of trading securities that are not listed on an organized stock exchange such as the New York Stock Exchange, as in OTC margin bonds. Over-the-counter trading is done by broker-dealers who communicate by telephone and computer networks.
Overages
Overdraft checking account
Overhead
Overseas adjustment
Bureau of Economic Analysis (BEA)
Definition: An adjustment made to the national estimates of personal income to exclude the wages and salaries and related components of the income of U.S. residents employed abroad temporarily (e.g., military personnel stationed abroad). The adjusted national estimates are used in the estimation of state personal income.
SSI Annual Statistical Report, 2002
Definition: Used to determine the federal benefit rate. Applies to adults who own their living quarters, are liable for the rent, pay their pro rata shares of household expenses, are living in households composed only of recipients of public income-maintenance payments, and are placed by agencies in private households. Also applies to children living in their parent’s household. See federal benefit rates.
Related Term(s): Federal benefit rates (FBR)