Federal Lending Oversight and Control Act

Federal Lending Oversight and Control Act - 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.

Title I: Amendments to Congressional Budget Act of 1974 - Amends the Congressional Budget Act of 1974 to require 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 Committee in formulating the budget resolution.

Directs the House and Senate Banking Committees to submit recommendations to the Budget Committees for the aggregate levels of direct loans and loan guarantees in each fiscal year.

Requires the joint explanatory statement accompanying a conference report on the concurrent resolution on the budget to include an estimated allocation of the total levels of direct loan obligations and loan guarantee commitments among the committees of the House and Senate.

Directs the Committees on Appropriations to provide such an allocation among their subcommittees as soon as practicable after a budget resolution has been agreed to. Requires the House Committee on Appropriations, before reporting any regular appropriations bills, to submit a summary report to the House comparing the credit authority contained in such bills to the levels agreed to in the budget resolution.

Requires any report accompanying legislation conferring new budget authority or increasing tax expenditures to include information on direct loan obligations and loan guarantee commitments. Establishes a deadline for the completion of action on legislation providing credit authority.

Requires the second concurrent resolution on the budget in any fiscal year and the reconciliation process to take into account Federal obligations and commitments on loans and loan guarantees.

Declares out of order any measure brought up for consideration in either House which would increase the level of loan obligations and guarantee commitments agreed to in the budget process. Requires any authority to guarantee the payment of any indebtedness to be contingent on provisions in appropriation Acts.

Title II: Amendments to the Budget and Accounting Act - Amends the Budget and Accounting Act, 1921, to direct the President to include items relating to Federal loan obligations and guarantee commitments in the annual budget message to the Congress.

Title III: Amendment to House Rules - Amends Rule X of the House of Representatives to make the Committee on Banking, Finance and Urban Affairs or other designated committee responsible for reviewing and studying all laws, programs, and Government activities dealing with Federal credit activities. Requires all other House committees to refer any bill or resolution providing for Federal credit activities to such Committee for consideration of such activities before placing the bill or resolution on the appropriate calendar.

Title IV: Effective Date - Sets forth the effective dates of the titles of this Act.