Federal Financing Bank Act Amendments of 1981

Federal Financing Bank Act Amendments of 1981 - Amends the Federal Financing Bank Act of 1973 to include the receipts and disbursements of the Bank in the discharge of its functions in the totals of the budget of the United States Government.

Authorizes such Bank, to the extent as may be provided in advance in appropriations Acts, to make commitments to purchase and sell, and to purchase and sell, any obligation which is issued, sold, or guaranteed by a Federal agency. Directs the Bank to make commitments to purchase, and to purchase, any obligation offered to it: (1) which is guaranteed by a Federal agency; (2) which has not previously been issued or sold to any person or governmental entity; and (3) in any case in which the guarantee with respect to such obligation would cease to be effective if such obligation were held by any person or governmental entity (other than such agency or the Bank).

Permits any Federal agency, to the extent as may be provided in advance in appropriations Acts, which is authorized to issue, sell, or guarantee any obligation to issue or sell such obligation directly to the Bank.

Subjects any guarantee by a Federal agency of an obligation to the condition that if such obligation is held by any person or governmental entity, other than such agency or the Bank, such guarantee shall thereafter cease to be effective, except in the case of any obligation which: (1) the Secretary of the Treasury determines is of a type which is not ordinarily brought and sold in the same markets as investment securities; or (2) which is issued or sold by the Bank.