S. 2420 · 113th Congress
Budget and Accounting Transparency Act of 2014
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
FischerSponsorNo cosponsors.
Requires the President's budget to reflect the costs of direct loan and loan guarantee programs by including the planned level of new direct loan obligations or loan guarantee commitments associated with each appropriations request.
What it does: CRS summary · Introduced in Senate · Jun 3, 2014
Budget and Accounting Transparency Act of 2014 - Amends the Federal Credit Reform Act of 1990 (FCRA) (title V of the Congressional Budget Act of 1974) to revise the budgetary treatment of federal direct loans and loan guarantees to account for them on a fair value basis.
Requires the President's budget to reflect the costs of direct loan and loan guarantee programs by including the planned level of new direct loan obligations or loan guarantee commitments associated with each appropriations request. Requires agency estimates with and without a risk component that reflects the impact of using a fair value estimate to account for market risk.
Requires new budget authority and funding limitations for the cost of new direct loan obligations or loan guarantee commitments to be provided in advance. Prohibits modifications that increase costs unless budget authority has been provided in advance. Defines "cost" to include the risk component. Includes exemptions.
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to permit adjustment of discretionary spending limits for this Act.
Changes the budgetary treatment of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Budget and Accounting Transparency Act of 2014
Latest action (Jun 3, 2014): Read twice and referred to the Committee on the Budget.
Policy area: Economics and Public Finance · Origin: Senate · Introduced: Jun 3, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.