H.R. 119 · 114th Congress
Budget and Accounting Transparency Act of 2015
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
GarrettSponsor1 cosponsor · 1 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Congressional Budget Act of 1974 to revise the budgetary treatment of federal loans and loan guarantees to account for them on a fair value basis. Under a fair value approach, costs are measured using market rates rather than the lower Treasury interest rates currently used.
What it does: CRS summary · Introduced in House · Jan 6, 2015
Budget and Accounting Transparency Act of 2015
This bill amends the Congressional Budget Act of 1974 to revise the budgetary treatment of federal loans and loan guarantees to account for them on a fair value basis. Under a fair value approach, costs are measured using market rates rather than the lower Treasury interest rates currently used.
Estimates for loan guarantees and direct loans in the President's budget are required to include a risk component that reflects the impact of using a fair value estimate to account for market risk. A risk component must also be included in estimates used for requirements under current law that appropriations be provided in advance for the costs of new direct loans, loan guarantees, or modifications that increase costs.
The bill amends the Balanced Budget and Emergency Deficit Control Act of 1985 to permit adjustments to discretionary spending limits for this Act.
The bill also changes the budgetary treatment of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
Agency budget justification materials are required to be posted on the public website of the agency on the same day the materials are submitted to Congress.
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 2015
Latest action (Jan 6, 2015): Referred to the Committee on the Budget, and in addition to the Committee on Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Economics and Public Finance · Origin: House · Introduced: Jan 6, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.