H.R. 5571 · 118th Congress
Fair-Value Accounting and Budget Act
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
NormanSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill requires the Congressional Budget Office (CBO) to provide certain fair-value estimates of federal loan and loan guarantee programs. Under the bill, the fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
What it does: CRS summary · Introduced in House · Sep 19, 2023
Fair-Value Accounting and Budget Act
This bill requires the Congressional Budget Office (CBO) to provide certain fair-value estimates of federal loan and loan guarantee programs. Under the bill, the fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair-value estimates generally use private-market interest rates to estimate the cost of a loan program rather than rates based on Treasury securities.
The bill requires CBO to include fair-value estimates in (1) any estimate prepared for a measure that establishes or modifies a loan or loan guarantee program, and (2) its publication titled The Budget and Economic Outlook. If CBO provides a fair-value estimate pursuant to this bill, the chairs of the congressional budget committees must use the estimate to determine compliance with budget enforcement requirements.
The bill also requires the Office of Management and Budget to submit an annual report to Congress on fair-value estimates of the costs of federal credit programs.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Fair-Value Accounting and Budget Act
Latest action (Sep 19, 2023): Referred to the Committee on the Budget, and in addition to the Committee on Rules, 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: Sep 19, 2023
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.