H.R. 1388

119 HR 1388 IH: Fair-Value Accounting and Budget Act
 U.S. House of Representatives
 2025-02-14
 text/xml
 EN
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 I  119th CONGRESS  1st Session  H. R. 1388  IN THE HOUSE OF REPRESENTATIVES   February 14, 2025   Mr. Norman  (for himself,  Mr. Grothman ,  Mr. Weber of Texas , and  Mr. Self ) introduced the following bill; which was 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   A BILL
To amend the Congressional Budget and Impoundment Control Act of 1974 to provide for fair-value credit estimates, and for other purposes.
1.
Short title
This Act may be cited as the   Fair-Value Accounting and Budget Act  .
2.
Fair-value credit estimates
(a)
Fair-Value estimates
Part A of title IV of the Congressional Budget and Impoundment Control Act of 1974 is amended by adding at the end the following:
407.
Fair-value credit estimates
(a)
Fair-Value estimates
Any estimate prepared by the Director of the Congressional Budget Office for a measure that establishes or modifies any program providing loans or loan guarantees shall provide a fair-value estimate of such loan or loan guarantee program.
(b)
Baseline estimates
The Congressional Budget Office shall include estimates of loan and loan guarantee programs, on a fair-value and credit reform basis, as practicable, in the Office’s publication entitled  The Budget and Economic Outlook  (or any successor report).
(c)
Enforcement
If the Director of the Congressional Budget Office provides an estimate pursuant to subsection (a), the chair of the Committee on the Budget of the House of Representatives or the Senate shall use such estimate to determine compliance with this Act and other budget enforcement requirements.
(d)
Annual report
In 2026 and each year thereafter, not later than 90 days after the date the President submits to Congress a budget under section 1105(a) of title 31, United States Code, the Director of the Office of Management and Budget shall submit a report, to the Committees on the Budget of the House of Representatives and the Senate, on fair-value estimates of the cost of Federal credit programs.
(e)
Definition of fair-Value
In carrying out this section, the Director of the Congressional Budget Office and the Director of the Office of Management and Budget shall use the definition of  fair-value  as set forth in the publication of the Government Accounting Standards Board, issued in February 2015, entitled  Fair Value Measurement and Application .
 .
(b)
Clerical amendment
The table of contents for the Congressional Budget and Impoundment Control Act of 1974 Act set forth in section 1(b) of such Act is amended by inserting after the item relating to section 406 the following new item:
Sec. 407. Fair-value credit estimates.
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