US Congress House Bill 119 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 6 2015 - 25% progression, died in committee
Action: 2015-01-06 - Referred to House Oversight and Government Reform
Pending: House Oversight And Government Reform Committee
Text: Latest bill text (Introduced) [PDF]

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.

Budget and Accounting Transparency Act of 2015

Rep. Scott Garrett [R-NJ]

Rep. Mark Sanford [R-SC]

Date	Chamber	Action
2015-01-06	House	Referred to House Oversight and Government Reform
2015-01-06	House	Referred to House Budget
2015-01-06	House	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.
2015-01-06	House	Introduced in House

SB399 (Related) 2015-02-05 - Read twice and referred to the Committee on the Budget.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/119/all-info
Text	https://www.congress.gov/114/bills/hr119/BILLS-114hr119ih.pdf