Bill · H.R. 1388· House(119-HR-1388)
Fair-Value Accounting and Budget Act
- Introduced
- 2/14/2025
- Last activity
- 2/14/2025 — 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.
- Sponsored by
- Ralph Norman
- Cosponsors
- - 4 - 0
- Introduced
- In Committee
What this bill would do
This bill, known as the "Fair-Value Accounting and Budget Act," aims to amend the Congressional Budget and Impoundment Control Act of 1974. It requires the Director of the Congressional Budget Office to provide fair-value estimates for any program that establishes or modifies loans or loan guarantees. Additionally, the CBO must include these estimates in its "The Budget and Economic Outlook" report when practicable. The chair of the Committee on the Budget in both the House and Senate would use these estimates to determine compliance with budget requirements. Finally, the Director of the Office of Management and Budget must submit an annual report on these fair-value estimates to Congress.
Yes· 3 of 4
Does this make the government pay for what it commits to?+2
The bill enhances fiscal responsibility by mandating more rigorous accounting standards for federal loan and guarantee programs.
Does this make what the government does easier for the public to see?+2
The bill increases transparency by requiring the CBO and OMB to report more detailed and accurate cost estimates for federal credit programs.
Does this reduce what the federal government owes?+1
The bill increases budgetary oversight of loan programs which may assist in controlling the long-term fiscal impact of federal credit.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
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Enhanced Budgetary Oversight: Under Section 2(a), the Director of the CBO must provide fair-value estimates for loan or loan guarantee programs. This provides a specific method for estimating the cost of these programs.
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Improved Economic Reporting: Per Section 2(b), the CBO is directed to include estimates of loan and loan guarantee programs on a fair-value and credit reform basis in its "The Budget and Economic Outlook" publication. This ensures that specific financial data is included in regular economic publications.
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Increased Accountability through Reporting: Section 2(d) requires the Director of the Office of Management and Budget to submit an annual report on the fair-value estimates of the cost of Federal credit programs to the House and Senate Committees on the Budget.
Potential Negative Impacts for People
- No specific negative impacts or burdens are explicitly mentioned in the text provided.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Improves Fiscal Responsibility+2Reduces Government Spending+1Reduces National Debt+1
- Governance And Ideology
- Improves Government Transparency+2
- 2/21/2025
- 1 Cosponsor added.
- 2/14/2025
- 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.
- 3 Cosponsors added.
- Introduced in House
Chuck EdwardsRepublican · North Carolina
Glenn GrothmanRepublican · Wisconsin
Keith SelfRepublican · Texas
Randy WeberRepublican · Texas