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.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJan 6, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 1
Members who signed on, in the order they did. All signed on Apr 23, 2015.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-SC | Mark Sanford | Apr 23, 2015 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Budget Committee | Referred Jan 6, 2015 |
| House | Oversight and Government Reform Committee | Referred Jan 6, 2015 |
Actions 2
Everything that happened, newest first.
- Jan 6, 2015Introduced in House
- Jan 6, 2015Referred 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.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 161, no. 1, January 6, 2015, page H47.
CRS reports 3
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 3
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R44193 | Federal Credit Programs: Comparing Fair Value and the Federal Credit Reform Act (FCRA) | Report | Jun 25, 2025 |
| IF10457 | Export-Import Bank (Ex-Im Bank) and the Federal Budget | Resource | Aug 29, 2016 |
| R43671 | Export-Import Bank: Frequently Asked Questions Archived | Report | Apr 13, 2016 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 399 | Budget and Accounting Transparency Act of 2015 | Related bill | Feb 5, 2015 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to increase transparency in Federal budgeting, and for other purposes.
- Short Titles as Introduced
- Budget and Accounting Transparency Act of 2015
Subjects
Assigned by the Library of Congress. Policy area: Economics and Public Finance.
- Accounting and auditing
- Appropriations
- Budget deficits and national debt
- Budget process
- Congressional oversight
- Economics and Public Finance
- Executive agency funding and structure
- Government corporations and government-sponsored enterprises
- Government information and archives
- Government lending and loan guarantees
- Government studies and investigations
- Housing finance and home ownership
Text 1
Each version as it was printed, newest first.
- Jan 6, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
