Budget and Accounting Transparency Act of 2015
Latest action · Feb 5, 2015 Read twice and referred to the Committee on the Budget.
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.
- IntroducedFeb 5, 2015
- Passed SenateNot reached
- Passed HouseNot 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. The President's budget is also required to include agency-by-agency estimates without the risk component. A risk component must 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 Feb 25, 2015.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-AR | Tom Cotton | Feb 25, 2015 |
Actions 2
Everything that happened, newest first.
- Feb 5, 2015Introduced in Senate
- Feb 5, 2015Read twice and referred to the Committee on the Budget.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 119 | Budget and Accounting Transparency Act of 2015 | Related bill | Jan 6, 2015 |
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- Accounting and auditing
- Appropriations
- Budget deficits and national debt
- Budget process
- Commerce
- Congressional oversight
- 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.
- Feb 5, 2015Introduced in Senate
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.
