HR 1388 · 119th Congress — Fair-Value Accounting and Budget Act

Summary

Fair-Value Accounting and Budget Act This bill requires the Congressional Budget Office (CBO) to provide certain fair-value estimates of federal loan and loan guarantee programs. Under the bill, the fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair-value estimates generally use private-market interest rates to estimate the cost of a loan program rather than rates based on Treasury securities. The bill requires CBO to include fair-value estimates in (1) any estimate prepared for a measure that establishes or modifies a loan or loan guarantee program, and (2) its publication titled The Budget and Economic Outlook. Right now, the latest action is: Sent to the Budget Committee and the Rules Committee. Each committee will review the parts it handles. The listed sponsor is Rep. Norman, Ralph [R-SC-5] [R].

This summary may describe an earlier version. Check the official record for current wording.

Latest action

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.

Sponsors

• Rep. Norman, Ralph [R-SC-5]

  Republican · South Carolina · House District 5 · Republican

Sources

• Official congressional record ↗