Budget and Accounting Transparency Act of 2015

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.

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Timeline

1. 6 January 2015

   Introduced

   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.

   Source: IntroReferral

2. 6 January 2015

   Introduced

   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.

   Source: IntroReferral

3. 6 January 2015

   Introduced

   Introduced in House

   Source: IntroReferral

4. 6 January 2015

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 6 January 2015 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 6 January 2015

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 6 January 2015

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 6 January 2015

  Open at official source

Sponsors

• Rep. Garrett, Scott [R-NJ-5] · R · Sponsor
• Mark Sanford · R · Cosponsor
• · hsgo00 · Standing
• · hsbu00 · Standing

Related records

• related to ← Budget and Accounting Transparency Act of 2015