Budget and Accounting Transparency Act of 2014

referredUnited States· United States Congress· EN

Introduced

8 May 2013

Last action

8 April 2014 · Introduced

Status

Received in the Senate and Read twice and referred to the Committee on the Budget.

Summary

Budget and Accounting Transparency Act of 2013 - Amends the Federal Credit Reform Act of 1990 (FCRA) (title V of the Congressional Budget Act of 1974 [CBA]) to revise the budgetary treatment of federal direct loans and loan guarantees to account for them on a fair value basis (currently, a FCRA accrual basis). Requires the President's budget from FY1992 on to reflect the Treasury discounting component of direct loan and loan guarantee programs. Defines the "Treasury discounting component" as the estimated long-term cost to the federal government of a direct loan or loan guarantee (or modification) calculated on a net present value basis, excluding administrative costs and any incidental effects on governmental receipts or outlays. Revises other requirements for the President's budget, beginning with FY2015, including conditions for new direct loans or loan guarantee commitments. Requires new budget authority for such loans or loan guarantee commitments to be provided in advance in an appropriation Act. Exempts a direct loan or loan guarantee program that constitutes an entitlement (such as the guaranteed student loan program or the veteran's home loan guaranty program), all existing credit programs of the Commodity Credit Corporation (CCC), or any direct loan or loan guarantee made by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) from: the requirement that new direct loan obligations may be incurred and new loan guarantee commitments may be made for any fiscal year only to the extent that new budget authority to cover their costs is provided in advance in an appropriation Act, and the prohibition against modification of an outstanding direct loan or loan guarantee in a manner that increases its costs unless budget authority for the additional cost has been provided in advance in an appropriation Act. Repeals the general authorization of appropriations to federal agencies for the cost associated with such direct loan obligations or loan guarantee commitments. Revises requirements for Treasury transactions with financing accounts (nonbudget accounts associated with each program account which holds balances, receives the cost payment from the program account, and also includes all other cash flows to and from the federal government resulting from direct loan obligations or loan guarantee commitments made on or after October 1, 1991). Limits the availability of amounts in liquidating accounts to specified payments resulting from direct loan obligations or loan guarantee commitments made before October 1, 1991. Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to treat a change in discretionary spending solely as a result of the amendment to title V of the CBA made by this Act as a change of concept (requiring adjustments to discretionary spending limits). Requires the Office of Management and Budget (OMB), before adjusting such discretionary spending limits, to report to the congressional budget committees on the amount of that adjustment and other specified related matters. Requires each of the Directors of the Congressional Budget Office (CBO) and of the Office of Management and Budget (OMB) to study and make recommendations to the congressional budget committees on the feasibility of applying fair value concepts to budgeting for the costs of federal insurance programs. Requires the receipts and disbursements, including the administrative expenses, of the GSEs to be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of: (1) the President's budget, (2) the congressional budget, and (3) the Gramm-Rudman-Hollings Act. Terminates mandatory on-budget status treatment for a GSE after all of the following occurs: (1) its conservatorship has been terminated; (2) the Director of the Federal Housing Finance Agency (FHFA) has certified in writing that the GSE has repaid to the federal government the maximum amount consistent with minimizing the total federal cost of the financial assistance provided to the GSE; and (3) its charter has been revoked, annulled, or terminated and its authorizing statute has been repealed. Requires OMB to: (1) study the history of offsetting collections against expenditures and the amount of receipts collected annually, especially the historical application of the budgetary terms "revenue," "offsetting collections," and "offsetting receipts"; and (2) review the application of those terms and make recommendations to the congressional budget committees on whether such usage should be continued or modified. Requires any federal agency, whenever it prepares and submits written budget justification materials for any congressional committee, to post them on the same day as its submission on the "open" page of its public website. Requires OMB to: (1) post the budget justification in a centralized location on its website in an OMB developed format, and (2) notify each federal agency of the format in which to post it.

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Timeline

8 May 2013
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
8 May 2013
Introduced
Introduced in House
Source: IntroReferral
8 May 2013
Introduced
Introduced in House
Source: IntroReferral
11 February 2014
Vote
Ordered to be Reported (Amended) by the Yeas and Nays: 17 - 8.
Source: Committee
11 February 2014
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
18 March 2014
Discharge
Committee on Oversight and Government discharged.
Source: Discharge
18 March 2014
Committee
Committee on Oversight and Government discharged.
Source: Committee
18 March 2014
Calendars
Placed on the Union Calendar, Calendar No. 284.
Source: Calendars
18 March 2014
Reported
Reported (Amended) by the Committee on Budget. H. Rept. 113-381, Part I.
Source: Committee
18 March 2014
Reported
Reported (Amended) by the Committee on Budget. H. Rept. 113-381, Part I.
Source: Committee
3 April 2014
Reported
Rules Committee Resolution H. Res. 539 Reported to House. The resolution provides for consideration of H.R. 1874, H.R. 1871, and H.R. 1872. The resolution provides for 1 hour of general debate for each bill. Specified amendments printed in Part B of House Report 113-400 are in order for H.R. 1874. The resolution allows for one motion to recommit with instructions for each bill.
Source: Floor
4 April 2014
Passed
Rule H. Res. 539 passed House.
Source: Floor
7 April 2014
Vote
On passage Passed by recorded vote: 230 - 165 (Roll no. 166). (text: CR H2965-2968)
Source: Floor
7 April 2014
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: Floor
7 April 2014
Vote
Passed/agreed to in House: On passage Passed by recorded vote: 230 - 165 (Roll no. 166).(text: CR H2965-2968)
Source: Floor
7 April 2014
Vote
On motion to recommit with instructions Failed by the Yeas and Nays: 179 - 217 (Roll no. 165).
Source: Floor
7 April 2014
Floor
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2985)
Source: Floor
7 April 2014
Floor
Ms. DeLauro moved to recommit with instructions to the Committee on the Budget. (consideration: CR H2983-2985; text: CR H2983)
Source: Floor
7 April 2014
Floor
Considered under the provisions of rule H. Res. 539. (consideration: CR H2965-2973)
Source: Floor
7 April 2014
Floor
The resolution provides for consideration of H.R. 1874, H.R. 1871, and H.R. 1872. The resolution provides for 1 hour of general debate for each bill. Specified amendments printed in Part B of House Report 113-400 are in order for H.R. 1874. The resolution allows for one motion to recommit with instructions for each bill.
Source: Floor
7 April 2014
Floor
The previous question was ordered pursuant to the rule. (consideration: CR H2973)
Source: Floor
8 April 2014
Introduced
Received in the Senate and Read twice and referred to the Committee on the Budget.
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Referred in Senate · 8 April 2014 · Download file
Engrossed in House · 7 April 2014 · Download file
Reported in House · 18 March 2014 · Download file
Introduced in House · 8 May 2013 · Download file

Documents

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Referred in Senate (text)

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Referred in Senate (text)
Referred in Senate · EN · 8 April 2014
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Referred in Senate (PDF)
Referred in Senate · EN · 8 April 2014
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Engrossed in House (text)
Engrossed in House · EN · 7 April 2014
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Engrossed in House (PDF)
Engrossed in House · EN · 7 April 2014
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Passed House amended
summary · EN · 7 April 2014
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Reported in House (text)
Reported in House · EN · 18 March 2014
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Reported in House (PDF)
Reported in House · EN · 18 March 2014
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Reported to House amended, Part I
summary · EN · 18 March 2014
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Introduced in House (text)
Introduced in House · EN · 8 May 2013
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Introduced in House · EN · 8 May 2013
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Introduced in House
summary · EN · 8 May 2013
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Related records

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/113th-congress/house-bill/1872
Open data entity: https://api.congress.gov/v3/bill/113/hr/1872
us · 113-hr-1872 · source updated 5 December 2025