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United States · Bill · HR

H.R. 3581 (112th)

Budget and Accounting Transparency Act of 2012

referredUnited States· United States Congress· EN

Introduced

7 December 2011

Last action

9 February 2012 · Introduced

Status

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

Sponsors

Rep. Garrett, Scott [R-NJ-5], Rep. Ryan, Paul [R-WI-1], Rep. Hensarling, Jeb [R-TX-5], Rep. Price, Tom [R-GA-6], Rep. Huelskamp, Tim [R-KS-1], Rep. Chaffetz, Jason [R-UT-3], Rep. Stutzman, Marlin A. [R-IN-3], Rep. Duncan, Jeff [R-SC-3], Rep. Ribble, Reid J. [R-WI-8], Rep. Kinzinger, Adam [R-IL-16], Rep. Rokita, Todd [R-IN-4], Rep. Flores, Bill [R-TX-17], Rep. Westmoreland, Lynn A. [R-GA-3], Sen. Scott, Tim [R-SC], Rep. Amash, Justin [R-MI-3], Rep. Walsh, Joe [R-IL-8], Rep. Mulvaney, Mick [R-SC-5], Rep. McClintock, Tom [R-CA-5], Rep. Woodall, Rob [R-GA-7], Rep. Kline, John [R-MN-2], Rep. Black, Diane [R-TN-6]

Subjects

Budget, Postal service

Source updated

7 April 2025

Budget · Postal service

Official sourceDownload fileView documentsShare

Summary

Budget and Accounting Transparency Act of 2011 - Amends the Federal Credit Reform Act of 1990 (FCRA) (title V of the Congressional Budget Act of 1974) 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) as well as all existing credit programs of the Commodity Credit Corporation (CCC) from: (1) the above requirement, and (2) 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. 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 Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or 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 Balanced Budget and Emergency Deficit Control Act of 1985 (BBEDC) (Gramm-Rudman-Hollings Act). Treats the face amount of obligations issued after the 90th day after the enactment of this Act by the GSEs outstanding at one time as issued by the federal government. (Thus subjects their debt to the public debt limit.) Repeals mandatory off-budget treatment of the receipts and disbursements of the Postal Service Fund. (Thus returns such Fund to an on-budget status.) Repeals the requirement that Competitive Products Fund receipts and disbursements be accorded the same budgetary treatment accorded to Postal Service Fund receipts and disbursements. Requires CBO and OMB to: (1) prepare jointly a study of the history of offsetting collections against expenditures and the amount of receipts collected annually, 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 a 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 its public website.

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Timeline

  1. 7 December 2011

    Introduced

    Referred to the Committee on the Budget, and in addition to the Committees on Oversight and Government Reform, and Ways and Means, 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. 7 December 2011

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 7 December 2011

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 24 January 2012

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  5. 25 January 2012

    Passed

    Mr. McHenry asked unanimous consent that the Committee on The Budget have until 3:00 p.m. on Jan. 30 to file a report on H.R. 3581. Agreed to without objection.

    Source: Committee

  6. 31 January 2012

    Calendars

    Placed on the Union Calendar, Calendar No. 261.

    Source: Calendars

  7. 31 January 2012

    Committee

    Committee on Oversight and Government discharged.

    Source: Committee

  8. 31 January 2012

    Discharge

    Committee on Oversight and Government discharged.

    Source: Discharge

  9. 31 January 2012

    Reported

    Reported (Amended) by the Committee on Budget. H. Rept. 112-380, Part I.

    Source: Committee

  10. 31 January 2012

    Reported

    Reported (Amended) by the Committee on Budget. H. Rept. 112-380, Part I.

    Source: Committee

  11. 6 February 2012

    Reported

    Rules Committee Resolution H. Res. 539 Reported to House. Rule provides for consideration of H.R. 3581 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. In lieu of the amendment in the nature of a substitute recommended by the Committee on the Budget now printed in the bill, it shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule an amendment in the nature of a substitute consisting of the text of Rules Committee Print 112-13.

    Source: Floor

  12. 7 February 2012

    Floor

    The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H547)

    Source: Floor

  13. 7 February 2012

    Floor

    Mr. Walz (MN) moved to recommit with instructions to The Budget. (consideration: CR H547-548; text: CR H547)

    Source: Floor

  14. 7 February 2012

    Passed

    The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H542-544)

    Source: Floor

  15. 7 February 2012

    Floor

    The previous question was ordered pursuant to the rule. (consideration: CR H547)

    Source: Floor

  16. 7 February 2012

    Floor

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 3581.

    Source: Floor

  17. 7 February 2012

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  18. 7 February 2012

    Vote

    On passage Passed by recorded vote: 245 - 180 (Roll no. 42).

    Source: Floor

  19. 7 February 2012

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 245 - 180 (Roll no. 42).

    Source: Floor

  20. 7 February 2012

    Vote

    On motion to recommit with instructions Failed by the Yeas and Nays: 190 - 238 (Roll no. 41).

    Source: Floor

  21. 7 February 2012

    Floor

    Rule provides for consideration of H.R. 3581 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. In lieu of the amendment in the nature of a substitute recommended by the Committee on the Budget now printed in the bill, it shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule an amendment in the nature of a substitute consisting of the text of Rules Committee Print 112-13.

    Source: Floor

  22. 7 February 2012

    Floor

    The Speaker designated the Honorable Candice S. Miller to act as Chairwoman of the Committee.

    Source: Floor

  23. 7 February 2012

    Floor

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 539 and Rule XVIII.

    Source: Floor

  24. 7 February 2012

    Floor

    Considered under the provisions of rule H. Res. 539. (consideration: CR H534-549)

    Source: Floor

  25. 7 February 2012

    Passed

    Rule H. Res. 539 passed House.

    Source: Floor

  26. 9 February 2012

    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

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 9 February 2012

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 9 February 2012

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  • Engrossed in House (text)

    Engrossed in House · EN · 7 February 2012

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 7 February 2012

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  • Passed House amended

    summary · EN · 7 February 2012

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  • Reported in House (text)

    Reported in House · EN · 31 January 2012

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  • Reported in House (PDF)

    Reported in House · EN · 31 January 2012

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  • Reported to House amended, Part I

    summary · EN · 31 January 2012

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  • Introduced in House (text)

    Introduced in House · EN · 7 December 2011

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  • Introduced in House (PDF)

    Introduced in House · EN · 7 December 2011

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  • Introduced in House

    summary · EN · 7 December 2011

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Sources

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