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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Budget and Accounting Transparency Act of 2015

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Balanced Budget and Emergency Deficit Control Act of 1985 to increase transparency in Federal budgeting, and for other purposes.


Actions Overview (1)

Date
02/05/2015Introduced in Senate

All Actions (1)

Date
02/05/2015Read twice and referred to the Committee on the Budget.
Action By: Senate

Cosponsors (1)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Cotton, Tom [R-AR] 02/25/2015

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Budget02/05/2015 Referred to

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Latest Summary (1)

There is one summary for S.399. View summaries

Shown Here:
Introduced in Senate (02/05/2015)

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.