S.399 - Budget and Accounting Transparency Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Fischer, Deb [R-NE] (Introduced 02/05/2015)|
|Committees:||Senate - Budget|
|Latest Action:||Senate - 02/05/2015 Read twice and referred to the Committee on the Budget. (All Actions)|
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Summary: S.399 — 114th Congress (2015-2016)All Information (Except Text)
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.