HR 1388 Re-checks Congress.gov for new actions and updates the bill's status, and fills in any sponsors, committees, or related bills that are missing. It does not re-pull sponsors/cosponsors/committees/related — those rarely change — and it skips all work if nothing has changed upstream, so it's cheap to click.
Fair-Value Accounting and Budget Act
To amend the Congressional Budget and Impoundment Control Act of 1974 to provide for fair-value credit estimates, and for other purposes.
Summary
This Act amends the Congressional Budget and Impoundment Control Act of 1974 to require the Congressional Budget Office to provide fair-value estimates for any federal legislation that establishes or modifies loan or loan guarantee programs. The fair-value estimates must be included in the CBO's publication "The Budget and Economic Outlook" and must be used by budget committee chairs to determine compliance with budget enforcement requirements. The bill also requires the Office of Management and Budget to submit annual reports, beginning in 2026, on fair-value estimates of the cost of federal credit programs within 90 days after the President submits the federal budget to Congress. Fair-value is defined using the Government Accounting Standards Board's February 2015 publication on Fair Value Measurement and Application.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Norman, Ralph [R-SC-5] (R-SC)
4 cosponsors
Actions (2)
- Feb 14, 2025 Referred to the Committee on the Budget, and in addition to the Committee on Rules, 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. · house
- Feb 14, 2025 Introduced in House
More bills on these subjects (8)
Other bills that carry the most legislative subjects in common with this one (topical discovery — distinct from the procedural related bills above).
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Text versions (1)
Bills are re-published as they move (Introduced → Reported → Engrossed → Enrolled …). Each stage below is a separate text; pick two to see what changed. Data from Congress.gov.
Full text
IN THE HOUSE OF REPRESENTATIVES
February 14, 2025
Mr. Norman (for himself, Mr. Grothman, Mr. Weber of Texas, and Mr. Self) introduced the following bill; which was referred to the Committee on the Budget, and in addition to the Committee on Rules, 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
A BILL
To amend the Congressional Budget and Impoundment Control Act of 1974 to provide for fair-value credit estimates, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Fair-Value Accounting and Budget Act”.
SEC. 2. FAIR-VALUE CREDIT ESTIMATES.
(a) Fair-Value Estimates.—Part A of title IV of the Congressional Budget and Impoundment Control Act of 1974 is amended by adding at the end the following:
“fair-value credit estimates
“Sec. 407. (a) Fair-Value Estimates.—Any estimate prepared by the Director of the Congressional Budget Office for a measure that establishes or modifies any program providing loans or loan guarantees shall provide a fair-value estimate of such loan or loan guarantee program.
“(b) Baseline Estimates.—The Congressional Budget Office shall include estimates of loan and loan guarantee programs, on a fair-value and credit reform basis, as practicable, in the Office’s publication entitled ‘The Budget and Economic Outlook’ (or any successor report).
“(c) Enforcement.—If the Director of the Congressional Budget Office provides an estimate pursuant to subsection (a), the chair of the Committee on the Budget of the House of Representatives or the Senate shall use such estimate to determine compliance with this Act and other budget enforcement requirements.
“(d) Annual Report.—In 2026 and each year thereafter, not later than 90 days after the date the President submits to Congress a budget under section 1105(a) of title 31, United States Code, the Director of the Office of Management and Budget shall submit a report, to the Committees on the Budget of the House of Representatives and the Senate, on fair-value estimates of the cost of Federal credit programs.
“(e) Definition of Fair-Value.—In carrying out this section, the Director of the Congressional Budget Office and the Director of the Office of Management and Budget shall use the definition of ‘fair- value’ as set forth in the publication of the Government Accounting Standards Board, issued in February 2015, entitled ‘Fair Value Measurement and Application’.”.
(b) Clerical Amendment.—The table of contents for the Congressional Budget and Impoundment Control Act of 1974 Act set forth in section 1(b) of such Act is amended by inserting after the item relating to section 406 the following new item:
“Sec. 407. Fair-value credit estimates.”. <all>
Comments