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S 2420 113th Congress Senate Economics and Public Finance Accounting and auditing Appropriations Budget deficits and national debt Budget process Congressional oversight Executive agency funding and structure Government corporations and government-sponsored enterprises Government information and archives Government lending and loan guarantees Government studies and investigations Housing finance and home ownership

Budget and Accounting Transparency Act of 2014

Introduced: June 3, 2014 Introduced by: Fischer, Deb Republican · Nebraska See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 3, 2014
Read twice and referred to the Committee on the Budget.
Jun 3, 2014
Introduced in Senate
 Plain-English summary Congressional Research Service

Budget and Accounting Transparency Act of 2014 - 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.

Requires the President's budget to reflect the costs of direct loan and loan guarantee programs by including the planned level of new direct loan obligations or loan guarantee commitments associated with each appropriations request. Requires agency estimates with and without a risk component that reflects the impact of using a fair value estimate to account for market risk.

Requires new budget authority and funding limitations for the cost of new direct loan obligations or loan guarantee commitments to be provided in advance. Prohibits modifications that increase costs unless budget authority has been provided in advance. Defines "cost" to include the risk component. Includes exemptions. 

Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to permit adjustment of discretionary spending limits for this Act.

Changes the budgetary treatment of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).




What's happening now June 3, 2014

Read twice and referred to the Committee on the Budget.

 Committees of jurisdiction 1