| 1 | 1 | | I |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION H. R. 1388 |
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| 5 | 5 | | To amend the Congressional Budget and Impoundment Control Act of 1974 |
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| 6 | 6 | | to provide for fair-value credit estimates, and for other purposes. |
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| 7 | 7 | | IN THE HOUSE OF REPRESENTATIVES |
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| 8 | 8 | | FEBRUARY14, 2025 |
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| 9 | 9 | | Mr. N |
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| 10 | 10 | | ORMAN(for himself, Mr. GROTHMAN, Mr. WEBERof Texas, and Mr. |
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| 11 | 11 | | S |
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| 12 | 12 | | ELF) introduced the following bill; which was referred to the Committee |
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| 13 | 13 | | on the Budget, and in addition to the Committee on Rules, for a period |
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| 14 | 14 | | to be subsequently determined by the Speaker, in each case for consider- |
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| 15 | 15 | | ation of such provisions as fall within the jurisdiction of the committee |
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| 16 | 16 | | concerned |
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| 17 | 17 | | A BILL |
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| 18 | 18 | | To amend the Congressional Budget and Impoundment Con- |
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| 19 | 19 | | trol Act of 1974 to provide for fair-value credit esti- |
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| 20 | 20 | | mates, and for other purposes. |
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| 21 | 21 | | Be it enacted by the Senate and House of Representa-1 |
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| 22 | 22 | | tives of the United States of America in Congress assembled, 2 |
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| 23 | 23 | | SECTION 1. SHORT TITLE. 3 |
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| 24 | 24 | | This Act may be cited as the ‘‘Fair-Value Accounting 4 |
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| 25 | 25 | | and Budget Act’’. 5 |
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| 26 | 26 | | VerDate Sep 11 2014 08:15 Mar 12, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1388.IH H1388 |
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| 27 | 27 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 2 |
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| 28 | 28 | | •HR 1388 IH |
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| 29 | 29 | | SEC. 2. FAIR-VALUE CREDIT ESTIMATES. 1 |
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| 30 | 30 | | (a) F |
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| 31 | 31 | | AIR-VALUEESTIMATES.—Part A of title IV of 2 |
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| 32 | 32 | | the Congressional Budget and Impoundment Control Act 3 |
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| 33 | 33 | | of 1974 is amended by adding at the end the following: 4 |
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| 34 | 34 | | ‘‘ |
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| 35 | 35 | | FAIR-VALUE CREDIT ESTIMATES 5 |
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| 36 | 36 | | ‘‘S |
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| 37 | 37 | | EC. 407. (a) FAIR-VALUEESTIMATES.—Any esti-6 |
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| 38 | 38 | | mate prepared by the Director of the Congressional Budg-7 |
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| 39 | 39 | | et Office for a measure that establishes or modifies any 8 |
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| 40 | 40 | | program providing loans or loan guarantees shall provide 9 |
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| 41 | 41 | | a fair-value estimate of such loan or loan guarantee pro-10 |
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| 42 | 42 | | gram. 11 |
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| 43 | 43 | | ‘‘(b) B |
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| 44 | 44 | | ASELINEESTIMATES.—The Congressional 12 |
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| 45 | 45 | | Budget Office shall include estimates of loan and loan 13 |
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| 46 | 46 | | guarantee programs, on a fair-value and credit reform 14 |
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| 47 | 47 | | basis, as practicable, in the Office’s publication entitled 15 |
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| 48 | 48 | | ‘The Budget and Economic Outlook’ (or any successor re-16 |
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| 49 | 49 | | port). 17 |
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| 50 | 50 | | ‘‘(c) E |
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| 51 | 51 | | NFORCEMENT.—If the Director of the Con-18 |
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| 52 | 52 | | gressional Budget Office provides an estimate pursuant to 19 |
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| 53 | 53 | | subsection (a), the chair of the Committee on the Budget 20 |
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| 54 | 54 | | of the House of Representatives or the Senate shall use 21 |
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| 55 | 55 | | such estimate to determine compliance with this Act and 22 |
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| 56 | 56 | | other budget enforcement requirements. 23 |
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| 57 | 57 | | ‘‘(d) A |
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| 58 | 58 | | NNUALREPORT.—In 2026 and each year 24 |
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| 59 | 59 | | thereafter, not later than 90 days after the date the Presi-25 |
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| 60 | 60 | | dent submits to Congress a budget under section 1105(a) 26 |
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| 62 | 62 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB 3 |
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| 63 | 63 | | •HR 1388 IH |
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| 64 | 64 | | of title 31, United States Code, the Director of the Office 1 |
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| 65 | 65 | | of Management and Budget shall submit a report, to the 2 |
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| 66 | 66 | | Committees on the Budget of the House of Representa-3 |
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| 67 | 67 | | tives and the Senate, on fair-value estimates of the cost 4 |
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| 68 | 68 | | of Federal credit programs. 5 |
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| 69 | 69 | | ‘‘(e) D |
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| 70 | 70 | | EFINITION OFFAIR-VALUE.—In carrying out 6 |
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| 71 | 71 | | this section, the Director of the Congressional Budget Of-7 |
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| 72 | 72 | | fice and the Director of the Office of Management and 8 |
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| 73 | 73 | | Budget shall use the definition of ‘fair-value’ as set forth 9 |
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| 74 | 74 | | in the publication of the Government Accounting Stand-10 |
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| 75 | 75 | | ards Board, issued in February 2015, entitled ‘Fair Value 11 |
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| 76 | 76 | | Measurement and Application’.’’. 12 |
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| 77 | 77 | | (b) C |
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| 78 | 78 | | LERICALAMENDMENT.—The table of contents 13 |
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| 79 | 79 | | for the Congressional Budget and Impoundment Control 14 |
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| 80 | 80 | | Act of 1974 Act set forth in section 1(b) of such Act is 15 |
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| 81 | 81 | | amended by inserting after the item relating to section 16 |
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| 82 | 82 | | 406 the following new item: 17 |
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| 83 | 83 | | ‘‘Sec. 407. Fair-value credit estimates.’’. |
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| 84 | 84 | | Æ |
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| 85 | 85 | | VerDate Sep 11 2014 08:15 Mar 12, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H1388.IH H1388 |
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| 86 | 86 | | kjohnson on DSK7ZCZBW3PROD with $$_JOB |
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