Fair-Value Accounting and Budget Act

I 117TH CONGRESS 1ST SESSION H. R. 3727 To amend the Congressional Budget and Impoundment Control Act of 1974 to provide for fair-value credit estimates, and for other purposes. IN THE HOUSE OF REPRESENTATIVES JUNE 4, 2021 Mr. NORMAN introduced the following bill; which was referred to the Com- mittee 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 com- mittee concerned A BILL To amend the Congressional Budget and Impoundment Con- trol Act of 1974 to provide for fair-value credit esti- mates, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Fair-Value Accounting 4 and Budget Act’’. 5 VerDate Sep 11 2014 04:13 Jun 30, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3727.IH H3727 pbinns on DSKJLVW7X2PROD with BILLS 2 •HR 3727 IH SEC. 2. FAIR-VALUE CREDIT ESTIMATES. 1 (a) FAIR-VALUE ESTIMATES.—Part A of title IV of 2 the Congressional Budget and Impoundment Control Act 3 of 1974 is amended by adding at the end the following: 4 ‘‘FAIR-VALUE CREDIT ESTIMATES 5 ‘‘SEC. 407. (a) FAIR-VALUE ESTIMATES.—Upon the 6 request of the chair or the ranking member of the Com- 7 mittee on the Budget of the House of Representatives or 8 the Senate, any estimate prepared by the Director of the 9 Congressional Budget Office for a measure that estab- 10 lishes or modifies any program providing loans or loan 11 guarantees shall, as a supplement to such estimate and 12 to the extent practicable, provide a fair-value estimate of 13 such loan or loan guarantee program. 14 ‘‘(b) BASELINE ESTIMATES.—The Congressional 15 Budget Office shall include estimates of loan and loan 16 guarantee programs, on a fair-value and credit reform 17 basis, as practicable, in its The Budget and Economic 18 Outlook. 19 ‘‘(c) ENFORCEMENT.—If the Director of the Con- 20 gressional Budget Office provides an estimate pursuant to 21 subsection (a), the chair of the Committee on the Budget 22 of the House of Representatives or the Senate may use 23 such estimate to determine compliance with this Act and 24 other budget enforcement requirements. 25 VerDate Sep 11 2014 04:13 Jun 30, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3727.IH H3727 pbinns on DSKJLVW7X2PROD with BILLS 3 •HR 3727 IH ‘‘(d) ANNUAL REPORT.—In 2021 and each year 1 thereafter, not later than 90 days after the date the Presi- 2 dent submits to Congress a budget under section 1105(a) 3 of title 31, United States Code, the Director of the Office 4 of Management and Budget shall submit a report, to the 5 Committees on the Budget of the House of Representa- 6 tives and the Senate, on fair-value estimates of the cost 7 of Federal credit programs. 8 ‘‘(e) DEFINITION OF FAIR-VALUE.—In carrying out 9 this section, the Director of the Congressional Budget Of- 10 fice and the Director of the Office of Management and 11 Budget shall use the definition of ‘fair-value’ as set forth 12 in the publication of the Government Accounting Stand- 13 ards Board issued in February 2015 and entitled ‘Fair 14 Value Measurement and Application’.’’. 15 (b) CLERICAL AMENDMENT.—The table of contents 16 for the Congressional Budget and Impoundment Control 17 Act of 1974 Act set forth in section 1(b) of such Act is 18 amended by inserting after the item relating to section 19 406 the following new item: 20 ‘‘Sec. 407. Fair-value credit estimates.’’. Æ VerDate Sep 11 2014 04:13 Jun 30, 2021 Jkt 019200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H3727.IH H3727 pbinns on DSKJLVW7X2PROD with BILLS