# 119-hr-1388: Fair-Value Accounting and Budget Act

119-hr-1388, Fair-Value Accounting and Budget Act, is a 119th Congress bill sponsored by Rep. Norman, Ralph [R-SC-5] (R-SC); status introduced; PRIA reads it as touching household money (as of 2026-09-10).

- Canonical: https://policyrisk.com/legislation/119-hr-1388
- As of: 2026-09-10
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-1388
- Congress: 119
- Title: Fair-Value Accounting and Budget Act
- Status: introduced
- Introduced: 2025-02-14
- Sponsor: Rep. Norman, Ralph [R-SC-5] (R-SC)
- Cosponsors: 4
- Policy area: Economics and Public Finance
- Touches household money: yes
- Last recorded action: 2026-09-10

## Summary

**Require fair-value estimates for federal loan and loan guarantee programs.** This bill would make the Congressional Budget Office and the Office of Management and Budget measure credit program costs using market-based prices and require Congress to use those numbers for budget enforcement. - Budget scoring agencies: The Congressional Budget Office would have to include a fair-value estimate whenever it scores a measure that creates or changes a loan or loan guarantee program. Fair-value uses private-market interest rates rather than Treasury rates so loan costs reflect market prices. - Congressional budget enforcement: If CBO provides a fair-value estimate, the chairs of the House and Senate budget committees would have to use that estimate to determine compliance with budget enforcement rules. - OMB reporting: The Office of Management and Budget would submit an annual report on fair-value estimates to the congressional budget committees beginning in 2026, due within 90 days after the President's budget submission.

## Cosponsors (4)

- Rep. Grothman, Glenn [R-WI-6] (R-WI), 2025-02-14T00:00:00.000Z
- Rep. Weber, Randy K. Sr. [R-TX-14] (R-TX), 2025-02-14T00:00:00.000Z
- Rep. Self, Keith [R-TX-3] (R-TX), 2025-02-14T00:00:00.000Z
- Rep. Edwards, Chuck [R-NC-11] (R-NC), 2025-02-21T00:00:00.000Z

## Provisions PRIA read

- Fair-value budget rules for federal loans: mixed, medium. If enacted, CBO would have to include fair-value cost estimates for any bill that creates or changes federal loans or loan guarantees. CBO would also aim to show both fair-value and credit‑reform estimates in its Budget and Economic Outlook, where practicable. If CBO provides a fair-value estimate,…

## Related bills

- 119-hr-703: Main Street Tax Certainty Act
- 119-hr-425: Repealing Big Brother Overreach Act
- 119-hr-645: National Constitutional Carry Act
- 119-hr-569: Birthright Citizenship Act of 2025
- 119-hr-151: Equal Representation Act of 2025
- 119-hr-38: Constitutional Concealed Carry Reciprocity Act of 2025

## Sources
- [119-hr-1388 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/1388)

## Related
- [119-hr-703: Main Street Tax Certainty Act](https://policyrisk.com/legislation/119-hr-703)
- [119-hr-425: Repealing Big Brother Overreach Act](https://policyrisk.com/legislation/119-hr-425)
- [119-hr-645: National Constitutional Carry Act](https://policyrisk.com/legislation/119-hr-645)
- [119-hr-569: Birthright Citizenship Act of 2025](https://policyrisk.com/legislation/119-hr-569)
- [119-hr-151: Equal Representation Act of 2025](https://policyrisk.com/legislation/119-hr-151)
- [119-hr-38: Constitutional Concealed Carry Reciprocity Act of 2025](https://policyrisk.com/legislation/119-hr-38)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-1388 (as of 2026-09-10).