Fair-Value Accounting and Budget Act
Sponsored By: Representative Norman
Introduced
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.
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- 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.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Fair-value budget rules for federal loans
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, the House or Senate Budget Committee chair would have to use it to check budget rules. Starting in 2026, OMB would have to send Congress a yearly report with fair-value costs for federal credit programs within 90 days after the President submits a budget. Both CBO and OMB would use the Government Accounting Standards Board’s February 2015 definition of fair value.
Sponsors & CoSponsors
Sponsor
Norman
SC • R
Cosponsors
Rep. Grothman, Glenn [R-WI-6]
WI • R
Sponsored 2/14/2025
Rep. Weber, Randy K. Sr. [R-TX-14]
TX • R
Sponsored 2/14/2025
Rep. Self, Keith [R-TX-3]
TX • R
Sponsored 2/14/2025
Edwards
NC • R
Sponsored 2/21/2025
Roll Call Votes
No roll call votes available for this bill.
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