Budget and Accounting Transparency Act of 2014

Budget and Accounting Transparency Act of 2014

Full title	To amend the Balanced Budget and Emergency Deficit Control Act of 1985 to increase transparency in Federal budgeting, and for other purposes.
Introduced in	113th United States Congress
Introduced on	May 8, 2013
Sponsored by	Rep. Scott Garrett (R, NJ-5)
Number of co-sponsors	7
Effects and codifications
Act(s) affected	Congressional Budget Act of 1974, Federal Housing Enterprises Financial Safety and Soundness Act of 1992, Balanced Budget and Emergency Deficit Control Act of 1985, Federal Financing Bank Act of 1973, Congressional Budget Act of 1990, and others.
U.S.C. section(s) affected	31 U.S.C. § 1108, 31 U.S.C. ch. 15, 12 U.S.C. § 4502, 12 U.S.C. § 4617
Agencies affected	Government Accountability Office, United States House of Representatives, National Credit Union Administration, Federal Financing Bank, Federal Deposit Insurance Corporation, Executive Office of the President, Office of Management and Budget, Tennessee Valley Authority, Commodity Credit Corporation, Congressional Budget Office, United States Department of the Treasury, Fannie Mae, Pension Benefit Guaranty Corporation, Federal Housing Finance Agency, Freddie Mac, Federal Crop Insurance Corporation, United States Senate
Legislative history
Introduced in the House as H.R. 1872 by Rep. Scott Garrett (R, NJ-5) on May 8, 2013 Committee consideration by: United States House Committee on the Budget, United States House Committee on Oversight and Government Reform

The Budget and Accounting Transparency Act of 2014 (H.R. 1872) is a bill that would modify the budgetary treatment of federal credit programs. The bill would require that the cost of direct loans or loan guarantees be recognized in the federal budget on a fair-value basis using guidelines set forth by the Financial Accounting Standards Board. The bill would also require the federal budget to reflect the net impact of programs administered by Fannie Mae and Freddie Mac. The changes made by the bill would mean that Fannie Mae and Freddie Mac were counted on the budget instead of considered separately and would mean that the debt of those two programs would be included in the national debt. These programs themselves would not be changed, but how they are accounted for in the United States federal budget would be. The goal of the bill is to improve the accuracy of how some programs are accounted for in the federal budget.

The bill was introduced into the United States House of Representatives during the 113th United States Congress.

This bill was introduced at the same time as the Pro-Growth Budgeting Act of 2013 (H.R. 1874; 113th Congress) and the Baseline Reform Act of 2013 (H.R. 1871; 113th Congress) as a package of budget reform bills.

The federal takeover of Fannie Mae and Freddie Mac refers to the placing into conservatorship of government-sponsored enterprises Fannie Mae and Freddie Mac by the U.S. Treasury in September 2008. It was one of the financial events among many in the ongoing subprime mortgage crisis.

...
Wikipedia