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(This measure has not been amended since it was reported to the House on March 18, 2014. The summary of that version is repeated here.)
Budget and Accounting Transparency Act of 2014 - Title I: Fair Value Estimates - (Sec. 101) Amends the Federal Credit Reform Act of 1990 (FCRA) (title V of the Congressional Budget Act of 1974 [CBA]) to:
rename the FCRA the Fair Value Accounting Act of 2014 (FVAA of 2014); and
Requires the President's budget from FY2017 on to reflect the costs of direct loan and loan guarantee programs.
Requires the budget to also include:
the planned level of new direct loan obligations or loan guarantee commitments associated with each appropriations request; and
Defines the "risk component" as an amount of the estimated long-term cost to the federal government of a direct loan or loan guarantee (or modification) that is equal to the difference between:
that cost estimated on a fair value basis, applying the guidelines set forth by the Financial Accounting Standards Board in Financial Accounting Standards #157 (or a successor), excluding administrative costs and any incidental effects on governmental receipts or outlays; and
Revises other requirements for the President's budget, beginning with FY2017, including conditions for new direct loans or loan guarantee commitments. Requires new budget authority for such loans or loan guarantee commitments to be provided in advance in an appropriation Act.
Exempts a direct loan or loan guarantee program that constitutes an entitlement (such as the guaranteed student loan program or the veteran's home loan guaranty program), all existing credit programs of the Commodity Credit Corporation (CCC), or any direct loan or loan guarantee made by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs) from:
the requirement that new direct loan obligations may be incurred and new loan guarantee commitments may be made for any fiscal year only to the extent that new budget authority to cover their costs is provided in advance in an appropriation Act, and
Apr 7, 2014Each bar: ✓ Yea from the bottom, ✕ Nay aboveApr 7, 2014
House Apr 7, 2014 · the primary vote
Budget and Accounting Transparency Act
Passed
230 Yea 165 Nay 36 not voting
Party-line vote 16 of 395 voting members broke with their own party: 16 Democrats.
DemocratsRepublicansFilled: YeaRing: NayGrey: not voting or present
431 members on this roll call, from the official House record. Party majorities need at least five voting members, so an independent never counts as breaking with a party.
Signing on is not a vote: a member can cosponsor H.R. 1872 and vote against it. 7 signed when it was filed.
Repeals the general authorization of appropriations to federal agencies for the cost associated with such direct loan obligations or loan guarantee commitments.
Revises requirements for Treasury transactions with financing accounts (nonbudget accounts associated with each program account which holds balances, receives the cost payment from the program account, and also includes all other cash flows to and from the federal government resulting from direct loan obligations or loan guarantee commitments made on or after October 1, 1991). Limits the availability of amounts in liquidating accounts to specified payments resulting from direct loan obligations or loan guarantee commitments made before October 1, 1991. (Sec. 102) Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to treat a change in discretionary spending solely as a result of the amendment to title V of the CBA made by this Act as a change of concept (requiring adjustments to discretionary spending limits). Requires the Office of Management and Budget (OMB), before adjusting such discretionary spending limits, to report to congressional budget committees on the amount of that adjustment and other specified related matters. Title II: Budgetary Treatment - (Sec. 201) Requires each of the Directors of the Congressional Budget Office (CBO) and of the Office of Management and Budget (OMB) to study and make recommendations to congressional budget committees on the feasibility of applying fair value concepts to budgeting for the costs of federal insurance programs. (Sec. 202) Requires the receipts and disbursements, including the administrative expenses, of the GSEs to be counted as new budget authority, outlays, receipts, or deficit or surplus for purposes of:
the President's budget,
(Sec. 203) Terminates mandatory on-budget status treatment for a GSE after all of the following occurs:
its conservatorship has been terminated;
Title III: Budget Review and Analysis - (Sec. 301) Requires OMB to:
study the history of offsetting collections against expenditures and the amount of receipts collected annually, especially the historical application of the budgetary terms "revenue," "offsetting collections," and "offsetting receipts"; and
(Sec. 302) Requires any federal agency, whenever it prepares and submits written budget justification materials for any congressional committee, to:
post them on the same day as its submission on the "open" page of its public website; and
Requires OMB to notify each federal agency of the format in which to post it.
Requires OMB to report to congressional budget committees, on the day of issuance, all guidelines, regulations, or criteria it issues to agencies on how to calculate the risk component under the FVAA of 2014.
Requires the Comptroller General (GAO) for FY2017-FY2021 to review and evaluate annually the progress of agencies in implementing the FVAA of 2014.
Deems such guidelines, regulations, or criteria as rules for purposes of federal rulemaking procedures. Requires them to be issued after notice and opportunity for public comment.
Written by the nonpartisan Congressional Research Service, describing H.R. 1872 as passed House amended on Apr 7, 2014. It is not the text of the measure; a later amendment may have changed what it does.
Organizations that named H.R. 1872 in a lobbying disclosure. Only those that cited the bill by number appear, so this is a floor, not a full list.
44 disclosures name this measure. Retrieved from LDA.gov on 2026-10-05. Senate Office of Public Records cannot vouch for the data or analyses derived from these data after the data have been retrieved from LDA.gov.