Budget and Accounting Transparency Act of 2014
Latest action. Read twice and referred to the Committee on the Budget.
Budget and Accounting Transparency Act of 2014 - Amends the Federal Credit Reform Act of 1990 (FCRA) (title V of the Congressional Budget Act of 1974) to revise the budgetary treatment of federal direct loans and loan guarantees to account for them on a fair value basis.
Requires the President's budget to reflect the costs of direct loan and loan guarantee programs by including the planned level of new direct loan obligations or loan guarantee commitments associated with each appropriations request. Requires agency estimates with and without a risk component that reflects the impact of using a fair value estimate to account for market risk.
Requires new budget authority and funding limitations for the cost of new direct loan obligations or loan guarantee commitments to be provided in advance. Prohibits modifications that increase costs unless budget authority has been provided in advance. Defines "cost" to include the risk component. Includes exemptions.
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 to permit adjustment of discretionary spending limits for this Act.
Changes the budgetary treatment of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on June 3, 2014. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on June 3, 2014: Read twice and referred to the Committee on the Budget.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 113th Congress (2013-14), 296 of the 9,091 bills and joint resolutions introduced became law, about 3.3 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Deb Fischer (R-NE) introduced it on June 3, 2014. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on June 3, 2014, 4482 days ago. The most recent recorded action was 4482 days ago, on June 3, 2014.
Measures do not carry over. Anything the 113th Congress has not finished by January 3, 2015 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers