I 

118TH CONGRESS 

1ST SESSION H. R. 5571 

To amend the Congressional Budget and Impoundment Control Act of 1974 

to provide for fair-value credit estimates, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 19, 2023 

Mr. NORMAN (for himself and Mr. GROTHMAN) introduced the following bill; 

which was referred to the Committee on the Budget, and in addition to 

the Committee on Rules, for a period to be subsequently determined by 

the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned 

A BILL 

To amend the Congressional Budget and Impoundment Control Act of 1974 to provide for fair-value credit estimates, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Fair-Value Accounting 

5 and Budget Act’’. 


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1 SEC. 2. FAIR-VALUE CREDIT ESTIMATES. 

2 (a) FAIR-VALUE ESTIMATES.—Part A of title IV of 

3 the Congressional Budget and Impoundment Control Act 

4 of 1974 is amended by adding at the end the following: 

5 ‘‘FAIR-VALUE CREDIT ESTIMATES

6 ‘‘SEC. 407. (a) FAIR-VALUE ESTIMATES.—Any esti7 mate prepared by the Director of the Congressional Budg8 et Office for a measure that establishes or modifies any 

9 program providing loans or loan guarantees shall provide 

10 a fair-value estimate of such loan or loan guarantee pro11 gram. 

12 ‘‘(b) BASELINE ESTIMATES.—The Congressional 

13 Budget Office shall include estimates of loan and loan 

14 guarantee programs, on a fair-value and credit reform 

15 basis, as practicable, in the Office’s publication entitled 

16 ‘The Budget and Economic Outlook’ (or any successor re17 port). 

18 ‘‘(c) ENFORCEMENT.—If the Director of the Con19 gressional Budget Office provides an estimate pursuant to 

20 subsection (a), the chair of the Committee on the Budget 

21 of the House of Representatives or the Senate shall use 

22 such estimate to determine compliance with this Act and 

23 other budget enforcement requirements. 

24 ‘‘(d) ANNUAL REPORT.—In 2024 and each year 

25 thereafter, not later than 90 days after the date the Presi26 dent submits to Congress a budget under section 1105(a) 


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1 of title 31, United States Code, the Director of the Office 

2 of Management and Budget shall submit a report, to the 

3 Committees on the Budget of the House of Representa4 tives and the Senate, on fair-value estimates of the cost 

5 of Federal credit programs. 

6 ‘‘(e) DEFINITION OF FAIR-VALUE.—In carrying out 

7 this section, the Director of the Congressional Budget Of8 fice and the Director of the Office of Management and 

9 Budget shall use the definition of ‘fair-value’ as set forth 

10 in the publication of the Government Accounting Stand11 ards Board, issued in February 2015, entitled ‘Fair Value 

12 Measurement and Application’.’’. 

13 (b) CLERICAL AMENDMENT.—The table of contents 

14 for the Congressional Budget and Impoundment Control 

15 Act of 1974 Act set forth in section 1(b) of such Act is 

16 amended by inserting after the item relating to section 

17 406 the following new item: 

‘‘Sec. 407. Fair-value credit estimates.’’. 

Æ 


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