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[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2420 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2420

To amend the Balanced Budget and Emergency Deficit Control Act of 1985 
 to increase transparency in Federal budgeting, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                              June 3, 2014

 Mrs. Fischer introduced the following bill; which was read twice and 
                referred to the Committee on the Budget

_______________________________________________________________________

                                 A BILL

 
To amend the Balanced Budget and Emergency Deficit Control Act of 1985 
 to increase transparency in Federal budgeting, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Budget and Accounting Transparency 
Act of 2014''.

                     TITLE I--FAIR VALUE ESTIMATES

SEC. 101. CREDIT REFORM.

    (a) In General.--Title V of the Congressional Budget Act of 1974 is 
amended to read as follows:

                         ``TITLE V--FAIR VALUE

``SEC. 500. SHORT TITLE.

    ``This title may be cited as the `Fair Value Accounting Act of 
2014'.

``SEC. 501. PURPOSES.

    ``The purposes of this title are to--
            ``(1) measure more accurately the costs of Federal credit 
        programs by accounting for them on a fair value basis;
            ``(2) place the cost of credit programs on a budgetary 
        basis equivalent to other Federal spending;
            ``(3) encourage the delivery of benefits in the form most 
        appropriate to the needs of beneficiaries; and
            ``(4) improve the allocation of resources among Federal 
        programs.

``SEC. 502. DEFINITIONS.

    ``For purposes of this title:
            ``(1) The term `direct loan' means a disbursement of funds 
        by the Government to a non-Federal borrower under a contract 
        that requires the repayment of such funds with or without 
        interest. The term includes the purchase of, or participation 
        in, a loan made by another lender and financing arrangements 
        that defer payment for more than 90 days, including the sale of 
        a Government asset on credit terms. The term does not include 
        the acquisition of a federally guaranteed loan in satisfaction 
        of default claims or the price support loans of the Commodity 
        Credit Corporation.
            ``(2) The term `direct loan obligation' means a binding 
        agreement by a Federal agency to make a direct loan when 
        specified conditions are fulfilled by the borrower.
            ``(3) The term `loan guarantee' means any guarantee, 
        insurance, or other pledge with respect to the payment of all 
        or a part of the principal or interest on any debt obligation 
        of a non-Federal borrower to a non-Federal lender, but does not 
        include the insurance of deposits, shares, or other 
        withdrawable accounts in financial institutions.
            ``(4) The term `loan guarantee commitment' means a binding 
        agreement by a Federal agency to make a loan guarantee when 
        specified conditions are fulfilled by the borrower, the lender, 
        or any other party to the guarantee agreement.
            ``(5)(A) The term `cost' means the sum of the Treasury 
        discounting component and the risk component of a direct loan 
        or loan guarantee, or a modification thereof.
            ``(B) The Treasury discounting component shall be the 
        estimated long-term cost to the Government of a direct loan or 
        loan guarantee, or modification thereof, calculated on a net 
        present value basis, excluding administrative costs and any 
        incidental effects on governmental receipts or outlays.
            ``(C) The risk component shall be an amount equal to the 
        difference between--
                    ``(i) the estimated long-term cost to the 
                Government of a direct loan or loan guarantee, or 
                modification thereof, 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 thereto, excluding 
                administrative costs and any incidental effects on 
                governmental receipts or outlays; and
                    ``(ii) the Treasury discounting component of such 
                direct loan or loan guarantee, or modification thereof.
            ``(D) The Treasury discounting component of a direct loan 
        shall be the net present value, at the time when the direct 
        loan is disbursed, of the following estimated cash flows:
                    ``(i) Loan disbursements.
                    ``(ii) Repayments of principal.
                    ``(iii) Essential preservation expenses, payments 
                of interest and other payments by or to the Government 
                over the life of the loan after adjusting for estimated 
                defaults, prepayments, fees, penalties, and other 
                recoveries, including the effects of changes in loan 
                terms resulting from the exercise by the borrower of an 
                option included in the loan contract.
            ``(E) The Treasury discounting component of a loan 
        guarantee shall be the net present value, at the time when the 
        guaranteed loan is disbursed, of the following estimated cash 
        flows:
                    ``(i) Payments by the Government to cover defaults 
                and delinquencies, interest subsidies, essential 
                preservation expenses, or other payments.
                    ``(ii) Payments to the Government including 
                origination and other fees, penalties, and recoveries, 
                including the effects of changes in loan terms 
                resulting from the exercise by the guaranteed lender of 
                an option included in the loan guarantee contract, or 
                by the borrower of an option included in the guaranteed 
                loan contract.
            ``(F) The cost of a modification is the sum of--
                    ``(i) the difference between the current estimate 
                of the Treasury discounting component of the remaining 
                cash flows under the terms of a direct loan or loan 
                guarantee and the current estimate of the Treasury 
                discounting component of the remaining cash flows under 
                the terms of the contract, as modified; and
                    ``(ii) the difference between the current estimate 
                of the risk component of the remaining cash flows under 
                the terms of a direct loan or loan guarantee and the 
                current estimate of the risk component of the remaining 
                cash flows under the terms of the contract as modified.
            ``(G) In estimating Treasury discounting components, the 
        discount rate shall be the average interest rate on marketable 
        Treasury securities of similar duration to the cash flows of 
        the direct loan or loan guarantee for which the estimate is 
        being made.
            ``(H) When funds are obligated for a direct loan or loan 
        guarantee, the estimated cost shall be based on the current 
        assumptions, adjusted to incorporate the terms of the loan 
        contract, for the fiscal year in which the funds are obligated.
            ``(6) The term `program account' means the budget account 
        into which an appropriation to cover the cost of a direct loan 
        or loan guarantee program is made and from which such cost is 
        disbursed to the financing account.
            ``(7) The term `financing account' means the nonbudget 
        account or 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 
        Government resulting from direct loan obligations or loan 
        guarantee commitments made on or after October 1, 1991.
            ``(8) The term `liquidating account' means the budget 
        account that includes all cash flows to and from the Government 
        resulting from direct loan obligations or loan guarantee 
        commitments made prior to October 1, 1991. These accounts shall 
        be shown in the budget on a cash basis.
            ``(9) The term `modification' means any Government action 
        that alters the estimated cost of an outstanding direct loan 
        (or direct loan obligation) or an outstanding loan guarantee 
        (or loan guarantee commitment) from the current estimate of 
        cash flows. This includes the sale of loan assets, with or 
        without recourse, and the purchase of guaranteed loans (or 
        direct loan obligations) or loan guarantees (or loan guarantee 
        commitments) such as a change in collection procedures.
            ``(10) The term `current' has the same meaning as in 
        section 250(c)(9) of the Balanced Budget and Emergency Deficit 
        Control Act of 1985.
            ``(11) The term `Director' means the Director of the Office 
        of Management and Budget.
            ``(12) The term `administrative costs' means costs related 
        to program management activities, but does not include 
        essential preservation expenses.
            ``(13) The term `essential preservation expenses' means 
        servicing and other costs that are essential to preserve the 
        value of loan assets or collateral.

``SEC. 503. OMB AND CBO ANALYSIS, COORDINATION, AND REVIEW.

    ``(a) In General.--For the executive branch, the Director shall be 
responsible for coordinating the estimates required by this title. The 
Director shall consult with the agencies that administer direct loan or 
loan guarantee programs.
    ``(b) Delegation.--The Director may delegate to agencies authority 
to make estimates of costs. The delegation of authority shall be based 
upon written guidelines, regulations, or criteria consistent with the 
definitions in this title.
    ``(c) Coordination With the Congressional Budget Office.--In 
developing estimation guidelines, regulations, or criteria to be used 
by Federal agencies, the Director shall consult with the Director of 
the Congressional Budget Office.
    ``(d) Improving Cost Estimates.--The Director and the Director of 
the Congressional Budget Office shall coordinate the development of 
more accurate data on historical performance and prospective risk of 
direct loan and loan guarantee programs. They shall annually review the 
performance of outstanding direct loans and loan guarantees to improve 
estimates of costs. The Office of Management and Budget and the 
Congressional Budget Office shall have access to all agency data that 
may facilitate the development and improvement of estimates of costs.
    ``(e) Historical Credit Programs Costs.--The Director shall review, 
to the extent possible, historical data and develop the best possible 
estimates of adjustments that would convert aggregate historical budget 
data to credit reform accounting.

``SEC. 504. BUDGETARY TREATMENT.

    ``(a) President's Budget.--Beginning with fiscal year 2017, the 
President's budget shall reflect the costs of direct loan and loan 
guarantee programs. The budget shall also include the planned level of 
new direct loan obligations or loan guarantee commitments associated 
with each appropriations request. For each fiscal year within the five-
fiscal year period beginning with fiscal year 2017, such budget shall 
include, on an agency-by-agency basis, subsidy estimates and costs of 
direct loan and loan guarantee programs with and without the risk 
component.
    ``(b) Appropriations Required.--Notwithstanding any other provision 
of law, new direct loan obligations may be incurred and new loan 
guarantee commitments may be made for fiscal year 2017 and thereafter 
only to the extent that--
            ``(1) new budget authority to cover their costs is provided 
        in advance in an appropriation Act;
            ``(2) a limitation on the use of funds otherwise available 
        for the cost of a direct loan or loan guarantee program has 
        been provided in advance in an appropriation Act; or
            ``(3) authority is otherwise provided in appropriation 
        Acts.
    ``(c) Exemption for Direct Spending Programs.--Subsections (b) and 
(e) shall not apply to--
            ``(1) any 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);
            ``(2) the credit programs of the Commodity Credit 
        Corporation existing on the date of enactment of this title; or
            ``(3) any direct loan (or direct loan obligation) or loan 
        guarantee (or loan guarantee commitment) made by the Federal 
        National Mortgage Association or the Federal Home Loan Mortgage 
        Corporation.
    ``(d) Budget Accounting.--
            ``(1) The authority to incur new direct loan obligations, 
        make new loan guarantee commitments, or modify outstanding 
        direct loans (or direct loan obligations) or loan guarantees 
        (or loan guarantee commitments) shall constitute new budget 
        authority in an amount equal to the cost of the direct loan or 
        loan guarantee in the fiscal year in which definite authority 
        becomes available or indefinite authority is used. Such budget 
        authority shall constitute an obligation of the program account 
        to pay to the financing account.
            ``(2) The outlays resulting from new budget authority for 
        the cost of direct loans or loan guarantees described in 
        paragraph (1) shall be paid from the program account into the 
        financing account and recorded in the fiscal year in which the 
        direct loan or the guaranteed loan is disbursed or its costs 
        altered.
            ``(3) All collections and payments of the financing 
        accounts shall be a means of financing.
    ``(e) Modifications.--An outstanding direct loan (or direct loan 
obligation) or loan guarantee (or loan guarantee commitment) shall not 
be modified in a manner that increases its costs unless budget 
authority for the additional cost has been provided in advance in an 
appropriation Act.
    ``(f) Reestimates.--When the estimated cost for a group of direct 
loans or loan guarantees for a given program made in a single fiscal 
year is re-estimated in a subsequent year, the difference between the 
reestimated cost and the previous cost estimate shall be displayed as a 
distinct and separately identified subaccount in the program account as 
a change in program costs and a change in net interest. There is hereby 
provided permanent indefinite authority for these re-estimates.
    ``(g) Administrative Expenses.--All funding for an agency's 
administrative costs associated with a direct loan or loan guarantee 
program shall be displayed as distinct and separately identified 
subaccounts within the same budget account as the program's cost.

``SEC. 505. AUTHORIZATIONS.

    ``(a) Authorization for Financing Accounts.--In order to implement 
the accounting required by this title, the President is authorized to 
establish such non-budgetary accounts as may be appropriate.
    ``(b) Treasury Transactions With the Financing Accounts.--
            ``(1) In general.--The Secretary of the Treasury shall 
        borrow from, receive from, lend to, or pay to the financing 
        accounts such amounts as may be appropriate. The Secretary of 
        the Treasury may prescribe forms and denominations, maturities, 
        and terms and conditions for the transactions described in the 
        preceding sentence, except that the rate of interest charged by 
        the Secretary on lending to financing accounts (including 
        amounts treated as lending to financing accounts by the Federal 
        Financing Bank (hereinafter in this subsection referred to as 
        the `Bank') pursuant to section 405(b)) and the rate of 
        interest paid to financing accounts on uninvested balances in 
        financing accounts shall be the same as the rate determined 
        pursuant to section 502(5)(G).
            ``(2) Loans.--For guaranteed loans financed by the Bank and 
        treated as direct loans by a Federal agency pursuant to section 
        406(b)(1), any fee or interest surcharge (the amount by which 
        the interest rate charged exceeds the rate determined pursuant 
        to section 502(5)(G) that the Bank charges to a private 
        borrower pursuant to section 6(c) of the Federal Financing Bank 
        Act of 1973 shall be considered a cash flow to the Government 
        for the purposes of determining the cost of the direct loan 
        pursuant to section 502(5). All such amounts shall be credited 
        to the appropriate financing account.
            ``(3) Reimbursement.--The Bank is authorized to require 
        reimbursement from a Federal agency to cover the administrative 
        expenses of the Bank that are attributable to the direct loans 
        financed for that agency. All such payments by an agency shall 
        be considered administrative expenses subject to section 
        504(g). This subsection shall apply to transactions related to 
        direct loan obligations or loan guarantee commitments made on 
        or after October 1, 1991.
            ``(4) Authority.--The authorities provided in this 
        subsection shall not be construed to supersede or override the 
        authority of the head of a Federal agency to administer and 
        operate a direct loan or loan guarantee program.
            ``(5) Title 31.--All of the transactions provided in the 
        subsection shall be subject to the provisions of subchapter II 
        of chapter 15 of title 31, United States Code.
            ``(6) Treatment of cash balances.--Cash balances of the 
        financing accounts in excess of current requirements shall be 
        maintained in a form of uninvested funds and the Secretary of 
        the Treasury shall pay interest on these funds. The Secretary 
        of the Treasury shall charge (or pay if the amount is negative) 
        financing accounts an amount equal to the risk component for a 
        direct loan or loan guarantee, or modification thereof. Such 
        amount received by the Secretary of the Treasury shall be a 
        means of financing and shall not be considered a cash flow of 
        the Government for the purposes of section 502(5).
    ``(c) Authorization for Liquidating Accounts.--(1) Amounts in 
liquidating accounts shall be available only for payments resulting 
from direct loan obligations or loan guarantee commitments made prior 
to October 1, 1991, for--
            ``(A) interest payments and principal repayments to the 
        Treasury or the Federal Financing Bank for amounts borrowed;
            ``(B) disbursements of loans;
            ``(C) default and other guarantee claim payments;
            ``(D) interest supplement payments;
            ``(E) payments for the costs of foreclosing, managing, and 
        selling collateral that are capitalized or routinely deducted 
        from the proceeds of sales;
            ``(F) payments to financing accounts when required for 
        modifications;
            ``(G) administrative costs and essential preservation 
        expenses, if--
                    ``(i) amounts credited to the liquidating account 
                would have been available for administrative costs and 
                essential preservation expenses under a provision of 
                law in effect prior to October 1, 1991; and
                    ``(ii) no direct loan obligation or loan guarantee 
                commitment has been made, or any modification of a 
                direct loan or loan guarantee has been made, since 
                September 30, 1991; or
            ``(H) such other payments as are necessary for the 
        liquidation of such direct loan obligations and loan guarantee 
        commitments.
    ``(2) Amounts credited to liquidating accounts in any year shall be 
available only for payments required in that year. Any unobligated 
balances in liquidating accounts at the end of a fiscal year shall be 
transferred to miscellaneous receipts as soon as practicable after the 
end of the fiscal year.
    ``(3) If funds in liquidating accounts are insufficient to satisfy 
obligations and commitments of such accounts, there is hereby provided 
permanent, indefinite authority to make any payments required to be 
made on such obligations and commitments.
    ``(d) Reinsurance.--Nothing in this title shall be construed as 
authorizing or requiring the purchase of insurance or reinsurance on a 
direct loan or loan guarantee from private insurers. If any such 
reinsurance for a direct loan or loan guarantee is authorized, the cost 
of such insurance and any recoveries to the Government shall be 
included in the calculation of the cost.
    ``(e) Eligibility and Assistance.--Nothing in this title shall be 
construed to change the authority or the responsibility of a Federal 
agency to determine the terms and conditions of eligibility for, or the 
amount of assistance provided by a direct loan or a loan guarantee.

``SEC. 506. TREATMENT OF DEPOSIT INSURANCE AND AGENCIES AND OTHER 
              INSURANCE PROGRAMS.

    ``This title shall not apply to the credit or insurance activities 
of the Federal Deposit Insurance Corporation, National Credit Union 
Administration, Resolution Trust Corporation, Pension Benefit Guaranty 
Corporation, National Flood Insurance, National Insurance Development 
Fund, Crop Insurance, or Tennessee Valley Authority.

``SEC. 507. EFFECT ON OTHER LAWS.

    ``(a) Effect on Other Laws.--This title shall supersede, modify, or 
repeal any provision of law enacted prior to the date of enactment of 
this title to the extent such provision is inconsistent with this 
title. Nothing in this title shall be construed to establish a credit 
limitation on any Federal loan or loan guarantee program.
    ``(b) Crediting of Collections.--Collections resulting from direct 
loans obligated or loan guarantees committed prior to October 1, 1991, 
shall be credited to the liquidating accounts of Federal agencies. 
Amounts so credited shall be available, to the same extent that they 
were available prior to the date of enactment of this title, to 
liquidate obligations arising from such direct loans obligated or loan 
guarantees committed prior to October 1, 1991, including repayment of 
any obligations held by the Secretary of the Treasury or the Federal 
Financing Bank. The unobligated balances of such accounts that are in 
excess of current needs shall be transferred to the general fund of the 
Treasury. Such transfers shall be made from time to time but, at least 
once each year.''.
    (b) Conforming Amendment.--The table of contents set forth in 
section 1(b) of the Congressional Budget and Impoundment Control Act of 
1974 is amended by striking the items relating to title V and inserting 
the following:

                         ``TITLE V--FAIR VALUE

``Sec. 500. Short title.
``Sec. 501. Purposes.
``Sec. 502. Definitions.
``Sec. 503. OMB and CBO analysis, coordination, and review.
``Sec. 504. Budgetary treatment.
``Sec. 505. Authorizations.
``Sec. 506. Treatment of deposit insurance and agencies and other 
                            insurance programs.
``Sec. 507. Effect on other laws.''.

SEC. 102. BUDGETARY ADJUSTMENT.

    (a) In General.--Section 251(b)(1) of the Balanced Budget and 
Emergency Deficit Control Act of 1985 is amended by adding at the end 
the following new sentence: ``A change in discretionary spending solely 
as a result of the amendment to title V of the Congressional Budget Act 
of 1974 made by the Budget and Accounting Transparency Act of 2014 
shall be treated as a change of concept under this paragraph.''.
    (b) Report.--Before adjusting the discretionary caps pursuant to 
the authority provided in subsection (a), the Office of Management and 
Budget shall report to the Committees on the Budget of the House of 
Representatives and the Senate on the amount of that adjustment, the 
methodology used in determining the size of that adjustment, and a 
program-by-program itemization of the components of that adjustment.
    (c) Schedule.--The Office of Management and Budget shall not make 
an adjustment pursuant to the authority provided in subsection (a) 
sooner than 60 days after providing the report required in subsection 
(b).

SEC. 103. EFFECTIVE DATE.

    The amendments made by section 101 shall take effect beginning with 
fiscal year 2017.

                     TITLE II--BUDGETARY TREATMENT

SEC. 201. CBO AND OMB STUDIES RESPECTING BUDGETING FOR COSTS OF FEDERAL 
              INSURANCE PROGRAMS.

    Not later than 1 year after the date of enactment of this Act, the 
Directors of the Congressional Budget Office and of the Office of 
Management and Budget shall each prepare a study and make 
recommendations to the Committees on the Budget of the House of 
Representatives and the Senate as to the feasability of applying fair 
value concepts to budgeting for the costs of Federal insurance 
programs.

SEC. 202. ON-BUDGET STATUS OF FANNIE MAE AND FREDDIE MAC.

    Notwithstanding any other provision of law, the receipts and 
disbursements, including the administrative expenses, of the Federal 
National Mortgage Association and the Federal Home Loan Mortgage 
Corporation shall be counted as new budget authority, outlays, 
receipts, or deficit or surplus for purposes of--
            (1) the budget of the United States Government as submitted 
        by the President;
            (2) the congressional budget; and
            (3) the Balanced Budget and Emergency Deficit Control Act 
        of 1985.

SEC. 203. EFFECTIVE DATE.

    Section 202 shall not apply with respect to an enterprise (as such 
term is defined in section 1303 of the Federal Housing Enterprises 
Financial Safety and Soundness Act of 1992 (12 U.S.C. 4502)) after the 
date that all of the following have occurred:
            (1) The conservatorship for such enterprise under section 
        1367 of such Act (12 U.S.C. 4617) has been terminated.
            (2) The Director of the Federal Housing Finance Agency has 
        certified in writing that such enterprise has repaid to the 
        Federal Government the maximum amount consistent with 
        minimizing total cost to the Federal Government of the 
        financial assistance provided to the enterprise by the Federal 
        Government pursuant to the amendments made by section 1117 of 
        the Housing and Economic Recovery Act of 2008 (Public Law 110-
        289; 122 Stat. 2683) or otherwise.
            (3) The charter for the enterprise has been revoked, 
        annulled, or terminated and the authorizing statute (as such 
        term is defined in such section 1303) with respect to the 
        enterprise has been repealed.

                 TITLE III--BUDGET REVIEW AND ANALYSIS

SEC. 301. CBO AND OMB REVIEW AND RECOMMENDATIONS RESPECTING RECEIPTS 
              AND COLLECTIONS.

    Not later than 1 year after the date of enactment of this Act, the 
Director of the Office of Management and Budget shall prepare a study 
of the history of offsetting collections against expenditures and the 
amount of receipts collected annually, the historical application of 
the budgetary terms ``revenue'', ``offsetting collections'', and 
``offsetting receipts'', and review the application of those terms and 
make recommendations to the Committees on the Budget of the House of 
Representatives and the Senate of whether such usage should be 
continued or modified. The Director of the Congressional Budget Office 
shall review the history and recommendations prepared by the Director 
of the Office of Management and Budget and shall submit comments and 
recommendations to such Committees.

SEC. 302. AGENCY BUDGET JUSTIFICATIONS.

    Section 1108 of title 31, United States Code, is amended by 
inserting at the end the following new subsections:
    ``(h)(1) Whenever any agency prepares and submits written budget 
justification materials for any committee of the House of 
Representatives or the Senate, such agency shall post such budget 
justification on the same day of such submission on the `open' page of 
the public website of the agency, and the Office of Management and 
Budget shall post such budget justification in a centralized location 
on its website, in the format developed under paragraph (2). Each 
agency shall include with its written budget justification the process 
and methodology the agency is using to comply with the Fair Value 
Accounting Act of 2014.
    ``(2) The Office of Management and Budget, in consultation with the 
Congressional Budget Office and the Government Accountability Office, 
shall develop and notify each agency of the format in which to post a 
budget justification under paragraph (1). Such format shall be designed 
to ensure that posted budget justifications for all agencies--
            ``(A) are searchable, sortable, and downloadable by the 
        public;
            ``(B) are consistent with generally accepted standards and 
        practices for machine-discoverability;
            ``(C) are organized uniformly, in a logical manner that 
        makes clear the contents of a budget justification and 
        relationships between data elements within the budget 
        justification and among similar documents; and
            ``(D) use uniform identifiers, including for agencies, 
        bureaus, programs, and projects.
    ``(i)(1) Not later than the day that the Office of Management and 
Budget issues guidelines, regulations, or criteria to agencies on how 
to calculate the risk component under the Fair Value Accounting Act of 
2014, it shall submit a written report to the Committees on the Budget 
of the House of Representatives and the Senate containing all such 
guidelines, regulations, or criteria.
    ``(2) For fiscal year 2017 and each of the next four fiscal years 
thereafter, the Comptroller General shall submit an annual report to 
the Committees on the Budget of the House of Representatives and the 
Senate reviewing and evaluating the progress of agencies in the 
implementation of the Fair Value Accounting Act of 2014.
    ``(3) Such guidelines, regulations, or criteria shall be deemed to 
be a rule for purposes of section 553 of title 5 and shall be issued 
after notice and opportunity for public comment in accordance with the 
procedures under such section.''.
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