I 

117TH CONGRESS 

1ST SESSION H. R. 3727 

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 

JUNE 4, 2021 

Mr. NORMAN 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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•HR 3727 IH

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.—Upon the 

7 request of the chair or the ranking member of the Com8 mittee on the Budget of the House of Representatives or 

9 the Senate, any estimate prepared by the Director of the 

10 Congressional Budget Office for a measure that estab11 lishes or modifies any program providing loans or loan 

12 guarantees shall, as a supplement to such estimate and 

13 to the extent practicable, provide a fair-value estimate of 

14 such loan or loan guarantee program. 

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

16 Budget Office shall include estimates of loan and loan 

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

18 basis, as practicable, in its The Budget and Economic 

19 Outlook. 

20 ‘‘(c) ENFORCEMENT.—If the Director of the Con21 gressional Budget Office provides an estimate pursuant to 

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

23 of the House of Representatives or the Senate may use 

24 such estimate to determine compliance with this Act and 

25 other budget enforcement requirements. 


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•HR 3727 IH

1 ‘‘(d) ANNUAL REPORT.—In 2021 and each year 

2 thereafter, not later than 90 days after the date the Presi3 dent submits to Congress a budget under section 1105(a) 

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

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

6 Committees on the Budget of the House of Representa7 tives and the Senate, on fair-value estimates of the cost 

8 of Federal credit programs. 

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

10 this section, the Director of the Congressional Budget Of11 fice and the Director of the Office of Management and 

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

13 in the publication of the Government Accounting Stand14 ards Board issued in February 2015 and entitled ‘Fair 

15 Value Measurement and Application’.’’. 

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

17 for the Congressional Budget and Impoundment Control 

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

19 amended by inserting after the item relating to section 

20 406 the following new item: 

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

Æ 


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