I 
119TH CONGRESS 
1ST SESSION H. R. 1388 
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 
FEBRUARY 14, 2025 
Mr. NORMAN (for himself, Mr. GROTHMAN, Mr. WEBER of Texas, and Mr. 
SELF) 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 consider-
ation of such provisions as fall within the jurisdiction of the committee 
concerned 
A BILL 
To amend the Congressional Budget and Impoundment Con-
trol Act of 1974 to provide for fair-value credit esti-
mates, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Fair-Value Accounting 
and Budget Act’’. 
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SEC. 2. FAIR-VALUE CREDIT ESTIMATES. 
(a) FAIR-VALUE ESTIMATES.—Part A of title IV of 
the Congressional Budget and Impoundment Control Act 
of 1974 is amended by adding at the end the following: 
‘‘FAIR-VALUE CREDIT ESTIMATES 
‘‘SEC. 407. (a) FAIR-VALUE ESTIMATES.—Any esti-
mate prepared by the Director of the Congressional Budg-
et Office for a measure that establishes or modifies any 
program providing loans or loan guarantees shall provide 
a fair-value estimate of such loan or loan guarantee pro-
gram. 
‘‘(b) BASELINE
ESTIMATES.—The Congressional 
Budget Office shall include estimates of loan and loan 
guarantee programs, on a fair-value and credit reform 
basis, as practicable, in the Office’s publication entitled 
‘The Budget and Economic Outlook’ (or any successor re-
port). 
‘‘(c) ENFORCEMENT.—If the Director of the Con-
gressional Budget Office provides an estimate pursuant to 
subsection (a), the chair of the Committee on the Budget 
of the House of Representatives or the Senate shall use 
such estimate to determine compliance with this Act and 
other budget enforcement requirements. 
‘‘(d) ANNUAL REPORT.—In 2026 and each year 
thereafter, not later than 90 days after the date the Presi-
dent submits to Congress a budget under section 1105(a) 
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of title 31, United States Code, the Director of the Office 
of Management and Budget shall submit a report, to the 
Committees on the Budget of the House of Representa-
tives and the Senate, on fair-value estimates of the cost 
of Federal credit programs. 
‘‘(e) DEFINITION OF FAIR-VALUE.—In carrying out 
this section, the Director of the Congressional Budget Of-
fice and the Director of the Office of Management and 
Budget shall use the definition of ‘fair-value’ as set forth 
in the publication of the Government Accounting Stand-
ards Board, issued in February 2015, entitled ‘Fair Value 
Measurement and Application’.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
for the Congressional Budget and Impoundment Control 
Act of 1974 Act set forth in section 1(b) of such Act is 
amended by inserting after the item relating to section 
406 the following new item: 
‘‘Sec. 407. Fair-value credit estimates.’’. 
Æ 
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