Fair-Value Accounting and Budget Act
This bill requires the Congressional Budget Office to provide certain fair-value estimates of federal loan and loan guarantee programs. Under the bill, the fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair-value estimates generally use private-market interest rates to estimate the cost of a loan program rather than rates based on Treasury securities.
To amend the Congressional Budget and Impoundment Control Act of 1974 
  to provide for fair-value credit estimates, 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 ``Fair-Value Accounting and Budget 
Act''.

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.--Upon the request of the 
chair or the ranking member of the Committee on the Budget of the House 
of Representatives or the Senate, any estimate prepared by the Director 
of the Congressional Budget Office for a measure that establishes or 
modifies any program providing loans or loan guarantees shall, as a 
supplement to such estimate and to the extent practicable, provide a 
fair-value estimate of such loan or loan guarantee program.
    ``(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 its The Budget and Economic 
Outlook.
    ``(c) Enforcement.--If the Director of the Congressional 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 may use such estimate to determine compliance with this Act and 
other budget enforcement requirements.
    ``(d) Annual Report.--In 2021 and each year thereafter, not later 
than 90 days after the date the President submits to Congress a budget 
under section 1105(a) 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 Representatives 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 Office 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 
Standards Board issued in February 2015 and 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.''.
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Fair-Value Accounting and Budget Act
To amend the Congressional Budget and Impoundment Control Act of 1974 to provide for fair-value credit estimates, and for other purposes.
Fair-Value Accounting and Budget Act
Rep. Norman, Ralph