Federal Credit Reform
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Federal Credit Programs
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Author : United States. General Accounting Office
language : en
Publisher:
Release Date : 1993
Federal Credit Programs written by United States. General Accounting Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Credit control categories.
Federal Credit Reform
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Author : United States. Congress. House. Committee on the Budget. Task Force on Urgent Fiscal Issues
language : en
Publisher:
Release Date : 1990
Federal Credit Reform written by United States. Congress. House. Committee on the Budget. Task Force on Urgent Fiscal Issues and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Credit control categories.
Credit Reform
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Author : United States. General Accounting Office
language : en
Publisher:
Release Date : 1997
Credit Reform written by United States. General Accounting Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Government lending categories.
Budgetary Treatment Of Federal Credit Direct Loans And Loan Guarantees
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Author : James M. Bickley
language : en
Publisher: Createspace Independent Pub
Release Date : 2012-08-10
Budgetary Treatment Of Federal Credit Direct Loans And Loan Guarantees written by James M. Bickley and has been published by Createspace Independent Pub this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-10 with Business & Economics categories.
The U.S. government uses federal credit (direct loans and loan guarantees) to allocate financial capital to a range of areas, including home ownership, higher education, small business, agriculture, and energy. At the end of FY2011, outstanding federal credit totaled $2.9 trillion. This report explains the budgetary treatment of federal credit, examines proposed reforms, and describes relevant bills introduced in the 112th Congress. Title V of the Omnibus Budget Reconciliation Act of 1990 (P.L. 101-508), the Federal Credit Reform Act of 1990 or FCRA, changed how the unified budget reports the cost of federal credit activities (i.e., federal direct loans and loan guarantees) to an accrual basis beginning in 1992. Before FY1992, for a given fiscal year, the budgetary cost of a new direct loan or loan guarantee was the net cash flow for that fiscal year. This cash flow measure did not accurately reflect the cost of a loan or loan guarantee, which is its subsidy cost over the entire life of the loan or loan guarantee, that is, its accrual cost. Beginning with FY1992, FCRA required that the reported budgetary cost of a credit program equal the estimated subsidy costs at the time the credit is provided. The FCRA defines the subsidy cost as “the estimated long-term cost to the government of a direct loan or a loan guarantee, calculated on a net present value basis, excluding administrative costs.” This arguably places the cost of federal credit programs on a budgetary basis equivalent to other federal outlays. Because the subsidy costs of discretionary credit programs (such as the business loan programs of the Small Business Administration and the loan guarantee programs of the Export-Import Bank) are now provided through appropriations acts, this change meant that discretionary credit programs must compete with other discretionary programs on an equal basis. In contrast, funding for most mandatory credit programs (generally entitlement programs) is provided by permanent appropriations. The director of the Office of Management and Budget (OMB) is responsible for coordinating the estimation of subsidy costs to the federal government. Since the passage of the FCRA, federal agencies, working with OMB, have steadily improved their compliance with credit reform standards. In October 1990, the Federal Accounting Standards Advisory Board (FASAB) was established. In August 1993, this board required that agencies' accounting procedures be consistent with their budgetary procedures for their federal credit programs. On August 5, 1997, the Balanced Budget Act of 1997 (P.L. 105-33) was enacted, amending the FCRA to make technical changes, including codifying several guidelines set by OMB. Four proposals to expand credit reform have been discussed: the principles of credit reform could be applied to government-sponsored enterprises (GSEs); the principles of credit reform could be extended to federal insurance programs; the budgetary cost of capital for credit programs could be changed to include market risk; and the administrative costs of credit programs could be included in the calculation of the costs of these programs. These proposals are described in this report. In the 112th Congress, four bills have been proposed with provisions concerning the budgetary treatment of federal credit: related bills S. 1651/H.R. 3414 (Honest Budget Act); H.R. 3581 (Budget and Accounting Transparency Act of 2011); and H.R. 3844 (Honest Budget Act of 2012). H.R. 3581 was passed by the House but has not been acted on by the Senate.
Federal Credit Reform
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Author :
language : en
Publisher:
Release Date : 2003
Federal Credit Reform written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with categories.
On November 5, 1990, the Omnibus Budget Reconciliation Act of 1990 (P.L. 101-508) was signed into law. P.L. 101-508 added Title V to the Congressional Budget Act. Title V, also called the Federal Credit Reform Act of 1990 (the FCRA), changed how the unified budget reports the cost of federal credit activities (i.e., federal direct loans and loan guarantees). Before fiscal year 1992 (FY1992), for a given fiscal year, the budgetary cost of a new direct loan or loan guarantee was the net cash flow for that fiscal year. This cash flow measure did not accurately reflect the true cost of a loan or loan guarantee, which is its subsidy cost over the entire life of the loan or loan guarantee; i.e., its accrual cost. The purposes of this report are to explain the credit reform provisions, examine their implementation, and discuss proposed modifications. Beginning with FY1992, federal credit reform legislation required that the reported budgetary cost of a credit program equal the estimated subsidy costs at the time the credit is provided. The FCRA defines the subsidy cost as "the estimated long-term cost to the government of a direct loan or a loan guarantee, calculated on net present value basis, excluding administrative costs." This places the cost of federal credit programs on a budgetary basis equivalent to other federal outlays. This change means, because the subsidy costs of discretionary credit programs are now provided through appropriations acts, that the discretionary credit programs must now compete with other discretionary programs on an equal basis. Funding for most mandatory credit programs (generally entitlement programs) is provided by permanent appropriations. The Director of the Office of Management and Budget (OMB) is responsible for coordinating the estimation of subsidy costs to the government. Since the passage of the FCRA, federal agencies, working with OMB, have steadily improved their compliance with credit reform standards. In October 1990, the Federal Accounting Standards Advisory Board was established. In August 1993, this Board required that agencies' accounting procedures be consistent with their budgetary procedures for their federal credit programs. The Government Performance and Results Act of 1993 (GPRA) required that federal agencies be held accountable for achieving program results including those of credit programs. Under GPRA, the first annual performance reviews occurred for fiscal year 1999. On August 5, 1997, the Balanced Budget Act of 1997 (P.L. 105-33) was enacted. This law amended the FCRA to make some technical changes including codifying several guidelines set by OMB. Four proposals to modify current practice have been discussed: the principles of credit reform could be applied to government-sponsored enterprises, the principles of credit reform could be extended to federal insurance programs, the administrative costs of credit programs could be included in the calculation of the costs of these programs, and the budgetary cost of capital for credit programs could be changed to the after-tax rate of return earned by private financial intermediaries.
Credit Reform
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Author : United States. General Accounting Office
language : en
Publisher:
Release Date : 1998
Credit Reform written by United States. General Accounting Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Government lending categories.
Federal Credit Reform
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Author :
language : en
Publisher:
Release Date : 19??
Federal Credit Reform written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 19?? with categories.
Credit Reform
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Author : Dan Blair
language : en
Publisher: DIANE Publishing
Release Date : 1999-07
Credit Reform written by Dan Blair and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-07 with Business & Economics categories.
To gain an understanding of the key issues impeding reasonable estimates of subsidy costs of credit programs for the five key credit agencies: the Small Business Administration & the Depts. of Education, Housing & Urban Development, Veterans Affairs, & Agriculture, this report reviews these agencies' abilities to reasonably estimate the cost of their loan programs, including whether they used practices identified by the Credit Reform Task Force as being effecting in making these estimates. Also reviews the status of agencies' efforts to ensure that computer systems used to estimate the cost of credit programs are Y2K compliant.
Credit Reform
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Author : Christine E. Bonham
language : en
Publisher: DIANE Publishing
Release Date : 2000
Credit Reform written by Christine E. Bonham and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
The Federal Credit Reform Act of 1990 was enacted to require that the budget reflect a more accurate measurement of the government's subsidy costs for federal direct loans & loan guarantees & to permit better cost comparisons both among credit programs & between credit & non-credit programs. This report determines: whether agencies completed estimates & re-estimates of subsidy costs; whether one could readily discern any trends including improvements in subsidy estimates; & whether one could readily identify the causes for changes in subsidy estimates. Charts & tables.
Credit Reform
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Author :
language : en
Publisher:
Release Date : 1989
Credit Reform written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Budget categories.