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Budget And Accounting Transparency Act Of 2014
The Budget and Accounting Transparency Act of 2014 () is a bill that would modify the budgetary treatment of federal credit programs. The bill would require that the cost of direct loans or loan guarantees be recognized in the federal budget on a fair-value basis using guidelines set forth by the Financial Accounting Standards Board. The bill would also require the federal budget to reflect the net impact of programs administered by Fannie Mae and Freddie Mac. The changes made by the bill would mean that Fannie Mae and Freddie Mac were counted on the budget instead of considered separately and would mean that the debt of those two programs would be included in the national debt. These programs themselves would not be changed, but how they are accounted for in the United States federal budget would be. The goal of the bill is to improve the accuracy of how some programs are accounted for in the federal budget. The bill was introduced into the United States House of Representatives d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scott Garrett
Ernest Scott Garrett (born July 9, 1959) is an American politician who was the U.S. representative for , serving from 2003 to 2017. He is a member of the Republican Party. He previously served in the New Jersey General Assembly from 1990 to 2003. Garrett chaired the United States House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises. He lost his reelection bid in 2016 to Democrat Josh Gottheimer, becoming the only incumbent Congressman in New Jersey to be defeated that year. On June 19, 2017, President Donald Trump nominated Garrett to become chairman and president of the Export–Import Bank of the United States, a post that requires confirmation by the United States Senate. In a 10–13 vote on December 19, 2017, the Senate Banking Committee declined to advance his nomination. Garrett was subsequently hired into an excepted service position at the U.S. Securities and Exchange Commission's Office of General Counsel. Early life, educatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fannie Mae
The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New Deal, the corporation's purpose is to expand the secondary mortgage market by securitizing mortgage loans in the form of mortgage-backed securities (MBS), allowing lenders to reinvest their assets into more lending and in effect increasing the number of lenders in the mortgage market by reducing the reliance on locally based savings and loan associations (or "thrifts"). Its brother organization is the Federal Home Loan Mortgage Corporation (FHLMC), better known as Freddie Mac. In 2022, Fannie Mae was ranked number 33 on the ''Fortune'' 500 rankings of the largest United States corporations by total revenue. __TOC__ History Background and early decades Historically, most housing loans in the early 1900s in the United States were s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conservatorship
Under U.S. law, conservatorship is the appointment of a guardian or a protector by a judge to manage the financial affairs and/or daily life of another person due to old age or physical or mental limitations. A person under conservatorship is a "conservatee", a term that can refer to an adult. A person under guardianship is a "ward", a term that can also refer to a minor child. Conservatorship may also apply to corporations and organizations. The conservator may be only of the "estate" (financial affairs), but may be also of the "person", wherein the conservator takes charge of overseeing the daily activities, such as health care or living arrangements of the conservatee. A conservator of the person is more typically called a legal guardian. Appointment Conservatorship is established either by court order (with regard to individuals) or via a statutory or regulatory authority (with regard to organizations such as business entities). In other legal terms, a conservatorship may r ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Baseline Reform Act Of 2013 (H
The Baseline Reform Act of 2013 () is a bill that would change the way in which discretionary appropriations for individual accounts are projected in CBO’s baseline. Under H.R. 1871, projections of such spending would still be based on the current year’s appropriations, but would not be adjusted for inflation going forward. Other adjustments to projections of future discretionary spending would also be eliminated. The bill was introduced into the United States House of Representatives during the 113th United States Congress. Background Baseline budgeting ''Baseline budgeting'' is an accounting method the United States Federal Government uses to develop a budget for future years. Baseline budgeting uses current spending levels as the "baseline" for establishing future funding requirements and assumes future budgets will equal the current budget times the inflation rate times the population growth rate. Twice a year—generally in January and August—CBO prepares baseline p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pro-Growth Budgeting Act Of 2013 (H
The Pro-Growth Budgeting Act of 2013 () is a bill that would require the Congressional Budget Office to provide a macroeconomic impact analysis for bills that are estimated to have a large budgetary effect. The bill was introduced into the United States House of Representatives during the 113th United States Congress. The Pro-Growth Budgeting Act of 2013 was introduced at the same time as the Baseline Reform Act of 2013 (H.R. 1871; 113th Congress) and the Budget and Accounting Transparency Act of 2014 (H.R. 1872; 113th Congress) as a package of budget reform bills. Provisions of the bill ''This summary is based largely on the summary provided by the Congressional Research Service, a public domain source.'' The Pro-Growth Budgeting Act of 2013 would amend the Congressional Budget Act of 1974 (CBA) to require the Congressional Budget Office (CBO) to prepare for each major bill or resolution reported by any congressional committee (except the congressional appropriations committee ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
113th United States Congress
The 113th United States Congress was a meeting of the legislative branch of the United States federal government, from January 3, 2013, to January 3, 2015, during the fifth and sixth years of Presidency of Barack Obama, Barack Obama's presidency. It was composed of the United States Senate and the United States House of Representatives based on the results of the United States Senate elections, 2012, 2012 Senate elections and the United States House of Representatives elections, 2012, 2012 House elections. The seats in the House were United States congressional apportionment, apportioned based on the 2010 United States Census. It first met in Washington, D.C. on January 3, 2013, and it ended on January 3, 2015. Senators elected to regular terms in 2008 were in the last two years of those terms during this Congress. The Senate had a Democratic majority, while the House had a Republican majority; such a split would not be repeated until the 118th Congress. This was the last time ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Federal Budget
The United States budget comprises the spending and revenue In accounting, revenue is the total amount of income generated by the sale of goods and services related to the primary operations of the business. Commercial revenue may also be referred to as sales or as turnover. Some companies receive reven ...s of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. It has reported that large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 98 percent of gross domestic product (GDP) in 2020 to 195 percent by 2050. Overview The budget document often begins with the President of the Unite ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Accounting Standards Board
The Financial Accounting Standards Board (FASB) is a private standard-setting body whose primary purpose is to establish and improve Generally Accepted Accounting Principles (GAAP) within the United States in the public's interest. The Securities and Exchange Commission (SEC) designated the FASB as the organization responsible for setting accounting standards for public companies in the US. The FASB replaced the American Institute of Certified Public Accountants' (AICPA) Accounting Principles Board (APB) on July 1, 1973. The FASB is run by the nonprofit Financial Accounting Foundation. FASB accounting standards are accepted as authoritative by many organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). Structure The FASB is based in Norwalk, Connecticut, and is led by seven full-time Board members,Spiceland, David; Sepe, James; Nelson, Mark; & Tomassini, Lawrence (2009). ''Intermediate Accounting'' (5th Edition). McGraw-Hill/Irw ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States House Committee On Oversight And Government Reform
The Committee on Oversight and Reform is the main investigative committee of the United States House of Representatives. The committee's broad jurisdiction and legislative authority make it one of the most influential and powerful panels in the House. Its chairman is one of only three in the House with the authority to issue subpoenas without a committee vote or consultation with the ranking member. However, in recent history, it has become practice to refrain from unilateral subpoenas. Carolyn Maloney ( D-New York) served as acting chair of the committee following the death of Elijah Cummings ( D-Maryland) on October 17, 2019; she was elected chair a month later. Representative Jim Jordan served as ranking member from January 3, 2019, until March 12, 2020. On March 31, 2020, Jordan started his second stint as ranking member. Representative Mark Meadows served as ranking member from March 13, 2020, until March 30, 2020, when he resigned his congressional seat to become White Ho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States House Committee On The Budget
The United States House Committee on the Budget, commonly known as the House Budget Committee, is a standing committee of the United States House of Representatives. Its responsibilities include legislative oversight of the federal budget process, reviewing all bills and resolutions on the budget, and monitoring agencies and programs funded outside of the budgetary process. The committee briefly operated as a select committee in 1919 and 1921, during the 66th and 67th United States Congresses, before being made a standing committee in 1974. Role of the committee The primary responsibility of the Budget Committee is the drafting and preparation of the Concurrent Resolution on the Budget, commonly referred to as the "budget resolution". This resolution sets the aggregate levels of revenue and spending that is expected to occur in a given fiscal year. A budget resolution by law must be enacted by Congress by April 15. This target date is rarely met, and in at least four years (FY19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Senate
The United States Senate is the upper chamber of the United States Congress, with the House of Representatives being the lower chamber. Together they compose the national bicameral legislature of the United States. The composition and powers of the Senate are established by Article One of the United States Constitution. The Senate is composed of senators, each of whom represents a single state in its entirety. Each of the 50 states is equally represented by two senators who serve staggered terms of six years, for a total of 100 senators. The vice president of the United States serves as presiding officer and president of the Senate by virtue of that office, despite not being a senator, and has a vote only if the Senate is equally divided. In the vice president's absence, the president pro tempore, who is traditionally the senior member of the party holding a majority of seats, presides over the Senate. As the upper chamber of Congress, the Senate has several powers o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Crop Insurance Corporation
The Federal Crop Insurance Corporation (FCIC) is a wholly owned government corporation managed by the Risk Management Agency of the United States Department of Agriculture. FCIC manages the federal crop insurance program, which provides U.S. farmers and agricultural entities with crop insurance protection. Background During the 1930s, farmers thought they were safe during the Great Depression because they could provide food for themselves. That changed quickly when the Dust Bowl drought made it difficult for farmers to produce any crops during this time. By not being able to produce these essential crops, they lacked necessary food for themselves and were unable to make money off of the crops. In order to help America recover from the Great Depression, President Franklin D. Roosevelt started the New Deal, which was a plan compiled of federal programs, including several focused on farming. History The Federal Crop Insurance Corporation was a program created to carry out the gov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
