Switch federal loan accounting from FCRA to fair-value

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Printed page 354 11. Department of Education

“Switch to fair-value accounting from FCRA accounting.”

What has happened

Feb 14, 2025 Not started
Switching federal credit programs from Federal Credit Reform Act accounting to fair-value accounting needs a statute. The Fair-Value Accounting and Budget Act (H.R. 1388), which would amend the Congressional Budget and Impoundment Control Act to require fair-value estimates for federal credit programs, was introduced on 2025-02-14 and referred to the Budget and Rules Committees; it has had no further action. Introduction is not a rung (playbook §3b). Nothing in Public Law 119-21's student-loan title touches loan accounting — the words "fair value" and "Federal Credit Reform" appear nowhere in the enrolled text — and no Federal Register document changes the method.
- H.R. 1388, Fair-Value Accounting and Budget Act (introduced 2025-02-14, referred to the Committee on the Budget)
  Primary Congress Feb 14, 2025

What was searched, and what didn’t count as evidence

A search of the titles of the bills we keep and search for “fair value”, “Credit Reform” and “budget accounting” returns H.R. 1388 and nothing else; a search of Federal Register final rules, proposed rules and notices for “indirect” and “fair value” returns no Department of Education document.
The enrolled text of Public Law 119-21 was read in full for “fair value” (0 hits) and “Federal Credit Reform” (0 hits).