Credit Accounting Reform Act of 1984 - Amends the Federal Financing Bank Act of 1973 to declare that one purpose of the Act is to assure that the budgetary treatment of Federal and federally assisted borrowing programs accurately reflects their cost to the Federal Government.
Defines the terms "direct loan" and "private reinsurance" for the purposes of such Act.
Requires the Federal Financing Bank, within 90 days after a Federal agency has made a direct loan, to sell the obligation resulting from such loan to the public. Requires that all such sales be made to the highest bidder at a public auction conducted by the Bank or an agent of the Bank.
Makes any guarantee by a Federal agency of an obligation sold in such manner effective only while such obligation is held by the Bank.
Requires the Bank, within 90 days after a Federal agency guarantees any obligation, to purchase private reinsurance for the risks assumed by such agency under such guarantee.
Permits the Bank to make commitments to purchase, and to purchase and sell, any obligation which is issued or guaranteed by a Federal agency.
Authorizes the Bank to charge fees for its services to cover all expenses.
Requires any Federal agency which makes a direct loan or guarantees any obligation to transmit to the Bank: (1) the loan obligation; and (2) such information with respect to the borrower as may be necessary for the Bank to carry out its responsibilities.
Treats as receipts and disbursements of a particular Federal agency, for purposes of the unified budget, all receipts and disbursements of the Bank with respect to: (1) any direct loan sold by the Bank as agent for the Federal agency; or (2) any guarantee with respect to which the Bank purchased private reinsurance as agent for the Federal agency.
Declares that in the case of any off-budget agency, the unified budget shall include for such agency its receipts from, and disbursements to, the Bank.
Repeals the provisions of such Act concerning the purchase, by the Bank, of the obligations of any local public body or agency within the United States.
Sets forth transition provisions which include a pilot program during FY 1985, the development of a marketing plan, and the development of a reinsurance plan.
Requires that the marketing plan and reinsurance plan developed pursuant to this Act be published in the Federal Register.
Introduced in Senate
Read twice and referred to the Committee on Banking.
Committee on Banking requested executive comment from Federal Financing Bank, OMB.
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