Fair-Value Accounting and Budget Act

HR 1388 requires the Congressional Budget Office (CBO) and Office of Management and Budget (OMB) to use "fair-value" accounting for federal loan and loan guarantee programs, replacing traditional budget estimates with market-based cost calculations. This means the CBO must provide fair-value cost estimates for new or modified loan programs, and the OMB must annually report these estimates starting in 2026. The bill directs Congress to use these fair-value estimates when enforcing budget rules, ensuring budgetary decisions reflect the true economic cost of credit programs. It directly affects the CBO, OMB, and Congress in how they measure and manage federal credit program costs.