Budget and Accounting Transparency Act of 2012

Floor Speech

Mr. CRAWFORD. Madam Speaker, I rise today to commend the House for passing the Budget and Accounting Transparency Act earlier this week. This much-needed reform will increase transparency and accuracy in budgeting for Federal credit programs like Fannie Mae and Freddie Mac. In addition, this reform will require fair value accounting for Federal programs that make direct loans or loan guarantees.

Earlier this year with the Solyndra debacle, we found out that when Washington makes a bet the American taxpayer is often left with the bill. The Federal Government should consider fair value and market risk before betting on companies like Solyndra.

Since the financial crisis began, Fannie Mae and Freddie Mac have become the financial responsibility of the Federal Government. However, the Office of Management and Budget has not accounted for the Fannie and Freddie burden. This bill will fix that mistake.

If we're going to get out of this financial mess, we have to be honest about how much we're really spending. This is a commonsense reform that will help lawmakers be better stewards of our hardworking constituents' tax dollars.

Source