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Diane Publishing Books
Credit Reform: Current Method to Estimate Credit Subsidy Costs Is More Appropriate for Budget Estimates Than a Fair Value Approach
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Cheryl E. Clark (au); Susan J. Irving (au); Susan Offutt (au)
Federal direct loans and loan guarantees outstanding have nearly doubled from $1.5 trillion at the end of FY 2008 to $2.9 at the end of FY year 2014. For the past several years, concerns have been raised by some experts both in and out of the federal government that the Federal Credit Reform Act of 1990 (FCRA) may understate credit program subsidy costs. Some of these experts have suggested that FCRA be modified with an approach -- referred to as the fair value approach -- to include certain market risk not currently considered under FCRA. This report addresses (1) whether trends exist in subsidy cost reestimates and what factors, if any, help explain any significant trends in reestimates; and (2) the implications of using the fair value approach to estimate subsidy costs in the budget and whether such concepts should be incorporated into subsidy cost estimates for the budget. Tables and figures. This is a print on demand report.
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