Credit Accounting Reform Act of 1984

[AI summary unavailable — showing source text] 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 reflect 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 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 age…