Credit Accounting Reform Act of 1985

[AI summary unavailable — showing source text] Credit Accounting Reform Act of 1985 - Amends the Federal Financing Bank Act of 1973 to require any Federal agency which makes a direct loan or guarantees any obligation after October 1, 1986, to transmit to the Federal Financing Bank the loan obligation or guarantee obligation and such information concerning the borrower as the Bank needs in order to sell the obligation or to reinsure the guarantee. Authorizes the Bank to disclose such information to the extent necessary to sell the obligation or to reinsure the guarantee. Directs the Bank, within 90 days after an agency has made a direct loan, to sell the resulting obligation to the highest bidder at a public auction. Permits the Bank to sell such an obligation through pooled participation arrangements only to the extent that such arrangements permit the proper allocation of subsidy costs to the appropriate budget account. Requires the Bank to make a bid based on the Bank's estimate of the present value of the obligation being sold at each auction, and to purchase any obligation for which it submits the highest bid. Declares the such obligations shall be sold without recourse to the Government and with no Government guarantee. Di…