Description: On September 22, 2004, the Office of Federal Housing Enterprise Supervision (OFHEO) made public a report that was highly critical of accounting methods at Fannie Mae, the government-sponsored enterprise that plays a leading role in the secondary mortgage market. OFHEO charged Fannie Mae with not following generally accepted accounting practices in two critical areas: (1) amortization of discounts, premiums, and fees involved in the purchase of home mortgages and (2) accounting for financial derivatives contracts. According to OFHEO, these deviations from standard accounting rules allowed Fannie Mae to reduce volatility in reported earnings, present investors with an artificial picture of steadily growing profits, and, in at least one case, to meet financial performance targets that triggered the payment of bonuses to company executives. On November 15, 2004, Fannie Mae reported that it was unable to file a third-quarter earnings statement because its auditor, KPMG, refused to sign off on the accounting results. On December 15, 2004, the Securities and Exchange Commission (SEC), after finding inadequacies in Fannie’s accounting policies and methodologies, directed Fannie Mae to restate its accounting results since 2001. Shortly thereafter, the company’s CEO and CFO resigned. It is estimated that earnings since 2001 will be revised downwards ...

Description: The FY2006 budget resolution (H.Con.Res. 95, H.Rept. 109-62) contains reconciliation instructions that require authorizing committees to report legislation to reduce spending on mandatory programs within each committee’s jurisdiction. The resolution instructed the House and Senate Agriculture Committees to report legislation reducing spending on USDA mandatory programs by $173 million in FY2006 and $3.0 billion over five years (FY2006-FY2010). The House and Senate Agriculture Committees have completed action on their recommendations ($3.7 billion in the House and $3.0 billion in the Senate). The two measures would reduce spending on farm commodity and conservation programs in varying ways. The House measure also eliminates funding for various rural development programs and reduces food stamp spending. The Senate extends authority for a dairy income support program, which would require an offset of its projected cost. Reconciliation floor action is expected in November.

Description: This report is a guide to one of the regular appropriations bills that Congress considers each year. It is designed to supplement the information provided by the House and Senate Appropriations Subcommittees on Agriculture. It summarizes the status of the bill, its scope, major issues, funding levels, and related congressional activity, and is updated as events warrant. The report lists the key CRS staff relevant to the issues covered and related CRS products.

Description: Appropriations are one part of a complex federal budget process that includes budget resolutions, appropriations (regular, supplemental, and continuing) bills, rescissions, and budget reconciliation bills. This report is a guide to one of the 13 regular appropriations bills that Congress passes each year. It is designed to supplement the information provided by the House and Senate Appropriations Subcommittees on the Departments of Commerce, Justice, and State, the Judiciary and Related Agencies.

Description: Appropriations are one part of a complex federal budget process that includes budget resolutions, appropriations (regular, supplemental, and continuing) bills, rescissions, and budget reconciliation bills. This report is a guide to one of the 13 regular appropriations bills that Congress passes each year. It is designed to supplement the information provided by the House and Senate Appropriations Subcommittees on Treasury, Postal Service, Executive Office of the President, and General Government.