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 Collection: Congressional Research Service Reports
Accounting Problems at Fannie Mae

Accounting Problems at Fannie Mae

Date: November 15, 2005
Creator: Jickling, Mark
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 ...
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Achievements of and Outlook for Sanctions on Iran

Achievements of and Outlook for Sanctions on Iran

Date: April 22, 2014
Creator: Katzman, Kenneth
Description: This report analyzes the effect that sanctions have had in contributing to the achievement of U.S. objectives on Iran and analyzes several scenarios that might affect whether sanctions are eased or increased, or that might affect the effectiveness of the sanctions. It briefly reviews the imposition of sanctions, both by the United States and the international community, and discusses their stated objectives.
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Acid Rain: Does it Contribute to Forest Decline?

Acid Rain: Does it Contribute to Forest Decline?

Date: January 24, 1985
Creator: Backiel, Adela
Description: This minibrief describes the major hypothesis explaining why acid rain may be contributing to forest decline, along with the major arguments against this hypothesis. For additional information on acid rain and current legislation for pollutant emissions controls, see IB83016 -- Acid Rain: Current Issues, and IB83005 -- Clean Air Act: An Overview.
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Acoustic Thermometry of Ocean Climate: Marine Mammal Issues

Acoustic Thermometry of Ocean Climate: Marine Mammal Issues

Date: May 12, 1995
Creator: Buck, Eugene H.
Description: After global warming became a concern in the mid-1950s, researchers proposed measuring deep ocean temperatures to reveal any significant trends in core ocean warming. Acoustic thermometry can detect changes in ocean temperature by receiving low-frequency sounds transmitted across an ocean basin because the speed of sound is proportional to water temperature. Acoustic Thermometry of Ocean Climate, or ATOC, is an international program involving 11 institutions in seven nations. It is designed as a 30-month "proof-of-concept" project to provide data on possible global climate change, with funding provided by the U.S. Department of Defense. A debate has arisen over ATOC's impact on marine mammals versus the benefits of better global warming information derived from ATOC. This report dicusses the ATOC program and related concerns.
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Acquired Immune Deficiency Syndrome and Military Manpower Policy

Acquired Immune Deficiency Syndrome and Military Manpower Policy

Date: February 12, 1988
Creator: Burrelli, David F.
Description: This issue brief will discuss issues dealing with military manpower policy and the AIDS virus, including the level of the AIDS infection or HIV infection rates in the military; efforts to control the spread of AIDS to and among military personnel; and AIDS in the context of military personnel stationed overseas.
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Across-the-Board Rescissions in Appropriations Acts: Overview and Recent Practices

Across-the-Board Rescissions in Appropriations Acts: Overview and Recent Practices

Date: September 20, 2013
Creator: Tollestrup, Jessica
Description: This report provides information on the main components of across-the-board rescissions and recent practices between FY2008 through FY2013.
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Across-the-Board Spending Cuts in Omnibus Appropriations Acts

Across-the-Board Spending Cuts in Omnibus Appropriations Acts

Date: August 10, 2004
Creator: Keith, Robert
Description: This report examines the use of across-the-board spending cuts in omnibus appropriations acts for FY2000-FY2004, assessing the budgetary context leading to the spending cut, recounting the legislative action on the spending cut provision, and reviewing the provision’s design and implementation.
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Across-the-Board Tax Cuts: Economic Issues

Across-the-Board Tax Cuts: Economic Issues

Date: September 24, 2001
Creator: Gravelle, Jane G.
Description: This report examines economic issues relating to across-the-board tax cuts, focusing primarily on distributional issues. The report is divided into four sections. The first section provides a general overview of the tax system. The next discusses recent proposals relating to across-the-board tax cuts. The third section discusses methods of evaluating alternative types of across-the-board tax cuts. The final section briefly discusses issues of efficiency, simplicity, and stabilization policy.
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Across-the-Board Tax Cuts: Economic Issues

Across-the-Board Tax Cuts: Economic Issues

Date: March 30, 2001
Creator: Gravelle, Jane G.
Description: This report examines economic issues relating to across-the-board tax cuts, focusing primarily on distributional issues. The report is divided into four sections. The first section provides a general overview of the tax system. The next discusses recent proposals relating to across-the-board tax cuts. The third section discusses methods of evaluating alternative types of across-the-board tax cuts. The final section briefly discusses issues of efficiency, simplicity, and stabilization policy.
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Actions of the Congress and the Federal Government on Smoking and Health

Actions of the Congress and the Federal Government on Smoking and Health

Date: September 26, 1979
Creator: Klebe, Edward R.
Description: This paper is a history of actions taken by the U.S. Congress and by the various departments and regulatory agencies of the Federal Government on the subject of smoking and health for the period from the mid-1950s to the end of the 95th Congress in 1978.
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