To require covered agencies to issue strategy and implementation plans for the transfer of credit, guarantee, and insurance risk to the private sector, to require the implementation of such plans, and for other purposes.
Latest Action
Ordered to be Reported in the Nature of a Substitute by the Yeas and Nays: 24 - 15.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This bill, introduced in the 118th Congress as H.R. 9040, aims to require certain federal agencies, referred to as covered agencies, to develop and implement strategy and implementation plans for transferring credit, guarantee, and insurance risks to the private sector. The bill's purpose is to formalize the process by which these agencies shift financial risks associated with credit and insurance programs away from the government and onto private entities. The bill was ordered to be reported in the nature of a substitute with a recorded vote of 24 in favor and 15 against but ultimately failed or expired without becoming law. The bill falls under the policy area of Finance and Financial Sector. No official summary or full text is available in the source data, limiting detailed analysis of specific provisions.
H.R. 9040 sought to mandate federal agencies to plan and execute the transfer of certain financial risks to the private sector but did not advance to become law during the 118th Congress.
- Requires covered federal agencies to issue strategy and implementation plans for transferring credit, guarantee, and insurance risks to private sector entities.
- Mandates the implementation of these risk transfer plans once developed.
- The bill was considered in the House and ordered to be reported with a recorded vote but ultimately failed or expired.
['Covered federal agencies tasked with managing credit, guarantee, and insurance programs', 'Private sector financial institutions and insurers potentially assuming transferred risks', 'Taxpayers indirectly, if risk transfer reduces government exposure to financial losses']
['Implementation challenges in effectively transferring complex financial risks to private entities', 'Potential costs associated with developing and executing comprehensive strategy and implementation plans', 'Oversight and accountability mechanisms to ensure proper risk transfer and prevent unintended fiscal exposure', "Authority and definitions of 'covered agencies' and scope of risks subject to transfer are not detailed in the available data"]
The bill was introduced and considered during the 118th Congress within the Finance and Financial Sector policy area. It was ordered to be reported in the nature of a substitute with a recorded vote indicating some level of support but did not progress to enactment. The lack of an official summary and full text in the source limits detailed understanding of legislative debates or amendments.
High concern review — 3 hidden impact flags detected
GovScope reviewed 3 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['Potential reduction in federal government financial exposure if risk transfer to private sector is effective', 'Increased involvement of private financial institutions in managing government-related credit and insurance risks', 'Possible shifts in federal budgeting and risk management practices due to changes in risk allocation']
The absence of an official summary and full bill text limits comprehensive transparency and public understanding of the bill's detailed provisions and mechanisms. Oversight considerations are critical given the financial nature of the risk transfers mandated. Monitoring the implementation and effectiveness of such plans would be essential to ensure intended fiscal outcomes and accountability.
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