HR 1496: Federal Reserve Transparency Act

H.R.1496

Federal Reserve Transparency Act

112th CONGRESS 1st Session

To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

April 12, 2011

Mr. PAUL introduced the following bill; which was referred to the Committee on Oversight and Government Reform

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A BILLTo amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Federal Reserve Transparency Act’.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

(a) In General- Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after `in writing.’.

(b) Repeal of Certain Limitations- Section 714 of title 31, United States Code, is amended by striking subsection (f).

(c) Audit- Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection:

`(f) Audit and Report of the Federal Reserve System-

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  `(1) IN GENERAL- An audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed within 12 months of the enactment of the Federal Reserve Transparency Act.

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  `(2) REPORT-

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    `(A) REQUIRED- A report on the audit referred to in paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House of Representatives, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.

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    `(B) CONTENTS- The report under subparagraph (A) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report.

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  `(3) CONSTRUCTION- Nothing in this subsection shall be construed to limit the ability of the Government Accountability Office to perform additional audits of the Board of Governors of the Federal Reserve System or of the Federal reserve banks.’.

Sponsor: Rep Paul, Ron [TX-14] (introduced 4/12/2011) Cosponsors (None) Committees: House Oversight and Government Reform
Latest Major Action: 4/27/2011 Referred to House subcommittee. Status: Referred to the Subcommittee on Government Organization, Efficiency, and Financial Management.

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