H.R. 24: Federal Reserve Transparency Act of 2013

Introduced:
Jan 03, 2013 (113th Congress, 2013–2015)
Sponsor:
Rep. Paul Broun Jr. [R-GA10]
Status:
Referred to Committee

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was assigned to a congressional committee on January 3, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Jan 03, 2013
Referred to Committee Jan 03, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

15% chance of getting past committee.
2% chance of being enacted.

Only 11% of House bills made it past committee and only 3% were enacted in 2011–2013. [show factors | methodology]

Cosponsors
146 cosponsors (137R, 9D) (show)
Committees

House Financial Services

House Oversight and Government Reform

The committee chair determines whether a bill will move past the committee stage.

Full Title

To require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States, and for other purposes.

Summary

No summaries available.

Text

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Last updated Jan 03, 2013.
4 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/3/2013--Introduced.
Federal Reserve Transparency Act of 2013 - Directs the Comptroller General (GAO) to:
(1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Board) and of the Federal Reserve Banks; and
(2) submit to Congress, within 90 days of audit completion, a detailed report of audit findings and conclusions.
Repeals certain limitations placed upon such audit.
Instructs the Comptroller General to audit and report on the review of loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Board against supervised financial institutions.
Prescribes audit contents, including:
(1) the guidance given by the Board to independent consultants retained by the supervised financial institutions regarding procedures to be followed in conducting the file reviews,
(2) the factors considered by independent consultants when evaluating loan files and the results obtained pursuant to those reviews, and
(3) the determinations made by such consultants regarding the nature and extent of financial injury sustained by each homeowner as well as the level and type of remediation offered.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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