H.R. 1160 (105th): Federal Reserve Audit and Accountability Act

Mar 20, 1997 (105th Congress, 1997–1998)
Died (Referred to Committee)
Henry González
Representative for Texas's 20th congressional district
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Last Updated
Mar 20, 1997
12 pages
Related Bills
H.R. 888 (104th) was a previous version of this bill.

Referred to Committee
Last Action: Feb 10, 1995


This bill was introduced on March 20, 1997, in a previous session of Congress, but was not enacted.

Introduced Mar 20, 1997
Referred to Committee Mar 20, 1997
Full Title

To promote accountability and the public interest in the operation of the Federal Reserve System, and for other purposes.


No summaries available.

4 cosponsors (2D, 1D, 1R) (show)

House Financial Services

House Oversight and Government Reform

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Primary Source

THOMAS.gov (The Library of Congress)

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H.R. stands for House of Representatives bill.

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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.

Federal Reserve Audit and Accountability Act - Amends the Federal Reserve Act to declare that the president and first vice-president of each Federal reserve bank shall be appointed by the President, with the consent of the Senate. (Currently such appointment authority is exercised by each Federal reserve bank's board of directors.) Amends Federal law to remove specified limitations placed upon General Accounting Office audits of the Federal Reserve Board and Federal reserve banks.
Directs the Comptroller General to audit at least triennially the vault facilities of the Board of Governors of the Federal Reserve System (the Board). Requires the Board and all Federal reserve banks to transmit their estimated receipts and proposed expenditures to the Congress during the first 15 days of each regular session.
Mandates prompt public disclosure of Federal Open Market Committee meetings and actions, including policy actions and prior transcripts.
Amends the Inspector General Act of 1978 to establish for the Board an Office of the Inspector General, with the Inspector General appointed by the President, subject to Senate advice and consent.
Permits the Chairman of the Board to delegate authority for general supervision of the Inspector General to the Vice Chairman, but to no one else.
Declares that the Inspector General's authority extends to the conditions, operations, and all facilities of the Federal reserve banks.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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