H.R. 459 (112th): Federal Reserve Transparency Act of 2012

Introduced:
Jan 26, 2011 (112th Congress, 2011–2013)
Status:
Died (Passed House)
Sponsor
Ronald “Ron” Paul
Representative for Texas's 14th congressional district
Party
Republican
Text
Read Text »
Last Updated
Jul 26, 2012
Length
6 pages
Related Bills
H.R. 1207 (111th) was a previous version of this bill.

Referred to Committee
Last Action: Feb 26, 2009

S. 202 (identical)

Referred to Committee
Last Action: Jan 26, 2011

 
Status

This bill was introduced in a previous session of Congress and was passed by the House on July 25, 2012 but was never passed by the Senate.

Progress
Introduced Jan 26, 2011
Referred to Committee Jan 26, 2011
Reported by Committee Jun 27, 2012
Passed House Jul 25, 2012
 
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.

Votes
On Motion to Suspend the Rules and Pass, as Amended
Jul 25, 2012 2:58 p.m.
Passed 327/98

Cosponsors
274 cosponsors (229R, 45D) (show)
Committees

House Financial Services

House Oversight and Government Reform

Government Operations

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

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

Widget

Get a bill status widget for your website »

Citation

Click a format for a citation suggestion:

Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


7/25/2012--Passed House amended.
Federal Reserve Transparency Act of 2012 - Directs the Comptroller General 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

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

Use the comment space below for discussion of the merits of H.R. 459 (112th) with other GovTrack users.
Your comments are not read by Congressional staff.

comments powered by Disqus