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H.R. 24 (113th): Federal Reserve Transparency Act of 2014

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The text of the bill below is as of Sep 18, 2014 (Received by the Senate). The bill was not enacted into law.

Summary of this bill

The Federal Reserve Transparency Act calls for an audit of Federal Reserve system by the Comptroller General within 1 year of the passing of this bill. The report will also contain any appropriate legislative action deemed appropriate. The report will be available to congressional leadership and accessible by all congressmen.

Similar bills, which would require the Federal Reserve to publish online its transactions with banks, were introduced in the 111th and 112th Congresses by Congressmen Bernie Sanders, Ron Paul, and Rand Paul. The House passed a version of the bill as part of the Wall Street Reform and Consumer Protection Act of 2009. However, versions of the bill have not …

II

113th CONGRESS

2d Session

H. R. 24

IN THE SENATE OF THE UNITED STATES

September 18, 2014

Received

AN ACT

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.

1.

Short title

This Act may be cited as the Federal Reserve Transparency Act of 2014.

2.

Audit reform and transparency for the Board of Governors of the Federal Reserve System

(a)

In general

Notwithstanding section 714 of title 31, United States Code, or any other provision of law, the Comptroller General shall complete an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such section 714 within 12 months after the date of the enactment of this Act.

(b)

Report

(1)

In general

Not later than 90 days after the audit required pursuant to subsection (a) is completed, the Comptroller General—

(A)

shall submit to Congress a report on such audit; and

(B)

shall make such report available to the Speaker of the House, 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 the report.

(2)

Contents

The report under paragraph (1) 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, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.

(c)

Repeal of certain limitations

Subsection (b) of section 714 of title 31, United States Code, is amended by striking the second sentence.

(d)

Technical and conforming amendments

Section 714 of title 31, United States Code, is amended—

(1)

in subsection (d)(3)—

(A)

in subparagraph (A)—

(i)

by striking or (f);

(ii)

in clause (i), by striking or (f); and

(iii)

in clause (ii), by striking or (f); and

(B)

in subparagraph (C), by striking or (f); and

(2)

by striking subsection (f).

Passed the House of Representatives September 17, 2014.

Karen L. Haas,

Clerk