S. 209: A bill 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.

Introduced:
Feb 04, 2013
Status:
Reported by Committee on Feb 07, 2013
Prognosis
14% chance of being enacted
Track this bill

The committees assigned to this bill sent it to the House or Senate as a whole for consideration on February 7, 2013.

Introduced
Feb 04, 2013
Reported by Committee
Feb 07, 2013
Passed Senate
Passed House
Signed by the President
 
Sponsor
Rand Paul
Junior Senator from Kentucky
Party
Republican
Text
Read Text »
Last Updated
Feb 07, 2013
Length
6 pages
Related Bills
H.R. 24 (Related)
Federal Reserve Transparency Act of 2013

Referred to Committee
Last Action: Jan 03, 2013

 
Summary

No summaries available.

 
Prognosis

14% chance of being enacted.

Only about 23% of bills that made it past committee in 2011–2013 were enacted. [show factors | methodology]

 
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.

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Notes

S. stands for Senate 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.


2/4/2013--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 (GAO) 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

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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.

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