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S. 2232 (114th): Federal Reserve Transparency Act of 2015

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The text of the bill below is as of Nov 4, 2015 (Placed on Calendar in the Senate). The bill was not enacted into law.

Summary of this bill

The Federal Reserve Transparency Act of 2015 would have opened up the Federal Reserve System to a more complete audit. The bill, long advocated for by its sponsor Sen. Rand Paul (R-KY) and his father, former Rep. Ron Paul (R-TX), was rejected by a vote of 53–44, with most Republicans voting in favor and most Democrats voting against. Sixty votes were needed to advance the bill.

What would the “Audit the Fed” bill have done?

Under current law, the Federal Reserve System (“the Fed”) — a quasi-governmental organization that acts as the country’s central bank— does undergo regular audits. Private audit firms, like Deloitte & Touche, conduct audits of …

II

Calendar No. 289

114th CONGRESS

1st Session

S. 2232

IN THE SENATE OF THE UNITED STATES

November 3, 2015

(for himself, Ms. Ayotte, Mr. Barrasso, Mr. Blunt, Mr. Boozman, Mrs. Capito, Mr. Crapo, Mr. Cruz, Mr. Daines, Mr. Gardner, Mr. Grassley, Mr. Heller, Mr. Isakson, Mr. Lee, Mr. McConnell, Mr. Portman, Mr. Risch, Mr. Rubio, Mr. Toomey, Mr. Vitter, Mr. Cornyn, and Mr. Scott) introduced the following bill; which was read the first time

November 4, 2015

Read the second time and placed on the calendar

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.

1.

Short title

This Act may be cited as the Federal Reserve Transparency Act of 2015.

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, an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such section 714 shall be completed within 12 months of the date of enactment of this Act.

(b)

Report

(1)

In general

A report on the audit required under subsection (a) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made 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 it.

(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 all after in writing..

(d)

Technical and conforming amendment

Section 714 of title 31, United States Code, is amended by striking subsection (f).

November 4, 2015

Read the second time and placed on the calendar