Federal Reserve Transparency Act

Federal Reserve Transparency Act - Directs the Comptroller General to complete, within 12 months after enactment of this Act, an audit of the Board of Governors of the Federal Reserve System and of the federal reserve banks, followed by a detailed report to Congress.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1496 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 1496

 To amend title 31, United States Code, to reform the manner in which 
the Board of Governors of the Federal Reserve System is audited by the 
 Comptroller General of the United States and the manner in which such 
              audits are reported, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 12, 2011

   Mr. Paul introduced the following bill; which was referred to the 
              Committee on Oversight and Government Reform

_______________________________________________________________________

                                 A BILL


 
 To amend title 31, United States Code, to reform the manner in which 
the Board of Governors of the Federal Reserve System is audited by the 
 Comptroller General of the United States and the manner in which such 
              audits are reported, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Reserve Transparency Act''.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE 
              FEDERAL RESERVE SYSTEM.

    (a) In General.--Subsection (b) of section 714 of title 31, United 
States Code, is amended by striking all after ``in writing.''.
    (b) Repeal of Certain Limitations.--Section 714 of title 31, United 
States Code, is amended by striking subsection (f).
    (c) Audit.--Section 714 of title 31, United States Code, is amended 
by adding at the end the following new subsection:
    ``(f) Audit and Report of the Federal Reserve System.--
            ``(1) In general.--An audit of the Board of Governors of 
        the Federal Reserve System and the Federal reserve banks under 
        subsection (b) shall be completed within 12 months of the 
        enactment of the Federal Reserve Transparency Act.
            ``(2) Report.--
                    ``(A) Required.--A report on the audit referred to 
                in paragraph (1) 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 of Representatives, 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.
                    ``(B) Contents.--The report under subparagraph (A) 
                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.
            ``(3) Construction.--Nothing in this subsection shall be 
        construed to limit the ability of the Government Accountability 
        Office to perform additional audits of the Board of Governors 
        of the Federal Reserve System or of the Federal reserve 
        banks.''.
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