Federal Reserve Transparency Act of 2012

(This measure has not been amended since it was reported to the House on July 17, 2012. The summary of that version is repeated here.)

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.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 459 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 459

   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 before the end of 2012, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 26, 2011

    Mr. Paul (for himself, Mr. Coffman of Colorado, Mr. Thompson of 
Pennsylvania, Mr. Alexander, Mr. McClintock, Mr. Bilirakis, Mr. Bachus, 
 Mr. Chaffetz, Mr. Fortenberry, Mr. LaTourette, Mr. Burton of Indiana, 
 Mr. Posey, Mr. Jones, Mr. Reed, Mr. Broun of Georgia, Mr. Heller, Mr. 
 Barton of Texas, Mr. Woodall, Mr. McCaul, Mr. Rohrabacher, Mr. Lance, 
Mrs. McMorris Rodgers, Mr. Simpson, Mr. Smith of Nebraska, Mr. Lamborn, 
Mr. Smith of Texas, Mr. Rehberg, Mrs. Myrick, Mr. McKeon, Mr. Wittman, 
 Mrs. Blackburn, Mr. Marchant, Mr. Gallegly, Ms. Kaptur, Ms. Woolsey, 
Mr. Schock, Mr. Burgess, Mr. Ross of Florida, Mr. Calvert, Mr. Flores, 
 Mr. Graves of Georgia, Mr. McKinley, Mr. LoBiondo, Mr. Gary G. Miller 
of California, Mr. Miller of Florida, Mr. Young of Florida, Mr. Forbes, 
 Mr. Garrett, Mr. Gerlach, Mr. Gohmert, Mr. Huizenga of Michigan, Mr. 
    Kucinich, Mr. Young of Alaska, Mr. Campbell, Mr. Petri, and Mr. 
  Bartlett) introduced the following bill; which was referred to the 
              Committee on Oversight and Government Reform

_______________________________________________________________________

                                 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 before the end of 2012, 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 of 
2011''.

SEC. 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 before the 
end of 2012.
    (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).
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