[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 24 Received in Senate (RDS)]

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.

    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 
2014''.

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, 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.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.