[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 24 Reported in House (RH)]
<DOC>
Union Calendar No. 536
114th CONGRESS
2d Session
H. R. 24
[Report No. 114-692]
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 6, 2015
Mr. Massie (for himself, Mr. Amodei, Mrs. Black, Mr. Cole, Mr. Collins
of New York, Mr. Cramer, Mr. Culberson, Mr. Denham, Mr. Duncan of South
Carolina, Mr. Fleischmann, Mr. Fortenberry, Mr. Garrett, Mr. Gibson,
Mr. Gohmert, Mr. Goodlatte, Mr. Gosar, Mr. Griffith, Mr. Guthrie, Mr.
Huelskamp, Mr. Jones, Mr. Lance, Mr. McClintock, Mr. Mulvaney, Mr.
Neugebauer, Mr. Nugent, Mr. Pearce, Mr. Posey, Mr. Roe of Tennessee,
Mr. Rogers of Alabama, Mr. Rohrabacher, Mr. Sensenbrenner, Mr. Tipton,
Mr. Weber of Texas, Mr. Westmoreland, Mr. Yoho, Mr. Collins of Georgia,
Mr. Benishek, Mr. Meadows, Mr. Gene Green of Texas, Mr. Womack, Mrs.
Ellmers, Mr. LoBiondo, Mr. DeSantis, Mr. Harper, Mr. Rothfus, Mr.
Tiberi, Mr. Salmon, Mr. Palazzo, Mrs. Blackburn, Mr. LaMalfa, Mr.
Burgess, Mr. Gibbs, Mr. Brooks of Alabama, Mr. Amash, Mr. Chabot, Mr.
Thompson of Pennsylvania, Mr. Duncan of Tennessee, Mr. Boustany, Mr.
Farenthold, Mr. Walberg, Mr. Jolly, Mr. Grayson, Mr. Clawson of
Florida, and Mr. Blum) introduced the following bill; which was
referred to the Committee on Oversight and Government Reform
July 14, 2016
Additional sponsors: Mr. Graves of Georgia, Mr. Latta, Mr. Smith of
Texas, Mr. Emmer of Minnesota, Mr. Mooney of West Virginia, Mr. Ribble,
Mr. Harris, Mr. Stutzman, Mr. Brat, Mr. Sanford, Mrs. Lummis, Mr. Cook,
Mr. Heck of Nevada, Mr. Hurt of Virginia, Mr. Lipinski, Mr. Long, Mr.
Pittenger, Mr. Smith of Nebraska, Mr. Hardy, Mr. Mullin, Mr.
Frelinghuysen, Mr. Lucas, Mr. Webster of Florida, Mr. Woodall, Mr.
Allen, Mr. Ratcliffe, Mr. DesJarlais, Mr. Carter of Georgia, Mr. Babin,
Mr. Fleming, Mr. Forbes, Mr. McCaul, Mr. McKinley, Mr. Miller of
Florida, Mrs. Miller of Michigan, Mr. Paulsen, Mrs. Walorski, Mr. Young
of Indiana, Mr. Crawford, Mr. Yoder, Mr. Westerman, Mr. Jody B. Hice of
Georgia, Mr. Holding, Mr. Hunter, Mr. Messer, Ms. Pingree, Mr. Poe of
Texas, Mr. Polis, Mr. Pompeo, Mr. Stewart, Mr. Stivers, Mr. Visclosky,
Mr. Whitfield, Mr. Young of Alaska, Ms. Foxx, Mr. Buck, Mr. Buchanan,
Mr. Joyce, Mr. Marchant, Mr. Wenstrup, Mr. Shuster, Mr. Trott, Mr.
Calvert, Mr. Johnson of Ohio, Mr. Rodney Davis of Illinois, Mr. Olson,
Mr. Bishop of Michigan, Mr. DeFazio, Mr. Young of Iowa, Mr. Carter of
Texas, Mr. Curbelo of Florida, Mr. Bridenstine, Mr. Coffman, Mr.
Labrador, Mr. Loebsack, Ms. Ros-Lehtinen, Mr. Smith of New Jersey, Mr.
Turner, Mr. Grothman, Mr. Hudson, Ms. Jenkins of Kansas, Mr. Jordan,
Mr. Bost, Mr. Loudermilk, Mr. Newhouse, Mr. Gowdy, Mr. Lamborn, Mr.
Zinke, Mr. Diaz-Balart, Mr. Murphy of Pennsylvania, Mr. Barletta, Mr.
Fitzpatrick, Mr. Williams, Mr. King of Iowa, Mr. Barr, Mr. Barton, Mr.
Wilson of South Carolina, Mr. Duffy, Mr. Conaway, Mr. Shimkus, Mr.
Smith of Missouri, Mr. Flores, Mr. Walker, Mrs. Love, Mr. Rice of South
Carolina, Mr. Scalise, Mr. Fincher, Mr. Franks of Arizona, Mr. Perry,
Mr. Tom Price of Georgia, Mr. Rokita, Mr. Schweikert, Mr. Austin Scott
of Georgia, Mr. Palmer, Mr. Renacci, Mr. Rouzer, Mr. Sam Johnson of
Texas, Mr. Russell, Mr. Katko, Mr. Hurd of Texas, Mr. Wittman, Mr.
Sessions, Mrs. Hartzler, Ms. Herrera Beutler, Mr. Mica, Mr. Guinta,
Mrs. Noem, Mr. Kelly of Pennsylvania, Mr. Bishop of Utah, Mr.
Bilirakis, Mr. LaHood, Mr. Chaffetz, Mr. Meehan, Mr. Kelly of
Mississippi, Mr. Welch, Mr. Graves of Missouri, Mr. Jenkins of West
Virginia, and Mr. Ruppersberger
July 14, 2016
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
[For text of introduced bill, see copy of bill as introduced on January
6, 2015]
_______________________________________________________________________
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.
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
2015''.
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 of
the United States 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.--
(1) In general.--Section 714 of title 31, United States
Code, is amended--
(A) in subsection (d)(3), by striking ``or (f)''
each place such term appears;
(B) in subsection (e), by striking ``the third
undesignated paragraph of section 13'' and inserting
``section 13(3)''; and
(C) by striking subsection (f).
(2) Federal reserve act.--Subsection (s) (relating to
``Federal Reserve Transparency and Release of Information'') of
section 11 of the Federal Reserve Act (12 U.S.C. 248) is
amended--
(A) in paragraph (4)(A), by striking ``has the same
meaning as in section 714(f)(1)(A) of title 31, United
States Code'' and inserting ``means a program or
facility, including any special purpose vehicle or
other entity established by or on behalf of the Board
of Governors of the Federal Reserve System or a Federal
reserve bank, authorized by the Board of Governors
under section 13(3), that is not subject to audit under
section 714(e) of title 31, United States Code'';
(B) in paragraph (6), by striking ``or in section
714(f)(3)(C) of title 31, United States Code, the
information described in paragraph (1) and information
concerning the transactions described in section 714(f)
of such title,'' and inserting ``the information
described in paragraph (1)''; and
(C) in paragraph (7), by striking ``and section
13(3)(C), section 714(f)(3)(C) of title 31, United
States Code, and'' and inserting ``, section 13(3)(C),
and''.
Union Calendar No. 536
114th CONGRESS
2d Session
H. R. 24
[Report No. 114-692]
_______________________________________________________________________
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.
_______________________________________________________________________
July 14, 2016
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed