There is one summary. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (07/26/1996)

Federal Reserve Fiscal Responsibility Act of 1996 - Instructs the Comptroller General to specifically identify, and report to the Congress on, the functions and activities of the Board of Governors of the Federal Reserve System (the Board) and of each Federal reserve bank related to the establishment and conduct of Federal monetary policy.

Sets a deadline by which all expenditures by the Board or any Federal reserve bank (except those related to monetary policy) shall be made only as provided in advance in an appropriations Act. Directs the Comptroller General to report annually to the Congress on Board compliance.

Amends the Federal Reserve Act to terminate the surplus account authorization.

Sets a deadline by which each Federal reserve bank must transfer all funds held in its surplus account to the Board for deposit into the general fund of the Treasury. Requires the Comptroller General to determine and report to the Congress on the percentage of Federal reserve banks' net earnings that should be transferred annually for deposit into the general fund of the Treasury.

Requires each Federal reserve bank to: (1) obtain an annual audit from an independent auditor using generally accepted auditing standards; and (2) submit a copy of such audit to the Board.

Directs the Board annually to obtain from an independent auditor an audit of the combined financial statements of all Federal reserve banks using generally accepted accounting standards.

Applies specified Federal property, procurement, and information technology management law to the Board and each Federal reserve bank as if they were executive agencies.