S.209 - Federal Reserve Transparency Act of 2013113th Congress (2013-2014)
|Sponsor:||Sen. Paul, Rand [R-KY] (Introduced 02/04/2013)|
|Latest Action:||02/07/2013 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 12.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.209 — 113th Congress (2013-2014)All Bill Information (Except Text)
Introduced in Senate (02/04/2013)
Federal Reserve Transparency Act of 2013 - Directs the Comptroller General (GAO) 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 (GAO) 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.