I 

113TH CONGRESS 

1ST SESSION H. R. 24 

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 3, 2013 

Mr. BROUN of Georgia introduced the following bill; which was referred to the 

Committee on Oversight and Government Reform, and in addition to the 

Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions 

as fall within the jurisdiction of the committee concerned 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Federal Reserve 

5 Transparency Act of 2013’’. 


rfrederick on DSK6VPTVN1PROD with 
2 

•HR 24 IH

1 SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE 

2 BOARD OF GOVERNORS OF THE FEDERAL RE3 SERVE SYSTEM. 

4 (a) IN GENERAL.—Notwithstanding section 714 of 

5 title 31, United States Code, or any other provision of law, 

6 an audit of the Board of Governors of the Federal Reserve 

7 System and the Federal reserve banks under subsection 

8 (b) of such section 714 shall be completed within 12 

9 months after the date of the enactment of this Act. 

10 (b) REPORT.— 

11 (1) IN GENERAL.—A report on the audit re12 quired under subsection (a) shall be submitted by 

13 the Comptroller General to the Congress before the 

14 end of the 90-day period beginning on the date on 

15 which such audit is completed and made available to 

16 the Speaker of the House, the majority and minority 

17 leaders of the House of Representatives, the major18 ity and minority leaders of the Senate, the Chairman 

19 and Ranking Member of the committee and each 

20 subcommittee of jurisdiction in the House of Rep21 resentatives and the Senate, and any other Member 

22 of Congress who requests the report. 

23 (2) CONTENTS.—The report under paragraph 

24 (1) shall include a detailed description of the find25 ings and conclusion of the Comptroller General with 

26 respect to the audit that is the subject of the report, 


rfrederick on DSK6VPTVN1PROD with 
3 

•HR 24 IH

1 together with such recommendations for legislative 

2 or administrative action as the Comptroller General 

3 may determine to be appropriate. 

4 (c) REPEAL OF CERTAIN LIMITATIONS.—Subsection 

5 (b) of section 714 of title 31, United States Code, is 

6 amended by striking all after ‘‘in writing.’’. 

7 (d) TECHNICAL AND CONFORMING AMENDMENT.— 

8 Section 714 of title 31, United States Code, is amended 

9 by striking subsection (f). 

10 SEC. 3. AUDIT OF LOAN FILE REVIEWS REQUIRED BY EN11 FORCEMENT ACTIONS. 

12 (a) IN GENERAL.—The Comptroller General of the 

13 United States shall conduct an audit of the review of loan 

14 files of homeowners in foreclosure in 2009 or 2010, re15 quired as part of the enforcement actions taken by the 

16 Board of Governors of the Federal Reserve System 

17 against supervised financial institutions. 

18 (b) CONTENT OF AUDIT.—The audit carried out pur19 suant to subsection (a) shall consider, at a minimum— 

20 (1) the guidance given by the Board of Gov21 ernors of the Federal Reserve System to inde22 pendent consultants retained by the supervised fi23 nancial institutions regarding the procedures to be 

24 followed in conducting the file reviews; 


rfrederick on DSK6VPTVN1PROD with 
4 

•HR 24 IH

1 (2) the factors considered by independent con2 sultants when evaluating loan files; 

3 (3) the results obtained by the independent con4 sultants pursuant to those reviews; 

5 (4) the determinations made by the independent 

6 consultants regarding the nature and extent of fi7 nancial injury sustained by each homeowner as well 

8 as the level and type of remediation offered to each 

9 homeowner; and 

10 (5) the specific measures taken by the inde11 pendent consultants to verify, confirm, or rebut the 

12 assertions and representations made by supervised 

13 financial institutions regarding the contents of loan 

14 files and the extent of financial injury to home15 owners. 

16 (c) REPORT.—Not later than the end of the 6-month 

17 period beginning on the date of the enactment of this Act, 

18 the Comptroller General shall issue a report to the Con19 gress containing all findings and determinations made in 

20 carrying out the audit required under subsection (a). 

Æ 


rfrederick on DSK6VPTVN1PROD with