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Union Calendar No. 447 

113TH CONGRESS 

2D SESSION H. R. 24 

[Report No. 113–602, Part I] 

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 

SEPTEMBER 16, 2014 

Additional sponsors: Mr. JONES, Mr. LOEBSACK, Mr. MICHAUD, Mr. MCINTYRE, Mr. DEFAZIO, Mr. CAMP, Mr. GOSAR, Mr. PETERSON, Mr. TERRY, 

Mr. WALBERG, Mr. LUETKEMEYER, Mr. COBLE, Mr. RADEL, Mr. 

NUNNELEE, Mr. GOODLATTE, Mr. LATTA, Mr. YOHO, Mr. BURGESS, Mr. 

STOCKMAN, Mr. AMASH, Mr. HANNA, Mr. THOMPSON of Pennsylvania, 

Mr. LANCE, Mr. HECK of Nevada, Mr. CARTER, Mr. GRIFFIN of Arkansas, Mr. PEARCE, Mr. WALDEN, Mr. BARLETTA, Mr. RUNYAN, Mr. 

WESTMORELAND, Mr. FORTENBERRY, Mr. FARENTHOLD, Mr. 

CHAFFETZ, Mr. LAMBORN, Mr. MARINO, Mrs. MILLER of Michigan, Mrs. 

BACHMANN, Mr. DUNCAN of South Carolina, Mr. KING of Iowa, Mrs. 

HARTZLER, Mrs. BLACK, Mr. SESSIONS, Mr. SCHOCK, Mr. HUIZENGA of 

Michigan, Mr. FINCHER, Mr. ROGERS of Alabama, Mr. GOWDY, Mr. ROE

of Tennessee, Mr. AMODEI, Mr. GRAVES of Missouri, Mr. CULBERSON, 

Mr. BONNER, Mr. BARTON, Mr. BUCHANAN, Mr. WILSON of South Carolina, Ms. FOXX, Mr. STIVERS, Mr. WITTMAN, Mr. BUCSHON, Mr. 

WOMACK, Mr. SIMPSON, Mr. SENSENBRENNER, Mr. LONG, Mr. 

DESJARLAIS, Mr. WEBSTER of Florida, Mr. SCALISE, Mr. HASTINGS of 

Washington, Mr. TIBERI, Ms. PINGREE of Maine, Mr. WOODALL, Mr. 

ROSKAM, Mr. WOLF, Mr. HARRIS, Mrs. CAPITO, Mr. GRIFFITH of Virginia, Mr. MCKINLEY, Mr. HUELSKAMP, Mr. GERLACH, Mr. SMITH of 


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Nebraska, Mr. HUNTER, Mr. WHITFIELD, Mr. JOYCE, Mr. COLLINS of 

Georgia, Mr. ALEXANDER, Mr. OLSON, Mr. WEBER of Texas, Mr. GARDNER, Mr. NUGENT, Mr. AUSTIN SCOTT of Georgia, Mrs. NOEM, Mrs. 

BLACKBURN, Mr. LAMALFA, Mr. POMPEO, Mr. ROKITA, Mr. YODER, Mr. 

POE of Texas, Mr. HURT, Mr. LATHAM, Mr. FLORES, Mr. FORBES, Mr. 

DUNCAN of Tennessee, Mr. MCCAUL, Mr. JOHNSON of Ohio, Mr. GIBSON, Mr. WELCH, Mr. CALVERT, Mr. BILIRAKIS, Mr. TURNER, Mr. 

BENTIVOLIO, Mr. KLINE, Mr. BARR, Mr. FRELINGHUYSEN, Mr. PAULSEN, Mr. DESANTIS, Mr. POSEY, Mrs. LUMMIS, Mr. YOUNG of Indiana, 

Mr. MILLER of Florida, Mr. MICA, Mr. ADERHOLT, Mr. STUTZMAN, Mr. 

CRAWFORD, Mr. CASSIDY, Mr. BOUSTANY, Mr. FLEISCHMANN, Mr. MEEHAN, Mr. WENSTRUP, Mr. JORDAN, Mr. GRIMM, Ms. JENKINS, Mr. TIPTON, Mr. YOUNG of Florida, Mr. MASSIE, Mr. RODNEY DAVIS of Illinois, 

Mr. LANKFORD, Mr. LIPINSKI, Mr. BENISHEK, Mr. SALMON, Mr. 

DUFFY, Mr. YOUNG of Alaska, Mr. STEWART, Mr. SCHWEIKERT, Mr. 

MCCLINTOCK, Mr. COTTON, Mr. OWENS, Mr. SANFORD, Mr. DAINES, 

Mr. MURPHY of Pennsylvania, Mr. KELLY of Pennsylvania, Mr. UPTON, 

Mr. MARCHANT, Mr. SMITH of Missouri, Mr. FRANKS of Arizona, Mr. 

GOHMERT, Mr. BRALEY of Iowa, Mr. ROHRABACHER, Mr. GUTHRIE, Mr. 

KINGSTON, Mr. CRAMER, Mr. MEADOWS, Mr. DIAZ-BALART, Mr. COLLINS of New York, Mr. RIGELL, Mr. MAFFEI, Mr. BARROW of Georgia, 

Mrs. ELLMERS, Mr. GENE GREEN of Texas, Mr. HARPER, Ms. ROSLEHTINEN, Mr. PALAZZO, Mr. GRAVES of Georgia, Mr. POLIS, Mr. 

LUCAS, Mr. VALADAO, Mr. LOBIONDO, Mr. PITTENGER, Mr. GRAYSON, 

Mr. ROSS, Mr. SHUSTER, Mr. SMITH of Texas, Mr. MCALLISTER, Mr. 

HUDSON, Mr. FITZPATRICK, Mr. HALL, Mr. DENHAM, Mr. COFFMAN, 

Mr. BISHOP of Utah, Mr. SAM JOHNSON of Texas, Mr. VISCLOSKY, Mr. 

GINGREY of Georgia, Mr. TIERNEY, Mr. RIBBLE, Mr. MULVANEY, Mr. 

LABRADOR, Mr. FLEMING, Mr. PRICE of Georgia, Mr. COLE, Mr. 

THORNBERRY, Mr. ROTHFUS, Mr. REED, Mr. CONAWAY, Mr. NEUGEBAUER, Mr. RICE of South Carolina, Mr. BRIDENSTINE, Mr. COOK, Mr. 

RENACCI, Mr. RUPPERSBERGER, Mr. GARY G. MILLER of California, Ms. 

HERRERA BEUTLER, Mr. ROONEY, Mr. JOLLY, Mr. MULLIN, Mr. 

CHABOT, Mr. PERRY, Mr. GIBBS, Mrs. WAGNER, Mr. GARRETT, Mr. 

PETRI, Mr. WILLIAMS, Mr. BROOKS of Alabama, Mr. PITTS, Mr. CRENSHAW, Mr. SMITH of New Jersey, Mr. SHIMKUS, Ms. GRANGER, Mrs. 

WALORSKI, and Ms. LOFGREN


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SEPTEMBER 16, 2014 

Reported from the Committee on Oversight and Government Reform with an 

amendment 

[Strike out all after the enacting clause and insert the part printed in italic] 

SEPTEMBER 16, 2014 

The Committee on Financial Services discharged; committed to the Committee 

of the Whole House on the State of the Union and ordered to be printed 

[For text of introduced bill, see copy of bill as introduced on January 3, 2013] 


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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. 


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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 Trans5 parency Act of 2014’’. 

6 SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE 

7 BOARD OF GOVERNORS OF THE FEDERAL RE8 SERVE SYSTEM. 

9 (a) IN GENERAL.—Notwithstanding section 714 of title 

10 31, United States Code, or any other provision of law, the 

11 Comptroller General shall complete an audit of the Board 

12 of Governors of the Federal Reserve System and the Federal 

13 reserve banks under subsection (b) of such section 714 with14 in 12 months after the date of the enactment of this Act. 

15 (b) REPORT.— 

16 (1) IN GENERAL.—Not later than 90 days after 

17 the audit required pursuant to subsection (a) is com18 pleted, the Comptroller General— 

19 (A) shall submit to Congress a report on 

20 such audit; and 

21 (B) shall make such report available to the 

22 Speaker of the House, the majority and minority 

23 leaders of the House of Representatives, the ma24 jority and minority leaders of the Senate, the 

25 Chairman and Ranking Member of the comVerDate Sep 11 2014 23:13 Sep 16, 2014 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6203 E:\BILLS\H24.RH H24

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1 mittee and each subcommittee of jurisdiction in 

2 the House of Representatives and the Senate, and 

3 any other Member of Congress who requests the 

4 report. 

5 (2) CONTENTS.—The report under paragraph (1) 

6 shall include a detailed description of the findings 

7 and conclusion of the Comptroller General with re8 spect to the audit that is the subject of the report, to9 gether with such recommendations for legislative or 

10 administrative action as the Comptroller General 

11 may determine to be appropriate. 

12 (c) REPEAL OF CERTAIN LIMITATIONS.—Subsection 

13 (b) of section 714 of title 31, United States Code, is amend14 ed by striking the second sentence. 

15 (d) TECHNICAL AND CONFORMING AMENDMENTS.— 

16 Section 714 of title 31, United States Code, is amended— 

17 (1) in subsection (d)(3)— 

18 (A) in subparagraph (A)— 

19 (i) by striking ‘‘or (f)’’; 

20 (ii) in clause (i), by striking ‘‘or (f)’’; 

21 and 

22 (iii) in clause (ii), by striking ‘‘or (f)’’; 

23 and 

24 (B) in subparagraph (C), by striking ‘‘or 

25 (f)’’; and 


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1 (2) by striking subsection (f). 


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Union Calendar No. 447 

113TH CONGRESS 

2D SESSION H. R. 24 

[Report No. 113–602, Part I] 

A BILL 

To require a full audit of the Board of Governors 

United States, and for other purposes. reserve banks by the Comptroller General of the of the Federal Reserve System and the Federal 

SEPTEMBER 16, 2014 

Reported from the Committee on Oversight and 

Government Reform with an amendment 

SEPTEMBER 16, 2014 

The Committee on Financial Services discharged; comState of the Union and ordered to be printed mitted to the Committee of the Whole House on the 


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