39–006 

113TH CONGRESS REPT. 113–602 " ! HOUSE OF REPRESENTATIVES 2d Session Part 1 

FEDERAL RESERVE TRANSPARENCY ACT OF 2014 

SEPTEMBER 16, 2014.—Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 

Mr. ISSA, from the Committee on Oversight and Government 

Reform, submitted the following 

R E P O R T 

together with 

MINORITY VIEWS 

[To accompany H.R. 24] 

[Including cost estimate of the Congressional Budget Office] 

The Committee on Oversight and Government Reform, to whom 

was referred the bill (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, having considered the same, report favorably 

thereon with an amendment and recommend that the bill as 

amended do pass. 

CONTENTS 

Page 

Committee Statement and Views ........................................................................... 2 

Section-by-Section .................................................................................................... 3 

Explanation of Amendments ................................................................................... 4 

Committee Consideration ........................................................................................ 4 

Correspondence ........................................................................................................ 5 

Application of Law to the Legislative Branch ....................................................... 7 

Statement of Oversight Findings and Recommendations of the Committee ...... 7 

Statement of General Performance Goals and Objectives .................................... 7 

Duplication of Federal Programs ............................................................................ 7 

Disclosure of Directed Rule Makings ..................................................................... 7 

Federal Advisory Committee Act ............................................................................ 7 

Unfunded Mandate Statement ............................................................................... 7 

Earmark Identification ............................................................................................ 7 

Committee Estimate ................................................................................................ 8 

Budget Authority and Congressional Budget Office Cost Estimate .................... 8 

Changes in Existing Law Made by the Bill as Reported ...................................... 9 

Minority Views ......................................................................................................... 13 


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The amendment is as follows: 

Strike all after the enacting clause and insert the following: 

SECTION 1. SHORT TITLE. 

This Act may be cited as the ‘‘Federal Reserve Transparency Act of 2014’’. 

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 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.—Section 714 of title 31, United 

States Code, is amended— 

(1) in subsection (d)(3)— 

(A) in subparagraph (A)— 

(i) by striking ‘‘or (f)’’; 

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

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

(B) in subparagraph (C), by striking ‘‘or (f)’’; and 

(2) by striking subsection (f). 

COMMITTEE STATEMENT AND VIEWS

PURPOSE AND SUMMARY

H.R. 24 empowers the Government Accountability Office (GAO), 

the investigative arm of Congress, to conduct a full audit of the 

Federal Reserve. 

LEGISLATIVE HISTORY

The Federal Reserve System was created by Congress in 1913, 

and Congress has delegated to it the power, enumerated in Article 

I, Section 8 of the Constitution, to regulate the supply and value 

of money. The Federal Reserve struggled in its early years to 

achieve independence from the Executive Branch, in particular the 

Treasury Department, with respect to monetary policy. Independence from the Executive Branch is an essential safeguard against 

the manipulation of the money supply for short-term political gain. 

Congress also chose to impose certain restrictions on its own access 

to information about the Federal Reserve’s actions with respect to 

monetary policy. These restrictions, however, hinder the ability of 

Congress—and ultimately the American people—to make informed 

decisions about the Federal Reserve’s use of its congressionally delegated authority. 


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H.R. 24 explicitly lifts these unnecessary restrictions on Congressional access to information about the Federal Reserve, thereby restoring the ability of the Legislative Branch to conduct oversight of 

the central bank’s exercise of its constitutionally delegated authority. The intent of this legislation is to allow Congress to make informed decisions about the Federal Reserve’s use of the powers delegated to it by lawmakers by increasing the transparency and accountability of the Federal Reserve to Congress. 

Increasing the transparency and accountability of the Federal 

Reserve to Congress has become all the more important in light of 

the expansion of the Federal Reserve’s balance sheet since the financial crisis of 2008–2009. When Wall Street investment bank 

Lehman Brothers collapsed in September 2008, marking the start 

of the crisis, the balance sheet of the Federal Reserve stood at $900 

billion, a sum accumulated over the prior 93 years of the central 

bank’s existence. Yet, as a result of the Federal Reserve’s unprecedented emergency actions in response to the crisis, within seven 

weeks of the collapse of Lehman Brothers, the Federal Reserve’s 

balance sheet had doubled to $1.8 trillion, and within another six 

weeks it had reached $2.4 trillion. Even after the crisis abated, the 

Federal Reserve continued to expand its balance sheet, which stood 

at approximately $4.3 trillion as of August 2014. This expansion occurred primarily through unconventional means of influencing the 

money supply, such as quantitative easing and the creation of dollar swap lines with the European Central Bank to provide assistance to failing European banks. These actions can profoundly affect 

the economic and fiscal health of the United States, and Congress 

should have greater access to information about them. 

SECTION-BY-SECTION

This section-by-section pertains to the amendment in the nature 

of a substitute offered by Chairman Issa, which was agreed to by 

voice vote. 

Section 1. Short title 

Section 1 establishes the short title of the bill as the ‘‘Federal Reserve Transparency Act of 2014.’’ 

Section 2. Audit reform and transparency for the Board of Governors of the Federal Reserve System 

Section 2 directs GAO to conduct an audit within 12 months of 

the date of enactment, with a report to be delivered to Congress 

within 90 days of completion of the audit. The audit must include 

a detailed description of the findings of the audit with GAO’s recommendations for legislative and administrative action. Section 2 

also removes the restrictions placed on GAO’s ability to audit the 

Federal Reserve contained in 31 U.S.C. § 714. Finally, Section 2 

makes a technical correction to 31 U.S.C. § 714 by removing language, included in the Dodd-Frank Act, which explicitly provided 

for GAO’s audit of the Federal Reserve’s use of certain emergency 

authorities, because this language would be rendered redundant by 

passage of the Act. 


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EXPLANATION OF AMENDMENTS

The Section-by-Section summary reflects the Amendment in Nature of Substitute offered by Chairman Issa and agreed to by a 

voice vote. 

COMMITTEE CONSIDERATION

On July 24, 2014, the Committee met in open session and ordered reported favorably the bill, H.R. 24, as amended, by voice 

vote, a quorum being present. 


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APPLICATION OF LAW TO THE LEGISLATIVE BRANCH

Section 102(b)(3) of Public Law 104–1 requires a description of 

the application of this bill to the legislative branch where the bill 

relates to the terms and conditions of employment or access to public services and accommodations. This bill empowers the GAO to 

conduct a full audit of the Federal Reserve. As such this bill does 

not relate to employment or access to public services and accommodations. 

STATEMENT OF OVERSIGHT FINDINGS AND RECOMMENDATIONS OF

THE COMMITTEE

In compliance with clause 3(c)(1) of rule XIII and clause (2)(b)(1) 

of rule X of the Rules of the House of Representatives, the Committee’s oversight findings and recommendations are reflected in the 

descriptive portions of this report. 

STATEMENT OF GENERAL PERFORMANCE GOALS AND OBJECTIVES

In accordance with clause 3(c)(4) of rule XIII of the Rules of the 

House of Representatives, the Committee’s performance goals and 

objectives are reflected in the descriptive portions of this report. 

DUPLICATION OF FEDERAL PROGRAMS

No provision of H.R. 24 establishes or reauthorizes a program of 

the Federal Government known to be duplicative of another Federal program, a program that was included in any report from the 

Government Accountability Office to Congress pursuant to section 

21 of Public Law 111–139, or a program related to a program identified in the most recent Catalog of Federal Domestic Assistance. 

DISCLOSURE OF DIRECTED RULE MAKINGS

The Committee estimates that enacting H.R. 24 does not direct 

the completion of any specific rule makings within the meaning of 

5 U.S.C. 551. 

FEDERAL ADVISORY COMMITTEE ACT

The Committee finds that the legislation does not establish or 

authorize the establishment of an advisory committee within the 

definition of 5 U.S.C. App., Section 5(b). 

UNFUNDED MANDATE STATEMENT

Section 423 of the Congressional Budget and Impoundment Control Act (as amended by Section 101(a)(2) of the Unfunded Mandates Reform Act, P.L. 104–4) requires a statement as to whether 

the provisions of the reported include unfunded mandates. In compliance with this requirement the Committee has received a letter 

from the Congressional Budget Office included herein. 

EARMARK IDENTIFICATION

H.R. 24 does not include any congressional earmarks, limited tax 

benefits, or limited tariff benefits as defined in clause 9 of rule XXI. 


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COMMITTEE ESTIMATE

Clause 3(d)(2) of rule XIII of the Rules of the House of Representatives requires an estimate and a comparison by the Committee of the costs that would be incurred in carrying out H.R. 24. 

However, clause 3(d)(3)(B) of that rule provides that this requirement does not apply when the Committee has included in its report 

a timely submitted cost estimate of the bill prepared by the Director of the Congressional Budget Office under section 402 of the 

Congressional Budget Act. 

BUDGET AUTHORITY AND CONGRESSIONAL BUDGET OFFICE COST

ESTIMATE

With respect to the requirements of clause 3(c)(2) of rule XIII of 

the Rules of the House of Representatives and section 308(a) of the 

Congressional Budget Act of 1974 and with respect to requirements 

of clause (3)(c)(3) of rule XIII of the Rules of the House of Representatives and section 402 of the Congressional Budget Act of 

1974, the Committee has received the following cost estimate for 

H.R. 24 from the Director of Congressional Budget Office: 

SEPTEMBER 12, 2014. 

Hon. DARRELL ISSA, 

Chairman, Committee on Oversight and Government Reform, Washington, DC. 

DEAR MR. CHAIRMAN: The Congressional Budget Office has prepared the enclosed cost estimate for H.R. 24, the Federal Reserve 

Transparency Act of 2013. 

If you wish further details on this estimate, we will be pleased 

to provide them. The CBO staff contact is Matthew Pickford. 

Sincerely, 

DOUGLAS W. ELMENDORF. 

Enclosure. 

H.R. 24—Federal Reserve Transparency Act of 2014 

H.R. 24 would amend federal law regarding audits of the Federal 

Reserve System. Specifically, the bill would direct the Government 

Accountability Office (GAO) to prepare, within 12 months of enactment, an audit of the Board of Governors of the Federal Reserve 

System and the Federal Reserve banks. The bill would also repeal 

prohibitions under current law that prevent GAO from auditing the 

Federal Reserve’s monetary policy and any of the Federal Reserve’s 

transactions involving a foreign central bank, the government of a 

foreign country, or a nonprivate international financing organization. CBO expects that the removal of those prohibitions would result in future requests from Members of Congress for GAO to conduct additional oversight and analysis of the Federal Reserve System on a periodic basis. 

Based on information from GAO regarding the amount of effort 

required for its previous audit of the Federal Reserve, which was 

required by the Dodd-Frank Wall Street Reform and Consumer 

Protection Act (Public Law 111–203), CBO estimates that implementing H.R. 24 would increase discretionary spending by $5 million over the 2015–2019 period, assuming appropriation of the necessary amounts. That cost would cover the full-time and part-time 


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GAO employees plus administrative expenses necessary to prepare 

the audit required by the bill as well as future oversight and analysis that CBO expects would result from the enactment of the bill. 

In addition, based on information provided by the Federal Reserve and on information provided by GAO regarding the likely 

costs of similar proposals regarding oversight of the Federal Reserve, CBO estimates that enacting H.R. 24 would increase costs 

of the Federal Reserve and thus decrease federal revenues by less 

than $500,000 in each year of the 2015–2024 period, and by $3 million in total over that period. That estimate of revenue reductions 

reflects higher costs of the Federal Reserve System associated with 

coordination of the initial audit and future GAO oversight and 

analysis. Because enacting H.R. 24 would affect revenues, pay-asyou-go procedures apply. CBO estimates that enacting H.R. 24 

would not affect direct spending. 

H.R. 24 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would 

not affect the budgets of state, local, or tribal governments. 

The CBO staff contacts for the estimate are Matthew Pickford 

(for federal costs) and Nathaniel Frentz (for revenues). The estimate was approved by Theresa Gullo, Deputy Assistant Director 

for Budget Analysis, and David Weiner, Assistant Director for Tax 

Analysis. 

CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

In compliance with clause 3(e) of rule XIII of the Rules of the 

House of Representatives, changes in existing law made by the bill, 

as reported, are shown as follows (existing law proposed to be omitted is enclosed in black brackets and existing law in which no 

change is proposed is shown in roman): 

TITLE 31, UNITED STATES CODE 

* * * * * * * 

SUBTITLE I—GENERAL 

* * * * * * * 

CHAPTER 7—GOVERNMENT ACCOUNTABILITY OFFICE 

* * * * * * * 

SUBCHAPTER II—GENERAL DUTIES AND POWERS 

* * * * * * * 

§ 714. Audit of Financial Institutions Examination Council, 

Federal Reserve Board, Federal reserve banks, 

Federal Deposit Insurance Corporation, and Office 

of Comptroller of the Currency 

(a) * * * 

(b) Under regulations of the Comptroller General, the Comptroller General shall audit an agency, but may carry out an onsite 

examination of an open insured bank or bank holding company 


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only if the appropriate agency has consented in writing. øAudits of 

the Board and Federal reserve banks may not include— 

ø(1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization; 

ø(2) deliberations, decisions, or actions on monetary policy 

matters, including discount window operations, reserves of 

member banks, securities credit, interest on deposits, and open 

market operations; 

ø(3) transactions made under the direction of the Federal 

Open Market Committee; or 

ø(4) a part of a discussion or communication among or between members of the Board and officers and employees of the 

Federal Reserve System related to clauses (1)-(3) of this subsection.¿ 

* * * * * * * 

(d)(1) * * * 

* * * * * * * 

(3)(A) For purposes of conducting audits and examinations under 

subsection (e) øor (f)¿, the Comptroller General shall have access, 

upon request, to any information, data, schedules, books, accounts, 

financial records, reports, files, electronic communications, or other 

papers, things or property belonging to or in use by— 

(i) any entity established by any action taken by the Board 

or the Federal Reserve banks described under subsection (e) 

øor (f)¿; 

(ii) any entity participating in or receiving assistance from 

any action taken by the Board or the Federal Reserve banks 

described under subsection (e) øor (f)¿, to the extent that the 

access and request relates to that assistance; and 

* * * * * * * 

(C) Each contract, term sheet, or other agreement between the 

Board or any Federal reserve bank (or any entity established by 

the Board or any Federal reserve bank) and an entity receiving assistance from any action taken by the Board described under subsection (e) øor (f)¿ shall provide for access by the Comptroller General in accordance with this paragraph. 

* * * * * * * 

ø(f) AUDITS OF CREDIT FACILITIES OF THE FEDERAL RESERVE SYSTEM.— 

ø(1) DEFINITIONS.—In this subsection, the following definitions shall apply: 

ø(A) CREDIT FACILITY.—The term ‘‘credit facility’’ 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) of the Federal Reserve Act (12 U.S.C. 343), 

that is not subject to audit under subsection (e). 

ø(B) COVERED TRANSACTION.—The term ‘‘covered transaction’’ means any open market transaction or discount 

window advance that meets the definition of ‘‘covered 

transaction’’ in section 11(s) of the Federal Reserve Act. 


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ø(2) AUTHORITY FOR AUDITS AND EXAMINATIONS.—Subject to 

paragraph (3), and notwithstanding any limitation in subsection (b) on the auditing and oversight of certain functions 

of the Board of Governors of the Federal Reserve System or 

any Federal reserve bank, the Comptroller General of the 

United States may conduct audits, including onsite examinations, of the Board of Governors, a Federal reserve bank, or a 

credit facility, if the Comptroller General determines that such 

audits are appropriate, solely for the purposes of assessing, 

with respect to a credit facility or a covered transaction— 

ø(A) the operational integrity, accounting, financial reporting, and internal controls governing the credit facility 

or covered transaction; 

ø(B) the effectiveness of the security and collateral policies established for the facility or covered transaction in 

mitigating risk to the relevant Federal reserve bank and 

taxpayers; 

ø(C) whether the credit facility or the conduct of a covered transaction inappropriately favors one or more specific participants over other institutions eligible to utilize 

the facility; and 

ø(D) the policies governing the use, selection, or payment of third-party contractors by or for any credit facility 

or to conduct any covered transaction. 

ø(3) REPORTS AND DELAYED DISCLOSURE.— ø(A) REPORTS REQUIRED.—A report on each audit conducted under paragraph (2) shall be submitted by the 

Comptroller General to the Congress before the end of the 

90-day period beginning on the date on which such audit 

is completed. 

ø(B) CONTENTS.—The report under subparagraph (A) 

shall include a detailed description of the findings and conclusions of the Comptroller General with respect to the 

matters described in paragraph (2) that were audited and 

are the subject of the report, together with such recommendations for legislative or administrative action relating to such matters as the Comptroller General may determine to be appropriate. 

ø(C) DELAYED RELEASE OF CERTAIN INFORMATION.— ø(i) IN GENERAL.—The Comptroller General shall 

not disclose to any person or entity, including to Congress, the names or identifying details of specific participants in any credit facility or covered transaction, 

the amounts borrowed by or transferred by or to specific participants in any credit facility or covered 

transaction, or identifying details regarding assets or 

collateral held or transferred by, under, or in connection with any credit facility or covered transaction, 

and any report provided under subparagraph (A) shall 

be redacted to ensure that such names and details are 

not disclosed. 

ø(ii) DELAYED RELEASE.—The nondisclosure obligation under clause (i) shall expire with respect to any 

participant on the date on which the Board of Governors, directly or through a Federal reserve bank, 


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publicly discloses the identity of the subject participant or the identifying details of the subject assets, 

collateral, or transaction. 

ø(iii) GENERAL RELEASE.—The Comptroller General 

shall release a nonredacted version of any report on a 

credit facility 1 year after the effective date of the termination by the Board of Governors of the authorization for the credit facility. For purposes of this clause, 

a credit facility shall be deemed to have terminated 24 

months after the date on which the credit facility 

ceases to make extensions of credit and loans, unless 

the credit facility is otherwise terminated by the 

Board of Governors. 

ø(iv) EXCEPTIONS.—The nondisclosure obligation 

under clause (i) shall not apply to the credit facilities 

Maiden Lane, Maiden Lane II, and Maiden Lane III. 

ø(v) RELEASE OF COVERED TRANSACTION INFORMA- TION.—The Comptroller General shall release a nonredacted version of any report regarding covered 

transactions upon the release of the information regarding such covered transactions by the Board of 

Governors of the Federal Reserve System, as provided 

in section 11(s) of the Federal Reserve Act.¿ 

* * * * * * * 


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MINORITY VIEWS 

The United States Federal Reserve System is an independent 

central bank, and its monetary policy actions are not subject to approval by other entities. This independence is critical to the ability 

of the Board of Governors of the Federal Reserve to pursue monetary policies it considers most responsive to the nation’s current 

economic conditions and most likely to fulfill its dual mandate of 

promoting maximum employment and stable prices. 

The Federal Banking Agency Audit Act of 1978 established that 

the Federal Reserve System may be audited by the Government 

Accountability Office (GAO), and regular audits have been conducted since that date. However, that Act included protections now 

codified in 31 U.S.C. 714(b) to ensure that the Federal Reserve’s 

monetary policymaking remains independent from outside political 

influence. 

In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act expanded the types of audits GAO may conduct of the 

Federal Reserve, as well as the data that regularly must be disclosed to the public by the Federal Reserve. 

For example, the Dodd-Frank Act required GAO to audit the 

emergency financial assistance provided by the Federal Reserve 

during the financial crisis. The Act also added a new subsection (f) 

to 31 U.S.C. 714 which opens the transactions and discount window operations authorized under section 11(s) of the Federal Reserve Act to audit so GAO can assess their operational integrity 

and internal controls, the effectiveness of security and collateral 

policies, the fairness to all institutions of such transactions, and 

the policies governing the use of third-party contractors engaged to 

manage such transactions. 

The Dodd-Frank Act required the Federal Reserve to post on its 

website all GAO reports, annual financial statements, reports to 

Congress, and any other information ‘‘necessary or helpful to the 

public in understanding the accounting, financial reporting and internal controls of the Board and Federal Reserve banks.’’ 

In addition, the Dodd-Frank Act required the Federal Reserve to 

release information regarding borrowers and counterparties participating in emergency credit facilities, discount lending programs, 

and open market operations, including the names of the parties, 

the amount borrowed by or transferred to the participant or 

counterparty, the interest rate or discount and the collateral 

pledged. The information must be released within one year of the 

termination of a credit facility, and within two years of a discount 

lending transaction or open market operation. 

The Dodd-Frank Act was carefully crafted to expand transparency surrounding the Federal Reserve’s operations without impeding its ability to carry out the critical responsibility of independently setting our nation’s monetary policy. 


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H.R. 24 would significantly alter this balance by permanently repealing the provisions in 31 U.S.C. 714(b). GAO would be permitted to audit the Federal Reserve’s transactions with foreign central banks and transactions conducted under the direction of the 

Federal Open Market Committee. GAO also would be able to audit 

the Federal Reserve’s internal deliberations on monetary policy 

matters, as well as discussions or communications Members of the 

Board have with each other and with staff of the Federal Reserve 

System regarding monetary policy. 

There is significant concern that opening the Federal Reserve’s 

monetary policy deliberations to GAO audit in this way—including 

audits conducted without any significant elapse of time from the 

point of decision—could influence how such deliberations are conducted and potentially even the policies that are chosen, thus degrading the independence of the Federal Reserve. 

If all restrictions on GAO’s ability to audit the Federal Reserve’s 

deliberative processes are removed, Members of Congress could actively seek to influence the Federal Reserve’s deliberations by the 

types and subjects of audits they request of GAO. Members of Congress could also seek to obtain the materials GAO assesses when 

performing its audits, including documents related to the Federal 

Reserve’s deliberations. 

The Committee passed similar legislation in the 112th Congress 

(H.R. 459), but has still held no hearings on this legislation and 

has heard from no witnesses regarding its potential consequences. 

Moving forward on this bill without calling a single witness from 

the Federal Reserve may result in many unforeseen and potentially 

damaging consequences. 

ELIJAH E. CUMMINGS. 

Æ 


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