I 

112TH CONGRESS 

1ST SESSION H. R. 459 

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 before the end of 2012, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JANUARY 26, 2011 

Mr. PAUL (for himself, Mr. COFFMAN of Colorado, Mr. THOMPSON of Pennsylvania, Mr. ALEXANDER, Mr. MCCLINTOCK, Mr. BILIRAKIS, Mr. BACHUS, Mr. CHAFFETZ, Mr. FORTENBERRY, Mr. LATOURETTE, Mr. BURTON

of Indiana, Mr. POSEY, Mr. JONES, Mr. REED, Mr. BROUN of Georgia, 

Mr. HELLER, Mr. BARTON of Texas, Mr. WOODALL, Mr. MCCAUL, Mr. 

ROHRABACHER, Mr. LANCE, Mrs. MCMORRIS RODGERS, Mr. SIMPSON, 

Mr. SMITH of Nebraska, Mr. LAMBORN, Mr. SMITH of Texas, Mr. 

REHBERG, Mrs. MYRICK, Mr. MCKEON, Mr. WITTMAN, Mrs. 

BLACKBURN, Mr. MARCHANT, Mr. GALLEGLY, Ms. KAPTUR, Ms. WOOLSEY, Mr. SCHOCK, Mr. BURGESS, Mr. ROSS of Florida, Mr. CALVERT, 

Mr. FLORES, Mr. GRAVES of Georgia, Mr. MCKINLEY, Mr. LOBIONDO, 

Mr. GARY G. MILLER of California, Mr. MILLER of Florida, Mr. YOUNG

of Florida, Mr. FORBES, Mr. GARRETT, Mr. GERLACH, Mr. GOHMERT, 

Mr. HUIZENGA of Michigan, Mr. KUCINICH, Mr. YOUNG of Alaska, Mr. 

CAMPBELL, Mr. PETRI, and Mr. BARTLETT) introduced the following bill; 

which was referred to the Committee on Oversight and Government Reform 

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 before 

the end of 2012, and for other purposes. 


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•HR 459 IH

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 2011’’. 

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 

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

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

12 System and the Federal reserve banks under subsection 

13 (b) of such section 714 shall be completed before the end 

14 of 2012. 

15 (b) REPORT.— 

16 (1) IN GENERAL.—A report on the audit re17 quired under subsection (a) shall be submitted by 

18 the Comptroller General to the Congress before the 

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

20 which such audit is completed and made available to 

21 the Speaker of the House, the majority and minority 

22 leaders of the House of Representatives, the major23 ity and minority leaders of the Senate, the Chairman 

24 and Ranking Member of the committee and each 

25 subcommittee of jurisdiction in the House of RepVerDate Mar 15 2010 21:58 Feb 02, 2011 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H459.IH H459

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•HR 459 IH

1 resentatives and the Senate, and any other Member 

2 of Congress who requests it. 

3 (2) CONTENTS.—The report under paragraph 

4 (1) shall include a detailed description of the find5 ings and conclusion of the Comptroller General with 

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

7 together with such recommendations for legislative 

8 or administrative action as the Comptroller General 

9 may determine to be appropriate. 

10 (c) REPEAL OF CERTAIN LIMITATIONS.—Subsection 

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

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

13 (d) TECHNICAL AND CONFORMING AMENDMENT.— 

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

15 by striking subsection (f). 

Æ 


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