112TH CONGRESS 

2D SESSION H. R. 459 

AN ACT 

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, 
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1 SECTION 1. SHORT TITLE. 

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

3 Transparency Act of 2012’’. 

4 SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE 

5 BOARD OF GOVERNORS OF THE FEDERAL RE6 SERVE SYSTEM. 

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

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

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

10 System and the Federal reserve banks under subsection 

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

12 months of the date of enactment of this Act. 

13 (b) REPORT.— 

14 (1) IN GENERAL.—A report on the audit re15 quired under subsection (a) shall be submitted by 

16 the Comptroller General to the Congress before the 

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

18 which such audit is completed and made available to 

19 the Speaker of the House, the majority and minority 

20 leaders of the House of Representatives, the major21 ity and minority leaders of the Senate, the Chairman 

22 and Ranking Member of the committee and each 

23 subcommittee of jurisdiction in the House of Rep24 resentatives and the Senate, and any other Member 

25 of Congress who requests it. 
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1 (2) CONTENTS.—The report under paragraph 

2 (1) shall include a detailed description of the find3 ings and conclusion of the Comptroller General with 

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

5 together with such recommendations for legislative 

6 or administrative action as the Comptroller General 

7 may determine to be appropriate. 

8 (c) REPEAL OF CERTAIN LIMITATIONS.—Subsection 

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

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

11 (d) TECHNICAL AND CONFORMING AMENDMENT.— 

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

13 by striking subsection (f). 

14 SEC. 3. AUDIT OF LOAN FILE REVIEWS REQUIRED BY EN15 FORCEMENT ACTIONS. 

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

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

18 files of homeowners in foreclosure in 2009 or 2010, re19 quired as part of the enforcement actions taken by the 

20 Board of Governors of the Federal Reserve System 

21 against supervised financial institutions. 

22 (b) CONTENT OF AUDIT.—The audit carried out pur23 suant to subsection (a) shall consider, at a minimum— 

24 (1) the guidance given by the Board of Gov25 ernors of the Federal Reserve System to inde-
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1 pendent consultants retained by the supervised fi2 nancial institutions regarding the procedures to be 

3 followed in conducting the file reviews; 

4 (2) the factors considered by independent con5 sultants when evaluating loan files; 

6 (3) the results obtained by the independent con7 sultants pursuant to those reviews; 

8 (4) the determinations made by the independent 

9 consultants regarding the nature and extent of fi10 nancial injury sustained by each homeowner as well 

11 as the level and type of remediation offered to each 

12 homeowner; and 

13 (5) the specific measures taken by the inde14 pendent consultants to verify, confirm, or rebut the 

15 assertions and representations made by supervised 

16 financial institutions regarding the contents of loan 

17 files and the extent of financial injury to home18 owners. 

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

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

21 the Comptroller General shall issue a report to the Con-
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1 gress containing all findings and determinations made in 

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

Passed the House of Representatives July 25, 2012. 

Attest: 

Clerk. 
112TH CONGRESS 

2D SESSION H. R. 459 

AN ACT 

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