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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 459 Reported in House (RH)]

                                                 Union Calendar No. 441
112th CONGRESS
  2d Session
                                H. R. 459

                      [Report No. 112-607, 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 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

                             July 17, 2012

  Reported with amendments and referred to the Committee on Financial 
    Services for a period ending not later than July 18, 2012, for 
  consideration of such provisions of the bill and amendment as fall 
 within the jurisdiction of that committee pursuant to clause 1(h) of 
                                 rule X
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

                             July 18, 2012

Additional sponsors: Mr. Duncan of Tennessee, Mr. Canseco, Mr. Rigell, 
 Mr. Nugent, Mr. Mulvaney, Mr. Carter, Mr. Davis of Kentucky, Mr. Ross 
of Arkansas, Mr. Dreier, Mr. Buchanan, Mr. Amash, Mr. Luetkemeyer, Mr. 
 Westmoreland, Mr. Schweikert, Mr. Lankford, Mr. Fincher, Mr. Walberg, 
Mrs. Adams, Mr. Sensenbrenner, Mr. Barletta, Ms. Granger, Mr. Mack, Mr. 
   Thornberry, Mr. Altmire, Mr. Walsh of Illinois, Mr. McCotter, Mr. 
  Wilson of South Carolina, Ms. Baldwin, Mr. Johnson of Illinois, Mr. 
 Goodlatte, Mr. Gibson, Mr. Latham, Mr. Marino, Mr. Terry, Mr. Ribble, 
 Mr. Stutzman, Mr. Sam Johnson of Texas, Mr. Schrader, Mr. Harris, Mr. 
  Crenshaw, Mr. DeFazio, Mr. Griffith of Virginia, Mr. Kingston, Mr. 
 Manzullo, Mr. Michaud, Mr. Rogers of Michigan, Mr. Young of Indiana, 
 Mr. Polis, Mr. McIntyre, Mr. Heck, Ms. Herrera Beutler, Ms. Foxx, Mr. 
Stearns, Mr. Gowdy, Mrs. Lummis, Mrs. Biggert, Ms. Jenkins, Mr. Flake, 
Mr. Farenthold, Mr. Conyers, Mr. Visclosky, Mr. Murphy of Pennsylvania, 
   Mr. Tipton, Mr. Schilling, Mr. Kline, Mr. Graves of Missouri, Mr. 
   Griffin of Arkansas, Mrs. Bachmann, Mr. Austria, Mr. Shimkus, Mr. 
    Neugebauer, Mr. Frelinghuysen, Mr. Herger, Mr. Duncan of South 
   Carolina, Mr. Platts, Mr. Guinta, Mr. Culberson, Mr. Gardner, Mr. 
Tierney, Mr. Yarmuth, Mr. Stark, Mr. Runyan, Mr. Huelskamp, Mr. Latta, 
Mr. Wu, Mr. Labrador, Mr. Rogers of Alabama, Mr. Cole, Mr. Rokita, Mr. 
   Benishek, Mr. Kelly, Mr. Shuster, Mr. McCarthy of California, Mr. 
Boustany, Mr. Hurt, Mr. Rothman of New Jersey, Mr. Turner of Ohio, Mr. 
 Tiberi, Mr. Hultgren, Mr. Kissell, Mr. Akin, Mr. Sullivan, Mr. Welch, 
   Mr. Bonner, Mr. Bilbray, Mr. Price of Georgia, Mr. McGovern, Mr. 
Hinchey, Mr. Meehan, Mr. Pompeo, Mr. Roskam, Mr. Gosar, Mr. Yoder, Mrs. 
Miller of Michigan, Mr. Wolf, Ms. Zoe Lofgren of California, Mr. Roe of 
   Tennessee, Mr. Duffy, Mr. Gingrey of Georgia, Mr. Austin Scott of 
 Georgia, Mr. Womack, Mr. Camp, Mr. Guthrie, Mr. Rooney, Mr. Scott of 
South Carolina, Mrs. Hartzler, Mr. Fitzpatrick, Mrs. Noem, Mr. Barrow, 
  Mr. Scalise, Mr. Loebsack, Mr. West, Mr. Grimm, Mr. Lucas, Mr. Gene 
 Green of Texas, Mr. Walden, Mr. Cravaack, Mr. Landry, Ms. Speier, Mr. 
Paulsen, Mr. Amodei, Mrs. Bono Mack, Mr. Berg, Mr. Lewis of California, 
Mr. Poe of Texas, Mr. Quayle, Mrs. Schmidt, Mr. Brooks, Mrs. Black, Mr. 
  Bishop of Utah, Mr. Upton, Mr. Crawford, Mr. Bishop of Georgia, Mr. 
   Cassidy, Mr. Pearce, Mr. Lipinski, Mr. Conaway, Mr. Hinojosa, Mr. 
Nunnelee, Mr. Mica, Mr. Gibbs, Mr. Stivers, Mr. Bass of New Hampshire, 
Mr. McDermott, Mr. Smith of New Jersey, Mr. Kinzinger of Illinois, Mr. 
Coble, Mr. Hall, Mr. Peterson, Mr. Daniel E. Lungren of California, Mr. 
 Webster, Mr. Johnson of Ohio, Mr. Pence, Mr. Rogers of Kentucky, Mr. 
Tonko, Mr. Fleischmann, Mrs. Emerson, Mr. Harper, Mrs. Capito, Mr. King 
  of Iowa, Mr. Boswell, Mr. Dent, Mr. Chandler, Mr. Diaz-Balart, Mr. 
   Fleming, Mr. Jordan, Mr. DesJarlais, Mr. Long, Mrs. Ellmers, Mr. 
Whitfield, Mr. Hunter, Mr. McHenry, Mr. Denham, Mr. Franks of Arizona, 
Mr. Chabot, Mr. Hanna, Ms. Ros-Lehtinen, Mr. Hensarling, Mr. Sessions, 
  Mr. Aderholt, Mr. Renacci, Mr. Reyes, Mr. Doggett, Ms. Buerkle, Mr. 
   Braley of Iowa, Mr. Pitts, Mr. Olson, Mr. Sherman, Mr. Clarke of 
 Michigan, Mr. Grijalva, Mr. Bucshon, Mr. Hastings of Washington, Ms. 
Pingree of Maine, Ms. Berkley, Mr. Schiff, Ms. Hayworth, Mr. Royce, Mr. 
                         Palazzo, and Mr. Owens

                             July 18, 2012

   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

_______________________________________________________________________

                                 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.

 

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

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``Federal Reserve 
Transparency Act of 2011''.</DELETED>

<DELETED>SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF 
              GOVERNORS OF THE FEDERAL RESERVE SYSTEM.</DELETED>

<DELETED>    (a) In General.--Notwithstanding section 714 of title 31, 
United States Code, or any other provision of law, an audit of the 
Board of Governors of the Federal Reserve System and the Federal 
reserve banks under subsection (b) of such section 714 shall be 
completed before the end of 2012.</DELETED>
<DELETED>    (b) Report.--</DELETED>
        <DELETED>    (1) In general.--A report on the audit required 
        under subsection (a) 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 and made 
        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 it.</DELETED>
        <DELETED>    (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.</DELETED>
<DELETED>    (c) Repeal of Certain Limitations.--Subsection (b) of 
section 714 of title 31, United States Code, is amended by striking all 
after ``in writing.''.</DELETED>
<DELETED>    (d) Technical and Conforming Amendment.--Section 714 of 
title 31, United States Code, is amended by striking subsection 
(f).</DELETED>

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Reserve Transparency Act of 
2012''.

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, an audit of the Board of 
Governors of the Federal Reserve System and the Federal reserve banks 
under subsection (b) of such section 714 shall be completed within 12 
months of the date of enactment of this Act.
    (b) Report.--
            (1) In general.--A report on the audit required under 
        subsection (a) 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 and made 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 it.
            (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 all after ``in 
writing.''.
    (d) Technical and Conforming Amendment.--Section 714 of title 31, 
United States Code, is amended by striking subsection (f).

SEC. 3. AUDIT OF LOAN FILE REVIEWS REQUIRED BY ENFORCEMENT ACTIONS.

    (a) In General.--The Comptroller General of the United States shall 
conduct an audit of the review of loan files of homeowners in 
foreclosure in 2009 or 2010, required as part of the enforcement 
actions taken by the Board of Governors of the Federal Reserve System 
against supervised financial institutions.
    (b) Content of Audit.--The audit carried out pursuant to subsection 
(a) shall consider, at a minimum--
            (1) the guidance given by the Board of Governors of the 
        Federal Reserve System to independent consultants retained by 
        the supervised financial institutions regarding the procedures 
        to be followed in conducting the file reviews;
            (2) the factors considered by independent consultants when 
        evaluating loan files;
            (3) the results obtained by the independent consultants 
        pursuant to those reviews;
            (4) the determinations made by the independent consultants 
        regarding the nature and extent of financial injury sustained 
        by each homeowner as well as the level and type of remediation 
        offered to each homeowner; and
            (5) the specific measures taken by the independent 
        consultants to verify, confirm, or rebut the assertions and 
        representations made by supervised financial institutions 
        regarding the contents of loan files and the extent of 
        financial injury to homeowners.
    (c) Report.--Not later than the end of the 6-month period beginning 
on the date of the enactment of this Act, the Comptroller General shall 
issue a report to the Congress containing all findings and 
determinations made in carrying out the audit required under subsection 
(a).
            Amend the title so as to read: ``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.''.
                                                 Union Calendar No. 441

112th CONGRESS

  2d Session

                               H. R. 459

                      [Report No. 112-607, Part I]

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                             July 18, 2012

   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
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