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[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1207 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1207

 To amend title 31, United States Code, to reform the manner in which 
the Board of Governors of the Federal Reserve System is audited by the 
 Comptroller General of the United States and the manner in which such 
              audits are reported, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           February 26, 2009

  Mr. Paul (for himself, Mr. Kagen, Mrs. Bachmann, Mr. Bartlett, Mr. 
Jones, Mr. Rehberg, Mr. Posey, Mr. Broun of Georgia, Mr. Poe of Texas, 
Mr. Burton of Indiana, Mr. Abercrombie, and Ms. Woolsey) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL

 
 To amend title 31, United States Code, to reform the manner in which 
the Board of Governors of the Federal Reserve System is audited by the 
 Comptroller General of the United States and the manner in which such 
              audits are reported, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Federal Reserve Transparency Act of 
2009''.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE 
              FEDERAL RESERVE SYSTEM.

    (a) In General.--Subsection (b) of section 714 of title 31, United 
States Code, is amended by striking all after ``shall audit an agency'' 
and inserting a period.
    (b) Audit.--Section 714 of title 31, United States Code, is amended 
by adding at the end the following new subsection:
    ``(e) Audit and Report of the Federal Reserve System.--
            ``(1) In general.--The audit of the Board of Governors of 
        the Federal Reserve System and the Federal reserve banks under 
        subsection (b) shall be completed before the end of 2010.
            ``(2) Report.--
                    ``(A) Required.--A report on the audit referred to 
                in paragraph (1) 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.
                    ``(B) Contents.--The report under subparagraph (A) 
                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.''.
                                 <all>
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