II 

115TH CONGRESS 

1ST SESSION S. 16 

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. 

IN THE SENATE OF THE UNITED STATES 

JANUARY 3, 2017 

Mr. PAUL (for himself, Mr. BARRASSO, Mr. BLUNT, Mr. GARDNER, Mr. 

GRASSLEY, Mr. HELLER, Mr. LEE, Mr. PORTMAN, and Mr. RISCH) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

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. 

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 2017’’. 


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1 SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE 

2 BOARD OF GOVERNORS OF THE FEDERAL RE3 SERVE SYSTEM. 

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

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

6 the Comptroller General of the United States shall com7 plete an audit of the Board of Governors of the Federal 

8 Reserve System and the Federal reserve banks under sub9 section (b) of such section 714 within 12 months after 

10 the date of the enactment of this Act. 

11 (b) REPORT.— 

12 (1) IN GENERAL.—Not later than 90 days after 

13 the audit required pursuant to subsection (a) is com14 pleted, the Comptroller General— 

15 (A) shall submit to Congress a report on 

16 such audit; and 

17 (B) shall make such report available to the 

18 Speaker of the House, the majority and minor19 ity leaders of the House of Representatives, the 

20 majority and minority leaders of the Senate, the 

21 Chairman and Ranking Member of the com22 mittee and each subcommittee of jurisdiction in 

23 the House of Representatives and the Senate, 

24 and any other Member of Congress who re25 quests the report. 


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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 the second sentence. 

11 (d) TECHNICAL AND CONFORMING AMENDMENTS.— 

12 (1) IN GENERAL.—Section 714 of title 31, 

13 United States Code, is amended— 

14 (A) in subsection (d)(3), by striking ‘‘or 

15 (f)’’ each place such term appears; 

16 (B) in subsection (e), by striking ‘‘the 

17 third undesignated paragraph of section 13’’ 

18 and inserting ‘‘section 13(3)’’; and 

19 (C) by striking subsection (f). 

20 (2) FEDERAL RESERVE ACT.—Subsection (s) 

21 (relating to ‘‘Federal Reserve Transparency and Re22 lease of Information’’) of section 11 of the Federal 

23 Reserve Act (12 U.S.C. 248) is amended— 

24 (A) in paragraph (4)(A), by striking ‘‘has 

25 the same meaning as in section 714(f)(1)(A) of 


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1 title 31, United States Code’’ and inserting 

2 ‘‘means a program or facility, including any 

3 special purpose vehicle or other entity estab4 lished by or on behalf of the Board of Gov5 ernors of the Federal Reserve System or a Fed6 eral reserve bank, authorized by the Board of 

7 Governors under section 13(3), that is not sub8 ject to audit under section 714(e) of title 31, 

9 United States Code’’; 

10 (B) in paragraph (6), by striking ‘‘or in 

11 section 714(f)(3)(C) of title 31, United States 

12 Code, the information described in paragraph 

13 (1) and information concerning the transactions 

14 described in section 714(f) of such title,’’ and 

15 inserting ‘‘the information described in para16 graph (1)’’; and 

17 (C) in paragraph (7), by striking ‘‘and sec18 tion 13(3)(C), section 714(f)(3)(C) of title 31, 

19 United States Code, and’’ and inserting ‘‘, sec20 tion 13(3)(C), and’’. 

Æ 


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