IB 

Union Calendar No. 536 

114TH CONGRESS 

2D SESSION H. R. 24 

[Report No. 114–692] 

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 HOUSE OF REPRESENTATIVES 

JANUARY 6, 2015 

Mr. MASSIE (for himself, Mr. AMODEI, Mrs. BLACK, Mr. COLE, Mr. COLLINS

of New York, Mr. CRAMER, Mr. CULBERSON, Mr. DENHAM, Mr. DUNCAN

of South Carolina, Mr. FLEISCHMANN, Mr. FORTENBERRY, Mr. GARRETT, Mr. GIBSON, Mr. GOHMERT, Mr. GOODLATTE, Mr. GOSAR, Mr. 

GRIFFITH, Mr. GUTHRIE, Mr. HUELSKAMP, Mr. JONES, Mr. LANCE, Mr. 

MCCLINTOCK, Mr. MULVANEY, Mr. NEUGEBAUER, Mr. NUGENT, Mr. 

PEARCE, Mr. POSEY, Mr. ROE of Tennessee, Mr. ROGERS of Alabama, 

Mr. ROHRABACHER, Mr. SENSENBRENNER, Mr. TIPTON, Mr. WEBER of 

Texas, Mr. WESTMORELAND, Mr. YOHO, Mr. COLLINS of Georgia, Mr. 

BENISHEK, Mr. MEADOWS, Mr. GENE GREEN of Texas, Mr. WOMACK, 

Mrs. ELLMERS, Mr. LOBIONDO, Mr. DESANTIS, Mr. HARPER, Mr. 

ROTHFUS, Mr. TIBERI, Mr. SALMON, Mr. PALAZZO, Mrs. BLACKBURN, 

Mr. LAMALFA, Mr. BURGESS, Mr. GIBBS, Mr. BROOKS of Alabama, Mr. 

AMASH, Mr. CHABOT, Mr. THOMPSON of Pennsylvania, Mr. DUNCAN of 

Tennessee, Mr. BOUSTANY, Mr. FARENTHOLD, Mr. WALBERG, Mr. 

JOLLY, Mr. GRAYSON, Mr. CLAWSON of Florida, and Mr. BLUM) introduced the following bill; which was referred to the Committee on Oversight and Government Reform 

JULY 14, 2016 

Additional sponsors: Mr. GRAVES of Georgia, Mr. LATTA, Mr. SMITH of 

Texas, Mr. EMMER of Minnesota, Mr. MOONEY of West Virginia, Mr. 

RIBBLE, Mr. HARRIS, Mr. STUTZMAN, Mr. BRAT, Mr. SANFORD, Mrs. 

LUMMIS, Mr. COOK, Mr. HECK of Nevada, Mr. HURT of Virginia, Mr. 

LIPINSKI, Mr. LONG, Mr. PITTENGER, Mr. SMITH of Nebraska, Mr. 

HARDY, Mr. MULLIN, Mr. FRELINGHUYSEN, Mr. LUCAS, Mr. WEBSTER

of Florida, Mr. WOODALL, Mr. ALLEN, Mr. RATCLIFFE, Mr. 


SSpencer on DSK4SPTVN1PROD with BILLS
2 

•HR 24 RH

DESJARLAIS, Mr. CARTER of Georgia, Mr. BABIN, Mr. FLEMING, Mr. 

FORBES, Mr. MCCAUL, Mr. MCKINLEY, Mr. MILLER of Florida, Mrs. 

MILLER of Michigan, Mr. PAULSEN, Mrs. WALORSKI, Mr. YOUNG of Indiana, Mr. CRAWFORD, Mr. YODER, Mr. WESTERMAN, Mr. JODY B. 

HICE of Georgia, Mr. HOLDING, Mr. HUNTER, Mr. MESSER, Ms. PINGREE, Mr. POE of Texas, Mr. POLIS, Mr. POMPEO, Mr. STEWART, Mr. 

STIVERS, Mr. VISCLOSKY, Mr. WHITFIELD, Mr. YOUNG of Alaska, Ms. 

FOXX, Mr. BUCK, Mr. BUCHANAN, Mr. JOYCE, Mr. MARCHANT, Mr. 

WENSTRUP, Mr. SHUSTER, Mr. TROTT, Mr. CALVERT, Mr. JOHNSON of 

Ohio, Mr. RODNEY DAVIS of Illinois, Mr. OLSON, Mr. BISHOP of Michigan, Mr. DEFAZIO, Mr. YOUNG of Iowa, Mr. CARTER of Texas, Mr. 

CURBELO of Florida, Mr. BRIDENSTINE, Mr. COFFMAN, Mr. LABRADOR, 

Mr. LOEBSACK, Ms. ROS-LEHTINEN, Mr. SMITH of New Jersey, Mr. 

TURNER, Mr. GROTHMAN, Mr. HUDSON, Ms. JENKINS of Kansas, Mr. 

JORDAN, Mr. BOST, Mr. LOUDERMILK, Mr. NEWHOUSE, Mr. GOWDY, 

Mr. LAMBORN, Mr. ZINKE, Mr. DIAZ-BALART, Mr. MURPHY of Pennsylvania, Mr. BARLETTA, Mr. FITZPATRICK, Mr. WILLIAMS, Mr. KING of 

Iowa, Mr. BARR, Mr. BARTON, Mr. WILSON of South Carolina, Mr. 

DUFFY, Mr. CONAWAY, Mr. SHIMKUS, Mr. SMITH of Missouri, Mr. FLORES, Mr. WALKER, Mrs. LOVE, Mr. RICE of South Carolina, Mr. SCALISE, Mr. FINCHER, Mr. FRANKS of Arizona, Mr. PERRY, Mr. TOM

PRICE of Georgia, Mr. ROKITA, Mr. SCHWEIKERT, Mr. AUSTIN SCOTT

of Georgia, Mr. PALMER, Mr. RENACCI, Mr. ROUZER, Mr. SAM JOHNSON

of Texas, Mr. RUSSELL, Mr. KATKO, Mr. HURD of Texas, Mr. WITTMAN, 

Mr. SESSIONS, Mrs. HARTZLER, Ms. HERRERA BEUTLER, Mr. MICA, Mr. 

GUINTA, Mrs. NOEM, Mr. KELLY of Pennsylvania, Mr. BISHOP of Utah, 

Mr. BILIRAKIS, Mr. LAHOOD, Mr. CHAFFETZ, Mr. MEEHAN, Mr. KELLY

of Mississippi, Mr. WELCH, Mr. GRAVES of Missouri, Mr. JENKINS of 

West Virginia, and Mr. RUPPERSBERGER

JULY 14, 2016 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on January 6, 2015] 

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. 


SSpencer on DSK4SPTVN1PROD with BILLS
3 

•HR 24 RH

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 Trans5 parency Act of 2015’’. 

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 title 

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

11 Comptroller General of the United States shall complete an 

12 audit of the Board of Governors of the Federal Reserve Sys13 tem and the Federal reserve banks under subsection (b) of 

14 such section 714 within 12 months after the date of the en15 actment of this Act. 

16 (b) REPORT.— 

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

18 the audit required pursuant to subsection (a) is com19 pleted, the Comptroller General— 

20 (A) shall submit to Congress a report on 

21 such audit; and 

22 (B) shall make such report available to the 

23 Speaker of the House, the majority and minority 

24 leaders of the House of Representatives, the ma25 jority and minority leaders of the Senate, the 


SSpencer on DSK4SPTVN1PROD with BILLS
4 

•HR 24 RH

1 Chairman and Ranking Member of the com2 mittee and each subcommittee of jurisdiction in 

3 the House of Representatives and the Senate, and 

4 any other Member of Congress who requests the 

5 report. 

6 (2) CONTENTS.—The report under paragraph (1) 

7 shall include a detailed description of the findings 

8 and conclusion of the Comptroller General with re9 spect to the audit that is the subject of the report, to10 gether with such recommendations for legislative or 

11 administrative action as the Comptroller General 

12 may determine to be appropriate. 

13 (c) REPEAL OF CERTAIN LIMITATIONS.—Subsection 

14 (b) of section 714 of title 31, United States Code, is amend15 ed by striking the second sentence. 

16 (d) TECHNICAL AND CONFORMING AMENDMENTS.— 

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

18 United States Code, is amended— 

19 (A) in subsection (d)(3), by striking ‘‘or (f)’’ 

20 each place such term appears; 

21 (B) in subsection (e), by striking ‘‘the third 

22 undesignated paragraph of section 13’’ and in23 serting ‘‘section 13(3)’’; and 

24 (C) by striking subsection (f). 


SSpencer on DSK4SPTVN1PROD with BILLS
5 

•HR 24 RH

1 (2) FEDERAL RESERVE ACT.—Subsection (s) (re2 lating to ‘‘Federal Reserve Transparency and Release 

3 of Information’’) of section 11 of the Federal Reserve 

4 Act (12 U.S.C. 248) is amended— 

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

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

7 title 31, United States Code’’ and inserting 

8 ‘‘means a program or facility, including any 

9 special purpose vehicle or other entity established 

10 by or on behalf of the Board of Governors of the 

11 Federal Reserve System or a Federal reserve 

12 bank, authorized by the Board of Governors 

13 under section 13(3), that is not subject to audit 

14 under section 714(e) of title 31, United States 

15 Code’’; 

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

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

18 Code, the information described in paragraph 

19 (1) and information concerning the transactions 

20 described in section 714(f) of such title,’’ and in21 serting ‘‘the information described in paragraph 

22 (1)’’; and 

23 (C) in paragraph (7), by striking ‘‘and sec24 tion 13(3)(C), section 714(f)(3)(C) of title 31, 


SSpencer on DSK4SPTVN1PROD with BILLS
6 

•HR 24 RH

1 United States Code, and’’ and inserting ‘‘, sec2 tion 13(3)(C), and’’. 


SSpencer on DSK4SPTVN1PROD with BILLS

SSpencer on DSK4SPTVN1PROD with BILLS
Union Calendar No. 536 

114TH CONGRESS 

2D SESSION H. R. 24 

[Report No. 114–692] 

A BILL 

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 

JULY 14, 2016 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


SSpencer on DSK4SPTVN1PROD with BILLS