I 

114TH CONGRESS 

1ST SESSION H. R. 24 

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 

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. 


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•HR 24 IH

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 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 

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

11 the Comptroller General shall complete an audit of the 

12 Board of Governors of the Federal Reserve System and 

13 the Federal reserve banks under subsection (b) of such 

14 section 714 within 12 months after the date of the enact15 ment 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 minor24 ity leaders of the House of Representatives, the 

25 majority and minority leaders of the Senate, the 


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

3 the House of Representatives and the Senate, 

4 and any other Member of Congress who re5 quests the report. 

6 (2) CONTENTS.—The report under paragraph 

7 (1) shall include a detailed description of the find8 ings and conclusion of the Comptroller General with 

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

10 together with such recommendations for legislative 

11 or 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 

15 amended by striking the second sentence. 

16 (d) TECHNICAL AND CONFORMING AMENDMENTS.— 

17 Section 714 of title 31, United States Code, is amended— 

18 (1) in subsection (d)(3)— 

19 (A) in subparagraph (A)— 

20 (i) by striking ‘‘or (f)’’; 

21 (ii) in clause (i), by striking ‘‘or (f)’’; 

22 and 

23 (iii) in clause (ii), by striking ‘‘or (f)’’; 

24 and 


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1 (B) in subparagraph (C), by striking ‘‘or 

2 (f)’’; and 

3 (2) by striking subsection (f). 

Æ 


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