Federal Reserve Transparency Act of 2015

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. Short title This Act may be cited as the Federal Reserve Transparency Act of 2015 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, the Comptroller General of the United States shall complete an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such section 714 within 12 months after the date of the enactment of this Act. (b) Report (1) In general Not later than 90 days after the audit required pursuant to subsection (a) is completed, the Comptroller General— (A) shall submit to Congress a report on such audit; and (B) shall make such report 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 the report. (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 the second sentence. (d) Technical and conforming amendments (1) In general Section 714 of title 31, United States Code, is amended— (A) in subsection (d)(3), by striking or (f) (B) in subsection (e), by striking the third undesignated paragraph of section 13 section 13(3) (C) by striking subsection (f). (2) Federal reserve act Subsection (s) (relating to Federal Reserve Transparency and Release of Information 12 U.S.C. 248 (A) in paragraph (4)(A), by striking has the same meaning as in section 714(f)(1)(A) of title 31, United States Code means a program or facility, including any special purpose vehicle or other entity established by or on behalf of the Board of Governors of the Federal Reserve System or a Federal reserve bank, authorized by the Board of Governors under section 13(3), that is not subject to audit under section 714(e) of title 31, United States Code (B) in paragraph (6), by striking or in section 714(f)(3)(C) of title 31, United States Code, the information described in paragraph (1) and information concerning the transactions described in section 714(f) of such title, the information described in paragraph (1) (C) in paragraph (7), by striking and section 13(3)(C), section 714(f)(3)(C) of title 31, United States Code, and , section 13(3)(C), and 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

Summary: Federal Reserve Transparency Act of 2015 (Sec. 2) This bill directs the Government Accountability Office to: (1) complete, within 12 months of enactment, the required audit of the Board of Governors of the Federal Reserve System (Federal Reserve Board) and of the Federal Reserve Banks; and (2) submit to Congress, within 90 days of audit completion, a detailed report of audit findings and conclusions. The bill repeals certain limitations placed upon audits of the Federal Reserve Board and Federal Reserve banks concerning: (1) international financial transactions, (2) deliberations or actions on monetary policy matters, (3) transactions made under the direction of the Federal Open Market Committee, or (4) a part of a discussion or communication among members of the Federal Reserve Board and officers and employees of the Federal Reserve System related to these matters.