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. GAR-
RETT, 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) intro-
duced the following bill; which was referred to the Committee on Over-
sight 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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Be it enacted by the Senate and House of Representa-
tives 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 2015’’. 
SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE 
BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM. 
(a) IN GENERAL.—Notwithstanding section 714 of 
title 31, United States Code, or any other provision of law, 
the Comptroller General 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 enact-
ment of this Act. 
(b) REPORT.— 
(1) IN GENERAL.—Not later than 90 days after 
the audit required pursuant to subsection (a) is com-
pleted, 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 minor-
ity leaders of the House of Representatives, the 
majority and minority leaders of the Senate, the 
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Chairman and Ranking Member of the com-
mittee and each subcommittee of jurisdiction in 
the House of Representatives and the Senate, 
and any other Member of Congress who re-
quests the report. 
(2) CONTENTS.—The report under paragraph 
(1) shall include a detailed description of the find-
ings 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.— 
Section 714 of title 31, United States Code, is amended— 
(1) in subsection (d)(3)— 
(A) in subparagraph (A)— 
(i) by striking ‘‘or (f)’’; 
(ii) in clause (i), by striking ‘‘or (f)’’; 
and 
(iii) in clause (ii), by striking ‘‘or (f)’’; 
and 
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(B) in subparagraph (C), by striking ‘‘or 
(f)’’; and 
(2) by striking subsection (f). 
Æ 
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