IB 
Union Calendar No. 447 
113TH CONGRESS 
2D SESSION 
H. R. 24 
[Report No. 113–602, Part I] 
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 3, 2013 
Mr. BROUN of Georgia introduced the following bill; which was referred to the 
Committee on Oversight and Government Reform, and in addition to the 
Committee on Financial Services, for a period to be subsequently deter-
mined by the Speaker, in each case for consideration of such provisions 
as fall within the jurisdiction of the committee concerned 
SEPTEMBER 16, 2014 
Additional sponsors: Mr. JONES, Mr. LOEBSACK, Mr. MICHAUD, Mr. MCIN-
TYRE, Mr. DEFAZIO, Mr. CAMP, Mr. GOSAR, Mr. PETERSON, Mr. TERRY, 
Mr. WALBERG, Mr. LUETKEMEYER, Mr. COBLE, Mr. RADEL, Mr. 
NUNNELEE, Mr. GOODLATTE, Mr. LATTA, Mr. YOHO, Mr. BURGESS, Mr. 
STOCKMAN, Mr. AMASH, Mr. HANNA, Mr. THOMPSON of Pennsylvania, 
Mr. LANCE, Mr. HECK of Nevada, Mr. CARTER, Mr. GRIFFIN of Arkan-
sas, Mr. PEARCE, Mr. WALDEN, Mr. BARLETTA, Mr. RUNYAN, Mr. 
WESTMORELAND, 
Mr. 
FORTENBERRY, 
Mr. 
FARENTHOLD, 
Mr. 
CHAFFETZ, Mr. LAMBORN, Mr. MARINO, Mrs. MILLER of Michigan, Mrs. 
BACHMANN, Mr. DUNCAN of South Carolina, Mr. KING of Iowa, Mrs. 
HARTZLER, Mrs. BLACK, Mr. SESSIONS, Mr. SCHOCK, Mr. HUIZENGA of 
Michigan, Mr. FINCHER, Mr. ROGERS of Alabama, Mr. GOWDY, Mr. ROE 
of Tennessee, Mr. AMODEI, Mr. GRAVES of Missouri, Mr. CULBERSON, 
Mr. BONNER, Mr. BARTON, Mr. BUCHANAN, Mr. WILSON of South Caro-
lina, Ms. FOXX, Mr. STIVERS, Mr. WITTMAN, Mr. BUCSHON, Mr. 
WOMACK, Mr. SIMPSON, Mr. SENSENBRENNER, Mr. LONG, Mr. 
DESJARLAIS, Mr. WEBSTER of Florida, Mr. SCALISE, Mr. HASTINGS of 
Washington, Mr. TIBERI, Ms. PINGREE of Maine, Mr. WOODALL, Mr. 
ROSKAM, Mr. WOLF, Mr. HARRIS, Mrs. CAPITO, Mr. GRIFFITH of Vir-
ginia, Mr. MCKINLEY, Mr. HUELSKAMP, Mr. GERLACH, Mr. SMITH of 
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Nebraska, Mr. HUNTER, Mr. WHITFIELD, Mr. JOYCE, Mr. COLLINS of 
Georgia, Mr. ALEXANDER, Mr. OLSON, Mr. WEBER of Texas, Mr. GARD-
NER, Mr. NUGENT, Mr. AUSTIN SCOTT of Georgia, Mrs. NOEM, Mrs. 
BLACKBURN, Mr. LAMALFA, Mr. POMPEO, Mr. ROKITA, Mr. YODER, Mr. 
POE of Texas, Mr. HURT, Mr. LATHAM, Mr. FLORES, Mr. FORBES, Mr. 
DUNCAN of Tennessee, Mr. MCCAUL, Mr. JOHNSON of Ohio, Mr. GIB-
SON, Mr. WELCH, Mr. CALVERT, Mr. BILIRAKIS, Mr. TURNER, Mr. 
BENTIVOLIO, Mr. KLINE, Mr. BARR, Mr. FRELINGHUYSEN, Mr. PAUL-
SEN, Mr. DESANTIS, Mr. POSEY, Mrs. LUMMIS, Mr. YOUNG of Indiana, 
Mr. MILLER of Florida, Mr. MICA, Mr. ADERHOLT, Mr. STUTZMAN, Mr. 
CRAWFORD, Mr. CASSIDY, Mr. BOUSTANY, Mr. FLEISCHMANN, Mr. MEE-
HAN, Mr. WENSTRUP, Mr. JORDAN, Mr. GRIMM, Ms. JENKINS, Mr. TIP-
TON, Mr. YOUNG of Florida, Mr. MASSIE, Mr. RODNEY DAVIS of Illinois, 
Mr. LANKFORD, Mr. LIPINSKI, Mr. BENISHEK, Mr. SALMON, Mr. 
DUFFY, Mr. YOUNG of Alaska, Mr. STEWART, Mr. SCHWEIKERT, Mr. 
MCCLINTOCK, Mr. COTTON, Mr. OWENS, Mr. SANFORD, Mr. DAINES, 
Mr. MURPHY of Pennsylvania, Mr. KELLY of Pennsylvania, Mr. UPTON, 
Mr. MARCHANT, Mr. SMITH of Missouri, Mr. FRANKS of Arizona, Mr. 
GOHMERT, Mr. BRALEY of Iowa, Mr. ROHRABACHER, Mr. GUTHRIE, Mr. 
KINGSTON, Mr. CRAMER, Mr. MEADOWS, Mr. DIAZ-BALART, Mr. COL-
LINS of New York, Mr. RIGELL, Mr. MAFFEI, Mr. BARROW of Georgia, 
Mrs. ELLMERS, Mr. GENE GREEN of Texas, Mr. HARPER, Ms. ROS- 
LEHTINEN, Mr. PALAZZO, Mr. GRAVES of Georgia, Mr. POLIS, Mr. 
LUCAS, Mr. VALADAO, Mr. LOBIONDO, Mr. PITTENGER, Mr. GRAYSON, 
Mr. ROSS, Mr. SHUSTER, Mr. SMITH of Texas, Mr. MCALLISTER, Mr. 
HUDSON, Mr. FITZPATRICK, Mr. HALL, Mr. DENHAM, Mr. COFFMAN, 
Mr. BISHOP of Utah, Mr. SAM JOHNSON of Texas, Mr. VISCLOSKY, Mr. 
GINGREY of Georgia, Mr. TIERNEY, Mr. RIBBLE, Mr. MULVANEY, Mr. 
LABRADOR, Mr. FLEMING, Mr. PRICE of Georgia, Mr. COLE, Mr. 
THORNBERRY, Mr. ROTHFUS, Mr. REED, Mr. CONAWAY, Mr. NEUGE-
BAUER, Mr. RICE of South Carolina, Mr. BRIDENSTINE, Mr. COOK, Mr. 
RENACCI, Mr. RUPPERSBERGER, Mr. GARY G. MILLER of California, Ms. 
HERRERA BEUTLER, Mr. ROONEY, Mr. JOLLY, Mr. MULLIN, Mr. 
CHABOT, Mr. PERRY, Mr. GIBBS, Mrs. WAGNER, Mr. GARRETT, Mr. 
PETRI, Mr. WILLIAMS, Mr. BROOKS of Alabama, Mr. PITTS, Mr. CREN-
SHAW, Mr. SMITH of New Jersey, Mr. SHIMKUS, Ms. GRANGER, Mrs. 
WALORSKI, and Ms. LOFGREN 
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SEPTEMBER 16, 2014 
Reported from the Committee on Oversight and Government Reform with an 
amendment 
[Strike out all after the enacting clause and insert the part printed in italic] 
SEPTEMBER 16, 2014 
The Committee on Financial Services discharged; committed to the Committee 
of the Whole House on the State of the Union and ordered to be printed 
[For text of introduced bill, see copy of bill as introduced on January 3, 2013] 
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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 Trans-
parency Act of 2014’’. 
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 with-
in 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 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 minority 
leaders of the House of Representatives, the ma-
jority and minority leaders of the Senate, the 
Chairman and Ranking Member of the com-
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mittee 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 re-
spect to the audit that is the subject of the report, to-
gether 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 amend-
ed 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 
(B) in subparagraph (C), by striking ‘‘or 
(f)’’; and 
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Union Calendar No. 447 
113TH CONGRESS 
2D SESSION 
H. R. 24 
[Report No. 113–602, Part I] 
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. 
SEPTEMBER 16, 2014 
Reported from the Committee on Oversight and 
Government Reform with an amendment 
SEPTEMBER 16, 2014 
The Committee on Financial Services discharged; com-
mitted to the Committee of the Whole House on the 
State of the Union and ordered to be printed 
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