‘‘(3) consult with the committees described under 
paragraph (1) with respect to the nature of the agree-
ment and any anticipated effects such agreement will 
have on the economy. 
‘‘(d) DEFINITION.—For purposes of this section, the 
term ‘process’ shall include any official proceeding or meet-
ing on financial regulation of a recognized international 
organization with authority to set financial standards on 
a global or regional level, including the Financial Stability 
Board, the Basel Committee on Banking Supervision (or 
a similar organization), and the International Association 
of Insurance Supervisors (or a similar organization).’’. 
(c) TREASURY REQUIREMENTS.—Section 325 of title 
31, United States Code, is amended by adding at the end 
the following new subsection: 
‘‘(d) INTERNATIONAL PROCESSES.— 
‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At 
least 30 calendar days before the Secretary partici-
pates in a process of setting financial standards as a 
part of any foreign or multinational entity, the Sec-
retary shall— 
‘‘(A) issue a notice of the process, including 
the subject matter, scope, and goals of the proc-
ess, to the Committee on Financial Services of 
the House of Representatives and the Committee 
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on Banking, Housing, and Urban Affairs of the 
Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Department 
of the Treasury; and 
‘‘(C) solicit public comment, and consult 
with the committees described under subpara-
graph (A), with respect to the subject matter, 
scope, and goals of the process. 
‘‘(2) PUBLIC REPORTS ON PROCESS.—After the 
end of any process described under paragraph (1), the 
Secretary shall issue a public report on the topics 
that were discussed at the process and any new or re-
vised rulemakings or policy changes that the Sec-
retary believes should be implemented as a result of 
the process. 
‘‘(3) NOTICE OF AGREEMENTS; CONSULTATION.— 
At least 90 calendar days before the Secretary partici-
pates in a process of setting financial standards as a 
part of any foreign or multinational entity, the Sec-
retary shall— 
‘‘(A) issue a notice of agreement to the Com-
mittee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate; 
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‘‘(B) make such notice available to the pub-
lic, including on the website of the Department 
of the Treasury; and 
‘‘(C) consult with the committees described 
under subparagraph (A) with respect to the na-
ture of the agreement and any anticipated effects 
such agreement will have on the economy. 
‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘process’ shall include any official 
proceeding or meeting on financial regulation of a 
recognized international organization with authority 
to set financial standards on a global or regional 
level, including the Financial Stability Board, the 
Basel Committee on Banking Supervision (or a simi-
lar organization), and the International Association 
of Insurance Supervisors (or a similar organiza-
tion).’’. 
(d) OCC REQUIREMENTS.—Chapter 1 of title LXII of 
the Revised Statutes of the United States (12 U.S.C. 21 et 
seq.) is amended— 
(1) by adding at the end the following new sec-
tion: 
‘‘SEC. 5156B. INTERNATIONAL PROCESSES. 
‘‘(a) NOTICE OF PROCESS; CONSULTATION.—At least 
30 calendar days before the Comptroller of the Currency 
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participates in a process of setting financial standards as 
a part of any foreign or multinational entity, the Comp-
troller of the Currency shall— 
‘‘(1) issue a notice of the process, including the 
subject matter, scope, and goals of the process, to the 
Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, 
and Urban Affairs of the Senate; 
‘‘(2) make such notice available to the public, in-
cluding on the website of the Office of the Comptroller 
of the Currency; and 
‘‘(3) solicit public comment, and consult with the 
committees described under paragraph (1), with re-
spect to the subject matter, scope, and goals of the 
process. 
‘‘(b) PUBLIC REPORTS ON PROCESS.—After the end of 
any process described under subsection (a), the Comptroller 
of the Currency shall issue a public report on the topics 
that were discussed at the process and any new or revised 
rulemakings or policy changes that the Comptroller of the 
Currency believes should be implemented as a result of the 
process. 
‘‘(c) NOTICE OF AGREEMENTS; CONSULTATION.—At 
least 90 calendar days before the Comptroller of the Cur-
rency participates in a process of setting financial stand-
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ards as a part of any foreign or multinational entity, the 
Board of Directors shall— 
‘‘(1) issue a notice of agreement to the Committee 
on Financial Services of the House of Representatives 
and the Committee on Banking, Housing, and Urban 
Affairs of the Senate; 
‘‘(2) make such notice available to the public, in-
cluding on the website of the Office of the Comptroller 
of the Currency; and 
‘‘(3) consult with the committees described under 
paragraph (1) with respect to the nature of the agree-
ment and any anticipated effects such agreement will 
have on the economy. 
‘‘(d) DEFINITION.—For purposes of this section, the 
term ‘process’ shall include any official proceeding or meet-
ing on financial regulation of a recognized international 
organization with authority to set financial standards on 
a global or regional level, including the Financial Stability 
Board, the Basel Committee on Banking Supervision (or 
a similar organization), and the International Association 
of Insurance Supervisors (or a similar organization).’’; and 
(2) in the table of contents for such chapter, by 
adding at the end the following new item: 
‘‘5156B. International processes.’’. 
(e) SECURITIES
AND EXCHANGE COMMISSION RE-
QUIREMENTS.—Section 4 of the Securities Exchange Act of 
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1934 (15 U.S.C. 78d) is amended by adding at the end the 
following new subsection: 
‘‘(j) INTERNATIONAL PROCESSES.— 
‘‘(1) NOTICE OF PROCESS; CONSULTATION.—At 
least 30 calendar days before the Commission partici-
pates in a process of setting financial standards as a 
part of any foreign or multinational entity, the Com-
mission shall— 
‘‘(A) issue a notice of the process, including 
the subject matter, scope, and goals of the proc-
ess, to the Committee on Financial Services of 
the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the 
Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Commission; 
and 
‘‘(C) solicit public comment, and consult 
with the committees described under subpara-
graph (A), with respect to the subject matter, 
scope, and goals of the process. 
‘‘(2) PUBLIC REPORTS ON PROCESS.—After the 
end of any process described under paragraph (1), the 
Commission shall issue a public report on the topics 
that were discussed at the process and any new or re-
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vised rulemakings or policy changes that the Commis-
sion believes should be implemented as a result of the 
process. 
‘‘(3) NOTICE OF AGREEMENTS; CONSULTATION.— 
At least 90 calendar days before the Commission par-
ticipates in a process of setting financial standards as 
a part of any foreign or multinational entity, the 
Commission shall— 
‘‘(A) issue a notice of agreement to the Com-
mittee on Financial Services of the House of 
Representatives and the Committee on Banking, 
Housing, and Urban Affairs of the Senate; 
‘‘(B) make such notice available to the pub-
lic, including on the website of the Commission; 
and 
‘‘(C) consult with the committees described 
under subparagraph (A) with respect to the na-
ture of the agreement and any anticipated effects 
such agreement will have on the economy. 
‘‘(4) DEFINITION.—For purposes of this sub-
section, the term ‘process’ shall include any official 
proceeding or meeting on financial regulation of a 
recognized international organization with authority 
to set financial standards on a global or regional 
level, including the Financial Stability Board, the 
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Basel Committee on Banking Supervision (or a simi-
lar organization), and the International Association 
of Insurance Supervisors (or a similar organiza-
tion).’’. 
SEC. 11. AMENDMENTS TO POWERS OF THE BOARD OF GOV-
ERNORS OF THE FEDERAL RESERVE SYSTEM. 
(a) IN GENERAL.—Section 13(3) of the Federal Re-
serve Act (12 U.S.C. 343(3)) is amended— 
(1) in subparagraph (A)— 
(A) by inserting ‘‘that pose a threat to the 
financial stability of the United States’’ after 
‘‘unusual and exigent circumstances’’; and 
(B) by inserting ‘‘and by the affirmative 
vote of not less than nine presidents of the Fed-
eral reserve banks’’ after ‘‘five members’’; 
(2) in subparagraph (B)— 
(A) in clause (i), by inserting at the end the 
following: ‘‘Federal reserve banks may not accept 
equity securities issued by the recipient of any 
loan or other financial assistance under this 
paragraph as collateral. Not later than 6 months 
after the date of enactment of this sentence, the 
Board shall, by rule, establish— 
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‘‘(I) a method for determining the 
sufficiency of the collateral required 
under this paragraph; 
‘‘(II) acceptable classes of collat-
eral; 
‘‘(III) the amount of any discount 
of such value that the Federal reserve 
banks will apply for purposes of calcu-
lating the sufficiency of collateral 
under this paragraph; and 
‘‘(IV) a method for obtaining 
independent appraisals of the value of 
collateral the Federal reserve banks re-
ceive.’’; and 
(B) in clause (ii)— 
(i) by striking the second sentence; and 
(ii) by inserting after the first sentence 
the following: ‘‘A borrower shall not be eligi-
ble to borrow from any emergency lending 
program or facility unless the Board and 
all federal banking regulators with jurisdic-
tion over the borrower certify that, at the 
time the borrower initially borrows under 
the program or facility, the borrower is not 
insolvent.’’; 
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(3) by inserting ‘‘financial institution’’ before 
‘‘participant’’ each place such term appears; 
(4) in subparagraph (D)(i), by inserting ‘‘finan-
cial institution’’ before ‘‘participants’’; and 
(5) by adding at the end the following new sub-
paragraphs: 
‘‘(F) PENALTY RATE.— 
‘‘(i) IN GENERAL.—Not later than 6 
months after the date of enactment of this 
subparagraph, the Board shall, with respect 
to a recipient of any loan or other financial 
assistance under this paragraph, establish 
by rule a minimum interest rate on the 
principal amount of any loan or other fi-
nancial assistance. 
‘‘(ii) MINIMUM
INTEREST
RATE
DE-
FINED.—In this subparagraph, the term 
‘minimum interest rate’ shall mean the sum 
of— 
‘‘(I) the average of the secondary 
discount rate of all Federal Reserve 
banks over the most recent 90-day pe-
riod; and 
‘‘(II) the average of the difference 
between a distressed corporate bond 
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yield index (as defined by rule of the 
Board) and a bond yield index of debt 
issued by the United States (as defined 
by rule of the Board) over the most re-
cent 90-day period. 
‘‘(G) FINANCIAL INSTITUTION PARTICIPANT 
DEFINED.—For purposes of this paragraph, the 
term ‘financial institution participant’— 
‘‘(i) means a company that is pre-
dominantly engaged in financial activities 
(as defined in section 102(a) of the Dodd- 
Frank Wall Street Reform and Consumer 
Protection Act (12 U.S.C. 5311(a))); and 
‘‘(ii) does not include an agency de-
scribed in subparagraph (W) of section 
5312(a)(2) of title 31, United States Code, 
or an entity controlled or sponsored by such 
an agency.’’. 
(b) CONFORMING AMENDMENT.—Section 11(r)(2)(A) 
of such Act is amended— 
(1) in clause (ii)(IV), by striking ‘‘; and’’ and 
inserting a semicolon; 
(2) in clause (iii), by striking the period at the 
end and inserting ‘‘; and’’; and 
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(3) by adding at the end the following new 
clause: 
‘‘(iv) the available members secure the affirma-
tive vote of not less than nine presidents of the Fed-
eral reserve banks.’’. 
SEC. 12. INTEREST RATES ON BALANCES MAINTAINED AT A 
FEDERAL RESERVE BANK BY DEPOSITORY IN-
STITUTIONS 
ESTABLISHED 
BY 
FEDERAL 
OPEN MARKET COMMITTEE. 
Subparagraph (A) of section 19(b)(12) of the Federal 
Reserve Act (12 U.S.C. 461(b)(12)(A)) is amended by in-
serting ‘‘established by the Federal Open Market Com-
mittee’’ after ‘‘rate or rates’’. 
SEC. 13. 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 of the United States shall complete an 
audit of the Board of Governors of the Federal Reserve Sys-
tem and the Federal reserve banks under subsection (b) of 
such section 714 within 12 months after the date of the en-
actment of this Act. 
(b) REPORT.— 
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(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-
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.— 
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(1) IN
GENERAL.—Section 714 of title 31, 
United States Code, is amended— 
(A) in subsection (d)(3), by striking ‘‘or (f)’’ 
each place such term appears; 
(B) in subsection (e), by striking ‘‘the third 
undesignated paragraph of section 13’’ and in-
serting ‘‘section 13(3)’’; and 
(C) by striking subsection (f). 
(2) FEDERAL RESERVE ACT.—Subsection (s) (re-
lating to ‘‘Federal Reserve Transparency and Release 
of Information’’) of section 11 of the Federal Reserve 
Act (12 U.S.C. 248) is amended— 
(A) in paragraph (4)(A), by striking ‘‘has 
the same meaning as in section 714(f)(1)(A) of 
title 31, United States Code’’ and inserting 
‘‘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 
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Code, the information described in paragraph 
(1) and information concerning the transactions 
described in section 714(f) of such title,’’ and in-
serting ‘‘the information described in paragraph 
(1)’’; and 
(C) in paragraph (7), by striking ‘‘and sec-
tion 13(3)(C), section 714(f)(3)(C) of title 31, 
United States Code, and’’ and inserting ‘‘, sec-
tion 13(3)(C), and’’. 
SEC. 14. REPORTING REQUIREMENT FOR EXPORT-IMPORT 
BANK. 
The Board of Governors of the Federal Reserve System 
shall include, as part of the monthly Federal Reserve statis-
tical release titled ‘‘Industrial Production or Capacity Uti-
lization’’ (or any successor release), an analysis of— 
(1) the impact on the index described in the sta-
tistical release due to the operation of the Export-Im-
port Bank; and 
(2) the amount of foreign industrial production 
supported by foreign export credit agencies, using the 
same method used to measure industrial production 
in the statistical release and scaled to be comparable 
to the industrial production measurement for the 
United States. 
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SEC. 15. MEMBERSHIP OF BOARD OF DIRECTORS OF THE 
FEDERAL RESERVE BANKS. 
Section 4 of the Federal Reserve Act (12 U.S.C. 302) 
is amended— 
(1) in the eleventh undesignated paragraph (re-
lating to Class B), by striking ‘‘and consumers’’ and 
inserting ‘‘consumers, and traditionally underserved 
communities and populations’’; and 
(2) in the twelfth undesignated paragraph (relat-
ing to Class C), by striking ‘‘and consumers’’ and in-
serting ‘‘consumers, and traditionally underserved 
communities and populations’’. 
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Union Calendar No. 253 
114TH CONGRESS 
1ST SESSION 
H. R. 3189 
[Report No. 114–332, Part I] 
A BILL 
To amend the Federal Reserve Act to establish re-
quirements for policy rules and blackout periods 
of the Federal Open Market Committee, to estab-
lish requirements for certain activities of the 
Board of Governors of the Federal Reserve Sys-
tem, and to amend title 31, United States Code, 
to reform the manner in which the Board of Gov-
ernors of the Federal Reserve System is audited, 
and for other purposes. 
NOVEMBER 16, 2015 
Reported from the Committee on Financial Services with 
an amendment 
NOVEMBER 16, 2015 
The Committee on Oversight and Government Reform 
discharged; committed to the Committee of the Whole 
House on the State of the Union and ordered to be 
printed 
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