IB 
Union Calendar No. 536 
114TH CONGRESS 
2D SESSION 
H. R. 24 
[Report No. 114–692] 
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 
JULY 14, 2016 
Additional sponsors: Mr. GRAVES of Georgia, Mr. LATTA, Mr. SMITH of 
Texas, Mr. EMMER of Minnesota, Mr. MOONEY of West Virginia, Mr. 
RIBBLE, Mr. HARRIS, Mr. STUTZMAN, Mr. BRAT, Mr. SANFORD, Mrs. 
LUMMIS, Mr. COOK, Mr. HECK of Nevada, Mr. HURT of Virginia, Mr. 
LIPINSKI, Mr. LONG, Mr. PITTENGER, Mr. SMITH of Nebraska, Mr. 
HARDY, Mr. MULLIN, Mr. FRELINGHUYSEN, Mr. LUCAS, Mr. WEBSTER 
of Florida, Mr. WOODALL, Mr. ALLEN, Mr. RATCLIFFE, Mr. 
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DESJARLAIS, Mr. CARTER of Georgia, Mr. BABIN, Mr. FLEMING, Mr. 
FORBES, Mr. MCCAUL, Mr. MCKINLEY, Mr. MILLER of Florida, Mrs. 
MILLER of Michigan, Mr. PAULSEN, Mrs. WALORSKI, Mr. YOUNG of In-
diana, Mr. CRAWFORD, Mr. YODER, Mr. WESTERMAN, Mr. JODY B. 
HICE of Georgia, Mr. HOLDING, Mr. HUNTER, Mr. MESSER, Ms. PIN-
GREE, Mr. POE of Texas, Mr. POLIS, Mr. POMPEO, Mr. STEWART, Mr. 
STIVERS, Mr. VISCLOSKY, Mr. WHITFIELD, Mr. YOUNG of Alaska, Ms. 
FOXX, Mr. BUCK, Mr. BUCHANAN, Mr. JOYCE, Mr. MARCHANT, Mr. 
WENSTRUP, Mr. SHUSTER, Mr. TROTT, Mr. CALVERT, Mr. JOHNSON of 
Ohio, Mr. RODNEY DAVIS of Illinois, Mr. OLSON, Mr. BISHOP of Michi-
gan, Mr. DEFAZIO, Mr. YOUNG of Iowa, Mr. CARTER of Texas, Mr. 
CURBELO of Florida, Mr. BRIDENSTINE, Mr. COFFMAN, Mr. LABRADOR, 
Mr. LOEBSACK, Ms. ROS-LEHTINEN, Mr. SMITH of New Jersey, Mr. 
TURNER, Mr. GROTHMAN, Mr. HUDSON, Ms. JENKINS of Kansas, Mr. 
JORDAN, Mr. BOST, Mr. LOUDERMILK, Mr. NEWHOUSE, Mr. GOWDY, 
Mr. LAMBORN, Mr. ZINKE, Mr. DIAZ-BALART, Mr. MURPHY of Pennsyl-
vania, Mr. BARLETTA, Mr. FITZPATRICK, Mr. WILLIAMS, Mr. KING of 
Iowa, Mr. BARR, Mr. BARTON, Mr. WILSON of South Carolina, Mr. 
DUFFY, Mr. CONAWAY, Mr. SHIMKUS, Mr. SMITH of Missouri, Mr. FLO-
RES, Mr. WALKER, Mrs. LOVE, Mr. RICE of South Carolina, Mr. SCA-
LISE, Mr. FINCHER, Mr. FRANKS of Arizona, Mr. PERRY, Mr. TOM 
PRICE of Georgia, Mr. ROKITA, Mr. SCHWEIKERT, Mr. AUSTIN SCOTT 
of Georgia, Mr. PALMER, Mr. RENACCI, Mr. ROUZER, Mr. SAM JOHNSON 
of Texas, Mr. RUSSELL, Mr. KATKO, Mr. HURD of Texas, Mr. WITTMAN, 
Mr. SESSIONS, Mrs. HARTZLER, Ms. HERRERA BEUTLER, Mr. MICA, Mr. 
GUINTA, Mrs. NOEM, Mr. KELLY of Pennsylvania, Mr. BISHOP of Utah, 
Mr. BILIRAKIS, Mr. LAHOOD, Mr. CHAFFETZ, Mr. MEEHAN, Mr. KELLY 
of Mississippi, Mr. WELCH, Mr. GRAVES of Missouri, Mr. JENKINS of 
West Virginia, and Mr. RUPPERSBERGER 
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 
[Strike out all after the enacting clause and insert the part printed in italic] 
[For text of introduced bill, see copy of bill as introduced on January 6, 2015] 
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 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 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.— 
(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 
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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 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.— 
(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). 
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(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 
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, 
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United States Code, and’’ and inserting ‘‘, sec-
tion 13(3)(C), and’’. 
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Union Calendar No. 536 
114TH CONGRESS 
2D SESSION 
H. R. 24 
[Report No. 114–692] 
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. 
JULY 14, 2016 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
23:32 Jul 14, 2016
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