SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Federal Reserve 
Transparency Act of 2012’’. 
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, 
an audit of the Board of Governors of the Federal Reserve 
System and the Federal reserve banks under subsection 
(b) of such section 714 shall be completed within 12 
months of the date of enactment of this Act. 
(b) REPORT.— 
(1) IN GENERAL.—A report on the audit re-
quired under subsection (a) shall be submitted by 
the Comptroller General to the Congress before the 
end of the 90-day period beginning on the date on 
which such audit is completed and made available to 
the Speaker of the House, the majority and minority 
leaders of the House of Representatives, the major-
ity and minority leaders of the Senate, the Chairman 
and Ranking Member of the committee and each 
subcommittee of jurisdiction in the House of Rep-
resentatives and the Senate, and any other Member 
of Congress who requests it.
(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 all after ‘‘in writing.’’. 
(d) TECHNICAL AND CONFORMING AMENDMENT.— 
Section 714 of title 31, United States Code, is amended 
by striking subsection (f). 
SEC. 3. AUDIT OF LOAN FILE REVIEWS REQUIRED BY EN-
FORCEMENT ACTIONS. 
(a) IN GENERAL.—The Comptroller General of the 
United States shall conduct an audit of the review of loan 
files of homeowners in foreclosure in 2009 or 2010, re-
quired as part of the enforcement actions taken by the 
Board of Governors of the Federal Reserve System 
against supervised financial institutions. 
(b) CONTENT OF AUDIT.—The audit carried out pur-
suant to subsection (a) shall consider, at a minimum— 
(1) the guidance given by the Board of Gov-
ernors of the Federal Reserve System to inde-
pendent consultants retained by the supervised fi-
nancial institutions regarding the procedures to be 
followed in conducting the file reviews; 
(2) the factors considered by independent con-
sultants when evaluating loan files; 
(3) the results obtained by the independent con-
sultants pursuant to those reviews; 
(4) the determinations made by the independent 
consultants regarding the nature and extent of fi-
nancial injury sustained by each homeowner as well 
as the level and type of remediation offered to each 
homeowner; and 
(5) the specific measures taken by the inde-
pendent consultants to verify, confirm, or rebut the 
assertions and representations made by supervised 
financial institutions regarding the contents of loan 
files and the extent of financial injury to home-
owners. 
(c) REPORT.—Not later than the end of the 6-month 
period beginning on the date of the enactment of this Act, 
the Comptroller General shall issue a report to the Con-
gress containing all findings and determinations made in 
carrying out the audit required under subsection (a). 
Passed the House of Representatives July 25, 2012. 
Attest: 
Clerk.
112TH CONGRESS 
2D SESSION 
H. R. 459 
AN ACT 
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.