TINGS of Washington, Ms. PINGREE of Maine, Ms. BERKLEY, Mr. 
SCHIFF, Ms. HAYWORTH, Mr. ROYCE, Mr. PALAZZO, and Mr. OWENS 
JULY 18, 2012 
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 
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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 before 
the end of 2012, 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 2011’’. 
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 before the end 
of 2012. 
(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-
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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). 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Federal Reserve Trans-
parency 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 Sys-
tem and the Federal reserve banks under subsection (b) of 
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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 majority 
and minority leaders of the Senate, the Chairman 
and Ranking Member of the committee and each sub-
committee of jurisdiction in the House of Representa-
tives and the Senate, and any other Member of Con-
gress who requests it. 
(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 all after ‘‘in writing.’’. 
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