Federal Reserve Transparency Act of 2012

Bill: 112-hr-459
Sponsor: Rep. Paul, Ron [R-TX-14]
Introduced: 2011-01-26 in the House
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing
Bank accounts, deposits, capital
Congressional oversight
Federal Reserve System
Government studies and investigations
Housing finance and home ownership

Summary:
action_date: 2011-01-26
text: 
Federal Reserve Transparency Act of 2011 - Directs the Comptroller General to complete, before the end of 2012, an audit of the Board of Governors of the Federal Reserve System and of the federal reserve banks, followed by a detailed report to Congress.
 
Repeals specified limitations on such an audit.

action_date: 2012-07-17
text: 
Federal Reserve Transparency Act of 2012 - Directs the Comptroller General to: (1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Board) and of the Federal Reserve Banks; and (2) submit to Congress, within 90 days of audit completion, a detailed report of audit findings and conclusions.
 
Repeals certain limitations placed upon such audit.
 
Instructs the Comptroller General to audit and report on the review of loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Board against supervised financial institutions. Prescribes audit contents, including: (1) the guidance given by the Board to independent consultants retained by the supervised financial institutions regarding procedures to be followed in conducting the file reviews, (2) the factors considered by independent consultants when evaluating loan files and the results obtained pursuant to those reviews, and (3) the determinations made by such consultants regarding the nature and extent of financial injury sustained by each homeowner as well as the level and type of remediation offered.
 

action_date: 2012-07-25
text: 

(This measure has not been amended since it was reported to the House on July 17, 2012. The summary of that version is repeated here.)

 
Federal Reserve Transparency Act of 2012 - Directs the Comptroller General to: (1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Board) and of the Federal Reserve Banks; and (2) submit to Congress, within 90 days of audit completion, a detailed report of audit findings and conclusions.
 
Repeals certain limitations placed upon such audit.
 
Instructs the Comptroller General to audit and report on the review of loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Board against supervised financial institutions. Prescribes audit contents, including: (1) the guidance given by the Board to independent consultants retained by the supervised financial institutions regarding procedures to be followed in conducting the file reviews, (2) the factors considered by independent consultants when evaluating loan files and the results obtained pursuant to those reviews, and (3) the determinations made by such consultants regarding the nature and extent of financial injury sustained by each homeowner as well as the level and type of remediation offered. 


Legislative actions:
action_date: 2013-01-01
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 580.
action_date: 2012-12-30
text: Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2012-07-26
text: Received in the Senate.
action_date: 2012-07-25
text: The title of the measure was amended. Agreed to without objection.
action_date: 2012-07-25
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2012-07-25
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 327 - 98 (Roll no. 513).
action_date: 2012-07-25
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 327 - 98 (Roll no. 513).
action_date: 2012-07-25
text: Considered as unfinished business. (consideration: CR H5224-5225)
action_date: 2012-07-24
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2012-07-24
text: DEBATE - The House resumed debate on H.R. 459, as amended.
action_date: 2012-07-24
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 459.
action_date: 2012-07-24
text: Considered under suspension of the rules. (consideration: CR H5150-5162; text of measure as reported in House: CR H5150)
action_date: 2012-07-24
text: Mr. Issa moved to suspend the rules and pass the bill, as amended.
action_date: 2012-07-18
text: Placed on the Union Calendar, Calendar No. 441.
action_date: 2012-07-18
text: Committee on Financial Services discharged.
action_date: 2012-07-18
text: Committee on Financial Services discharged.
action_date: 2012-07-17
text: Referred sequentially to the House Committee on Financial Services for a period ending not later than July 18, 2012 for consideration of such provisions of the bill and amendment as fall within the jurisdiction of that committee pursuant to clause 1(h) of rule X.
action_date: 2012-07-17
text: Reported (Amended) by the Committee on Oversight and Government Reform. H. Rept. 112-607, Part I.
action_date: 2012-07-17
text: Reported (Amended) by the Committee on Oversight and Government Reform. H. Rept. 112-607, Part I.
action_date: 2012-06-27
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2012-06-27
text: Committee Consideration and Mark-up Session Held.
action_date: 2011-02-08
text: Referred to the Subcommittee on Government Organization, Efficiency, and Financial Management     .
action_date: 2011-01-26
text: Referred to the House Committee on Oversight and Government Reform.
action_date: 2011-01-26
text: Sponsor introductory remarks on measure. (CR E128)
action_date: 2011-01-26
text: Introduced in House
action_date: 2011-01-26
text: Introduced in House