Federal Reserve Transparency Act of 2014

Bill: 113-hr-24
Sponsor: Rep. Broun, Paul C. [R-GA-10]
Introduced: 2013-01-03 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: 2013-01-03
text: 
Federal Reserve Transparency Act of 2013 - Directs the Comptroller General (GAO) 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: 2014-09-16
text: 
Federal Reserve Transparency Act of 2014 - Directs the Comptroller General (GAO) to: (1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Federal Reserve 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.
 
Repeals GAO authority to conduct audits of the Federal Reserve Board, a Federal Reserve Bank, or a credit facility pursuant to its determination that they are appropriate for specified assessments of a credit facility or a covered transaction.

action_date: 2014-09-17
text: 

(This measure has not been amended since it was reported to the House on September 16, 2014. The summary of that version is repeated here.)

 
Federal Reserve Transparency Act of 2014 - Directs the Comptroller General (GAO) to: (1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Federal Reserve 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.
 
Repeals GAO authority to conduct audits of the Federal Reserve Board, a Federal Reserve Bank, or a credit facility pursuant to its determination that they are appropriate for specified assessments of a credit facility or a covered transaction.


Legislative actions:
action_date: 2014-09-18
text: Received in the Senate.
action_date: 2014-09-17
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2014-09-17
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 333 - 92 (Roll no. 504). (text: CR 9/16/2014 H7588)
action_date: 2014-09-17
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): 333 - 92 (Roll no. 504).(text: CR 9/16/2014 H7588)
action_date: 2014-09-17
text: Considered as unfinished business. (consideration: CR H7635)
action_date: 2014-09-16
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: 2014-09-16
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 24.
action_date: 2014-09-16
text: Considered under suspension of the rules. (consideration: CR H7588-7591)
action_date: 2014-09-16
text: Mr. Meadows moved to suspend the rules and pass the bill, as amended.
action_date: 2014-09-16
text: Placed on the Union Calendar, Calendar No. 447.
action_date: 2014-09-16
text: Committee on Financial Services discharged.
action_date: 2014-09-16
text: Committee on Financial Services discharged.
action_date: 2014-09-16
text: Reported (Amended) by the Committee on Oversight and Government Reform. H. Rept. 113-602, Part I.
action_date: 2014-09-16
text: Reported (Amended) by the Committee on Oversight and Government Reform. H. Rept. 113-602, Part I.
action_date: 2014-07-24
text: Ordered to be Reported (Amended) by Voice Vote.
action_date: 2014-07-24
text: Committee Consideration and Mark-up Session Held.
action_date: 2013-01-03
text: Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2013-01-03
text: Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2013-01-03
text: Introduced in House
action_date: 2013-01-03
text: Introduced in House