Federal Reserve Transparency Act of 2014

Bill: 113-hr-24
Sponsor: full_name: Rep. Broun, Paul C. [R-GA-10]
Introduced: 2013-01-03
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
Latest action: action_date: 2014-09-18
text: Received in the Senate.

Summaries:
action_date: 2013-01-03
action_desc: Introduced in House
text: <p>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.</p> <p>Repeals certain limitations placed upon such audit.</p> <p>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. </p>

action_date: 2014-09-16
action_desc: Reported to House amended, Part I
text: <p>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.</p> <p>Repeals certain limitations placed upon such audit.</p> <p>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.</p>

action_date: 2014-09-17
action_desc: Passed House amended
text: <p><b>(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.)</b></p> <p>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.</p> <p>Repeals certain limitations placed upon such audit.</p> <p>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.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 24 IN THE HOUSE OF REPRESENTATIVES January 3, 2013 Mr. Broun of Georgia introduced the following bill; which was 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 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.

1. Short title This Act may be cited as the Federal Reserve Transparency Act of 2013 . 2. Audit reform and transparency for the Board of Governors of the Federal Reserve 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 after the date of the enactment of this Act. (b) Report (1) In general A report on the audit required 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 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 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). 3. Audit of loan file reviews required by enforcement 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, required 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 pursuant to subsection (a) shall consider, at a minimum— (1) the guidance given by the Board of Governors of the Federal Reserve System to independent consultants retained by the supervised financial institutions regarding the procedures to be followed in conducting the file reviews; (2) the factors considered by independent consultants when evaluating loan files; (3) the results obtained by the independent consultants pursuant to those reviews; (4) the determinations made by the independent consultants regarding the nature and extent of financial 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 independent 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 homeowners. (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 Congress containing all findings and determinations made in carrying out the audit required under subsection (a).

tv_txt: IB Union Calendar No. 447 113th CONGRESS 2d Session H. R. 24 [Report No. 113–602, Part I] IN THE HOUSE OF REPRESENTATIVES January 3, 2013 Mr. Broun of Georgia introduced the following bill; which was 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 September 16, 2014 Additional sponsors: Mr. Jones , Mr. Loebsack , Mr. Michaud , Mr. McIntyre , Mr. DeFazio , Mr. Camp , Mr. Gosar , Mr. Peterson , Mr. Terry , Mr. Walberg , Mr. Luetkemeyer , Mr. Coble , Mr. Radel , Mr. Nunnelee , Mr. Goodlatte , Mr. Latta , Mr. Yoho , Mr. Burgess , Mr. Stockman , Mr. Amash , Mr. Hanna , Mr. Thompson of Pennsylvania , Mr. Lance , Mr. Heck of Nevada , Mr. Carter , Mr. Griffin of Arkansas , Mr. Pearce , Mr. Walden , Mr. Barletta , Mr. Runyan , Mr. Westmoreland , Mr. Fortenberry , Mr. Farenthold , Mr. Chaffetz , Mr. Lamborn , Mr. Marino , Mrs. Miller of Michigan , Mrs. Bachmann , Mr. Duncan of South Carolina , Mr. King of Iowa , Mrs. Hartzler , Mrs. Black , Mr. Sessions , Mr. Schock , Mr. Huizenga of Michigan , Mr. Fincher , Mr. Rogers of Alabama , Mr. Gowdy , Mr. Roe of Tennessee , Mr. Amodei , Mr. Graves of Missouri , Mr. Culberson , Mr. Bonner , Mr. Barton , Mr. Buchanan , Mr. Wilson of South Carolina , Ms. Foxx , Mr. Stivers , Mr. Wittman , Mr. Bucshon , Mr. Womack , Mr. Simpson , Mr. Sensenbrenner , Mr. Long , Mr. DesJarlais , Mr. Webster of Florida , Mr. Scalise , Mr. Hastings of Washington , Mr. Tiberi , Ms. Pingree of Maine , Mr. Woodall , Mr. Roskam , Mr. Wolf , Mr. Harris , Mrs. Capito , Mr. Griffith of Virginia , Mr. McKinley , Mr. Huelskamp , Mr. Gerlach , Mr. Smith of Nebraska , Mr. Hunter , Mr. Whitfield , Mr. Joyce , Mr. Collins of Georgia , Mr. Alexander , Mr. Olson , Mr. Weber of Texas , Mr. Gardner , Mr. Nugent , Mr. Austin Scott of Georgia , Mrs. Noem , Mrs. Blackburn , Mr. LaMalfa , Mr. Pompeo , Mr. Rokita , Mr. Yoder , Mr. Poe of Texas , Mr. Hurt , Mr. Latham , Mr. Flores , Mr. Forbes , Mr. Duncan of Tennessee , Mr. McCaul , Mr. Johnson of Ohio , Mr. Gibson , Mr. Welch , Mr. Calvert , Mr. Bilirakis , Mr. Turner , Mr. Bentivolio , Mr. Kline , Mr. Barr , Mr. Frelinghuysen , Mr. Paulsen , Mr. DeSantis , Mr. Posey , Mrs. Lummis , Mr. Young of Indiana , Mr. Miller of Florida , Mr. Mica , Mr. Aderholt , Mr. Stutzman , Mr. Crawford , Mr. Cassidy , Mr. Boustany , Mr. Fleischmann , Mr. Meehan , Mr. Wenstrup , Mr. Jordan , Mr. Grimm , Ms. Jenkins , Mr. Tipton , Mr. Young of Florida , Mr. Massie , Mr. Rodney Davis of Illinois , Mr. Lankford , Mr. Lipinski , Mr. Benishek , Mr. Salmon , Mr. Duffy , Mr. Young of Alaska , Mr. Stewart , Mr. Schweikert , Mr. McClintock , Mr. Cotton , Mr. Owens , Mr. Sanford , Mr. Daines , Mr. Murphy of Pennsylvania , Mr. Kelly of Pennsylvania , Mr. Upton , Mr. Marchant , Mr. Smith of Missouri , Mr. Franks of Arizona , Mr. Gohmert , Mr. Braley of Iowa , Mr. Rohrabacher , Mr. Guthrie , Mr. Kingston , Mr. Cramer , Mr. Meadows , Mr. Diaz-Balart , Mr. Collins of New York , Mr. Rigell , Mr. Maffei , Mr. Barrow of Georgia , Mrs. Ellmers , Mr. Gene Green of Texas , Mr. Harper , Ms. Ros-Lehtinen , Mr. Palazzo , Mr. Graves of Georgia , Mr. Polis , Mr. Lucas , Mr. Valadao , Mr. LoBiondo , Mr. Pittenger , Mr. Grayson , Mr. Ross , Mr. Shuster , Mr. Smith of Texas , Mr. McAllister , Mr. Hudson , Mr. Fitzpatrick , Mr. Hall , Mr. Denham , Mr. Coffman , Mr. Bishop of Utah , Mr. Sam Johnson of Texas , Mr. Visclosky , Mr. Gingrey of Georgia , Mr. Tierney , Mr. Ribble , Mr. Mulvaney , Mr. Labrador , Mr. Fleming , Mr. Price of Georgia , Mr. Cole , Mr. Thornberry , Mr. Rothfus , Mr. Reed , Mr. Conaway , Mr. Neugebauer , Mr. Rice of South Carolina , Mr. Bridenstine , Mr. Cook , Mr. Renacci , Mr. Ruppersberger , Mr. Gary G. Miller of California , Ms. Herrera Beutler , Mr. Rooney , Mr. Jolly , Mr. Mullin , Mr. Chabot , Mr. Perry , Mr. Gibbs , Mrs. Wagner , Mr. Garrett , Mr. Petri , Mr. Williams , Mr. Brooks of Alabama , Mr. Pitts , Mr. Crenshaw , Mr. Smith of New Jersey , Mr. Shimkus , Ms. Granger , Mrs. Walorski , and Ms. Lofgren September 16, 2014 Reported from the Committee on Oversight and Government Reform with an amendment Strike out all after the enacting clause and insert the part printed in italic September 16, 2014 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 For text of introduced bill, see copy of bill as introduced on January 3, 2013 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.

1. Short title This Act may be cited as the Federal Reserve Transparency Act of 2014 . 2. Audit reform and transparency for the Board of Governors of the Federal Reserve System (a) In general Notwithstanding section 714 of title 31, United States Code, or any other provision of law, the Comptroller General shall complete an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such section 714 within 12 months after the date of the enactment of this Act. (b) Report (1) In general Not later than 90 days after the audit required pursuant to subsection (a) is completed, 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 majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee 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 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 the second sentence. (d) Technical and conforming amendments Section 714 of title 31, United States Code, is amended— (1) in subsection (d)(3)— (A) in subparagraph (A)— (i) by striking or (f) ; (ii) in clause (i), by striking or (f) ; and (iii) in clause (ii), by striking or (f) ; and (B) in subparagraph (C), by striking or (f) ; and (2) by striking subsection (f).

September 16, 2014 Reported from the Committee on Oversight and Government Reform with an amendment September 16, 2014 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

tv_txt: I 113th CONGRESS 2d Session H. R. 24 IN THE HOUSE OF REPRESENTATIVES 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.

1. Short title This Act may be cited as the Federal Reserve Transparency Act of 2014 . 2. Audit reform and transparency for the Board of Governors of the Federal Reserve System (a) In general Notwithstanding section 714 of title 31, United States Code, or any other provision of law, the Comptroller General shall complete an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such section 714 within 12 months after the date of the enactment of this Act. (b) Report (1) In general Not later than 90 days after the audit required pursuant to subsection (a) is completed, 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 majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee 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 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 the second sentence. (d) Technical and conforming amendments Section 714 of title 31, United States Code, is amended— (1) in subsection (d)(3)— (A) in subparagraph (A)— (i) by striking or (f) ; (ii) in clause (i), by striking or (f) ; and (iii) in clause (ii), by striking or (f) ; and (B) in subparagraph (C), by striking or (f) ; and (2) by striking subsection (f).

Passed the House of Representatives September 17, 2014. Karen L. Haas, Clerk.

tv_txt: II 113th CONGRESS 2d Session H. R. 24 IN THE SENATE OF THE UNITED STATES September 18, 2014 Received 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.

1. Short title This Act may be cited as the Federal Reserve Transparency Act of 2014 . 2. Audit reform and transparency for the Board of Governors of the Federal Reserve System (a) In general Notwithstanding section 714 of title 31, United States Code, or any other provision of law, the Comptroller General shall complete an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such section 714 within 12 months after the date of the enactment of this Act. (b) Report (1) In general Not later than 90 days after the audit required pursuant to subsection (a) is completed, 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 majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee 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 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 the second sentence. (d) Technical and conforming amendments Section 714 of title 31, United States Code, is amended— (1) in subsection (d)(3)— (A) in subparagraph (A)— (i) by striking or (f) ; (ii) in clause (i), by striking or (f) ; and (iii) in clause (ii), by striking or (f) ; and (B) in subparagraph (C), by striking or (f) ; and (2) by striking subsection (f).

Passed the House of Representatives September 17, 2014. Karen L. Haas, Clerk