Audit The Fed Act of 2013

Bill: 113-hr-33
Sponsor: full_name: Rep. Stockman, Steve [R-TX-36]
Introduced: 2013-01-03
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Bank accounts, deposits, capital

Federal Reserve System

Government studies and investigations

Monetary policy
Latest action: action_date: 2013-01-03
text: Referred to the House Committee on Oversight and Government Reform.

Summaries:
action_date: 2013-01-03
action_desc: Introduced in House
text: <p> Audit The Fed Act of 2013 - Repeals the authority of the Comptroller General (GAO) to carry out an onsite examination of an open insured bank or bank holding company only if the appropriate federal regulatory agency has consented in writing. (Retains the authority of the Comptroller General to audit a federal agency.)</p> <p>Directs the Comptroller General to complete, before the end of 2014, 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.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 33 IN THE HOUSE OF REPRESENTATIVES January 3, 2013 Mr. Stockman (for himself and Mr. Broun of Georgia ) introduced the following bill; which was referred to the Committee on Oversight and Government Reform A BILL To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

1. Short title This Act may be cited as the Audit The Fed Act of 2013 . 2. Audit reform and transparency for the Board of Governors of the Federal Reserve System (a) In general Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after shall audit an agency and inserting a period. (b) Audit Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection: (e) Audit and report of the Federal Reserve System (1) In general The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed before the end of 2014. (2) Report (A) Required A report on the audit referred to in paragraph (1) 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 it. (B) Contents The report under subparagraph (A) 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. .