Federal Reserve Transparency Act of 2015

Bill: 114-s-2232
Sponsor: full_name: Sen. Paul, Rand [R-KY]
Introduced: 2015-11-03
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Bank accounts, deposits, capital

Congressional oversight

Federal Reserve System

Government studies and investigations
Latest action: action_date: 2016-01-12
text: Motion to proceed to consideration of measure withdrawn in Senate. (consideration: CR S63)

Summaries:
action_date: 2015-11-03
action_desc: Introduced in Senate
text: <p><b>Federal Reserve Transparency Act of 2015 </b></p> <p> This bill directs the Government Accountability Office to: (1) commence and complete an audit of the Board of Governors of the Federal Reserve System and of the Federal Reserve Banks within 12 months of enactment of this Act, and (2) report findings and conclusions to Congress within 90 days of completing the audit.</p> <p>The bill also repeals certain limitations upon such an audit.</p>

tv_txt: II Calendar No. 289 114th CONGRESS 1st Session S. 2232 IN THE SENATE OF THE UNITED STATES November 3, 2015 Mr. Paul (for himself, Ms. Ayotte , Mr. Barrasso , Mr. Blunt , Mr. Boozman , Mrs. Capito , Mr. Crapo , Mr. Cruz , Mr. Daines , Mr. Gardner , Mr. Grassley , Mr. Heller , Mr. Isakson , Mr. Lee , Mr. McConnell , Mr. Portman , Mr. Risch , Mr. Rubio , Mr. Toomey , Mr. Vitter , Mr. Cornyn , and Mr. Scott ) introduced the following bill; which was read the first time November 4, 2015 Read the second time and placed on the calendar 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 2015 . 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 of the date of 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 it. (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).

November 4, 2015 Read the second time and placed on the calendar