Federal Reserve Transparency Act of 2021

Bill: 117-s-573
Sponsor: full_name: Sen. Paul, Rand [R-KY]
Introduced: 2021-03-03
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: 2021-03-03
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-03-03
action_desc: Introduced in Senate
text: <p><b>Federal Reserve Transparency Act of 2021</b></p> <p>This bill establishes requirements regarding audits of certain financial agencies performed by the Government Accountability Office (GAO).</p> <p>Specifically, the bill directs the GAO to complete, within 12 months, an audit of the Federal Reserve Board and Federal Reserve banks. In addition, the bill allows the GAO to audit the Federal Reserve Board and Federal Reserve banks with respect to (1) international financial transactions; (2) deliberations, decisions,&nbsp;or actions on monetary policy matters; (3) transactions made under the direction of the Federal Open Market Committee; and (4) discussions or communications among Federal Reserve officers, board members, and employees regarding any of these matters. </p>

tv_txt: II 117th CONGRESS 1st Session S. 573 IN THE SENATE OF THE UNITED STATES March 3, 2021 Mr. Paul (for himself, Mr. Young , Mr. Barrasso , Mr. Blunt , Mr. Boozman , Mr. Portman , Mr. Lankford , and Mr. Lee ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 2021 . 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 of the United States shall complete an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of that section not later than 12 months after the date of the enactment of this Act. (b) Report (1) In general Not later than 90 days after the date on which the audit required pursuant to subsection (a) is completed, the Comptroller General— (A) shall submit to Congress a report on the audit; and (B) shall make the report described in subparagraph (A) 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 required 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 (1) In general Section 714 of title 31, United States Code, is amended— (A) in subsection (d)(3), by striking or (f) each place the term appears; (B) in subsection (e), by striking the third undesignated paragraph of section 13 and inserting section 13(3) ; and (C) by striking subsection (f). (2) Federal Reserve Act Subsection (s) (relating to Federal Reserve Transparency and Release of Information ) of section 11 of the Federal Reserve Act ( 12 U.S.C. 248 ) is amended— (A) in paragraph (4)(A), by striking has the same meaning as in section 714(f)(1)(A) of title 31, United States Code and inserting means a program or facility, including any special purpose vehicle or other entity established by or on behalf of the Board of Governors of the Federal Reserve System or a Federal reserve bank, authorized by the Board of Governors under section 13(3), that is not subject to audit under section 714(e) of title 31, United States Code ; (B) in paragraph (6), by striking or in section 714(f)(3)(C) of title 31, United States Code, the information described in paragraph (1) and information concerning the transactions described in section 714(f) of such title, and inserting the information described in paragraph (1) ; and (C) in paragraph (7), by striking and section 13(3)(C), section 714(f)(3)(C) of title 31, United States Code, and and inserting , section 13(3)(C), and .