113 HR 24 RH: Federal Reserve Transparency Act of 2014 U.S. House of Representatives 2014-09-16 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

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