[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2119 Introduced in House (IH)]







105th CONGRESS
  1st Session
                                H. R. 2119

To amend the Federal Reserve Act to expand the opportunity for private 
   enterprise to compete with the Board of Governors of the Federal 
         Reserve System in the transportation of paper checks.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 9, 1997

 Mrs. Maloney of New York (for herself, Mr. Gonzalez, Mr. Metcalf, Mr. 
Ney, and Ms. Carson) introduced the following bill; which was referred 
           to the Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Federal Reserve Act to expand the opportunity for private 
   enterprise to compete with the Board of Governors of the Federal 
         Reserve System in the transportation of paper checks.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Efficient Check Clearing Act of 
1997''.

SEC. 2. COMPETITIVE PRICING OF FEDERAL RESERVE BOARD SERVICES.

    (a) Clarification of Fee Schedule Requirements.--
            (1) In general.--Section 11A(b) of the Federal Reserve Act 
        (12 U.S.C. 248a(b)) is amended--
                    (A) by redesignating paragraphs (3) through (8) as 
                paragraphs (4) through (9), respectively; and
                    (B) by inserting after paragraph (2) the following 
                new paragraph:
            ``(3) transportation of paper checks services in the 
        clearing process;''.
            (2) Publication within 60 days.--Before the end of the 60-
        day period beginning on the date of the enactment of this Act, 
        the Board of Governors of the Federal Reserve System shall 
        publish a revision of the schedule of fees required under 
        section 11A of the Federal Reserve Act which reflects the 
        change made in the schedule because of the amendment made by 
        paragraph (1).
    (b) Documentation.--Section 714 of title 31, United States Code, is 
amended by adding at the end the following new subsection:
    ``(e) Review of Pricing of Services Provided by the Federal Reserve 
System.--
            ``(1) In general.--The Comptroller General shall conduct an 
        annual audit of the Board of Governors of the Federal Reserve 
        System and the Federal reserve banks to determine whether the 
        requirements of subsection (c)(3) of section 11A of the Federal 
        Reserve Act are being met with respect to each component of any 
        service referred to in subsection (b) of such section.
            ``(2) Documentation.--Notwithstanding any restriction in 
        this section or any other provision of law relating to the 
        scope of any audit of the Board of Governors of the Federal 
        Reserve System or any Federal reserve bank by the Comptroller 
        General--
                    ``(A) the Board and each Federal reserve bank shall 
                maintain such documents and information as the 
                Comptroller General determines may be useful for 
                purposes of any audit under paragraph (1) for such 
                reasonable period of time as the Comptroller General 
                determines to be appropriate; and
                    ``(B) the Comptroller General shall have full 
                access to such documents for purposes of any audit 
                under paragraph (1).
            ``(3) Report.--A report on each audit conducted under 
        paragraph (1) shall be submitted annually to the Congress.''.
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