[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1348 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 1348

  To require the Board of Governors of the Federal Reserve System to 
    publish information on financial assistance provided to various 
                   entities, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 5, 2009

   Mr. Paul introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To require the Board of Governors of the Federal Reserve System to 
    publish information on financial assistance provided to various 
                   entities, and for other purposes.

    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 ``Federal Reserve Sunshine Act''.

SEC. 2. PUBLICATION OF BOARD ACTIONS.

    Notwithstanding any other provision of law, the Board of Governors 
of the Federal Reserve System (hereafter in this Act referred to as the 
``Board'') shall publish on its website, with respect to all loans and 
other financial assistance it has provided since March 24, 2008, under 
the third undesignated paragraph of section 13 of the Federal Reserve 
Act (12 U.S.C. 343) or any other authority of the Board, including the 
Discount Window and the Term Auction Facility--
            (1) the identity of each business, individual, or entity to 
        which the Board has provided such assistance;
            (2) the type of financial assistance provided to that 
        business, individual, or entity;
            (3) the value or amount of that financial assistance;
            (4) the date on which the financial assistance was 
        provided;
            (5) the specific terms of any repayment expected, including 
        the repayment time period, interest charges, collateral, 
        limitations on executive compensation or dividends, and other 
        material terms; and
            (6) the specific rationale for providing assistance in each 
        instance.

SEC. 3. TIMING.

    The Board shall publish information required by this section--
            (1) not later than 7 days after the date of enactment of 
        this Act; and
            (2) in updated form, not less frequently than once every 30 
        days.
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