I 112th CONGRESS 1st Session H. R. 1496 IN THE HOUSE OF REPRESENTATIVES April 12, 2011 Mr. Paul introduced the following bill; which was referred to the Committee on Oversight and Government Reform A BILL To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

1.

Short title

This Act may be cited as the Federal Reserve Transparency Act.

2.

Audit reform and transparency for the Board of Governors of the Federal Reserve System

(a)

In general

Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after in writing.. (b)

Repeal of certain limitations

Section 714 of title 31, United States Code, is amended by striking subsection (f). (c)

Audit

Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection: (f)

Audit and report of the Federal Reserve System

(1)

In general

An audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed within 12 months of the enactment of the Federal Reserve Transparency Act. (2)

Report

(A)

Required

A report on the audit referred to in paragraph (1) 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 of Representatives, 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. (B)

Contents

The report under subparagraph (A) 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. (3)

Construction

Nothing in this subsection shall be construed to limit the ability of the Government Accountability Office to perform additional audits of the Board of Governors of the Federal Reserve System or of the Federal reserve banks. .