[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 202 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                 S. 202

   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 before the end of 2012, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 26, 2011

   Mr. Paul (for himself, Mr. DeMint, and Mr. Vitter) 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 before the end of 2012, 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 Transparency Act of 
2011''.

SEC. 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, an audit of the Board of 
Governors of the Federal Reserve System and the Federal reserve banks 
under subsection (b) of such section 714 shall be completed before the 
end of 2012.
    (b) Report.--
            (1) In general.--A report on the audit required under 
        subsection (a) 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.
            (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 all after ``in 
writing.''.
    (d) Technical and Conforming Amendment.--Section 714 of title 31, 
United States Code, is amended by striking subsection (f).
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