[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 24 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 536
114th CONGRESS
  2d Session
                                 H. R. 24

                          [Report No. 114-692]

   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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 6, 2015

Mr. Massie (for himself, Mr. Amodei, Mrs. Black, Mr. Cole, Mr. Collins 
of New York, Mr. Cramer, Mr. Culberson, Mr. Denham, Mr. Duncan of South 
 Carolina, Mr. Fleischmann, Mr. Fortenberry, Mr. Garrett, Mr. Gibson, 
 Mr. Gohmert, Mr. Goodlatte, Mr. Gosar, Mr. Griffith, Mr. Guthrie, Mr. 
  Huelskamp, Mr. Jones, Mr. Lance, Mr. McClintock, Mr. Mulvaney, Mr. 
 Neugebauer, Mr. Nugent, Mr. Pearce, Mr. Posey, Mr. Roe of Tennessee, 
Mr. Rogers of Alabama, Mr. Rohrabacher, Mr. Sensenbrenner, Mr. Tipton, 
Mr. Weber of Texas, Mr. Westmoreland, Mr. Yoho, Mr. Collins of Georgia, 
 Mr. Benishek, Mr. Meadows, Mr. Gene Green of Texas, Mr. Womack, Mrs. 
   Ellmers, Mr. LoBiondo, Mr. DeSantis, Mr. Harper, Mr. Rothfus, Mr. 
   Tiberi, Mr. Salmon, Mr. Palazzo, Mrs. Blackburn, Mr. LaMalfa, Mr. 
 Burgess, Mr. Gibbs, Mr. Brooks of Alabama, Mr. Amash, Mr. Chabot, Mr. 
 Thompson of Pennsylvania, Mr. Duncan of Tennessee, Mr. Boustany, Mr. 
    Farenthold, Mr. Walberg, Mr. Jolly, Mr. Grayson, Mr. Clawson of 
    Florida, and Mr. Blum) introduced the following bill; which was 
      referred to the Committee on Oversight and Government Reform

                             July 14, 2016

  Additional sponsors: Mr. Graves of Georgia, Mr. Latta, Mr. Smith of 
Texas, Mr. Emmer of Minnesota, Mr. Mooney of West Virginia, Mr. Ribble, 
Mr. Harris, Mr. Stutzman, Mr. Brat, Mr. Sanford, Mrs. Lummis, Mr. Cook, 
 Mr. Heck of Nevada, Mr. Hurt of Virginia, Mr. Lipinski, Mr. Long, Mr. 
     Pittenger, Mr. Smith of Nebraska, Mr. Hardy, Mr. Mullin, Mr. 
  Frelinghuysen, Mr. Lucas, Mr. Webster of Florida, Mr. Woodall, Mr. 
Allen, Mr. Ratcliffe, Mr. DesJarlais, Mr. Carter of Georgia, Mr. Babin, 
   Mr. Fleming, Mr. Forbes, Mr. McCaul, Mr. McKinley, Mr. Miller of 
Florida, Mrs. Miller of Michigan, Mr. Paulsen, Mrs. Walorski, Mr. Young 
of Indiana, Mr. Crawford, Mr. Yoder, Mr. Westerman, Mr. Jody B. Hice of 
 Georgia, Mr. Holding, Mr. Hunter, Mr. Messer, Ms. Pingree, Mr. Poe of 
Texas, Mr. Polis, Mr. Pompeo, Mr. Stewart, Mr. Stivers, Mr. Visclosky, 
 Mr. Whitfield, Mr. Young of Alaska, Ms. Foxx, Mr. Buck, Mr. Buchanan, 
  Mr. Joyce, Mr. Marchant, Mr. Wenstrup, Mr. Shuster, Mr. Trott, Mr. 
Calvert, Mr. Johnson of Ohio, Mr. Rodney Davis of Illinois, Mr. Olson, 
 Mr. Bishop of Michigan, Mr. DeFazio, Mr. Young of Iowa, Mr. Carter of 
   Texas, Mr. Curbelo of Florida, Mr. Bridenstine, Mr. Coffman, Mr. 
Labrador, Mr. Loebsack, Ms. Ros-Lehtinen, Mr. Smith of New Jersey, Mr. 
 Turner, Mr. Grothman, Mr. Hudson, Ms. Jenkins of Kansas, Mr. Jordan, 
  Mr. Bost, Mr. Loudermilk, Mr. Newhouse, Mr. Gowdy, Mr. Lamborn, Mr. 
 Zinke, Mr. Diaz-Balart, Mr. Murphy of Pennsylvania, Mr. Barletta, Mr. 
Fitzpatrick, Mr. Williams, Mr. King of Iowa, Mr. Barr, Mr. Barton, Mr. 
  Wilson of South Carolina, Mr. Duffy, Mr. Conaway, Mr. Shimkus, Mr. 
Smith of Missouri, Mr. Flores, Mr. Walker, Mrs. Love, Mr. Rice of South 
 Carolina, Mr. Scalise, Mr. Fincher, Mr. Franks of Arizona, Mr. Perry, 
Mr. Tom Price of Georgia, Mr. Rokita, Mr. Schweikert, Mr. Austin Scott 
  of Georgia, Mr. Palmer, Mr. Renacci, Mr. Rouzer, Mr. Sam Johnson of 
  Texas, Mr. Russell, Mr. Katko, Mr. Hurd of Texas, Mr. Wittman, Mr. 
  Sessions, Mrs. Hartzler, Ms. Herrera Beutler, Mr. Mica, Mr. Guinta, 
     Mrs. Noem, Mr. Kelly of Pennsylvania, Mr. Bishop of Utah, Mr. 
     Bilirakis, Mr. LaHood, Mr. Chaffetz, Mr. Meehan, Mr. Kelly of 
  Mississippi, Mr. Welch, Mr. Graves of Missouri, Mr. Jenkins of West 
                    Virginia, and Mr. Ruppersberger

                             July 14, 2016

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
[For text of introduced bill, see copy of bill as introduced on January 
                                6, 2015]

_______________________________________________________________________

                                 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.


 


    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 
2015''.

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, the Comptroller General of 
the United States 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.--
            (1) In general.--Section 714 of title 31, United States 
        Code, is amended--
                    (A) in subsection (d)(3), by striking ``or (f)'' 
                each place such term appears;
                    (B) in subsection (e), by striking ``the third 
                undesignated paragraph of section 13'' and inserting 
                ``section 13(3)''; and
                    (C) by striking subsection (f).
            (2) Federal reserve act.--Subsection (s) (relating to 
        ``Federal Reserve Transparency and Release of Information'') of 
        section 11 of the Federal Reserve Act (12 U.S.C. 248) is 
        amended--
                    (A) in paragraph (4)(A), by striking ``has the same 
                meaning as in section 714(f)(1)(A) of title 31, United 
                States Code'' and inserting ``means a program or 
                facility, including any special purpose vehicle or 
                other entity established by or on behalf of the Board 
                of Governors of the Federal Reserve System or a Federal 
                reserve bank, authorized by the Board of Governors 
                under section 13(3), that is not subject to audit under 
                section 714(e) of title 31, United States Code'';
                    (B) in paragraph (6), by striking ``or in section 
                714(f)(3)(C) of title 31, United States Code, the 
                information described in paragraph (1) and information 
                concerning the transactions described in section 714(f) 
                of such title,'' and inserting ``the information 
                described in paragraph (1)''; and
                    (C) in paragraph (7), by striking ``and section 
                13(3)(C), section 714(f)(3)(C) of title 31, United 
                States Code, and'' and inserting ``, section 13(3)(C), 
                and''.
                                                 Union Calendar No. 536

114th CONGRESS

  2d Session

                                H. R. 24

                          [Report No. 114-692]

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                             July 14, 2016

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed