[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 264 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                 S. 264

   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 SENATE OF THE UNITED STATES

                            January 27, 2015

    Mr. Paul (for himself, Ms. Ayotte, Mr. Barrasso, Mr. Blunt, Mr. 
 Boozman, Mr. Burr, Mr. Cassidy, Mr. Cornyn, Mr. Crapo, Mr. Cruz, Mr. 
 Gardner, Mr. Grassley, Mr. Hatch, Mr. Heller, Mr. Isakson, Mr. Kirk, 
  Mr. Lankford, Mr. Lee, Mr. McConnell, Mr. Moran, Ms. Murkowski, Mr. 
 Portman, Mr. Risch, Mr. Rubio, Mr. Scott, Mr. Thune, Mr. Toomey, Mr. 
    Vitter, Mr. Perdue, Mrs. Capito, and Ms. Hirono) 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, 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, 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 within 12 
months of the date of enactment of this Act.
    (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, 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).

SEC. 3. AUDIT OF LOAN FILE REVIEWS REQUIRED BY ENFORCEMENT ACTIONS.

    (a) In General.--The Comptroller General of the United States shall 
conduct an audit of the review of loan files of homeowners in 
foreclosure in 2009 or 2010, required as part of the enforcement 
actions taken by the Board of Governors of the Federal Reserve System 
against supervised financial institutions.
    (b) Content of Audit.--The audit carried out pursuant to subsection 
(a) shall consider, at a minimum--
            (1) the guidance given by the Board of Governors of the 
        Federal Reserve System to independent consultants retained by 
        the supervised financial institutions regarding the procedures 
        to be followed in conducting the file reviews;
            (2) the factors considered by independent consultants when 
        evaluating loan files;
            (3) the results obtained by the independent consultants 
        pursuant to those reviews;
            (4) the determinations made by the independent consultants 
        regarding the nature and extent of financial injury sustained 
        by each homeowner as well as the level and type of remediation 
        offered to each homeowner; and
            (5) the specific measures taken by the independent 
        consultants to verify, confirm, or rebut the assertions and 
        representations made by supervised financial institutions 
        regarding the contents of loan files and the extent of 
        financial injury to homeowners.
    (c) Report.--Not later than the end of the 6-month period beginning 
on the date of the enactment of this Act, the Comptroller General shall 
issue a report to the Congress containing all findings and 
determinations made in carrying out the audit required under subsection 
(a).
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