[Congressional Record Volume 157, Number 11 (Wednesday, January 26, 2011)]
[Senate]
[Pages S282-S283]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. PAUL (for himself, Mr. DeMint, and Mr. Vitter):
  S. 202. 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; to the Committee on Banking, Housing, and Urban 
Affairs.
  Mr. PAUL. Mr. President, I ask unanimous consent that the text of the 
bill be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                 S. 202

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

[[Page S283]]

     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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