[Congressional Record Volume 161, Number 58 (Tuesday, April 21, 2015)]
[Senate]
[Page S2307]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 1125. Mr. PAUL submitted an amendment intended to be proposed by 
him to the bill S. 178, to provide justice for the victims of 
trafficking; which was ordered to lie on the table; as follows:

       At the end of the bill, add the following:

               TITLE IV--FEDERAL RESERVE TRANSPARENCY ACT

     SEC. 401. SHORT TITLE.

       This title may be cited as the ``Federal Reserve 
     Transparency Act of 2015''

     SEC. 402. 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 title.
       (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. 403. 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 title, 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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