HR 459
112th CONGRESS
1st Session
H. R. 459
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 HOUSE OF REPRESENTATIVES
January 26, 2011
Mr. PAUL (for himself, Mr. COFFMAN of Colorado, Mr. THOMPSON of Pennsylvania,
Mr. ALEXANDER, Mr. MCCLINTOCK, Mr. BILIRAKIS, Mr. BACHUS, Mr. CHAFFETZ, Mr.
FORTENBERRY, Mr. LATOURETTE, Mr. BURTON of Indiana, Mr. POSEY, Mr. JONES,
Mr. REED, Mr. BROUN of Georgia, Mr. HELLER, Mr. BARTON of Texas, Mr. WOODALL,
Mr. MCCAUL, Mr. ROHRABACHER, Mr. LANCE, Mrs. MCMORRIS RODGERS, Mr. SIMPSON,
Mr. SMITH of Nebraska, Mr. LAMBORN, Mr. SMITH of Texas, Mr. REHBERG, Mrs.
MYRICK, Mr. MCKEON, Mr. WITTMAN, Mrs. BLACKBURN, Mr. MARCHANT, Mr. GALLEGLY,
Ms. KAPTUR, Ms. WOOLSEY, Mr. SCHOCK, Mr. BURGESS, Mr. ROSS of Florida, Mr.
CALVERT, Mr. FLORES, Mr. GRAVES of Georgia, Mr. MCKINLEY, Mr. LOBIONDO, Mr.
GARY G. MILLER of California, Mr. MILLER of Florida, Mr. YOUNG of Florida,
Mr. FORBES, Mr. GARRETT, Mr. GERLACH, Mr. GOHMERT, Mr. HUIZENGA of Michigan,
Mr. KUCINICH, Mr. YOUNG of Alaska, Mr. CAMPBELL, Mr. PETRI, and Mr. BARTLETT)
introduced the following bill; which was referred to the Committee on Oversight
and Government Reform
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.
(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).
END
