H.R.1207 - Federal Reserve Transparency Act of 2009

To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes. view all titles (2)

All Bill Titles

  • Short: Federal Reserve Transparency Act of 2009 as introduced.
  • Official: To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes. as introduced.

Bill’s Views

  • Today: 9
  • Past Seven Days: 61
  • All-Time: 121,057
 
Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
02/26/09
 
 
 
 
 
 
 

Sponsor

Representative

Ronald Paul

R-TX

View Co-Sponsors (320)

OpenCongress Summary

This bill would repeal special audit protections for the Federal Reserve (31 USC 714 – Sec. 714) and calls for a full Government Accountability Office audit of the central bank to be completed before the end of 2010 and submitted to Congress for review. More background and info here.
OpenCongress bill summaries are written by OpenCongress editors and are entirely independent of Congress and the federal government. For the summary provided by Congress itself, via the Congressional Research Service, see the "Official Summary" below.

Official Summary

Federal Reserve Transparency Act of 2009 - Repeals the authority of the Comptroller General to carry out an onsite examination of an open insured bank or bank holding company only if the appropriate federal regulatory agency has consented in writing. (Retains the authority of the Comptrolle

Official Summary

Federal Reserve Transparency Act of 2009 - Repeals the authority of the Comptroller General to carry out an onsite examination of an open insured bank or bank holding company only if the appropriate federal regulatory agency has consented in writing. (Retains the authority of the Comptroller General to audit a federal agency.) Directs the Comptroller General to complete, before the end of 2010, an audit of the Board of Governors of the Federal Reserve System and of the federal reserve banks, followed by a detailed report to Congress.

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Organizations Supporting H.R.1207

  • Campaign for Liberty
  • Public Citizen
  • Americans for Tax Reform
  • U.S. Public Interest Research Groups
  • National Taxpayers Union
  • Freedomworks
  • ...and 1 more. See all.

Organizations Opposing H.R.1207

  • American Bankers Association
  • The Financial Services Roundtable


Latest Letters to Congress

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