H.R.459 - Federal Reserve Transparency Act of 2011

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. view all titles (7)

All Bill Titles

  • Official: 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. as introduced.
  • Popular: Federal Reserve Transparency Act of 2011 as introduced.
  • Short: Federal Reserve Transparency Act of 2011 as introduced.
  • Official: Federal Reserve Transparency Act of 2011 as introduced.
  • Short: Federal Reserve Transparency Act of 2012 as reported to house.
  • Official: 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. as amended by house.
  • Short: Federal Reserve Transparency Act of 2012 as passed house.

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Introduced
 
House
Passed
 
Senate
Passes
 
President
Signs
 

 
01/26/11
 
07/25/12
 
 
 
 
 

Sponsor

Representative

Ronald Paul

R-TX

View Co-Sponsors (274)
 

Latest Vote

Result: Passed - July 25, 2012

Roll call number 513 in the House

Question: On Motion to Suspend the Rules and Pass, as Amended: 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

 

Official Summary

Federal Reserve Transparency Act of 2012 - Directs the Comptroller General to: (1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Board) and of the Federal Reserve Banks; and (2) submit to Congress, within 90

Official Summary

Federal Reserve Transparency Act of 2012 - Directs the Comptroller General to:
(1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Board) and of the Federal Reserve Banks; and
(2) submit to Congress, within 90 days of audit completion, a detailed report of audit findings and conclusions. Repeals certain limitations placed upon such audit. Instructs the Comptroller General to audit and report on the review of loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Board against supervised financial institutions. Prescribes audit contents, including:
(1) the guidance given by the Board to independent consultants retained by the supervised financial institutions regarding procedures to be followed in conducting the file reviews,
(2) the factors considered by independent consultants when evaluating loan files and the results obtained pursuant to those reviews, and
(3) the determinations made by such consultants regarding the nature and extent of financial injury sustained by each homeowner as well as the level and type of remediation offered.

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