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.
(This measure has not been amended since it was reported to the House on July 17, 2012. The summary of that version is repeated here.)
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.
Referred to the Subcommittee on Government Organization, Efficiency, and Financial Management.
Referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S282-283)
Ordered to be Reported (Amended) by Voice Vote.
Reported (Amended) by the Committee on Oversight and Government Reform. H. Rept. 112-607, Part I.
Reported (Amended) by the Committee on Oversight and Government Reform. H. Rept. 112-607, Part I.
Referred sequentially to the House Committee on Financial Services for a period ending not later than July 18, 2012 for consideration of such provisions of the bill and amendment as fall within the jurisdiction of that committee pursuant to clause 1(h) of rule X.
Committee on Financial Services discharged.
Committee on Financial Services discharged.
Placed on the Union Calendar, Calendar No. 441.
Mr. Issa moved to suspend the rules and pass the bill, as amended.
Considered under suspension of the rules. (consideration: CR H5150-5162; text of measure as reported in House: CR H5150)
DEBATE - The House proceeded with forty minutes of debate on H.R. 459.
DEBATE - The House resumed debate on H.R. 459, as amended.
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At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Considered as unfinished business. (consideration: CR H5224-5225)
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 327 - 98 (Roll no. 513).
Roll Call #513 (House)On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 327 - 98 (Roll no. 513).
Roll Call #513 (House)Motion to reconsider laid on the table Agreed to without objection.
The title of the measure was amended. Agreed to without objection.
Received in the Senate.
Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 580.