Federal Reserve Transparency Act of 2021
This bill establishes requirements regarding audits of certain financial agencies performed by the Government Accountability Office (GAO).
Specifically, the bill directs the GAO to complete, within 12 months, an audit of the Federal Reserve Board and Federal Reserve banks. In addition, the bill allows the GAO to audit the Federal Reserve Board and Federal Reserve banks with respect to (1) international financial transactions; (2) deliberations, decisions, or actions on monetary policy matters; (3) transactions made under the direction of the Federal Open Market Committee; and (4) discussions or communications among Federal Reserve officers, board members, and employees regarding any of these matters.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 24 Introduced in House (IH)]
<DOC>
117th CONGRESS
1st Session
H. R. 24
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.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
January 4, 2021
Mr. Massie (for himself, Mr. Gaetz, Mr. Duncan, Mr. Wittman, Mr. Gosar,
Mr. Fitzpatrick, Mr. Brooks, Mr. Jordan, Mrs. Rodgers of Washington,
Mr. Mast, Mr. Allen, Mr. Palmer, Mr. McClintock, Mr. Perry, Mr.
DesJarlais, Mr. Burchett, Mr. Lamborn, Mr. Davidson, Mr. Norman, Mr.
Guthrie, Mr. Wright, Mr. Calvert, Mr. Timmons, Mr. Smith of Nebraska,
Mr. Biggs, Ms. Herrera Beutler, Mr. Crawford, Mr. Carter of Georgia,
Mrs. Greene of Georgia, Mr. Chabot, Mr. Griffith, Ms. Herrell, Mr.
Mooney, Mr. Williams of Texas, Mr. Mullin, Mr. Webster of Florida, Mrs.
Walorski, Mr. Posey, Mr. Gohmert, Mr. Taylor, Mr. Cline, Mrs. Boebert,
Mr. Buck, Mr. Bacon, and Mr. Grothman) introduced the following bill;
which was referred to the Committee on Oversight and 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, 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
2021''.
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, the Comptroller General of
the United States shall complete an audit of the Board of Governors of
the Federal Reserve System and the Federal reserve banks under
subsection (b) of such section 714 within 12 months after the date of
the enactment of this Act.
(b) Report.--
(1) In general.--Not later than 90 days after the audit
required pursuant to subsection (a) is completed, the
Comptroller General--
(A) shall submit to Congress a report on such
audit; and
(B) shall make such report 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 the report.
(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 the second
sentence.
(d) Technical and Conforming Amendments.--
(1) In general.--Section 714 of title 31, United States
Code, is amended--
(A) in subsection (d)(3), by striking ``or (f)''
each place such term appears;
(B) in subsection (e), by striking ``the third
undesignated paragraph of section 13'' and inserting
``section 13(3)''; and
(C) by striking subsection (f).
(2) Federal reserve act.--Subsection (s) (relating to
``Federal Reserve Transparency and Release of Information'') of
section 11 of the Federal Reserve Act (12 U.S.C. 248) is
amended--
(A) in paragraph (4)(A), by striking ``has the same
meaning as in section 714(f)(1)(A) of title 31, United
States Code'' and inserting ``means a program or
facility, including any special purpose vehicle or
other entity established by or on behalf of the Board
of Governors of the Federal Reserve System or a Federal
reserve bank, authorized by the Board of Governors
under section 13(3), that is not subject to audit under
section 714(e) of title 31, United States Code'';
(B) in paragraph (6), by striking ``or in section
714(f)(3)(C) of title 31, United States Code, the
information described in paragraph (1) and information
concerning the transactions described in section 714(f)
of such title,'' and inserting ``the information
described in paragraph (1)''; and
(C) in paragraph (7), by striking ``and section
13(3)(C), section 714(f)(3)(C) of title 31, United
States Code, and'' and inserting ``, section 13(3)(C),
and''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Oversight and Reform.
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