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Bill113th CongressFiled Jan 3, 2013Finance and Financial Sector
H.R. 24

Federal Reserve Transparency Act of 2014

Bill journey · stage 2 of 5

Under committee review

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Law

What it doesSummary passed house amended (Sep 17, 2014)

(This measure has not been amended since it was reported to the House on September 16, 2014. The summary of that version is repeated here.)

Federal Reserve Transparency Act of 2014 - Directs the Comptroller General (GAO) to: (1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Federal Reserve 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.

Repeals GAO authority to conduct audits of the Federal Reserve Board, a Federal Reserve Bank, or a credit facility pursuant to its determination that they are appropriate for specified assessments of a credit facility or a covered transaction.

What just happenedSep 18, 2014

Received in the Senate.

Who’s behind it

Rep. Broun, Paul C. [R-GA-10](R-GA)Sponsor
228 cosponsors19 D209 R
Read on Congress.gov
228cosponsors2committees20actions2related bills6subjects
  • Received in SenateSep 18, 2014
  • Engrossed in HouseSep 17, 2014
  • Reported in HouseSep 16, 2014
  • Introduced in HouseJan 3, 2013
  1. Sep 18, 2014IntroReferral

    Received in the Senate.

  2. Sep 17, 2014FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Sep 17, 2014FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 333 - 92 (Roll no. 504). (text: CR 9/16/2014 H7588)

  4. Sep 17, 2014Floor8000

    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): 333 - 92 (Roll no. 504).(text: CR 9/16/2014 H7588)

  5. Sep 17, 2014FloorH30000

    Considered as unfinished business. (consideration: CR H7635)

  6. Sep 16, 2014FloorH37220

    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.

  7. Sep 16, 2014FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 24.

  8. Sep 16, 2014FloorH30000

    Considered under suspension of the rules. (consideration: CR H7588-7591)

  9. Sep 16, 2014FloorH30300

    Mr. Meadows moved to suspend the rules and pass the bill, as amended.

  10. Sep 16, 2014CalendarsH12410

    Placed on the Union Calendar, Calendar No. 447.

  11. Sep 16, 2014DischargeH12300

    Committee on Financial Services discharged.

  12. Sep 16, 2014Committee5500

    Committee on Financial Services discharged.

  13. Sep 16, 2014CommitteeH12200

    Reported (Amended) by the Committee on Oversight and Government Reform. H. Rept. 113-602, Part I.

  14. Sep 16, 2014Committee5000

    Reported (Amended) by the Committee on Oversight and Government Reform. H. Rept. 113-602, Part I.

  15. Jul 24, 2014Committee

    Ordered to be Reported (Amended) by Voice Vote.

  16. Jul 24, 2014Committee

    Committee Consideration and Mark-up Session Held.

  17. Jan 3, 2013IntroReferralH11100

    Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  18. Jan 3, 2013IntroReferralH11100

    Referred to the Committee on Oversight and Government Reform, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

  19. Jan 3, 2013IntroReferralIntro-H

    Introduced in House

  20. Jan 3, 2013IntroReferral1000

    Introduced in House

Passed House amendedSep 17, 201436

(This measure has not been amended since it was reported to the House on September 16, 2014. The summary of that version is repeated here.)

Federal Reserve Transparency Act of 2014 - Directs the Comptroller General (GAO) to: (1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Federal Reserve 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.

Repeals GAO authority to conduct audits of the Federal Reserve Board, a Federal Reserve Bank, or a credit facility pursuant to its determination that they are appropriate for specified assessments of a credit facility or a covered transaction.

Reported to House amended, Part ISep 16, 201418

Federal Reserve Transparency Act of 2014 - Directs the Comptroller General (GAO) to: (1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Federal Reserve 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.

Repeals GAO authority to conduct audits of the Federal Reserve Board, a Federal Reserve Bank, or a credit facility pursuant to its determination that they are appropriate for specified assessments of a credit facility or a covered transaction.

Introduced in HouseJan 3, 2013

Federal Reserve Transparency Act of 2013 - Directs the Comptroller General (GAO) 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.

Federal Reserve Transparency Act of 2014 — Informed