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    Federal Reserve Transparency Act


    David Parker
    • Senator: Mr. Parker RL Author: Paul Law Change:

      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, an audit of the Board of
      Governors of the Federal Reserve System and the Federal reserve banks
      under subsection (b) of such section 714 shall be completed within 12
      months of the date of enactment of this Act.
          (b) Report.--
                  (1) In general.--A report on the audit required under
              subsection (a) shall be submitted by the Comptroller General to
              the Congress before the end of the 90-day period beginning on
              the date on which such audit is completed and made 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 it.
                  (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 all after ``in
      writing.''.
          (d) Technical and Conforming Amendment.--Section 714 of title 31,
      United States Code, is amended by striking subsection (f).

      SEC. 3. AUDIT OF LOAN FILE REVIEWS REQUIRED BY ENFORCEMENT ACTIONS.

          (a) In General.--The Comptroller General of the United States shall
      conduct an audit of the review of loan files of homeowners in
      foreclosure in 2009 or 2010, required as part of the enforcement
      actions taken by the Board of Governors of the Federal Reserve System
      against supervised financial institutions.
          (b) Content of Audit.--The audit carried out pursuant to subsection
      (a) shall consider, at a minimum--
                  (1) the guidance given by the Board of Governors of the
              Federal Reserve System to independent consultants retained by
              the supervised financial institutions regarding the procedures
              to be followed in conducting the file reviews;
                  (2) the factors considered by independent consultants when
              evaluating loan files;
                  (3) the results obtained by the independent consultants
              pursuant to those reviews;
                  (4) the determinations made by the independent consultants
              regarding the nature and extent of financial injury sustained
              by each homeowner as well as the level and type of remediation
              offered to each homeowner; and
                  (5) the specific measures taken by the independent
              consultants to verify, confirm, or rebut the assertions and
              representations made by supervised financial institutions
              regarding the contents of loan files and the extent of
              financial injury to homeowners.
          (c) Report.--Not later than the end of the 6-month period beginning
      on the date of the enactment of this Act, the Comptroller General shall
      issue a report to the Congress containing all findings and
      determinations made in carrying out the audit required under subsection
      (a).
       

      Plain English Summary: Authorizes the first comprehensive audit of the Federal Reserve since its inception in 1913.
    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.
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    23 hours ago, David Parker said:

    Mr. Parker, with offer, with thanks to Paul,

    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.

    This bill may be cited as the Federal Reserve Transparency Act.

    Section 1: Terms & Definitions

    Section 2: Findings

    Section 3: Law Change

    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, an audit of the Board of
    Governors of the Federal Reserve System and the Federal reserve banks
    under subsection (b) of such section 714 shall be completed within 12
    months of the date of enactment of this Act.
        (b) Report.--
                (1) In general.--A report on the audit required under
            subsection (a) shall be submitted by the Comptroller General to
            the Congress before the end of the 90-day period beginning on
            the date on which such audit is completed and made 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 it.
                (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 all after ``in
    writing.''.
        (d) Technical and Conforming Amendment.--Section 714 of title 31,
    United States Code, is amended by striking subsection (f).

    SEC. 3. AUDIT OF LOAN FILE REVIEWS REQUIRED BY ENFORCEMENT ACTIONS.

        (a) In General.--The Comptroller General of the United States shall
    conduct an audit of the review of loan files of homeowners in
    foreclosure in 2009 or 2010, required as part of the enforcement
    actions taken by the Board of Governors of the Federal Reserve System
    against supervised financial institutions.
        (b) Content of Audit.--The audit carried out pursuant to subsection
    (a) shall consider, at a minimum--
                (1) the guidance given by the Board of Governors of the
            Federal Reserve System to independent consultants retained by
            the supervised financial institutions regarding the procedures
            to be followed in conducting the file reviews;
                (2) the factors considered by independent consultants when
            evaluating loan files;
                (3) the results obtained by the independent consultants
            pursuant to those reviews;
                (4) the determinations made by the independent consultants
            regarding the nature and extent of financial injury sustained
            by each homeowner as well as the level and type of remediation
            offered to each homeowner; and
                (5) the specific measures taken by the independent
            consultants to verify, confirm, or rebut the assertions and
            representations made by supervised financial institutions
            regarding the contents of loan files and the extent of
            financial injury to homeowners.
        (c) Report.--Not later than the end of the 6-month period beginning
    on the date of the enactment of this Act, the Comptroller General shall
    issue a report to the Congress containing all findings and
    determinations made in carrying out the audit required under subsection
    (a).
     


    Section 4: Effective Date

    The bill shall go into effect upon its constitutional passage.

     

     



    Authorizes the first comprehensive audit of the Federal Reserve since its inception in 1913.

     

     

     

    View full bill

     

     

    PLAYER NAME
    Republicans Democrats
    NAT EV BUS MR ML SJW PRO EN
    Change 0 +2 0 +1 0 0 0 0
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    The chair votes Aye. 

    The bill passes committee 4-3. 

    Edited by Jonathan

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    Mr. President 

     

    As SmL it is m y duty to make a point if order.The chair cannot vote after 24 hours expires this bill has failed.

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    Mr. Chair,

    I object to UC. It is ridiculous that there is a continual attempt to skirt responsibility and to make public your support or lack thereof. I move that we take a vote.

    I yield

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    The objection occured after 24 hours bill passes by uc.

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    1 hour ago, Batman said:

    The objection occured after 24 hours bill passes by uc.

     

    Passes the House

         
    Federal Reserve Transparency Act
                   
          Aye Nay Abstain            
          400 27 9            
                           
                           
                           
      Federal Reserve Transparency Act NAT EV BUS MR MD SJW PRO EN TOTAL
     
    Aye
    57 49 52 64 15 2 4 8 251
      11 0 0 2 38 35 38 25 149
      0 0 0 0 0 0 0 0 0
     
    Nay
    0 0 0 0 0 0 0 0 0
      0 0 0 0 4 4 5 13 27
      0 0 0 0 0 0 0 0 0
     
    Abstain
    0 0 0 0 0 0 0 0 0
      0 0 0 1 2 3 3 0 9
      0 0 0 0 0 0 0 0 0
      NOTE: When there are discrepancies due to rounding, the first table should be considered more accurate.

     

     

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