S. 202Senate112th Congress (2011-2013)In Committee

Federal Reserve Transparency Act of 2011

Sponsored by Rand PaulSen. Rand Paul (R-KY)
Introduced January 26, 2011

Legislative Activity

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SenateIntro Referral Latest Action

Referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S282-283)

January 26, 2011

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SenateIntro Referral

Introduced in Senate

January 26, 2011

SenateIntro Referral

Referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S282-283)

January 26, 2011

Floor Debate

10 members

What members said about S. 202 on the floor

5 Republicans5 Democrats
Herb Kohl
Sen. Herb KohlD-WI · Jan 26, 2011

Mr. President, I rise today with Senators Leahy, Reid, Whitehouse and others to introduce the COPS Improvement Act of 2011. This legislation would reauthorize and make improvements to one of the…

Joseph I. Lieberman
Sen. Joseph I. LiebermanD-CT · Jan 26, 2011

Mr. President, I rise today to introduce the Scholarships for Opportunity and Results Act--SOAR--which seeks to reauthorize the DC Opportunity Scholarship Program or OSP. And I am proud to be joined…

John McCain
Sen. John McCainR-AZ · Jan 26, 2011

Mr. President, I wish to introduce legislation to name the United States courthouse in Yuma, AZ, the John M. Roll United States Courthouse. Is that legislation at the desk? Madam President, I am…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Jan 26, 2011

Mr. President, Congress now faces a deadline to take action on the expiring provisions of the USA PATRIOT Act. The bill I introduce today, the USA PATRIOT Act Sunset Extension Act of 2011, will…

Susan M. Collins
Sen. Susan M. CollinsR-ME · Jan 26, 2011

Mr. President, I am pleased to be joining Senator Lieberman in introducing the Scholarships for Opportunity and Results Act of 2011, also known as the SOAR Act. This important piece of legislation…

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John F. Kerry
Sen. John F. KerryD-MA · Jan 26, 2011

Mr. President, for years I have worked to encourage investment in small businesses. We all realize that small businesses are the backbone of our economy. As the economy continues to recover, we must…

John D. Rockefeller IV
Sen. John D. Rockefeller IVD-WV · Jan 26, 2011

Mr. President, today, I rise to introduce the Child Support Protection Act of 2011 with my colleagues, Senators Cornyn, Kohl, and Snowe. This bill continues the long-standing, bipartisan support of…

Jon Kyl
Sen. Jon KylR-AZ · Jan 26, 2011

Mr. President, my State has lost an outstanding jurist, a true and able public servant, and a great Arizonan in Judge John M. Roll. In his honor, my Arizona colleague, Senator McCain, and I propose…

Mitch McConnell
Sen. Mitch McConnellR-KY · Jan 26, 2011

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Rand Paul
Sen. Rand PaulR-KY · Jan 26, 2011

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Rand Paul
Sen. Rand PaulR-KY · Jan 26, 2011

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

Latest available legislative text

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Introduced in SenateIssued January 26, 2011

II

112th CONGRESS

1st Session

S. 202

IN THE SENATE OF THE UNITED STATES

January 26, 2011

Mr. Paul (for himself, Mr. DeMint, and Mr. Vitter) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

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 before the end of 2012, and for other purposes.

1.

Short title

This Act may be cited as the Federal Reserve Transparency Act of 2011.

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 before the end of 2012.

(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 of Representatives, 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).