II
Calendar No. 289
114th CONGRESS
1st Session
S. 2232
IN THE SENATE OF THE UNITED STATES
November 3, 2015
Mr. Paul (for himself, Ms. Ayotte, Mr. Barrasso, Mr. Blunt, Mr. Boozman, Mrs. Capito, Mr. Crapo, Mr. Cruz, Mr. Daines, Mr. Gardner, Mr. Grassley, Mr. Heller, Mr. Isakson, Mr. Lee, Mr. McConnell, Mr. Portman, Mr. Risch, Mr. Rubio, Mr. Toomey, Mr. Vitter, Mr. Cornyn, and Mr. Scott) introduced the following bill; which was read the first time
November 4, 2015
Read the second time and placed on the calendar
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.
Short title
This Act may be cited as the Federal Reserve Transparency Act of 2015
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Audit reform and transparency for the Board of Governors of the Federal Reserve System
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.
Report
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.
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.
Repeal of certain limitations
Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after in writing.
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Technical and conforming amendment
Section 714 of title 31, United States Code, is amended by striking subsection (f).
November 4, 2015
Read the second time and placed on the calendar