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II Calendar No. 289 114TH CONGRESS 1ST SESSION S. 2232 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 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. srobinson on DSK5SPTVN1PROD with BILLS 1 Be it enacted by the Senate and House of Representa- 2 tives of the United States of America in Congress assembled, VerDate Sep 11 2014 20:52 Nov 04, 2015 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S2232.PCS S2232 2 1 SECTION 1. SHORT TITLE. 2 This Act may be cited as the ‘‘Federal Reserve 3 Transparency Act of 2015’’. 4 SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE 5 BOARD OF GOVERNORS OF THE FEDERAL RE- 6 SERVE SYSTEM. 7 (a) IN GENERAL.—Notwithstanding section 714 of 8 title 31, United States Code, or any other provision of law, 9 an audit of the Board of Governors of the Federal Reserve 10 System and the Federal reserve banks under subsection 11 (b) of such section 714 shall be completed within 12 12 months of the date of enactment of this Act. 13 (b) REPORT.— srobinson on DSK5SPTVN1PROD with BILLS 14 (1) IN GENERAL.—A report on the audit re- 15 quired under subsection (a) shall be submitted by 16 the Comptroller General to the Congress before the 17 end of the 90-day period beginning on the date on 18 which such audit is completed and made available to 19 the Speaker of the House, the majority and minority 20 leaders of the House of Representatives, the major- 21 ity and minority leaders of the Senate, the Chairman 22 and Ranking Member of the committee and each 23 subcommittee of jurisdiction in the House of Rep- 24 resentatives and the Senate, and any other Member 25 of Congress who requests it. •S 2232 PCS VerDate Sep 11 2014 20:52 Nov 04, 2015 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S2232.PCS S2232 3 1 (2) CONTENTS.—The report under paragraph 2 (1) shall include a detailed description of the find- 3 ings and conclusion of the Comptroller General with 4 respect to the audit that is the subject of the report, 5 together with such recommendations for legislative 6 or administrative action as the Comptroller General 7 may determine to be appropriate. 8 (c) REPEAL OF CERTAIN LIMITATIONS.—Subsection 9 (b) of section 714 of title 31, United States Code, is 10 amended by striking all after ‘‘in writing.’’. 11 (d) TECHNICAL AND CONFORMING AMENDMENT.— 12 Section 714 of title 31, United States Code, is amended srobinson on DSK5SPTVN1PROD with BILLS 13 by striking subsection (f). •S 2232 PCS VerDate Sep 11 2014 20:52 Nov 04, 2015 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S2232.PCS S2232 Calendar No. 289 S. 2232 srobinson on DSK5SPTVN1PROD with BILLS 114TH CONGRESS 1ST SESSION 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. NOVEMBER 4, 2015 Read the second time and placed on the calendar S2232 E:\BILLS\S2232.PCS Sfmt 6651 Fmt 6651 Frm 00004 PO 00000 Jkt 059200 20:52 Nov 04, 2015 VerDate Sep 11 2014
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