Us Congress 2023-2024 Regular Session

Us Congress House Bill HB24 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	I
2	2	118THCONGRESS
3	3	1
4	4	STSESSION H. R. 24
5	5	To require a full audit of the Board of Governors of the Federal Reserve
6	6	System and the Federal reserve banks by the Comptroller General of
7	7	the United States, and for other purposes.
8	8	IN THE HOUSE OF REPRESENTATIVES
9	9	JANUARY9, 2023
10	10	Mr. M
11	11	ASSIE(for himself, Mr. BIGGS, Mr. BISHOPof North Carolina, Mr.
12	12	B
13	13	UCK, Mrs. CAMMACK, Mr. CLINE, Mr. CLOUD, Mr. CRAWFORD, Mr.
14	14	D
15	15	UNCAN, Mr. FITZPATRICK, Mr. GAETZ, Mr. GOODof Virginia, Mr.
16	16	G
17	17	OSAR, Mrs. GREENEof Georgia, Mr. JOHNSONof Ohio, Mr. MCCLIN-
18	18	TOCK, Mrs. MILLERof Illinois, Mr. MOONEY, Mr. NORMAN, Mr. PERRY,
19	19	Mr. P
20	20	OSEY, and Mr. RUTHERFORD) introduced the following bill; which
21	21	was referred to the Committee on Oversight and Accountability
22	22	A BILL
23	23	To require a full audit of the Board of Governors of the
24	24	Federal Reserve System and the Federal reserve banks
25	25	by the Comptroller General of the United States, and
26	26	for other purposes.
27	27	Be it enacted by the Senate and House of Representa-1
28	28	tives of the United States of America in Congress assembled, 2
29	29	SECTION 1. SHORT TITLE. 3
30	30	This Act may be cited as the ‘‘Federal Reserve 4
31	31	Transparency Act of 2023’’. 5
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34	34	•HR 24 IH
35	35	SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE 1
36	36	BOARD OF GOVERNORS OF THE FEDERAL RE-2
37	37	SERVE SYSTEM. 3
38	38	(a) I
39	39	NGENERAL.—Notwithstanding section 714 of 4
40	40	title 31, United States Code, or any other provision of law, 5
41	41	the Comptroller General of the United States shall com-6
42	42	plete an audit of the Board of Governors of the Federal 7
43	43	Reserve System and the Federal reserve banks under sub-8
44	44	section (b) of such section 714 within 12 months after 9
45	45	the date of the enactment of this Act. 10
46	46	(b) R
47	47	EPORT.— 11
48	48	(1) I
49	49	N GENERAL.—Not later than 90 days after 12
50	50	the audit required pursuant to subsection (a) is com-13
51	51	pleted, the Comptroller General— 14
52	52	(A) shall submit to Congress a report on 15
53	53	such audit; and 16
54	54	(B) shall make such report available to the 17
55	55	Speaker of the House, the majority and minor-18
56	56	ity leaders of the House of Representatives, the 19
57	57	majority and minority leaders of the Senate, the 20
58	58	Chairman and Ranking Member of the com-21
59	59	mittee and each subcommittee of jurisdiction in 22
60	60	the House of Representatives and the Senate, 23
61	61	and any other Member of Congress who re-24
62	62	quests the report. 25
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65	65	•HR 24 IH
66	66	(2) CONTENTS.—The report under paragraph 1
67	67	(1) shall include a detailed description of the find-2
68	68	ings and conclusion of the Comptroller General with 3
69	69	respect to the audit that is the subject of the report, 4
70	70	together with such recommendations for legislative 5
71	71	or administrative action as the Comptroller General 6
72	72	may determine to be appropriate. 7
73	73	(c) R
74	74	EPEAL OFCERTAINLIMITATIONS.—Subsection 8
75	75	(b) of section 714 of title 31, United States Code, is 9
76	76	amended by striking the second sentence. 10
77	77	(d) T
78	78	ECHNICAL ANDCONFORMINGAMENDMENTS.— 11
79	79	(1) I
80	80	N GENERAL.—Section 714 of title 31, 12
81	81	United States Code, is amended— 13
82	82	(A) in subsection (d)(3), by striking ‘‘or 14
83	83	(f)’’ each place such term appears; 15
84	84	(B) in subsection (e), by striking ‘‘the 16
85	85	third undesignated paragraph of section 13’’ 17
86	86	and inserting ‘‘section 13(3)’’; and 18
87	87	(C) by striking subsection (f). 19
88	88	(2) F
89	89	EDERAL RESERVE ACT .—Subsection (s) 20
90	90	(relating to ‘‘Federal Reserve Transparency and Re-21
91	91	lease of Information’’) of section 11 of the Federal 22
92	92	Reserve Act (12 U.S.C. 248) is amended— 23
93	93	(A) in paragraph (4)(A), by striking ‘‘has 24
94	94	the same meaning as in section 714(f)(1)(A) of 25
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97	97	•HR 24 IH
98	98	title 31, United States Code’’ and inserting 1
99	99	‘‘means a program or facility, including any 2
100	100	special purpose vehicle or other entity estab-3
101	101	lished by or on behalf of the Board of Gov-4
102	102	ernors of the Federal Reserve System or a Fed-5
103	103	eral reserve bank, authorized by the Board of 6
104	104	Governors under section 13(3), that is not sub-7
105	105	ject to audit under section 714(e) of title 31, 8
106	106	United States Code’’; 9
107	107	(B) in paragraph (6), by striking ‘‘or in 10
108	108	section 714(f)(3)(C) of title 31, United States 11
109	109	Code, the information described in paragraph 12
110	110	(1) and information concerning the transactions 13
111	111	described in section 714(f) of such title,’’ and 14
112	112	inserting ‘‘the information described in para-15
113	113	graph (1)’’; and 16
114	114	(C) in paragraph (7), by striking ‘‘and sec-17
115	115	tion 13(3)(C), section 714(f)(3)(C) of title 31, 18
116	116	United States Code, and’’ and inserting ‘‘, sec-19
117	117	tion 13(3)(C), and’’. 20
118	118	Æ
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