Us Congress 2023-2024 Regular Session

Us Congress Senate Bill SB3566 Compare Versions

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

Old	New	Differences
1	1	II
2	2	118THCONGRESS
3	3	2
4	4	DSESSION S. 3566
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 SENATE OF THE UNITED STATES
9	9	JANUARY10, 2024
10	10	Mr. P
11	11	AUL(for himself, Mr. BARRASSO, Mrs. BLACKBURN, Mr. BRAUN, Mr.
12	12	C
13	13	RUZ, Mr. GRASSLEY, Mr. LEE, Mr. MARSHALL, Mr. RISCH, and Mr.
14	14	Y
15	15	OUNG) introduced the following bill; which was read twice and referred
16	16	to the Committee on Banking, Housing, and Urban Affairs
17	17	A BILL
18	18	To require a full audit of the Board of Governors of the
19	19	Federal Reserve System and the Federal reserve banks
20	20	by the Comptroller General of the United States, and
21	21	for other purposes.
22	22	Be it enacted by the Senate and House of Representa-1
23	23	tives of the United States of America in Congress assembled, 2
24	24	SECTION 1. SHORT TITLE. 3
25	25	This Act may be cited as the ‘‘Federal Reserve 4
26	26	Transparency Act of 2024’’. 5
27	27	VerDate Sep 11 2014 23:54 Jan 10, 2024 Jkt 049200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S3566.IS S3566
28	28	kjohnson on DSK7ZCZBW3PROD with $$_JOB 2
29	29	•S 3566 IS
30	30	SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE 1
31	31	BOARD OF GOVERNORS OF THE FEDERAL RE-2
32	32	SERVE SYSTEM. 3
33	33	(a) I
34	34	NGENERAL.—Notwithstanding section 714 of 4
35	35	title 31, United States Code, or any other provision of law, 5
36	36	the Comptroller General of the United States shall com-6
37	37	plete an audit of the Board of Governors of the Federal 7
38	38	Reserve System and the Federal reserve banks under sub-8
39	39	section (b) of that section not later than 12 months after 9
40	40	the date of enactment of this Act. 10
41	41	(b) R
42	42	EPORT.— 11
43	43	(1) I
44	44	N GENERAL.—Not later than 90 days after 12
45	45	the date on which the audit required pursuant to 13
46	46	subsection (a) is completed, the Comptroller General 14
47	47	of the United States— 15
48	48	(A) shall submit to Congress a report on 16
49	49	the audit; and 17
50	50	(B) shall make the report described in sub-18
51	51	paragraph (A) available to the Speaker of the 19
52	52	House, the majority and minority leaders of the 20
53	53	House of Representatives, the majority and mi-21
54	54	nority leaders of the Senate, the Chair and 22
55	55	Ranking Member of the committee and each 23
56	56	subcommittee of jurisdiction in the House of 24
57	57	Representatives and the Senate, and any other 25
58	58	Member of Congress who requests the report. 26
59	59	VerDate Sep 11 2014 23:54 Jan 10, 2024 Jkt 049200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\S3566.IS S3566
60	60	kjohnson on DSK7ZCZBW3PROD with $$_JOB 3
61	61	•S 3566 IS
62	62	(2) CONTENTS.—The report required under 1
63	63	paragraph (1) shall include a detailed description of 2
64	64	the findings and conclusion of the Comptroller Gen-3
65	65	eral of the United States with respect to the audit 4
66	66	that is the subject of the report, together with such 5
67	67	recommendations for legislative or administrative ac-6
68	68	tion as the Comptroller General of the United States 7
69	69	may determine to be appropriate. 8
70	70	(c) R
71	71	EPEAL OFCERTAINLIMITATIONS.—Subsection 9
72	72	(b) of section 714 of title 31, United States Code, is 10
73	73	amended by striking the second sentence. 11
74	74	(d) T
75	75	ECHNICAL ANDCONFORMINGAMENDMENTS.— 12
76	76	(1) I
77	77	N GENERAL.—Section 714 of title 31, 13
78	78	United States Code, is amended— 14
79	79	(A) in subsection (d)(3), by striking ‘‘or 15
80	80	(f)’’ each place the term appears; 16
81	81	(B) in subsection (e), by striking ‘‘the 17
82	82	third undesignated paragraph of section 13’’ 18
83	83	and inserting ‘‘section 13(3)’’; and 19
84	84	(C) by striking subsection (f). 20
85	85	(2) F
86	86	EDERAL RESERVE ACT .—Subsection (s) 21
87	87	(relating to ‘‘Federal Reserve Transparency and Re-22
88	88	lease of Information’’) of section 11 of the Federal 23
89	89	Reserve Act (12 U.S.C. 248) is amended— 24
90	90	VerDate Sep 11 2014 23:54 Jan 10, 2024 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\S3566.IS S3566
91	91	kjohnson on DSK7ZCZBW3PROD with $$_JOB 4
92	92	•S 3566 IS
93	93	(A) in paragraph (4)(A), by striking ‘‘has 1
94	94	the same meaning as in section 714(f)(1)(A) of 2
95	95	title 31, United States Code’’ and inserting 3
96	96	‘‘means a program or facility, including any 4
97	97	special purpose vehicle or other entity estab-5
98	98	lished by or on behalf of the Board of Gov-6
99	99	ernors of the Federal Reserve System or a Fed-7
100	100	eral reserve bank, authorized by the Board of 8
101	101	Governors under section 13(3), that is not sub-9
102	102	ject to audit under section 714(e) of title 31, 10
103	103	United States Code’’; 11
104	104	(B) in paragraph (6), by striking ‘‘or in 12
105	105	section 714(f)(3)(C) of title 31, United States 13
106	106	Code, the information described in paragraph 14
107	107	(1) and information concerning the transactions 15
108	108	described in section 714(f) of such title,’’ and 16
109	109	inserting ‘‘the information described in para-17
110	110	graph (1)’’; and 18
111	111	(C) in paragraph (7), by striking ‘‘and sec-19
112	112	tion 13(3)(C), section 714(f)(3)(C) of title 31, 20
113	113	United States Code, and’’ and inserting ‘‘, sec-21
114	114	tion 13(3)(C), and’’. 22
115	115	Æ
116	116	VerDate Sep 11 2014 23:54 Jan 10, 2024 Jkt 049200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\S3566.IS S3566
117	117	kjohnson on DSK7ZCZBW3PROD with $$_JOB