summary
Introduced
01/16/2019
01/16/2019
In Committee
01/16/2019
01/16/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
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. This bill establishes requirements regarding audits of certain financial agencies performed by the Government Accountability Office (GAO). Specifically, the bill directs the GAO to complete, within 12 months, an audit of the Federal Reserve Board and Federal Reserve banks. In addition, the bill allows the GAO to audit the Federal Reserve Board and Federal Reserve banks with respect to (1) international financial transactions; (2) deliberations, decisions, or actions on monetary policy matters; (3) transactions made under the direction of the Federal Open Market Committee; and (4) discussions or communications among Federal Reserve officers, board members, and employees regarding any of these matters.
AI Summary
This bill, the Federal Reserve Transparency Act of 2019, requires 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 within 12 months of the bill's enactment. It also allows the Government Accountability Office (GAO) to audit the Federal Reserve Board and Federal Reserve banks with respect to international financial transactions, deliberations and decisions on monetary policy matters, transactions made under the direction of the Federal Open Market Committee, and discussions or communications among Federal Reserve officers, board members, and employees regarding these matters. The bill also removes certain limitations on the GAO's ability to audit the Federal Reserve.
Committee Categories
Housing and Urban Affairs
Sponsors (9)
Rand Paul (R)*,
John Barrasso (R),
Roy Blunt (R),
John Boozman (R),
Steve Daines (R),
James Lankford (R),
Mike Lee (R),
Rob Portman (R),
Todd Young (R),
Last Action
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 01/16/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/148/all-info | 01/17/2019 |
| BillText | https://www.congress.gov/116/bills/s148/BILLS-116s148is.pdf | 01/30/2019 |
| Bill | https://www.congress.gov/116/bills/s148/BILLS-116s148is.pdf.pdf | 01/30/2019 |
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