Bill > S264

Introduced Session

Federal Reserve Transparency Act of 2015 This bill directs the Government Accountability Office (GAO) to: (1) commence and complete an audit of the Board of Governors of the Federal Reserve System and of the Federal Reserve Banks within 12 months of enactment of this Act, and (2) report findings and conclusions to Congress within 90 days of completing the audit. The bill also repeals certain limitations upon such an audit. GAO shall audit and report on the review of loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Board against supervised financial institutions. Audit contents shall include: (1) the guidance given by the Board to independent consultants retained by the supervised financial institutions regarding procedures to be followed in conducting the file reviews; (2) the factors considered by independent consultants when evaluating loan files and the results obtained pursuant to those reviews; and (3) the determinations made by such consultants regarding the nature and extent of financial injury sustained by each homeowner, as well as the level and type of remediation offered.

Committee Categories

Rand Paul (R)*,  Kelly Ayotte (R),  John Barrasso (R),  Roy Blunt (R),  John Boozman (R),  Richard Burr (R),  Shelley Moore Capito (R),  Bill Cassidy (R),  John Cornyn (R),  Mike Crapo (R),  Ted Cruz (R),  Steve Daines (R),  Cory Gardner (R),  Chuck Grassley (R),  Orrin Hatch (R),  Dean Heller (R),  Mazie Hirono (D),  Johnny Isakson (R),  Mark Kirk (R),  James Lankford (R),  Mike Lee (R),  Mitch McConnell (R),  Jerry Moran (R),  Lisa Murkowski (R),  David Perdue (R),  Rob Portman (R),  Jim Risch (R),  Pat Roberts (R),  Marco Rubio (R),  Tim Scott (R),  Jeff Sessions (R),  Dan Sullivan (R),  John Thune (R),  Pat Toomey (R),  David Vitter (R), 

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 01/27/2015)

Official Document