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S.209: Federal Reserve Transparency Act of 2013

About this Bill

This bill was introduced in the 113th Congress
This bill is primarily about finance and financial sector
You can read the bill
Sponsor Rand Paul, R-Ky.
Total Cosponsors 32 (1 Democrat, 31 Republicans)
Introduced Feb. 4, 2013
Latest Major Action Feb. 7, 2013
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Bill Progress

  • Bill introduced in the Senate   
  • Bill passed in the Senate   
  • Bill passed in the House   
  • Bill signed into law

Bill Summary

Federal Reserve Transparency Act of 2013 - Directs the Comptroller General (GAO) to: (1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Board) and of the Federal Reserve Banks; and (2) submit to Congress, within 90 days of audit completion, a detailed report of audit findings and conclusions.

Repeals certain limitations placed upon such audit.

Instructs the Comptroller General (GAO) to 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. Prescribes audit contents, including: (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 resu...

(Source: Congressional Research Service)

Bill Actions

Date Description
Feb. 7, 2013 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 12.
Feb. 4, 2013 Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.