S 264 · 114th Congress 2015–2017, ended

Federal Reserve Transparency Act of 2015

Introduced Jan 27, 2015 Originated Senate Sponsor Rand Paul R-KY

Fact sheet Spreadsheet

Latest action · Jan 27, 2015 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedJan 27, 2015
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

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.

Cosponsors 34

Members who signed on, in the order they did. Signatures ran from Jan 27, 2015 to Nov 5, 2015; 30 are original cosponsors, there from the day it was introduced.

SeatCosponsorSigned on
R-LABill CassidyOriginalJan 27, 2015
R-IAChuck GrassleyOriginalJan 27, 2015
R-COCory GardnerOriginalJan 27, 2015
R-GADavid PerdueOriginalJan 27, 2015
R-LADavid VitterOriginalJan 27, 2015
R-NVDean HellerOriginalJan 27, 2015
R-IDJames E. RischOriginalJan 27, 2015
R-OKJames LankfordOriginalJan 27, 2015
R-KSJerry MoranOriginalJan 27, 2015
R-WYJohn BarrassoOriginalJan 27, 2015
R-ARJohn BoozmanOriginalJan 27, 2015
R-TXJohn CornynOriginalJan 27, 2015
R-SDJohn ThuneOriginalJan 27, 2015
R-GAJohnny IsaksonOriginalJan 27, 2015
R-NHKelly AyotteOriginalJan 27, 2015
R-AKLisa MurkowskiOriginalJan 27, 2015
R-FLMarco RubioOriginalJan 27, 2015
R-ILMark KirkOriginalJan 27, 2015
D-HIMazie K. HironoOriginalJan 27, 2015
R-IDMike CrapoOriginalJan 27, 2015
R-UTMike LeeOriginalJan 27, 2015
R-KYMitch McConnellOriginalJan 27, 2015
R-UTOrrin G. HatchOriginalJan 27, 2015
R-PAPatrick J. ToomeyOriginalJan 27, 2015
R-NCRichard BurrOriginalJan 27, 2015
R-OHRob PortmanOriginalJan 27, 2015
R-MORoy BluntOriginalJan 27, 2015
R-WVShelley Moore CapitoOriginalJan 27, 2015
R-TXTed CruzOriginalJan 27, 2015
R-SCTim ScottOriginalJan 27, 2015
R-ALJeff SessionsFeb 10, 2015
R-MTSteve DainesFeb 24, 2015
R-KSPat RobertsNov 3, 2015
R-AKDan SullivanNov 5, 2015

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
SenateBanking, Housing, and Urban Affairs Committee
Referred Jan 27, 2015

Actions 2

Everything that happened, newest first.

  1. Jan 27, 2015Introduced in Senate
  2. Jan 27, 2015Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

In the Congressional Record 1

Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.

WhereIn the RecordMembersDate
HouseDebate and remarks H5342Alexander X. Mooney R-WVJul 22, 2015

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Printed hearings 1

Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.

NumberHearingCommitteeHeld
S. Hrg. 114-5FEDERAL RESERVE ACCOUNTABILITY AND REFORM95 pagesBanking, Housing, and Urban Affairs CommitteeMar 3, 2015

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
S 2232Federal Reserve Transparency Act of 2015Related billJan 12, 2016

Titles 2

Every title it has carried, official and short, at each stage.

Official Title as Introduced
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.
Short Titles as Introduced
Federal Reserve Transparency Act of 2015

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. Jan 27, 2015Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.