H.R. 24, Federal Reserve Transparency Act of 2013

H.R. 24

Federal Reserve Transparency Act of 2013

Sponsor
Rep. Paul Broun

Date
September 16, 2014 (113th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

On Tuesday, September 16, 2014, the House will consider H.R. 24, the Federal Reserve Transparency Act of 2013, under a suspension of the rules.  H.R. 24 was introduced on January 3, 2013 by Rep. Paul Broun (R-GA) and referred to the Committee on Oversight and Government Reform, which ordered the bill reported, as amended, by voice vote.

Bill Summary

H.R. 24 requires the Comptroller General to complete an audit of the Board of Governors of the Federal Reserve System and the Federal Reserve Banks within 12 months of the bill’s enactment.  Moreover, it requires the Comptroller General to submit to Congress, within 90 days of audit completion, a detailed report of audit findings and conclusions.  Finally, it repeals certain limitations placed upon such an audit.

Background

This legislation currently has 228 cosponsors.  This bill previously passed in the 112th Congress by a vote of 327-98.[1]

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[1] http://clerk.house.gov/evs/2012/roll513.xml

Cost

CBO estimates that this legislation would increase discretionary spending by $5 million over the 2015-2019 period, assuming appropriation of the necessary amounts.  This legislation would not affect direct spending.  H.R. 24 would also decrease federal revenues by less than $500,000 in each year of the 2015-2024 period, and by $3 million in total over that period.

Additional Information

For questions or further information contact the GOP Conference at 5-5107.