,,ii  ,calendar ,no4 #ab  #aacth        
,,congress  #ast ,session  ,s4 #bji     
,,in ,,the ,,senate ,,of ,,the ,,united 
,,states  ,february #d1 #bjac ,mr4 ,paul
 7for himself1 ,mr4 ,vitter1 ,mr4 ,cruz1
 ,ms4 ,ayotte1 ,mr4 ,barrasso1 ,mr4     
,begich1 ,mr4 ,boozman1 ,mr4 ,burr1 ,mr4
 ,chambliss1 ,mr4 ,coburn1 ,mr4 ,enzi1  
,mr4 ,grassley1 ,mr4 ,heller1 ,mr4 ,lee1
 ,mr4 ,risch1 ,mr4 ,roberts1 ,mr4       
,rubio1 ,mr4 ,cornyn1 ,mr4 ,toomey1 ,mr4
 ,hatch1 ,mr4 ,mc,connell1 and ,mr4     
,thune7 introduced the following bill2  
which was read the first time  ,february
 #g1 #bjac ,read the second time and    
placed on the calendar  ,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 ,states1 and for other purposes4
  #a4 ,short title ,this ,act may be    
cited as the ,federal ,reserve          
,transparency ,act of #bjac4  #b4 ,audit
 reform and transparency for the ,board 

of ,governors of the ,federal ,reserve  
,system  7a7 ,in general                
,notwithstanding section #gad of title  
#ca1 ,united ,states ,code1 or any other
 provision of law1 an audit of the      
,board of ,governors of the ,federal    
,reserve ,system and the ,federal       
reserve banks under subsection 7b7 of   
such section #gad shall be completed    
within #ab months of the date of        
enactment of this ,act4  7b7 ,report    
7#a7 ,in general ,a report on the audit 
required under subsection 7a7 shall be  
submitted by the ,comptroller ,general  
to the ,congress before the end of the  
#ij-;day period beginning on the date on
 which such audit is completed and made 
available to the ,speaker of the ,house1
 the majority and minority leaders of   
the ,house of ,representatives1 the     
majority and minority leaders of the    
,senate1 the ,chairman and ,ranking     
,member of the committee and each       
subcommittee of jurisdiction in the     
,house of ,representatives and the      

,senate1 and any other ,member of       
,congress who requests it4  7#b7        
,contents ,the report under paragraph   
7#a7 shall include a detailed           
description of the findings and         
conclusion of the ,comptroller ,general 
with respect to the audit that is the   
subject of the report1 together with    
such recommendations for legislative or 
administrative action as the            
,comptroller ,general may determine to  
be appropriate4  7c7 ,repeal of certain 
limitations ,subsection 7b7 of section  
#gad of title #ca1 ,united ,states      
,code1 is amended by striking all after 
in writing44  7d7 ,technical and        
conforming amendment ,section #gad of   
title #ca1 ,united ,states ,code1 is    
amended by striking subsection 7f74  #c4
 ,audit of loan file reviews required by
 enforcement actions  7a7 ,in general   
,the ,comptroller ,general of the       
,united ,states shall conduct an audit  
of the review of loan files of          
homeowners in foreclosure in #bjji or   

#bjaj1 required as part of the          
enforcement actions taken by the ,board 
of ,governors of the ,federal ,reserve  
,system against supervised financial    
institutions4  7b7 ,content of audit    
,the audit carried out pursuant to      
subsection 7a7 shall consider1 at a     
minimum--  7#a7 the guidance given by   
the ,board of ,governors of the ,federal
 ,reserve ,system to independent        
consultants retained by the supervised  
financial institutions regarding the    
procedures to be followed in conducting 
the file reviews2  7#b7 the factors     
considered by independent consultants   
when evaluating loan files2  7#c7 the   
results obtained by the independent     
consultants pursuant to those reviews2  
7#d7 the determinations made by the     
independent consultants regarding the   
nature and extent of financial injury   
sustained by each homeowner as well as  
the level and type of remediation       
offered to each homeowner2 and  7#e7 the
 specific measures taken by the         

independent consultants to verify1      
confirm1 or rebut the assertions and    
representations made by supervised      
financial institutions regarding the    
contents of loan files and the extent of
 financial injury to homeowners4  7c7   
,report ,not later than the end of the  
#f-month period beginning on the date of
 the enactment of this ,act1 the        
,comptroller ,general shall issue a     
report to the ,congress containing all  
findings and determinations made in     
carrying out the audit required under   
subsection 7a74  ,february #g1 #bjac    
,read the second time and placed on the 
calendar