,,ii  #aafth ,,congress  #ast ,session  
,s4 #adh  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,january #af1       
#bjai,mr4 ,paul 7for himself1 ,mr4 ,lee1
 ,mr4 ,barrasso1 ,mr4 ,blunt1 ,mr4      
,boozman1 ,mr4 ,lankford1 ,mr4 ,portman1
 and ,mr4 ,young7 introduced the        
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,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 #bjai4   
#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 the ,comptroller     
,general of the ,united ,states shall   

complete an audit of the ,board of      
,governors of the ,federal ,reserve     
,system and the ,federal reserve banks  
under subsection 7b7 of that section not
 later than #ab months after the date of
 the enactment of this ,act4  7b7       
,report  7#a7 ,in general ,not later    
than #ij days after the date on which   
the audit required pursuant to          
subsection 7a7 is completed1 the        
,comptroller ,general--  7,a7 shall     
submit to ,congress a report on the     
audit2 and  7,b7 shall make the report  
described in subparagraph 7,a7 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 the report4  7#b7 ,contents    
,the report required 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 the second
 sentence4  7d7 ,technical and          
conforming amendments  7#a7 ,in general 
,section #gad of title #ca1 ,united     
,states ,code1 is amended-- 7,a7 in     
subsection 7d77#c71 by striking or 7f7  
each place the term appears2  7,b7 in   
subsection 7e71 by striking the third   
undesignated paragraph of section #ac   
and inserting section #ac7c72 and  7,c7 
by striking subsection 7f74  7#b7       
,federal ,reserve ,act ,subsection 7s7  
7relating to ,federal ,reserve          
,transparency and ,release of           

,information7 of section #aa of the     
,federal ,reserve ,act 7#ab ,u4,s4,c4   
#bdh7 is amended-- 7,a7 in paragraph    
7#d77;,a71 by striking has the same     
meaning as in section #gad7;f77#a77;,a7 
of title #ca1 ,united ,states ,code and 
inserting means a program or facility1  
including any special purpose vehicle or
 other entity established by or on      
behalf of the ,board of ,governors of   
the ,federal ,reserve ,system or a      
,federal reserve bank1 authorized by the
 ,board of ,governors under section     
#ac7c71 that is not subject to audit    
under section #gad7;e7 of title #ca1    
,united ,states ,code2  7,b7 in         
paragraph 7#f71 by striking or in       
section #gad7;f77#c77;,c7 of title #ca1 
,united ,states ,code1 the information  
described in paragraph 7#a7 and         
information concerning the transactions 
described in section #gad7;f7 of such   
title1 and inserting the information    
described in paragraph 7#a72 and  7,c7  
in paragraph 7#g71 by striking and      

section #ac7c77;,c71 section            
#gad7;f77#c77;,c7 of title #ca1 ,united 
,states ,code1 and and inserting 1      
section #ac7c77;,c71 and4