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Federal Reserve Audit and Accountability Act

Introduced: February 10, 1995 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 24, 1995
Referred to the Subcommittee on Domestic and International Monetary Policy.
Feb 10, 1995
Referred to the House Committee on Banking and Financial Services.
Feb 10, 1995
Introduced in House
 Plain-English summary Congressional Research Service

Federal Reserve Audit and Accountability Act - Amends the Federal Reserve Act to declare that the president and first vice-president of each Federal reserve bank shall be appointed by the President, with the consent of the Senate. (Currently such appointment authority is exercised by each Federal reserve bank's board of directors.)

Amends Federal law to remove specified limitations placed upon General Accounting Office audits of the Federal Reserve Board and Federal reserve banks.

Requires the Board of Governors of the Federal Reserve System and all Federal reserve banks to transmit their estimated receipts and proposed expenditures to the Congress during the first 15 days of each regular session.

Mandates prompt public disclosure of Federal Open Market Committee meetings and actions, including policy actions and prior transcripts.

Directs the Comptroller General to study and report to the Congress on the feasibility of privatizing the Federal Reserve payment system.

What's happening now February 24, 1995

Referred to the Subcommittee on Domestic and International Monetary Policy.

 Committees of jurisdiction 2
 Cosponsors 3
All 3 Democratic 2 Independent 1