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HR 1160 105th Congress House Finance and Financial Sector Administrative procedure Advice and consent of the Senate Auditing Bank directors Bank examination Bank records Civil Rights and Liberties, Minority Issues Congress Congressional investigations Congressional reporting requirements Delegation of powers Depository libraries Economics and Public Finance Federal Reserve System Federal budgets Federal receipts and expenditures Freedom of information Government Operations and Politics Government paperwork

Federal Reserve Audit and Accountability Act

Introduced: March 20, 1997 See on congress.gov
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 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 14, 1997
Referred to the Subcommittee on Domestic and International Monetary Policy.
Mar 31, 1997
Referred to the Subcommittee on Government Management, Information and Technology.
Mar 20, 1997
Referred to House Government Reform
Mar 20, 1997
Referred to the Committee on Banking and Financial Services, and in addition to the Committee on Government Reform and Oversight, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Mar 20, 1997
Referred to House Banking and Financial Services
Mar 20, 1997
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. Directs the Comptroller General to audit at least triennially the vault facilities of the Board of Governors of the Federal Reserve System (the Board).

Requires the Board 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.

Amends the Inspector General Act of 1978 to establish for the Board an Office of the Inspector General, with the Inspector General appointed by the President, subject to Senate advice and consent. Permits the Chairman of the Board to delegate authority for general supervision of the Inspector General to the Vice Chairman, but to no one else. Declares that the Inspector General's authority extends to the conditions, operations, and all facilities of the Federal reserve banks.

What's happening now April 14, 1997

Referred to the Subcommittee on Domestic and International Monetary Policy.

 Committees of jurisdiction 4
 Cosponsors 1
All 1 Democratic 1