S 264 114th Congress Senate Finance and Financial Sector Accounting and auditing Bank accounts, deposits, capital Congressional oversight Federal Reserve System Government studies and investigations Housing finance and home ownership

Federal Reserve Transparency Act of 2015

Introduced: January 27, 2015 Introduced by: Paul, Rand Republican · Kentucky See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 27, 2015

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Jan 27, 2015

Introduced in Senate

Plain-English summary Congressional Research Service

Federal Reserve Transparency Act of 2015

This bill directs the Government Accountability Office (GAO) to: (1) commence and complete an audit of the Board of Governors of the Federal Reserve System and of the Federal Reserve Banks within 12 months of enactment of this Act, and (2) report findings and conclusions to Congress within 90 days of completing the audit.

The bill also repeals certain limitations upon such an audit.

GAO shall audit and report on the review of loan files of homeowners in foreclosure in 2009 or 2010, required as part of the enforcement actions taken by the Board against supervised financial institutions.

Audit contents shall include: (1) the guidance given by the Board to independent consultants retained by the supervised financial institutions regarding procedures to be followed in conducting the file reviews; (2) the factors considered by independent consultants when evaluating loan files and the results obtained pursuant to those reviews; and (3) the determinations made by such consultants regarding the nature and extent of financial injury sustained by each homeowner, as well as the level and type of remediation offered.

What's happening now January 27, 2015

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Committees of jurisdiction 1