HR 24 — Federal Reserve Transparency Act of 2023

Summary

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 States, and for other purposes.

Bill Text

• Introduced Introduced in House Current html January 09, 2023

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill requires a full audit of the Federal Reserve by the Comptroller General and removes certain limitations on audits.

• 31 U.S.C. § 714

  transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;

  The bill eliminates an exclusion from audits for transactions involving foreign entities.

• 31 U.S.C. § 714

  deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;

  The bill removes an exclusion from audits regarding monetary policy deliberations.

• 31 U.S.C. § 714

  transactions made under the direction of the Federal Open Market Committee;

  The bill allows audits to include transactions directed by the Federal Open Market Committee.

• 31 U.S.C. § 714

  a part of a discussion or communication among or between members of the Board and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.

  The bill provides that discussions related to the previously excluded topics can be audited.

• 31 U.S.C. § 714(b)(3)

  or (f)

  The bill removes references to subsection (f) from the auditing exclusions.

• 31 U.S.C. § 714(e)

  the third undesignated paragraph of section 13 → section 13(3)

  The bill updates a reference in the law to clarify the section concerning audits.

• 31 U.S.C. § 714

  subsection (f)

  The bill repeals subsection (f), which likely contained additional audit limitations.

• 12 U.S.C. § 248(s)(4)(A)

  has the same meaning as in section 714(f)(1)(A) of title 31, United States Code → means a program or facility, 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 bank, authorized by the Board of Governors under section 13(3), that is not subject to audit under section 714(e) of title 31, United States Code

  The bill redefines terms related to audit exemptions to clarify their applicability.

• 12 U.S.C. § 248(s)(6)

  or in section 714(f)(3)(C) of title 31, United States Code, the information described in paragraph (1) and information concerning the transactions described in section 714(f) of such title, → the information described in paragraph (1)

  The bill limits the exemption from disclosure to only certain specified information.

• 12 U.S.C. § 248(s)(7)

  and section 13(3)(C), section 714(f)(3)(C) of title 31, United States Code, and → , section 13(3)(C), and

  The bill modifies cross-references to streamline the disclosure framework.

Action History

1. January 09, 2023

   Introduced in House

2. January 09, 2023

   Introduced in House

3. January 09, 2023

   Referred to the House Committee on Oversight and Accountability.

Sponsors

• Thomas Massie · Primary

Subjects