Federal Reserve Transparency Act of 2012
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HR 459 — Federal Reserve Transparency Act of 2012
Last action — Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 580.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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Died in session
This bill died with 112th Congress. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Federal Reserve Transparency Act of 2012 - Directs the Comptroller General to: (1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Board) and of the Federal Reserve Banks; and (2) submit to Congress, within 90 days of audit completion, a detailed report of audit findings and conclusions. Repeals certain limitations placed upon such audit. Instructs the Comptroller General to 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. Prescribes audit contents, including: (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.
Bill Text
We don't have the full text on file for this bill yet.
Read HR 459 on the official United States source →Action History
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Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 580.
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Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
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Received in the Senate.
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The title of the measure was amended. Agreed to without objection.
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Motion to reconsider laid on the table Agreed to without objection.
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On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 327 - 98 (Roll no. 513).
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Considered as unfinished business. (consideration: CR H5224-5225)
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At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
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DEBATE - The House resumed debate on H.R. 459, as amended.
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DEBATE - The House proceeded with forty minutes of debate on H.R. 459.
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Considered under suspension of the rules. (consideration: CR H5150-5162; text of measure as reported in House: CR H5150)
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Mr. Issa moved to suspend the rules and pass the bill, as amended.
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Placed on the Union Calendar, Calendar No. 441.
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Committee on Financial Services discharged.
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Referred sequentially to the House Committee on Financial Services for a period ending not later than July 18, 2012 for consideration of such provisions of the bill and amendment as fall within the jurisdiction of that committee pursuant to clause 1(h) of rule X.
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Reported (Amended) by the Committee on Oversight and Government Reform. H. Rept. 112-607, Part I.
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Ordered to be Reported (Amended) by Voice Vote.
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Committee Consideration and Mark-up Session Held.
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Referred to the Subcommittee on Government Organization, Efficiency, and Financial Management .
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Referred to the House Committee on Oversight and Government Reform.
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Sponsor introductory remarks on measure. (CR E128)
Sponsors
- Ron Paul · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 0 co-sponsors · 546 not signed on
Sponsors (1)
- Ron Paul R
Co-sponsors (0)
None.
Not signed on (546)
546 members have not signed on to this bill.
Show all 546 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does HR 459 do?
- Federal Reserve Transparency Act of 2012 - Directs the Comptroller General to: (1) complete, within 12 months of enactment of this Act, the required audit of the Board of Governors of the Federal Reserve System (Board) and of the Federal Reserve Banks; and (2) submit to Congress, within 90 days of audit completion, a detailed report of audit findings and conclusions. Repeals certain limitations placed upon such audit. Instructs the Comptroller General to 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. Prescribes audit contents, including: (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.
- Who sponsors HR 459?
- HR 459 is sponsored by Ron Paul (R).
- What is the current status of HR 459?
- This bill died with 112th Congress. It reached “Introduced” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track HR 459?
- Track HR 459 free on One Click Politics — get push/email alerts when it moves.
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