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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house Passed September 17th, 2014
    Roll Call Vote 333 Yea / 92 Nay
      house Committees
      House Committee on Oversight and Government Reform
      House Committee on Financial Services
    IntroducedJanuary 3rd, 2013

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What is it?

H.R. 24, otherwise known as the Federal Reserve Transparency Act of 2013, is an effort to avoid another financial meltdown (remember 2007-2008?) by auditing the Federal Reserve system (FED). The bill:
  • Taps the Government Accountability Office (GAO) to perform the audit on the FED and its banks
  • Repeals certain provisions that currently outlaw the GAO from auditing the FED's monetary policies
  • Allows the GAO to audit the FED’s transactions with foreign central banks, foreign governments and other organizations.

Impact

The Federal Reserve, the U.S. economy, and the Government Accountability Office.

Cost

$5.00 Million
A CBO cost estimate found that implementing H.R. 24 would increase discretionary spending by $5 million over the 2015-2019

More Information

In Depth:

The last time the FED was audited was when the Dodd-Frank Wall Street Reform and Consumer Protection Act passed in 2010.


With this audit, H.R. 24 aims to ascertain whether or not the U.S. central bank is engaging in safe practices that support a stable economy.


Media:

Sponsoring Rep. Paul Broun (R-GA) Press Release

CBO Cost Analysis

"Audit The Fed" Facebook

(Photo Credit: Wikipedia Contributor TonyTheTiger)

AKA

Federal Reserve Transparency Act of 2014

Official Title

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.