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HR 459 - Federal Reserve Transparency Act of 2012 - National Key Vote

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Title: Federal Reserve Transparency Act of 2012

Vote Smart's Synopsis:

Vote to pass a bill that requires the Comptroller General of the United States to perform an audit of the Federal Reserve System.

Highlights:

  • Requires the Comptroller General of the United States to audit the Board of Governors of the Federal Reserve System and the Federal Reserve banks within 1 year of the enactment date of this bill (Sec. 2).
  • Requires the Comptroller General of the United States to present a report of the audit, including any administrative or legislative recommendations, to Congress within 90 days of the date the audit was completed (Sec. 2).
  • Requires the Comptroller General of the United States to conduct an audit, within 6 months of the enactment date of this bill, of the Federal Reserve's review of loan files of homeowners in foreclosure in 2009 or 2010 that was required as part of the Federal Reserve's enforcement actions against financial institutions (Sec. 3).

NOTE: THIS LEGISLATION NEEDED A TWO-THIRDS MAJORITY VOTE TO PASS

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