PSI Sci
New here? Follow the money and the votes · Not sure of your district? Find your U.S. House member · Find your state legislators

H.R. 459: Federal Reserve Transparency Act of 2012

Before you vote › Federal bills

H.R. 459: Federal Reserve Transparency Act of 2012

112th Congress · introduced 2011-01-26 · Finance and Financial Sector · Latest: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 580.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2011-01-26 · official record
  2. Who proposed it: Rep. Paul, Ron [R-TX-14] · what a sponsor is
  3. What happened next: 1 recorded vote in our records. Latest: House roll call 513 (2012): On Motion to Suspend the Rules and Pass, as Amended, HR459 (2012-07-25), Passed. See all
  4. Where it stands now: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 580. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Federal Reserve Transparency Act of 2012

Plain summary

(This measure has not been amended since it was reported to the House on July 17, 2012. The summary of that version is repeated here.) 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.

Congressional Research Service summary (Passed House amended), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Federal Reserve Transparency Act of 2012

Source: Congressional Research Service summary (Passed House amended)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Paul, Ron [R-TX-14] · 274 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Glenn Thompson (R-PA), Tom McClintock (R-CA), Gus M. Bilirakis (R-FL), Michael T. McCaul (R-TX), Michael K. Simpson (R-ID), Adrian Smith (R-NE), Robert J. Wittman (R-VA), Marsha Blackburn (R-TN), Marcy Kaptur (D-OH), Ken Calvert (R-CA), Bill Huizenga (R-MI) and 214 more.

Recorded votes

Sources

Record fed-us-cong112-hr459 · catalog fed-us-congress-bills-cong112 · updated 2026-11-15 by psicol fed-bills-cong112