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(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.
Written by the nonpartisan Congressional Research Service, describing H.R. 459 as passed House amended on Jul 25, 2012. It is not the text of the measure; a later amendment may have changed what it does.
House Jul 25, 2012
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 before the end of 2012, and for other purposes
Passed · Two-thirds required
327 Yea 98 Nay 6 not voting
Crossed both parties 90 of 425 voting members broke with their own party: 89 Democrats, 1 Republican.
DemocratsRepublicansFilled: YeaRing: NayGrey: not voting or present
431 members on this roll call, from the official House record. Party majorities need at least five voting members, so an independent never counts as breaking with a party.
Signing on is not a vote: a member can cosponsor H.R. 459 and vote against it. 55 signed when it was filed.
Showing the first 250 of 274 cosponsors, which is the largest page congress.gov serves.
Organizations that named H.R. 459 in a lobbying disclosure. Only those that cited the bill by number appear, so this is a floor, not a full list.
16 disclosures name this measure. Retrieved from LDA.gov on 2026-10-05. Senate Office of Public Records cannot vouch for the data or analyses derived from these data after the data have been retrieved from LDA.gov.