PlainBillCongress, translated.Legislation. Context. Public interest.Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 580.
Congressional Research Service
Version 36 · Passed House amended · Jul 25, 2012
(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.
Showing the opening paragraphs of the official summary.
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.
People & committees
Rep. Paul, Ron [R-TX-14] · R–TX
Legislative record
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Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 580.
Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Received in the Senate.
The title of the measure was amended. Agreed to without objection.
Motion to reconsider laid on the table Agreed to without objection.
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).
House roll call 513 · Individual votesPassed/agreed to in House: 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).
House roll call 513 · Individual votesConsidered as unfinished business. (consideration: CR H5224-5225)
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.
DEBATE - The House resumed debate on H.R. 459, as amended.
DEBATE - The House proceeded with forty minutes of debate on H.R. 459.
Considered under suspension of the rules. (consideration: CR H5150-5162; text of measure as reported in House: CR H5150)
Mr. Issa moved to suspend the rules and pass the bill, as amended.
Placed on the Union Calendar, Calendar No. 441.
Committee on Financial Services discharged.
Committee on Financial Services discharged.
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.
Reported (Amended) by the Committee on Oversight and Government Reform. H. Rept. 112-607, Part I.
Reported (Amended) by the Committee on Oversight and Government Reform. H. Rept. 112-607, Part I.
Ordered to be Reported (Amended) by Voice Vote.
Committee Consideration and Mark-up Session Held.
Referred to the Subcommittee on Government Organization, Efficiency, and Financial Management .
Referred to the House Committee on Oversight and Government Reform.
Sponsor introductory remarks on measure. (CR E128)
Introduced in House
Introduced in House
Primary sources
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Source last updated: Dec 5, 2025. Consult Congress.gov for the current record.
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Analyze H.R.459 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.459 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
Examine H.R.459 through a conservative lens, focusing on fiscal responsibility, institutional stability, federalism, and the scope of government. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and any provisions that challenge this perspective.
Examine H.R.459 through a civil-liberties and limited-government lens. Consider individual rights, privacy, voluntary choice, accountability, and government power. Explain tradeoffs, possible safeguards, and the strongest counterarguments without assuming the proposal is beneficial or harmful.