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House committee passes new attempt to 'audit' the Fed

The Committee on Oversight and Government Reform passed H.R. 24, or the "Federal Reserve Transparency Act of 2017" in the House of Representatives.

Under the bill, the U.S. comptroller general would conduct a full audit on the Federal Reserve Board of Governors, as well as the Federal Reserve banks within 12 months after the date of the enactment of the bill.

The comptroller general would then submit a report within 90 days after the audit, with detailed findings and conclusions, as well as recommendations for legislative and administrative actions.

In 2016, another "Audit the Fed" bill, or the Federal Reserve Transparency Act of 2015, was stalled in the Senate when a motion to proceed did not receive the required 60 votes.