H.R. 1207: Federal Reserve Transparency Act of 2009 was introduced on February 26 and now has 109 cosponsors.
In brief, HR1207: “Directs the Comptroller General to complete, before the end of 2010, an audit of the Board of Governors of the Federal Reserve System and of the federal reserve banks, followed by a detailed report to Congress.”
Congressman Paul entered this bill after the head of the Federal Reserve recently told a congressional hearing that they would NOT account for how $2 Trillion in loans were allocated.
Currently the bill is in the House Committee on Financial Services.
Senate bill 604 Federal Reserve Sunshine Act of 2009, introduced March 16 by Sen. Bernard Sanders [I-VT] is similar and would amend title 31, United States Code (U.S.C.), to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.