Summary: Digital Accountability and Transparency Act of 2012 or DATA Act - Title I: Accountability and Transparency in Federal Spending - (Sec. 101) Requires each person, state, local, or tribal government, or any government corporation (recipient) that receives appropriated funds, either directly or through a subgrant or subcontract at any tier, to report at least once quarterly each receipt and use of such funds to the Federal Accountability and Spending Transparency Commission established by this Act. Requires the Commission to: (1) specify deadlines by which a particular receipt or use of federal funds must be reported by a recipient; (2) permit prime awardees to fulfill the reporting requirements on behalf of subawardees, so long as all subaward tiers are reported; and (3) prepopulate its electronic systems with data submitted by specified agencies, permitting recipients either to confirm that prepopulated data is correct or, if it is incorrect, to make corrections. Requires recipients subject to these reporting requirements to register with the Central Contractor Registration database. Requires each executive agency to report at least quarterly to the Commission all federal obligations and expenditures, identifying programs, budget functions, Treasury accounts, and appropriations categories. Directs the Commission to require continuous or automatic reporting to the extent practicable. Requires the Secretary of the Treasury to make similar reports for disbursements of federal funds. Exempts an individual recipient from such reporting requirements if: (1) the total amount of federal funds received does not exceed $100,000 in the current calendar year or fiscal year, or (2) no transaction in which the recipient has received federal funds during the current calendar year or fiscal year has exceeded $24,999. Authorizes the Commission to grant additional exemptions for classes or categories of recipients. Requires the Commission to provide for an inflation adjustment of such dollar thresholds to maintain their constant dollar value. (Sec. 102) Requires the Commission to designate: (1) common data elements for information required to be reported; as well as (2) data reporting standards, including a widely accepted, nonproprietary, searchable, platform-independent computer-readable format. Requires the Commission to publish online all information submitted by recipients and agencies in accordance with the Federal Funding Accountability and Transparency Act of 2006. Directs the Commission to establish a federal accountability portal (a government-wide Internet-based data access system) to: (1) combine information submitted by recipients and agencies with other compilations of information, including information maintained by federal, state, local, and foreign government agencies, or other commercially and publicly available information; (2) permit executive agencies to verify the eligibility and responsibility of recipients and potential recipients with respect to the receipt and use of federal funds; (3) permit executive agencies, Inspectors General (IGs), law enforcement agencies, and appropriate state authorities to track federal awards and recipients to detect and prevent waste, fraud, and abuse; and (4) serve as the primary accountability portal for the entire federal government. Prescribes civil penalties for recipient noncompliance with data reporting requirements. Requires each executive agency to issue guidance that requires every recipient of federal funds under any of its federal awards to use the Commission's common data element or data reporting standard for any information reported to such agency to which the element or standard applies. Requires each executive agency to use data from the website maintained by the Commission under the Federal Funding Accountability and Transparency Act of 2006 (FFATA) to prepopulate any electronic systems maintained by that agency for the submission of reports on the receipt and use of federal funds distributed by it. Requires each executive agency to report to the President, Congress, and the Commission on: (1) any agency-specific financial reporting requirements for fund recipients, (2) every element of information that such recipients must regularly submit, and (3) whether each element or a similar element is already being reported to the Commission by such recipients. Specifies responsibilities of the Director of OMB, the Secretary of the Treasury, and the Administrator of the General Services Administration (GSA) regarding implementation of the required common data element or data reporting standard. (Sec. 103) Amends the FFATA to add requirements that USASpending.gov: (1) publish data in a manner compliant with applicable principles and best practices in the private sector for the publication of open government data; (2) serve as a public portal for federal financial information, all federal awards, and federal expenditures; and (3) make available the published information in a reasonably timely manner using Commission-designated common data elements and data reporting standards. Repeals certain requirements for USASpending.gov use as the source of its data the Federal Procurement Data System, Federal Assistance Award Data System, and Grants.gov. Requires the Commission to publish on USASpending.gov: (1) all information submitted by recipients and agencies under this Act, including aggregate information exempt from recipient reporting requirements, but reported by an Executive agency in the aggregate; and (2) all information contained in the computerized information system maintained by GSA. Eliminates the OMB pilot program to: (1) test the collection and accession of data about subgrants and subcontracts, and (2) determine how to implement a subaward reporting program across the federal government. Transfers from OMB to the Commission the management of USASpending.gov. Title II: Federal Accountability and Spending Transparency Board - (Sec. 201) Establishes the Federal Accountability and Spending Transparency Commission in the executive branch. Transfers to it all functions of the Recovery Accountability and Transparency Board, including its employees. Requires the Commission to audit, investigate, and review the spending of federal funds, giving high priority to funds awarded: (1) without the use of competitive procedures, or (2) to any contractor found to be in violation of the Foreign Corrupt Practices Act of 1977. Requires the Commission to report to appropriate congressional committees on tax expenditures data that includes a description of processes that could be put in place to collect and disseminate such data, and the potential effects of making such data publicly available on the Internal Revenue Service (IRS), taxpayers, and other relevant parties. Requires such report to be publicly available. Requires the Commission to make recommendations to executive agencies on measures to prevent fraud, waste, and abuse relating to federal funds. Authorizes the Commission to enter into contracts with any federal agency (within or outside the executive branch) to enable it to identify waste, fraud, and abuse. Establishes the Federal Accountability and Spending Transparency Advisory Committee. Authorizes appropriations for FY2012-FY2019. (Sec. 203) Makes conforming amendments to the American Recovery and Reinvestment Act of 2009 (ARRA) to terminate the Recovery Accountability and Transparency Board on October 1, 2013. Title III: Additional Provisions - (Sec. 301) Declares that nothing in this Act or the amendments made by it shall be construed to require the disclosure of classified information. (Sec. 302) Amends the Paperwork Reduction Act and the Inspector General Act of 1978 with respect to certain administrative matters under this Act. (Sec. 305) Transfers to the Federal Accountability and Spending Transparency Commission: (1) the authority of the GSA Administrator over the computer information system and the catalog of federal domestic assistance, and (2) the management and control of the Director of OMB over the assistance awards information system. (Sec. 306) Authorizes the Comptroller General (GAO) to perform certain activities in connection with the discharge of audit, evaluation, investigative, and other specified duties. (Sec. 307) Amends the Inspector General Act of 1978 to require classification of Inspector Generals (IGs) of a designated federal entity at a grade, level, or rank designation at or above those of a majority of the entity's senior level executives. Authorizes the Integrity Committee for the Council of the Inspectors General on Integrity and Efficiency to receive, review, and refer all allegations and wrongdoing against the Special Council or the Deputy Special Counsel to the same extent and in the same manner as in the case of an allegation against an IG or an IG office staff member, as long as the Special Counsel recuses himself or herself from considering the allegation. Revises requirements for posting of IG reports and audits on their respective websites. (Sec. 308) Prohibits a federal agency from paying the travel expenses for more than 50 of its employees stationed in the United States for any international conference occurring outside the United States, unless the Secretary of State determines that their attendanceis in the national interest. Requires each federal agency to post on its respective public Internet website quarterly reports, in an electronic searchable format, on each conference for which it paid specified travel expenses during the preceding quarter. Prohibits a federal agency, during FY2012-FY2016, from making or obligating to make expenditures for travel expenses in an aggregate amount greater than 80% of the aggregate amount for FY2010. Directs the Director of OMB to establish guidelinesfor the determination of what expenses constitute travel expenses other than for military travel. Requires military travel expenses to include those involving military combat, the training or deployment of uniformed military personnel, and other expenses determined under those guidelines. Requires each agency to post on its public Internet website specified detailed information on any presentation made by its employee at a conference. Limits an agency's single conference expenditure to $500,000. Declares that nothing in this Act shall be construed to preclude an agency from receiving financial support or other assistance from a foundation or other nonfederal source to pay or defray conference costs exceeding that amount. Prohibits an agency from expending funds on more than one conference sponsored or organized by an organization during any fiscal year, unless the agency is the conference's primary sponsor and organizer.

transparency_act accountability transparency federal spending sec requires person state local tribal government government corporation recipient receives appropriated funds directly subgrant subcontract tier report quarterly receipt use funds established act requires commission specify deadlines particular receipt use federal funds reported recipient permit prime awardees fulfill reporting requirements behalf long tiers reported electronic systems data submitted specified agencies permitting recipients confirm data correct incorrect corrections requires recipients subject reporting requirements register database requires executive agency report quarterly commission federal obligations expenditures identifying programs budget functions treasury accounts appropriations categories directs commission require continuous automatic reporting extent practicable requires secretary treasury similar reports disbursements federal funds exempts individual recipient reporting requirements total federal funds received exceed current calendar year fiscal year transaction recipient received federal funds current calendar year fiscal year exceeded authorizes commission grant additional exemptions classes categories recipients requires commission provide inflation adjustment dollar thresholds maintain constant dollar value sec requires commission designate common data elements information required reported data reporting standards including widely accepted nonproprietary searchable platform independent computer readable format requires commission publish online information submitted recipients agencies accordance federal_funding_accountability transparency act directs commission establish federal accountability portal government wide internet based data access system combine information submitted recipients agencies information including information maintained federal state local foreign government agencies commercially publicly available information permit executive agencies verify eligibility responsibility recipients potential recipients respect receipt use federal funds permit executive agencies inspectors_general igs law enforcement agencies appropriate state authorities track federal awards recipients detect prevent waste fraud abuse serve primary accountability portal entire federal government prescribes civil penalties recipient noncompliance data reporting requirements requires executive agency issue guidance requires recipient federal funds federal awards use commission common data element data reporting standard information reported agency element standard applies requires executive agency use data website maintained commission federal_funding_accountability transparency act electronic systems maintained agency submission reports receipt use federal funds distributed requires executive agency report president congress commission agency specific financial reporting requirements fund recipients element information recipients regularly submit element similar element reported commission recipients specifies responsibilities director omb secretary treasury administrator general_services_administration gsa implementation required common data element data reporting standard sec amends add requirements publish data manner compliant applicable principles best practices private sector publication open government data serve public portal federal financial information federal awards federal expenditures available published information reasonably timely manner commission designated common data elements data reporting standards repeals certain requirements use source data federal assistance award data system requires commission publish information submitted recipients agencies act including aggregate information exempt recipient reporting requirements reported executive agency aggregate information contained computerized information system maintained gsa eliminates omb pilot program test collection accession data subgrants subcontracts determine implement reporting program federal government transfers omb commission management title federal accountability spending transparency board sec establishes executive branch transfers functions recovery accountability transparency board including employees requires commission audit investigate review spending federal funds giving high priority funds awarded use competitive procedures contractor found violation requires commission report appropriate congressional committees tax expenditures data includes description processes place collect disseminate data potential effects making data publicly available internal_revenue_service irs taxpayers relevant parties requires report publicly available requires commission recommendations executive agencies measures prevent fraud waste abuse relating federal funds authorizes commission enter contracts federal agency outside executive branch enable identify waste fraud abuse establishes authorizes appropriations sec makes conforming amendments american_recovery_and_reinvestment_act arra terminate recovery accountability transparency board october title iii additional provisions sec declares act amendments shall construed require disclosure classified information sec amends paperwork reduction act inspector general act respect certain administrative matters act sec transfers authority computer information system catalog federal domestic assistance management control director omb assistance awards information system sec authorizes comptroller general gao perform certain activities connection discharge audit evaluation investigative specified duties sec amends inspector general act require classification igs designated federal entity grade level rank designation majority entity senior level executives authorizes receive review refer allegations wrongdoing deputy special counsel extent manner case allegation office staff member long special_counsel considering allegation revises requirements posting reports audits respective websites sec prohibits federal agency paying travel expenses employees stationed united_states international conference occurring outside united_states secretary state determines national interest requires federal agency post respective public internet website quarterly reports electronic searchable format conference paid specified travel expenses preceding quarter prohibits federal agency fy2012-fy2016 making obligating expenditures travel expenses aggregate greater aggregate fy2010 directs director omb establish determination expenses constitute travel expenses military travel requires military travel expenses include involving military combat training deployment uniformed military personnel expenses determined guidelines requires agency post public internet website specified detailed information presentation employee conference limits agency single conference expenditure declares act shall construed preclude agency receiving financial support assistance foundation nonfederal source pay defray conference costs exceeding prohibits agency expending funds conference sponsored organized organization fiscal year agency conference primary sponsor organizer


Summary: Rebuilding America's Schools Act - Amends the Internal Revenue Code to: (1) extend through 2015 the qualified school construction bond program and the national limitation amounts for bonds issued under the qualified zone academy bond (QZAB) program, (2) allow the issuer of a QZAB to receive a direct payment in lieu of the tax credit for interest payments with respect to such bonds, (3) permit private entities to waive the 10% matching requirement for QZABs, and (4) permit QZAB proceeds to be used for constructing a public school facility in which such an academy is established.

rebuilding america schools act amends internal revenue code extend qualified school construction bond program national limitation amounts bonds issued qualified zone academy bond program allow issuer receive direct payment lieu tax credit interest payments respect bonds permit private entities waive matching requirement permit proceeds constructing public school facility academy established


Summary: Taxpayer Freedom to File Protection Act of 2011 - Prohibits the Secretary of the Treasury from developing or implementing a return-free tax system. Repeals provisions of the Internal Revenue Service Restructuring and Reform Act of 1998 directing the Secretary to develop a return-free tax system.

file protection act prohibits secretary treasury developing implementing return free tax system repeals provisions internal_revenue_service_restructuring reform_act directing secretary develop return free tax system


Summary: Federal Reserve Independence Act - Amends the Federal Reserve Act regarding class A membership on the board of directors of a Federal Reserve Bank to require the Board of Governors of the Federal Reserve System (Federal Reserve Board) to designate members from among persons who are not employed in any capacity by a stockholding bank. Requires the Federal Reserve Board to designate the class B members of such board of directors (class B members represent the public). Prohibits employees of any Federal Reserve Board-regulated entity from serving on the board of directors of any Reserve Bank. Prohibits any employee of the Federal Reserve System or any board member of a Reserve Bank from owning stock or investing in any company regulated by the Federal Reserve Board. Directs the Comptroller General to report annually to Congress to ensure implementation of this Act.

federal_reserve independence act amends federal reserve act class membership board directors federal_reserve_bank require board_of_governors federal_reserve_system federal_reserve_board designate members persons employed capacity bank requires federal_reserve_board designate class members board directors class members represent public prohibits employees federal_reserve_board regulated entity serving board directors prohibits employee federal_reserve_system board member owning stock investing company regulated federal_reserve_board directs comptroller general report annually congress ensure implementation act


Summary: Local Schools and Infrastructure Improvement Act of 2012 - Amends the Internal Revenue Code to allow a second advance refunding of an original tax-exempt private activity bond.

local schools infrastructure improvement act amends internal revenue code allow second advance refunding original tax exempt private activity bond


Summary: Fiscal Responsibility and Spending Control Act - Expresses the sense of the Senate that Congress should: (1) address the rising national debt and long-term fiscal challenges through a bipartisan agreement that significantly corrects our nation's long-term fiscal imbalances, closes the gap between projected revenues and expenditures, ensures U.S. economic security, and enhances future prosperity and growth; (2) reduce the deficit and stabilize the national debt without damaging the economic recovery; (3) consider deficit reduction proposals by leading budget experts and establish a plan that can attract broad bipartisan support; (4) ensure that any plan to address long-term fiscal problems is balanced and provides fundamental reform of the federal tax code along with prudent controls on spending; (5) eliminate tax expenditures that only serve special interests and take aggressive measures to close the tax gap and stop cheating; (6) ensure that the tax code fairly distributes the tax burden and helps American businesses compete in the global marketplace; (7) extend the solvency of Social Security and ensure that no savings are used to meet deficit reduction goals in the remainder of the budget; (8) achieve savings through the elimination or consolidation of duplicative programs and activities while modernizing government procurement practices to reduce waste and leverage better value; and (9) reject efforts to exempt tax breaks for millionaires and special interests from strong pay-as-you-go budgetary rules.

sense senate congress address rising national debt long term fiscal challenges bipartisan agreement significantly corrects nation long term fiscal closes gap projected revenues expenditures ensures economic security enhances future prosperity growth reduce deficit stabilize national debt damaging economic recovery consider deficit reduction proposals leading budget experts establish plan attract broad bipartisan support ensure plan address long term fiscal problems balanced provides fundamental reform federal tax code prudent controls spending eliminate tax expenditures serve special interests aggressive measures close tax gap stop cheating ensure tax code fairly distributes tax burden helps american businesses compete global marketplace extend solvency social_security ensure savings meet deficit reduction goals remainder budget achieve savings elimination consolidation duplicative programs activities modernizing government procurement practices reduce waste leverage better value reject efforts exempt tax breaks millionaires special interests strong pay budgetary rules


Summary: Federal Reserve Transparency Act of 2011 - Directs the Comptroller General to complete, before the end of 2012, 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. Repeals specified limitations on such an audit.

federal_reserve transparency act directs comptroller general complete end audit board_of_governors federal_reserve_system federal reserve banks followed detailed report congress repeals specified limitations audit


Summary: Government Shutdown Prevention Act of 2011 - Declares that, if any regular appropriation bill for a fiscal year does not become law before the beginning of the fiscal year, or a joint resolution making continuing appropriations (continuing resolution) is not in effect: (1) the Secretary of the Treasury shall fully pay principal and interest on the federal debt held by the public; and (2) Social Security, Medicare, and Medicaid benefits shall be fully paid and new enrollees shall be accepted. Declares also that, if the defense appropriations bill has not been enacted, the Department of Defense (DOD) shall operate at 90% of the level of funding for the preceding fiscal year, except for funding for overseas contingencies in Iraq and Afghanistan, which shall be funded at 100% of the preceding fiscal year levels. Authorizes DOD to pay all military personnel at the full level of pay. Requires federal employees of unfunded agencies to: (1) report for business as normal; and (2) be paid, when funding is provided, at 75% of their salaries for the time worked while under the requirements of this Act. Requires DOD civilian employees based in the United States also to be paid at 75% for the same period. Limits Congress and the Executive Office of the President to operation at 50% of the level of funding for the preceding fiscal year during a period that any agency is not funded. Prohibits Members of Congress and the President from receiving salaries or back pay during the period an agency is not funded. Requires all other non-personnel accounts not funded by a regular appropriations bill or a continuing resolution to operate at 2/3 of the level of the preceding fiscal year. Dedicates the use of savings from this reduction to reduce the federal budget deficit. Prohibits expenditure of any funds during such a period to: (1) carry out the Patient Protection and Affordable Care Act, (2) pay for any abortion, or (3) be provided to any nongovernmental organization that promotes or performs abortion.

government shutdown prevention act declares regular appropriation bill fiscal year law beginning fiscal year joint resolution making continuing appropriations continuing resolution effect secretary treasury shall fully pay principal interest federal debt held public social_security medicare medicaid benefits shall fully paid new enrollees shall accepted declares defense appropriations bill enacted department_of_defense dod shall operate level funding preceding fiscal year funding overseas contingencies iraq afghanistan shall funded preceding fiscal year levels authorizes dod pay military personnel level pay requires federal employees unfunded agencies report business normal paid funding provided salaries time worked requirements act requires dod civilian employees based united_states paid period limits congress executive_office president operation level funding preceding fiscal year period agency funded prohibits members congress president receiving salaries pay period agency funded requires non personnel accounts funded regular appropriations bill continuing resolution operate level preceding fiscal year dedicates use savings reduction reduce federal budget deficit prohibits expenditure funds period carry patient_protection affordable care act pay abortion provided nongovernmental organization promotes performs abortion


Summary: Requires the Secretary of the Treasury to establish and administer a new series of U.S. savings bonds to be known as "Buy Back America Bonds," to be used first solely to reduce the amount of foreign-held public debt, and then to reduce other public debt. Sets the redemption date of a Buy Back America Bond at 10 years from the date of issue and its maturity date at 20 years from such date. Requires annual anniversary interest payments, which shall not be includible in gross income under the Internal Revenue Code. Requires such bonds to be issued at face value and in denominations of at least $25. Allows redemption of such a Bond before 10 years if during any fiscal year during which it is outstanding: (1) the federal budget deficit is less than 3% of gross domestic product (GDP), or (2) the public debt is less than 10% of GDP. Limits the holding of a Buy Back America Bond to: (1) U.S. citizens or residents; (2) domestic partnerships, or domestic corporations (not more than 1% of the ownership interest of which is held, directly or indirectly, by a person who is not a U.S. person); or (3) estates or trusts which are U.S. persons, unless there is a trust beneficiary who is not a U.S. person. Permits a Bond to be purchased by or transferred to an individual who provides a valid Social Security account number, not including a taxpayer identification number (TIN) provided by the Internal Revenue Service (IRS).

requires secretary treasury establish administer new series savings bonds known buy america bonds solely reduce foreign held public debt reduce public debt sets redemption date buy america bond years date issue maturity date years date requires annual anniversary interest payments shall includible gross income internal revenue code requires bonds issued face value allows redemption bond years fiscal year outstanding federal budget deficit gross domestic product gdp public debt gdp limits holding buy america bond citizens residents domestic partnerships domestic corporations ownership interest held directly indirectly person person estates trusts persons trust beneficiary person permits bond purchased transferred individual provides valid social_security account number including taxpayer identification number tin provided internal_revenue_service irs


Summary: Federal Reserve Modernization Act of 2012 - Amends the Federal Reserve Act (FRA) to direct the Board of Governors of the Federal Reserve System (Board) and the Federal Open Market Committee (FOMC) to: (1) promote the goal of long-term price stability, and (2) establish metrics to evaluate whether long-term price stability is being achieved. Prescribes procedures for the establishment and evaluation of such metrics. Directs the Board and the FOMC to: (1) make such information available to the public on a website, and (2) report to Congress each time such metrics are set or revised. Directs the Board to include in its semi-annual report to Congress: (1) the results of the evaluation process, (2) whether the goal of long-term price stability is being met, (3) the main monetary policy instruments and strategy used by the Board and the FOMC to achieve long-term price stability, and (4) an analysis of how the policies of the Board and the FOMC are affecting the foreign exchange rate value of the U.S. dollar. Directs the Board to clearly articulate it's lender-of-last-resort policy. Revamps FOMC membership to consist of one representative from each of the Federal Reserve banks (in addition to members of the Board). Directs the FOMC to release meeting transcripts to the public within three years after each meeting. Redesignates the Department of the Treasury stabilization fund as the Special Drawing Rights Fund. Instructs the Secretary of the Treasury to liquidate all property in the Fund (other than Special Drawing Rights) and to use all such amounts to reduce the public debt. Limits the availability of the Fund solely to stabilize exchange rates and arrangements. Repeals the authority of the Secretary to deal in U.S. instruments of credit and securities. Permits only Special Drawing Rights to be deposited into the Fund. Requires funds that would otherwise have been deposited into the Fund to be paid, instead, to the Secretary to reduce the public debt. Amends the FRA to authorize the FOMC, in unusual and exigent circumstances, by the affirmative vote of 2/3 of its members, to grant any Federal Reserve bank emergency authority to buy and sell U.S. debt obligations and revenue bonds in anticipation of the collection of taxes or the receipt of assured revenues by any state or local governmental entity, as well as obligations of, or guaranteed by, a foreign government or agency. Amends the Consumer Financial Protection Act of 2010 to repeal: (1) funding for the Consumer Financial Protection Bureau (CFPB), and (2) the Bureau of Consumer Financial Protection Fund.

amends federal reserve act fra direct board_of_governors federal_reserve_system board federal_open_market_committee fomc promote goal long term price stability establish metrics evaluate long term price stability achieved prescribes procedures establishment evaluation metrics directs board fomc information available public website report congress time metrics set revised directs board include semi annual report congress results evaluation process goal long term price stability met main monetary policy instruments strategy board fomc achieve long term price stability analysis policies board fomc affecting foreign exchange rate value dollar directs board clearly articulate lender resort policy membership consist representative federal_reserve banks addition members board directs fomc release meeting transcripts public years meeting redesignates department_of_the_treasury stabilization fund special_drawing_rights_fund instructs secretary treasury liquidate property fund special drawing rights use amounts reduce public debt limits availability fund solely stabilize exchange rates arrangements repeals authority secretary deal instruments credit securities permits special drawing rights deposited fund requires funds deposited fund paid instead secretary reduce public debt amends fra authorize fomc unusual exigent circumstances affirmative vote members grant federal_reserve bank emergency authority buy sell debt obligations revenue bonds anticipation collection taxes receipt assured revenues state local governmental entity obligations guaranteed foreign government agency amends consumer_financial_protection_act repeal funding consumer_financial_protection_bureau cfpb bureau_of_consumer_financial_protection_fund


Summary: Mortgage Modification Outreach Act - Requires the Comptroller of the Currency to implement a pilot program to determine the feasibility of requiring residential mortgage loan servicers to use their affiliated national bank consumer banking branches to provide certain information to any of the servicer's residential mortgage borrowers applying for a loan modification. Specifies information relating to: (1) all relevant contact information for the borrower's single point of contact in connection with a loan modification application; and (2) the address of a nearby location where the borrower may copy, fax, scan, transmit by overnight delivery, or mail or email documents to the borrower's customer service representative or the borrower's single point of contact at the servicer.

mortgage modification outreach act requires comptroller currency implement pilot program determine feasibility requiring residential mortgage loan servicers use affiliated national bank consumer banking branches provide certain information servicer residential mortgage borrowers applying loan modification specifies information relating relevant contact information borrower single point contact connection loan modification application address nearby location borrower copy fax scan transmit overnight delivery mail email documents borrower customer service representative borrower single point contact servicer


Summary:
Audit The Fed Act of 2013 - Repeals the authority of the Comptroller General (GAO) to carry out an onsite examination of an open insured bank or bank holding company only if the appropriate federal regulatory agency has consented in writing. (Retains the authority of the Comptroller General to audit a federal agency.)

Directs the Comptroller General to complete, before the end of 2014, 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.

audit fed act repeals authority comptroller_general gao carry onsite examination open insured bank bank holding company appropriate federal regulatory agency consented writing retains authority comptroller_general audit federal agency directs comptroller general complete end audit board_of_governors federal_reserve_system federal_reserve_banks followed detailed report congress


Summary: Provides that bond arbitrage requirements shall not apply to an issue of bonds that were partially defeased (made void) if: (1) such bonds are redeemed by the governmental issuer within 90 days of the sale of the escrow securities, and (2) any net profit remaining after the proceeds of the sale of the escrow securities have been applied to such redemption is used by the issuer for an essential governmental function within 12 months of such redemption. Makes this waiver applicable to bonds issued on January 4, 1990, that were partially defeased on July 19, 1996, with revenues of a municipally-owned electric and water system.

provides bond arbitrage requirements shall apply issue bonds partially void bonds redeemed governmental issuer days sale escrow securities net profit remaining proceeds sale escrow securities applied redemption issuer essential governmental function months redemption makes waiver applicable bonds issued january partially july revenues municipally owned electric water system


Summary:
Dollar Bill Act of 2013 - Directs the Board of Governors of the Federal Reserve System (Board) to: (1) designate a "Target Week"; (2) employ a random process to select a specific day, hour, minute, and second during such Target Week as "Target Moment" (which shall not be publicly disclosed); (3) make the value of the U.S. dollar at the Target Moment equal to the price of gold on the exchange operated by the Commodities Exchange, Inc. (COMEX) of the New York Mercantile Exchange, Inc.; and (4) maintain the value of the U.S. dollar within plus or minus 2% of such price ("Target Range") thereafter.

Instructs the Board maintain the value of the United States dollar within the Target Range directly, via open market operations, and not indirectly, as in the current practice of targeting the Federal Funds rate.

Requires the Board to use its banking and bank regulatory powers to maintain and promote stable and effective financial markets during and after the transition to a defined value for the U.S. dollar.

Entitles all entities that depreciate capital assets for tax purposes to 100% expensing of all capital investment for tax purposes in the year that the investment is made.

Requires the Congressional Budget Office (CBO), in addition to the scoring CBO will do of the tax changes provided in this Act, to calculate the impact on federal revenues on a present value basis.

Amends the Federal Reserve Act to remove Federal Reserve Bank authority to pay earnings on reserves.

dollar directs board_of_governors federal_reserve_system board designate employ random process select specific day hour minute second target week target moment shall publicly disclosed value dollar equal price gold exchange operated maintain value dollar plus minus price target range instructs board maintain value united_states dollar directly open market operations indirectly current practice targeting federal funds rate requires board use banking bank regulatory powers maintain promote stable effective financial markets transition defined value dollar entitles entities capital assets tax purposes expensing capital investment tax purposes year investment requires congressional_budget_office cbo addition scoring cbo tax changes provided act calculate impact federal revenues present value basis amends federal_reserve_act remove federal_reserve_bank authority pay earnings reserves


Summary:
Prohibits the use of federal funds to purchase or guarantee obligations of, issue lines of credit to, or provide direct or indirect grants-in-aid to any state, municipal, local, or county government which, on or after January 1, 2013, has filed for bankruptcy, has defaulted on its obligations, is at risk of defaulting, or is likely to default, without such federal assistance if such purchase, guarantee, extension of credit, or grant is made to assist the government in: (1) avoiding defaulting on the payment of principal or interest due on an obligation of the government, or (2) curing such a default.

Prohibits the Secretary of the Treasury from using, directly or indirectly, general fund revenues or borrowed funds to purchase or guarantee, for the same purposes, any asset or obligation of any such state, municipal, local, or county government.

Prohibits the Board of Governors of the Federal Reserve System from: (1) providing or extending to, or authorizing with respect to, such a state, municipal, local, or county government, or other entity with taxing authority or bonding authority, for the same purposes, any funds, loan guarantees, credits, or any other financial instrument or other authority, including bond purchases; or (2) otherwise assisting such a government entity, for the same purposes, under any Board authority.

Waives the application of this Act for federal assistance provided in response to a natural disaster.

prohibits use federal funds purchase guarantee obligations issue lines credit provide direct indirect grants aid state municipal local county government january filed bankruptcy defaulted obligations risk defaulting likely default federal assistance purchase guarantee extension credit grant assist government avoiding defaulting payment principal interest obligation government curing default prohibits secretary treasury directly indirectly general fund revenues borrowed funds purchase guarantee purposes asset obligation state municipal local county government federal_reserve_system providing extending authorizing respect state municipal local county government entity taxing authority bonding authority purposes funds loan guarantees credits financial instrument authority including bond purchases assisting government entity purposes board authority waives application act federal assistance provided response natural disaster


Summary: Save Access to a Valuable Investment Needed to Generate Savings Act of 2013 or the SAVINGS Act - Directs the Secretary of the Treasury to: (1) allow individual taxpayers an option to purchase U.S. savings bonds in paper form with a portion or all of a tax refund during the period ending on December 31, 2018; or (2) implement an alternative option that allows for the gifting of U.S. savings bonds, serves the unbanked, and retains the ability to sign-up on the return of tax.

valuable investment needed generate savings act savings act directs secretary treasury allow individual taxpayers option purchase savings bonds paper form portion tax refund period ending december implement alternative option allows savings bonds serves retains ability sign return tax


Summary: Federal Employees Responsible Investment Act - Establishes the Corporate Responsibility Stock Index Fund as an investment option under the Thrift Savings Fund. Directs the Federal Retirement Thrift Investment Board to select a minimum of one index for such Fund comprised of stocks that have been analyzed and selected using basic criteria, including corporate governance, environmental practices, workplace relations and benefits, product safety and impact, international operations and human rights, involvement with repressive regimes, and community relations.

corporate responsibility stock index fund investment option thrift_savings_fund directs federal_retirement_thrift_investment_board select minimum index fund comprised stocks analyzed selected basic criteria including corporate governance environmental practices workplace relations benefits product safety impact international operations human rights involvement repressive regimes community relations


Summary:
USAccounts: Investing in America's Future Act of 2014 - Establishes in the Treasury the USAccount Fund to make contributions to accounts known as USAccounts, which are established under this Act for each child of a taxpayer qualifying for the child tax credit who has not attained age 17. Provides for an initial government contribution of $500 to a USAccount, private contributions up to $2,000, and government matching contributions up to $500 in a calendar year. Allows tax-exempt distributions from USAccounts for higher education expenses and for funding individual retirement plans of a qualifying child.

Establishes in the executive branch a USAccount Fund Board to manage investments in the USAccount Fund.

Amends the Internal Revenue Code to: (1) exempt the USAccount Fund and USAccounts from income taxation, and (2) increase the amount of the child tax credit by the applicable USAccount contribution amount.

investing america future act establishes treasury contributions accounts known established act child taxpayer qualifying child tax credit attained age provides initial government contribution private contributions government matching contributions calendar year allows tax exempt distributions higher education expenses funding individual retirement plans qualifying child establishes executive branch manage investments amends internal revenue code exempt income taxation increase child tax credit applicable contribution


Summary:
Prohibits the use of federal funds to purchase or guarantee obligations of, issue lines of credit to, or provide direct or indirect grants-and-aid to any state, municipal, local, or county government which, on or after January 26, 2011, has defaulted on its obligations, is at risk of defaulting, or is likely to default, without such federal assistance.

Prohibits the Secretary of the Treasury from using, directly or indirectly, general fund revenues or borrowed funds to purchase or guarantee any asset or obligation of any such state, municipal, local, or county government.

Prohibits the Board of Governors of the Federal Reserve System from: (1) providing or extending to, or authorizing with respect to, such a state, municipal, local, or county government, or other entity with taxing authority or bonding authority, any funds, loan guarantees, credits, or any other financial instrument or other authority, including bond purchases; or (2) otherwise assisting such a government entity under any Board authority.

Waives the application of this Act for federal assistance provided in response to a natural disaster.

prohibits use federal funds purchase guarantee obligations issue lines credit provide direct indirect grants aid state municipal local county government january defaulted obligations risk defaulting likely default federal assistance prohibits secretary treasury directly indirectly general fund revenues borrowed funds purchase guarantee asset obligation state municipal local county government federal_reserve_system providing extending authorizing respect state municipal local county government entity taxing authority bonding authority funds loan guarantees credits financial instrument authority including bond purchases assisting government entity board authority waives application act federal assistance provided response natural disaster


Summary:
Federal Reserve Single Mandate Act of 2013 - Amends the Federal Reserve Act to eliminate maximum employment and stable prices as goals for the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to promote in maintaining long run growth of monetary and credit aggregates. Replaces such goals with long-term price stability and a low rate of inflation. (Retains the current third goal of moderate long-term interest rates.)

Requires the Board to: (1) establish an explicit numerical definition of the term "long-term price stability," and (2) maintain monetary policy that effectively promotes such long-term price stability.

federal_reserve single mandate act amends federal reserve act eliminate maximum employment stable prices goals board_of_governors federal_reserve_system federal_open_market_committee promote maintaining long run growth monetary credit aggregates replaces goals long term price stability low rate inflation retains current goal moderate long term interest rates requires board establish explicit numerical definition term long term price stability maintain monetary policy effectively promotes long term price stability


Summary:
Federal Reserve Modernization Act of 2013 - Amends the Federal Reserve Act (FRA) to direct the Board of Governors of the Federal Reserve System (Board) and the Federal Open Market Committee (FOMC) to: (1) promote the goal of long-term price stability, and (2) establish metrics to evaluate whether long-term price stability is being achieved.

Prescribes procedures for the establishment and evaluation of such metrics.

Directs the Board and the FOMC to: (1) make such information available to the public on a website, and (2) report to Congress each time such metrics are set or revised.

Directs the Board to include in its semiannual report to Congress: (1) the results of the evaluation process, (2) whether the goal of long-term price stability is being met, (3) the main monetary policy instruments and strategy used by the Board and the FOMC to achieve long-term price stability, and (4) an analysis of how the policies of the Board and the FOMC are affecting the foreign exchange rate value of the U.S. dollar.

Directs the Board to clearly articulate its lender-of-last-resort policy.

Revamps FOMC membership to consist of one representative from each of the Federal Reserve banks (in addition to members of the Board).

Directs the FOMC to release meeting transcripts to the public within three years after each meeting.

Redesignates the Department of the Treasury stabilization fund as the Special Drawing Rights Fund. Instructs the Secretary of the Treasury to liquidate all property in the Fund (other than Special Drawing Rights) and to use all such amounts to reduce the public debt.

Limits the availability of the Fund solely to stabilize exchange rates and arrangements. Repeals the authority of the Secretary to deal in U.S. instruments of credit and securities. Permits only Special Drawing Rights to be deposited into the Fund. Requires funds that would otherwise have been deposited into the Fund to be paid, instead, to the Secretary to reduce the public debt.

Amends the FRA to authorize the FOMC, in unusual and exigent circumstances, by the affirmative vote of two-thirds of its members, to grant any Federal Reserve bank emergency authority to buy and sell U.S. debt obligations and revenue bonds in anticipation of the collection of taxes or the receipt of assured revenues by any state or local governmental entity, as well as obligations of, or guaranteed by, a foreign government or agency.

Amends the Consumer Financial Protection Act of 2010 to repeal: (1) funding for the Consumer Financial Protection Bureau (CFPB), and (2) the Bureau of Consumer Financial Protection Fund.

amends federal reserve act fra direct board_of_governors federal_reserve_system board federal_open_market_committee fomc promote goal long term price stability establish metrics evaluate long term price stability achieved prescribes procedures establishment evaluation metrics fomc information available public website report congress time metrics set revised directs board include semiannual report congress results evaluation process goal long term price stability met main monetary policy instruments strategy board fomc achieve long term price stability analysis policies board fomc affecting foreign exchange rate value dollar directs board clearly articulate lender resort policy membership consist representative federal_reserve banks addition members board directs fomc release meeting transcripts public years meeting stabilization fund special_drawing_rights_fund instructs secretary treasury liquidate property fund special drawing rights use amounts reduce public debt limits availability fund solely stabilize exchange rates arrangements repeals authority secretary deal instruments credit securities permits special drawing rights deposited fund requires funds deposited fund paid instead secretary reduce public debt amends fra authorize fomc unusual exigent circumstances affirmative vote thirds members grant federal_reserve bank emergency authority buy sell debt obligations revenue bonds anticipation collection taxes receipt assured revenues state local governmental entity obligations guaranteed foreign government agency amends consumer financial protection act repeal funding consumer_financial_protection_bureau cfpb bureau_of_consumer_financial_protection_fund


Summary:
Basel III Commonsense Approach for Small Entities Act or Basel III CASE Act - Directs the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency, before issuing any final rule in relation to proposals they have issued for the International Basel III agreement on general risk-based capital requirements, to conduct an empirical study that includes: (1) a quantitative analysis of the rule's impact on the U.S. financial services sector, specifically community, mid-size, and regional financial institutions; and (2) a determination of the long-term impact of the rule, including changes to the current risk weight framework.

Allows any financial institution to provide information for the study voluntarily upon agency request, but prohibits agencies from requiring it.

Requires the study to be made available to the public for notice and comment.

board_of_governors federal_reserve_system federal_deposit_insurance_corporation fdic office_of_the_comptroller_of_the_currency issuing final rule relation proposals issued international basel iii agreement general risk based capital requirements conduct empirical study includes quantitative analysis rule impact financial services sector specifically community mid size regional financial institutions determination long term impact rule including changes current risk weight framework allows financial institution provide information study voluntarily agency request prohibits agencies requiring requires study available public notice comment


Summary: Sound Money Promotion Act - Exempts gold and silver coins declared to be legal tender by the federal government or any state government from taxation.

sound money promotion act exempts gold silver coins declared legal tender federal government state government taxation


Summary:
Requires the President, by May 15, 2013, to submit to Congress a qualifying sequester replacement plan proposing to cancel permanently at least $85.333 billion of budgetary resources available for FY2013 from any discretionary appropriations or direct spending account. Requires further that:

 up to $42.666.500 billion of budgetary resources be cancelled from defense spending (budget function 050); any cancellation of such budgetary resources comply with the policies under and consistent with amounts authorized in the National Defense Authorization Act for Fiscal Year 2013 (NDAA FY2013); the cancellation is not implemented through changes to programs or activities contained in the Internal Revenue Code, or increases governmental receipts, offsetting collections, or offsetting receipts; any cancellation of budgetary resources in a non-defense spending account may not be offset against an increase in another such account; and the proposed cancellation reduces outlays by at least $82.500 billion by the end of FY2018. Sets forth requirements for expedited consideration of a joint resolution of disapproval in both chambers of the qualifying sequester replacement plan.

Requires the President, if the joint resolution of disapproval is not enacted within seven calendar days after May 15, 2013, to cancel: (1) any sequestration order issued under the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) for enforcement of a specified budget goal, and (2) the budgetary resources submitted in the qualifying sequester replacement plan.

requires president submit congress qualifying sequester replacement plan proposing cancel permanently billion budgetary resources available fy2013 discretionary appropriations direct spending account requires billion budgetary resources cancelled defense spending budget function cancellation budgetary resources comply policies consistent amounts authorized national_defense_authorization_act fiscal year ndaa fy2013 cancellation implemented changes programs activities contained internal revenue code increases governmental receipts offsetting collections offsetting receipts cancellation budgetary resources non defense spending account offset increase account proposed cancellation reduces outlays billion end fy2018 sets forth requirements expedited consideration joint resolution disapproval chambers qualifying sequester replacement plan requires president joint resolution disapproval enacted seven calendar days cancel sequestration order issued balanced_budget emergency deficit control act gramm rudman hollings act enforcement specified budget goal budgetary resources submitted qualifying sequester replacement plan


Summary: Community Bank Preservation Act of 2014 - Amends the Federal Reserve Act to require that membership on the Board of Governors of the Federal Reserve include at least one person with demonstrated experience working in or supervising community banks having less than $10 billion total assets.

amends federal reserve act require membership board_of_governors federal_reserve include person demonstrated experience working supervising community banks having billion total assets


Summary:
Rate of Average Time Execution Act of 2015 or the RATE Act of 2015

Amends the Federal Reserve Act to direct the Board of Governors of the Federal Reserve System to collect, publish, and keep current a set of indices, meeting specified criteria, that report the rate for dollar-denominated loans of various maturities.

rate average time execution act rate act amends federal_reserve_act direct board_of_governors federal_reserve_system collect publish current set indices meeting specified criteria report rate dollar denominated loans maturities


Summary:
Save Access to a Valuable Investment Needed to Generate Savings Act of 2015 or the SAVINGS Act

Directs the Department of the Treasury to: (1) allow individual taxpayers an option to purchase U.S. savings bonds in paper form with a portion or all of a tax refund during the period ending on December 31, 2020; or (2) implement an alternative option that allows for the gifting of U.S. savings bonds, serves the unbanked, and retains the ability to sign-up on the return of tax.

valuable investment needed generate savings act savings act directs department_of_the_treasury allow individual taxpayers option purchase savings bonds paper form portion tax refund period ending december implement alternative option allows savings bonds serves retains ability sign return tax


Summary:
Bailout Prevention Act of 2015

This bill amends the Federal Reserve Act, with respect to the discounting of obligations arising out of actual commercial transactions, to declare a borrower ineligible to borrow from any emergency lending program or facility unless the Board of Governors of the Federal Reserve System and all federal banking regulators with jurisdiction over the borrower certify that, at the time the borrower initially borrows under the program or facility, the borrower is not insolvent.

A borrower shall be deemed insolvent for such purposes if it is a bridge financial company (organized by the Federal Deposit Insurance Corporation [FDIC] to resolve a covered financial company) or a bridge depository institution (a new national bank or federal savings association organized by the FDIC to assume the deposits of one or more insured depository institutions that are in default or in danger of default).

 The annual (penalty) interest rate for emergency lending must be at least 500 basis points greater than the cost of borrowing for the United States Treasury for a commensurate loan term.

The Board may create an emergency lending program or facility that does not meet the broad-based eligibility requirement (that at least five companies be eligible to participate in it) or this penalty rate requirement, but only if Congress enacts a joint resolution of approval within 30 days.

The bill reduces from 1 year to 60 days after termination the deadline by which the Government Accountability Office must release a nonredacted version of any audit report on a credit facility of the Federal Reserve System whose authorization has been terminated by the Board.

 The Board must also disclose, 60 days (currently 1 year) after it has terminated the authorization of a credit facility, any information concerning its borrowers and counterparties. In the case of a covered transaction the Board must disclose similar information 60 days after the date on which the covered transaction was conducted (currently the last day of the eighth calendar quarter following the calendar quarter of such transaction). A credit facility, unless otherwise terminated by the Board, shall be deemed to have been terminated 60 days (currently 24 months) after the date on which it ceases to makes extensions of credit and loans.

bailout prevention act bill amends federal_reserve_act respect discounting obligations arising actual commercial transactions declare borrower ineligible borrow emergency lending program facility board_of_governors federal_reserve_system federal banking regulators jurisdiction borrower certify time borrower initially borrows program facility borrower insolvent borrower shall deemed insolvent purposes bridge financial company organized federal_deposit_insurance_corporation fdic resolve covered financial company bridge depository institution new national bank federal savings association organized fdic assume deposits insured depository institutions default danger default annual penalty interest rate emergency lending basis points greater cost borrowing united_states treasury commensurate loan term board create emergency lending program facility meet broad based eligibility requirement companies eligible participate penalty rate requirement congress enacts joint resolution approval days bill reduces year days termination deadline government_accountability_office release version audit report credit facility federal_reserve_system authorization terminated board board disclose days currently year terminated authorization credit facility information concerning borrowers counterparties case covered transaction board disclose similar information days date covered transaction conducted currently day eighth calendar quarter following calendar quarter transaction credit facility terminated board shall deemed terminated days currently months date ceases makes extensions credit loans


Summary:
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Centennial Monetary Commission Act of 2015

 (Sec. 3) This bill establishes the Centennial Monetary Commission to: (1) examine how U.S. monetary policy since the creation of the Federal Reserve Board in 1913 has affected the performance of the U.S. economy in terms of output, employment, prices, and financial stability over time; (2) evaluate various operational regimes under which the Board and the Federal Open Market Committee may conduct monetary policy in terms achieving the maximum sustainable level of output and employment and price stability over the long term; (3) evaluate the use of macro-prudential supervision and regulation and of the lender-of-last-resort function of the Board as tools of monetary policy in terms of achieving the maximum sustainable level of output and employment and price stability over the long term; and (4) recommend a course for U.S. monetary policy going forward.

The Commission shall submit to Congress and make publicly available, by December 1, 2016, a report containing a statement of its findings and conclusions.

(Sec. 8) The Commission shall terminate on June 1, 2017.

measure amended introduced summary expanded action occurred measure sec bill establishes examine monetary policy creation federal_reserve_board affected performance economy terms output employment prices financial stability time evaluate operational regimes board federal_open_market_committee conduct monetary policy terms achieving maximum sustainable level output employment price stability long term evaluate use prudential supervision regulation lender resort function board tools monetary policy terms achieving maximum sustainable level output employment price stability long term recommend course monetary policy going forward commission shall submit congress publicly available december report containing statement findings conclusions sec commission shall terminate june


Summary:
Sound Dollar Act of 2015

 Amends the Federal Reserve Act (FRA) to direct the Board of Governors of the Federal Reserve System (Board) and the Federal Open Market Committee (FOMC) to: (1) pursue the goal of long-term price stability, and (2) establish metrics to evaluate whether long-term price stability is being achieved.

Prescribes procedures for the establishment and evaluation of such metrics.

Directs the Board and the FOMC to: (1) make such information available to the public on a website, and (2) report to Congress each time such metrics are set or revised.

Directs the Board to include in its semiannual report to Congress: (1) the results of the evaluation process, (2) whether the goal of long-term price stability is being met, (3) the main monetary policy instruments and strategy used by the Board and the FOMC to achieve long-term price stability, and (4) an analysis of how the policies of the Board and the FOMC are affecting the foreign exchange rate value of the U.S. dollar.

Directs the Board to clearly articulate its lender-of-last-resort policy.

Revamps FOMC membership to consist of one representative from each of the Federal Reserve banks (in addition to members of the Board).

Directs the FOMC to release meeting transcripts to the public within three years after each meeting.

Redesignates the Department of the Treasury stabilization fund as the Special Drawing Rights Fund. Instructs the Secretary of the Treasury to liquidate all property in the Fund (other than Special Drawing Rights) and to use all such amounts to reduce the public debt.

Limits the availability of the Fund solely to stabilize exchange rates and arrangements. Repeals Treasury authority to deal in U.S. instruments of credit and securities. Permits only Special Drawing Rights to be deposited into the Fund. Requires funds that would otherwise have been deposited into the Fund to be paid, instead, to the Treasury to reduce the public debt.

Amends the FRA to authorize the FOMC, in unusual and exigent circumstances, by the affirmative vote of two-thirds of its members, to grant any Federal Reserve bank emergency authority to buy and sell U.S. debt obligations and revenue bonds in anticipation of the collection of taxes or the receipt of assured revenues by any state or local governmental entity, as well as obligations of, or guaranteed by, a foreign government or agency.

Amends the Consumer Financial Protection Act of 2010 to repeal: (1) Board funding of the Consumer Financial Protection Bureau (CFPB) as determined by the CFPB, and (2) the CFPB Fund.

sound dollar act amends federal_reserve_act fra direct board_of_governors federal_reserve_system board federal_open_market_committee fomc pursue goal long term price stability establish metrics evaluate long term price stability achieved prescribes procedures establishment evaluation metrics fomc information available public website report congress time metrics set revised directs board include semiannual report congress results evaluation process goal long term price stability met main monetary policy instruments strategy board fomc achieve long term price stability analysis policies board fomc affecting foreign exchange rate value dollar directs board clearly articulate lender resort policy membership consist representative federal_reserve banks addition members board directs fomc release meeting transcripts public years meeting stabilization fund special_drawing_rights_fund instructs secretary treasury liquidate property fund special drawing rights use amounts reduce public debt limits availability fund solely stabilize exchange rates arrangements repeals treasury authority deal instruments credit securities permits special drawing rights deposited fund requires funds deposited fund paid instead treasury reduce public debt amends fra authorize fomc unusual exigent circumstances affirmative vote thirds members grant federal_reserve bank emergency authority buy sell debt obligations revenue bonds anticipation collection taxes receipt assured revenues state local governmental entity obligations guaranteed foreign government agency amends consumer financial protection act repeal board funding consumer_financial_protection_bureau cfpb determined cfpb


Summary:
Fed Oversight Reform and Modernization Act of 2015 or the FORM Act of 2015

(Sec. 1) This bill amends the Federal Reserve Act to require the Chairman of the Federal Open Market Committee (FOMC), within 48 hours after the end of a FOMC meeting, to submit to the appropriate congressional committees and the Government Accountability Office (GAO) a Directive Policy Rule, meeting specified criteria, accompanied by a statement identifying the FOMC members voting in its favor.

A Directive Policy Rule shall describe the FOMC strategy or rule for the systematic quantitative adjustment of a Policy Instrument Target to:

 respond to a change in specified Intermediate Policy Inputs, and provide the basis for an Open Market Operations Directive to achieve a specified Policy Instrument Target presented by the FOMC to the Federal Reserve Bank of New York to guide open-market operations. The GAO shall determine if a Directive Policy Rule has materially changed from the rule most recently submitted, and the Chairman of the Board of Governors of the Federal Reserve System (Board) must testify within seven legislative days before certain congressional committees as to why any noncompliance exists.

The GAO must also, upon congressional request, audit the conduct of monetary policy by the Board and the FOMC.

(Sec. 2) A blackout period shall take place starting one week before an FOMC meeting and ending midnight of the day of its completion. During the black-out period only specified public communications are permissible by members and FOMC staff with respect to either macroeconomic or financial developments or about current or prospective monetary policy issues.

(Sec. 4) FMOC membership shall increase from five to six representatives of the Federal Reserve Banks. The selection process for representatives is revised, in part to divide elections from different Banks into odd-numbered and even-numbered calendar years.

(Sec. 5) The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended to require the Board, before adopting sets of conditions for stress tests of nonbank financial companies it supervises and bank holding companies, to: (1) first issue regulations for them, subject to public notice and comment, which shall include methodologies and models used to estimate losses on certain assets; and (2) before publishing them submit copies of such regulations to the GAO and the Panel of Economic Advisors of the Congressional Budget Office.

Stress test requirements used by the Board shall apply to all stress tests performed under the Comprehensive Capital Analysis and Review exercise.

The Board shall also publish:

 the aggregate number of supervisory letters sent since the enactment of this Act to bank holding companies with total consolidated assets of $50 billion or more, and keep this number updated; as well as the aggregate numbers designated "Matters Requiring Attention" and "Matters Requiring Immediate Attention." (Sec. 6) The Federal Reserve Act is further amended to increase from semiannual to quarterly the Board Chairman’s appearances before Congress.

(Sec. 7) The Board's Vice Chairman for Supervision, as part of Board testimony before specified congressional committees, shall report on the status of proposed and anticipated rulemakings. If the Vice Chairman for Supervision position is vacant, the Board's Vice Chairman shall fulfill the statutory requirement for semi-annual testimony.

(Sec. 8) Before issuing any regulation the Board must consider specified economic impacts.

When deciding whether to regulate, the Board must:

 assess the costs and benefits of available regulatory alternatives, and consider a regulation's impact upon certain areas of economic activity. In its final rule the Board must: (1) explain the nature of comments that it received together with a response to them; and (2) make a postadoption impact assessment of the costs, benefits, and intended and unintended consequences of any "major rule" adopted or amended.

(Sec. 9) Board members and employees shall be subject to the same ethics standards, prohibitions, and restrictions as apply to employees of the Securities and Exchange Commission (SEC) with respect to financial interests, transactions, outside employment and activities, and Office of Personnel Management employee responsibilities and conduct regulations.

The Board shall make publicly available on its website a searchable database of all Board members, officers, and employees who receive an annual salary above the annual rate of basic pay for GS-15 of the General Schedule, including yearly salary information and any nonsalary compensation such staff receive.

Each Board member may employ at least two individuals. (Sec. 10) Both the Federal Reserve Act and the Federal Deposit Insurance Act are revised to require the Federal Reserve Board and the Federal Deposit Insurance Corporation Board, respectively, in the process of setting financial standards as a part of any foreign or multinational entity, to solicit public comment and issue public reports, including a notice of agreement.

The Department of the Treasury, the Comptroller of the Currency, and the SEC shall likewise be subject to these same requirements for their participation in similar processes.

(Sec. 11) The authority of the Federal Reserve Board to discount notes, drafts, and bills of exchange secured to a Federal Reserve Bank's satisfaction in unusual and exigent circumstances shall be limited to only those circumstances posing a threat to U.S. financial stability. The affirmative vote of at least nine presidents of the Federal Reserve Banks shall be necessary for a discount decision, in addition to (as under current law) the affirmative vote of five Board members.

Federal Reserve Banks may not accept as collateral for an emergency loan any equity securities issued by the recipient of the loan or of other financial assistance.

No applicant shall be eligible to borrow from any emergency lending program or facility unless the Board and all applicable federal banking regulators certify that the applicant is not insolvent.

The Board, within six months of the enactment of this Act, shall adopt a rule:

 establishing a method for determining the sufficiency of collateral pledged to secure lending, acceptable classes of collateral, the amount of any discount of the lendable value of collateral for a loan that the Federal Reserve Banks will apply to calculate the sufficiency of the collateral, and a method for obtaining independent appraisals of the collateral the Federal Reserve Banks receive. The Board, also within six months of the enactment of this Act, shall by rule establish a minimum interest rate on the principal amount of any emergency loan or financial assistance to a recipient. The applicable minimum interest rate shall be the sum of:

 the most recent 90-day average of the secondary discount rate of all Federal Reserve Banks; plus the most recent 90-day average of the difference between a distressed corporate bond yield index and a bond yield index of debt issued by the United States. The bill limits discounts under the lending program to participants that are financial institutions, excluding federal, state, and local government agencies.

(Sec. 12) The FOMC shall determine the interest rates on balances maintained at a Federal Reserve Bank by or on behalf of a depository institution.

(Sec. 13) The GAO shall audit annually both the Federal Reserve Board and the Federal Reserve Banks within 12 months after enactment of this Act.

(Sec. 14) The Board, shall, as part of its monthly "Industrial Production or Capacity Utilization" statistical release (or any successor release), analyze:

 the impact on the index described in the statistical release because of the operation of the Export-Import Bank; and the amount of foreign industrial production supported by foreign export credit agencies, using the same method used to measure industrial production in the statistical release and scaled to be comparable to the industrial production measurement for the United States. (Sec. 15) The Federal Reserve Act is amended to require that, with respect to the election or designation of Class B and C directors of Federal Reserve District Banks, due consideration be given to the interests of traditionally underserved communities and populations.

(Sec. 16) Centennial Monetary Commission Act of 2015

The bill establishes a Centennial Monetary Commission to examine how U.S. monetary policy since the creation of the Board in 1913 has affected the performance of the U.S. economy in terms of output, employment, prices, and financial stability over time.

(Sec. 17) The Federal Reserve Act is amended to state that the portion of net earnings of each Federal Reserve Bank which remains after dividend claims have been fully met shall no longer be deposited in the Bank's surplus fund but shall be transferred to the Board for transfer to the Treasury general fund. The Federal Reserve Banks shall also transfer all their current surplus funds to the Board for transfer to the Treasury general fund.

(Sec. 18) The FOMC shall record and make available to the public the full transcript of all of its meetings.

fed oversight reform modernization act form act sec bill amends federal_reserve_act require chairman federal_open_market_committee fomc hours end fomc meeting submit appropriate congressional committees government_accountability_office gao directive policy rule meeting specified criteria accompanied statement identifying fomc members voting favor directive policy rule shall describe fomc strategy rule systematic quantitative adjustment respond change specified intermediate provide basis achieve specified presented fomc federal_reserve_bank new_york guide open market operations gao shall determine directive policy rule materially changed rule recently submitted chairman board_of_governors federal_reserve_system board testify seven legislative days certain congressional committees noncompliance exists gao congressional request audit conduct monetary policy board fomc sec blackout period shall place starting week fomc meeting ending midnight day completion black period specified public communications permissible members fomc staff respect macroeconomic financial developments current prospective monetary policy issues sec membership shall increase representatives federal_reserve_banks selection process representatives revised divide elections different banks odd numbered numbered calendar years sec dodd frank wall street reform consumer protection act amended require board adopting sets conditions stress tests nonbank financial companies supervises bank holding companies issue regulations subject public notice comment shall include methodologies models estimate losses certain assets publishing submit copies regulations gao stress test requirements board shall apply stress tests performed comprehensive capital analysis review exercise board shall publish aggregate number supervisory letters sent enactment act bank holding companies total consolidated assets billion number updated aggregate numbers designated matters requiring attention matters requiring immediate attention sec federal_reserve_act amended increase semiannual quarterly board chairman appearances congress sec board vice chairman supervision board testimony specified congressional committees shall report status proposed anticipated rulemakings vice chairman supervision position vacant board vice chairman shall fulfill statutory requirement semi annual testimony sec issuing regulation board consider specified economic impacts deciding regulate board assess costs benefits available regulatory alternatives consider regulation impact certain areas economic activity final rule board explain nature comments received response impact assessment costs benefits intended unintended consequences major rule adopted amended sec board members employees shall subject ethics standards prohibitions restrictions apply employees securities_and_exchange_commission sec respect financial interests transactions outside employment activities office_of_personnel_management employee responsibilities conduct regulations board shall publicly available website searchable database board members officers employees receive annual salary annual rate basic pay general schedule including yearly salary information compensation staff receive board member employ individuals sec federal_reserve_act federal_deposit_insurance_act revised require federal_reserve_board respectively process setting financial standards foreign multinational entity solicit public comment issue public reports including notice agreement department_of_the_treasury comptroller_of_the_currency sec shall likewise subject requirements participation similar processes sec authority federal_reserve_board discount notes bills exchange secured federal_reserve_bank satisfaction unusual exigent circumstances shall limited circumstances posing threat financial stability affirmative vote presidents federal_reserve_banks shall necessary discount decision addition current law affirmative vote board members federal_reserve_banks accept collateral emergency loan equity securities issued recipient loan financial assistance applicant shall eligible borrow emergency lending program facility board applicable federal banking regulators certify applicant insolvent board months enactment act shall adopt rule establishing method determining sufficiency collateral pledged secure lending acceptable classes collateral discount value collateral loan federal_reserve_banks apply calculate sufficiency collateral method obtaining independent appraisals collateral federal_reserve_banks receive board months enactment act shall rule establish minimum interest rate principal emergency loan financial assistance recipient applicable minimum interest rate shall sum recent day average secondary discount rate federal_reserve_banks plus recent day average difference distressed corporate bond yield index bond yield index debt issued united_states bill limits discounts lending program participants financial institutions excluding federal state local government agencies sec fomc shall determine interest rates balances maintained federal_reserve_bank behalf depository institution sec gao shall audit annually federal_reserve_board federal_reserve_banks months enactment act sec board shall monthly industrial production capacity utilization statistical release successor release analyze impact index described statistical release operation export-import_bank foreign industrial production supported foreign export credit agencies method measure industrial production statistical release scaled comparable industrial production measurement united_states sec federal_reserve_act amended require respect election designation class directors consideration given interests traditionally underserved communities populations sec bill establishes examine monetary policy creation board affected performance economy terms output employment prices financial stability time sec federal_reserve_act amended state portion net earnings federal_reserve_bank remains dividend claims fully met shall longer deposited bank surplus fund shall transferred board transfer treasury general fund federal_reserve_banks shall transfer current surplus funds board transfer treasury general fund sec fomc shall record available public transcript meetings


Summary:
Helping Americans Save Act of 2015

Amends the Internal Revenue Code to expand eligibility for the retirement savings tax credit by increasing income eligibility limits. Allows an annual inflation adjustment to such income levels for taxable years beginning after 2015.

Amends title IV, part A (Temporary Assistance for Needy Families) of the Social Security Act to allow the disregard of the value of certain retirement plans for purposes of determining eligibility for programs to assist needy families, social security disability benefits, and low-income home energy assistance.

helping americans save act amends internal revenue code expand eligibility retirement savings tax credit increasing income eligibility limits allows annual inflation adjustment income levels taxable years beginning amends title temporary assistance needy families social security act allow disregard value certain retirement plans purposes determining eligibility programs assist needy families social security disability benefits low income home energy assistance


Summary:
The Full Employment Federal Reserve Act of 2015

This bill amends the Federal Reserve Act with respect to the duty of the Board of Governors of the Federal Reserve System and the Federal Open Market Committee (FOMC) to promote maximum employment and stable prices.

The bill defines "maximum employment" as an economy with an unemployment rate of at most 4% that generally includes a labor market in which median wages are rising with worker productivity, job seekers can find work, and involuntary part-time work is at a minimum.

The Board and the FOMC are also directed to promote a stable rate of inflation (instead of stable prices) as part of long run growth.

bill amends federal_reserve_act respect duty board_of_governors federal_reserve_system federal_open_market_committee fomc promote maximum employment stable prices bill defines maximum employment economy unemployment rate generally includes labor market median wages rising worker productivity job seekers find work involuntary time work minimum board fomc directed promote stable rate inflation instead stable prices long run growth


Summary:
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

(Sec. 1) This bill prohibits the Financial Stability Oversight Council (FSOC) from determining under the Financial Stability Act of 2010 that certain nonbank financial companies shall be supervised by the Board of Governors of the Federal Reserve System and subject to prudential standards until 90 days after:

 the Federal Reserve Board establishes prudential standards for nonbank financial companies, the Federal Reserve Board promulgates criteria for exempting certain types or classes of U.S. or foreign nonbank financial companies from supervision, FSOC reevaluates within 2016 each such determination and rescinds any of them if the nonbank financial company in question no longer meets specified standards, and FSOC reports to Congress its reasons for not rescinding any determination.

measure amended introduced summary expanded action occurred measure sec bill prohibits financial_stability_oversight_council fsoc determining financial stability act certain nonbank financial companies shall supervised board_of_governors federal_reserve_system subject prudential standards days federal_reserve_board establishes prudential standards nonbank financial companies federal_reserve_board promulgates criteria exempting certain types classes foreign nonbank financial companies supervision fsoc determination rescinds nonbank financial company question longer meets specified standards fsoc reports congress reasons rescinding determination


Summary:
Universal Savings Account Act

This bill amends the Internal Revenue Code to allow for the establishment of Universal Savings Accounts. These Accounts shall be tax-exempt and may be opened by any individual who is at least 18 years of age and a U.S. citizen or legal permanent resident. Contributions to these Accounts must be in cash and may not exceed $5,500 (adjusted annually for inflation) in any calendar year. Distributions from a Universal Savings Account are excluded from the gross income of the account holder for income tax purposes.

bill amends internal_revenue_code allow establishment accounts shall tax exempt opened individual years age citizen legal permanent resident contributions accounts cash exceed adjusted annually inflation calendar year distributions excluded gross income account holder income tax purposes


Summary:
Financial Security Credit Act of 2015

This bill amends the Internal Revenue Code to allow an income-based tax credit equal to the lesser of $500 or 50% of the total amount deposited or contributed into designated savings products in a taxable year (financial security credit). A "designated savings product" is a qualified retirement plan, a qualified tuition plan, a Coverdell education savings account, a U.S. savings bond, a certificate of deposit with a duration of at least eight months, a savings account, or other savings product considered appropriate by the Department of the Treasury.

The Internal Revenue Service must notify individual taxpayers who may qualify for a financial security credit that they have the option of an electronic direct deposit if they deposit any portion of their tax refund into a designated savings product.

financial security credit act bill amends internal_revenue_code allow income based tax credit equal lesser total deposited contributed designated savings products taxable year financial security credit designated savings product qualified retirement plan qualified tuition plan coverdell education savings account savings bond certificate deposit duration months savings account savings product considered appropriate treasury internal_revenue_service notify individual taxpayers qualify financial security credit option electronic direct deposit deposit portion tax refund designated savings product


Summary:
No Bailouts for State, Territory, and Local Governments Act

This bill prohibits the use of federal funds to purchase or guarantee obligations of, issue lines of credit to, or provide direct or indirect grants-in-aid to any state (defined to include the District of Columbia and any U.S. territory or possession), municipal, local, or county government that, on or after January 1, 2013, has filed for bankruptcy, has defaulted on its obligations, is at risk of defaulting, or is likely to default, without such federal assistance, if such purchase, guarantee, extension of credit, or grant is made to assist the government in: (1) avoiding defaulting on the payment of principal or interest due on an obligation of the government, or (2) curing such a default.

The Departrment of the Treasury is prohibited from using general fund revenues or borrowed funds to purchase or guarantee, for the same purposes, any asset or obligation of any such state, municipal, local, or county government.

The Board of Governors of the Federal Reserve System is prohibited from: (1) providing or extending to, or authorizing with respect to, such a state, municipal, local, or county government, or other entity with taxing authority or bonding authority, for the same purposes, any funds, loan guarantees, credits, or any other financial instrument or other authority, including bond purchases; or (2) otherwise assisting such a government entity, for the same purposes, under any Board authority.

Such prohibitions shall not apply to federal assistance provided in response to a natural disaster.

bailouts state territory local governments act bill prohibits use federal funds purchase guarantee obligations issue lines credit provide direct indirect grants aid state defined include district_of_columbia territory possession municipal local county government january filed bankruptcy defaulted obligations risk defaulting likely default federal assistance purchase guarantee extension credit grant assist government avoiding defaulting payment principal interest obligation government curing default treasury prohibited general fund revenues borrowed funds purchase guarantee purposes asset obligation state municipal local county government board_of_governors federal_reserve_system prohibited providing extending authorizing respect state municipal local county government entity taxing authority bonding authority purposes funds loan guarantees credits financial instrument authority including bond purchases assisting government entity purposes board authority prohibitions shall apply federal assistance provided response natural disaster


Summary:
Community Bank Preservation Act of 2015

Amends the Federal Reserve Act to require that membership on the Board of Governors of the Federal Reserve include at least one person with demonstrated experience working in or supervising community banks having less than $10 billion total assets.

amends federal_reserve_act require membership board_of_governors federal_reserve include person demonstrated experience working supervising community banks having billion total assets


Summary:
Fed Accountability Act of 2015

This bill amends the Federal Reserve Act to authorize each member of the Board of Governors of the Federal Reserve System to employ and select a maximum of four individuals for the member's staff and set their salaries.

The Board must vote, at a properly noticed public meeting, on whether to resolve any enforcement action if its resolution involves the payment of at least $1 million in compensation, penalties, fines, or other payments.

The results of that vote must be: (1) included in the Board's official minutes, and (2) made publicly available on the Board's website.

fed accountability act bill amends federal_reserve_act authorize member board_of_governors federal_reserve_system employ select maximum individuals member staff set salaries board vote properly public meeting resolve enforcement action resolution involves payment million compensation penalties fines payments results vote included board official minutes publicly available board website


Summary:
Bailout Prevention Act of 2015

This bill amends the Federal Reserve Act, with respect to the discounting of obligations arising out of actual commercial transactions, to declare a borrower ineligible to borrow from any emergency lending program or facility unless the Board of Governors of the Federal Reserve System and all federal banking regulators with jurisdiction over the borrower certify that, at the time the borrower initially borrows under the program or facility, the borrower is not insolvent.

A borrower shall be deemed insolvent for such purposes if it is a bridge financial company (organized by the Federal Deposit Insurance Corporation [FDIC] to resolve a covered financial company) or a bridge depository institution (a new national bank or federal savings association organized by the FDIC to assume the deposits of one or more insured depository institutions that are in default or in danger of default).

 The annual (penalty) interest rate for emergency lending must be at least 500 basis points greater than the cost of borrowing for the United States Treasury for a commensurate loan term.

The Board may create an emergency lending program or facility that does not meet the broad-based eligibility requirement (that at least five companies be eligible to participate in it) or this penalty rate requirement, but only if Congress enacts a joint resolution of approval within 30 days.

The Bank Holding Company Act of 1956 is amended to repeal the authorization for certain financial holding companies to engage in, or own or control shares of a company that is engaged in commodity trading, selling, or investing if certain requirements are met.

bailout prevention act bill amends federal_reserve_act respect discounting obligations arising actual commercial transactions declare borrower ineligible borrow emergency lending program facility board_of_governors federal_reserve_system federal banking regulators jurisdiction borrower certify time borrower initially borrows program facility borrower insolvent borrower shall deemed insolvent purposes bridge financial company organized federal_deposit_insurance_corporation fdic resolve covered financial company bridge depository institution new national bank federal savings association organized fdic assume deposits insured depository institutions default danger default annual penalty interest rate emergency lending basis points greater cost borrowing united_states treasury commensurate loan term board create emergency lending program facility meet broad based eligibility requirement companies eligible participate penalty rate requirement congress enacts joint resolution approval days bank_holding_company_act amended repeal authorization certain financial holding companies engage control shares company engaged commodity trading selling investing certain requirements met


Summary:
Centennial Monetary Commission Act of 2015

 This bill establishes the Centennial Monetary Commission to: (1) examine how U.S. monetary policy since the creation of the Federal Reserve Board in 1913 has affected the performance of the U.S. economy in terms of output, employment, prices, and financial stability over time; (2) evaluate various operational regimes under which the Board and the Federal Open Market Committee may conduct monetary policy in terms achieving the maximum sustainable level of output and employment and price stability over the long term; and (3) recommend a course for U.S. monetary policy going forward.

The Commission shall evaluate as a tool of monetary policy: (1) macro-prudential supervision and regulation, and (2) the lender-of-last-resort function of the Board.

bill establishes examine monetary policy creation federal_reserve_board affected performance economy terms output employment prices financial stability time evaluate operational regimes board federal_open_market_committee conduct monetary policy terms achieving maximum sustainable level output employment price stability long term recommend course monetary policy going forward commission shall evaluate tool monetary policy prudential supervision regulation lender resort function board