Federal Reserve Fiscal Accountability Act of 1998

Summary

Federal Reserve Fiscal Accountability Act of 1998 - Directs the Comptroller General to identify and report to the Congress on those functions and activities of the Board of Governors of the Federal Reserve System (the Board) and of each Federal Reserve bank that are directly related to the establishment and conduct of United States monetary policy. (Sec. 3) Mandates that: (1) after submission of such report all Board and Federal reserve bank expenditures be made only as provided in advance in appropriations Acts; and (2) the Comptroller General submit an annual status report to the Congress on the compliance of the Board and the Federal reserve banks with such requirements. (Sec. 4) Amends the Federal Reserve Act to abolish the Federal reserve bank surplus fund and attendant payments to the Treasury of certain amounts from such funds. Requires each Federal reserve bank to transfer all funds held in such surplus account to the Board for transfer to the Secretary of the Treasury for deposit in the Treasury general fund. Instructs the Comptroller General to determine and report to the Congress the percentage of Federal reserve banks' net earnings that should be deposited annually into the Treasury general fund. (Sec. 5) Mandates: (1) an annual independent audit of each Federal reserve bank; and (2) annual submission of auditors' reports by the Board to the Congress regarding Federal reserve banks' compliance with fee schedule requirements. (Sec. 6) Directs the Board to obtain annual independent audits of the consolidated financial statements of the Federal Reserve System based upon audit reports of the Board and of the Federal reserve banks. (Sec. 7) Applies specified Federal procurement procedures to the Board and the Federal reserve banks as if they were executive agencies. (Sec. 8) Makes the transportation of paper checks in the clearing process a service covered by the Federal reserve banks' fee schedule. Modifies fee schedule guidelines to require that fees be established in each fiscal year (current law states "over the long run").

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 10 June 1998

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 10 June 1998

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• Introduced in Senate

  summary · EN · 10 June 1998

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