[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 145 Introduced in House (IH)]

103d CONGRESS
  1st Session
                                H. R. 145

  To authorize and direct the General Accounting Office to audit the 
 Federal Reserve Board, the Federal Advisory Council, the Federal Open 
    Market Committee, and Federal Reserve banks and their branches.


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                    IN THE HOUSE OF REPRESENTATIVES

                            January 5, 1993

 Mr. Crane (for himself, and Mr. Shays) introduced the following bill; 
   which was referred to the Committee on Banking, Finance and Urban 
                                Affairs

_______________________________________________________________________

                                 A BILL


 
  To authorize and direct the General Accounting Office to audit the 
 Federal Reserve Board, the Federal Advisory Council, the Federal Open 
    Market Committee, and Federal Reserve banks and their branches.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, That (a) the 
Comptroller General of the United States shall make, under such rules 
and regulations as he shall prescribe, an audit for each fiscal year of 
the Federal Reserve Board, the Federal Advisory Council, the Federal 
Open Market Committee, and all Federal Reserve banks and their 
branches, including transactions of the system open market account 
conducted through recognized dealers.
    (b) In making the audit required by subsection (a), representatives 
of the General Accounting Office shall have access to books, accounts, 
records, files, and all other papers, things, and property belonging to 
or in use by the entities being audited, including reports of 
examinations of member banks, from whatever source. They shall be 
afforded full facilities for verifying transactions with balances or 
securities held by depositaries, fiscal agents, and custodians of such 
entities.
    (c) The Comptroller General shall, within six months after the end 
of each fiscal year, or as soon thereafter as may be practicable, make 
a report to the Congress on the results of the audit required by 
subsection (a), and he shall make any special or preliminary reports he 
deems desirable for the information of the Congress. A copy of each 
report made under this subsection shall be sent to the President of the 
United States, the Federal Reserve Board, and the Federal Reserve 
banks. In addition to other matters, the report shall include such 
comments and recommendations as the Comptroller General may deem 
advisable, including recommendations for attaining a more economical 
and efficient administration of the entities audited, and the report 
shall specifically show any program, financial transaction, or 
undertaking observed in the course of the audit which in the opinion of 
the Comptroller General has been carried on without authority of law.
    (d) The Comptroller General is authorized to employ such personnel 
and to obtain such temporary and intermittent services as may be 
necessary to carry out the audits required by subsection (a), without 
regard to the provisions of title 5, United States Code, governing 
appointments in the competitive service, and such individuals may be 
paid without regard to the provisions of chapter 51 and subchapter III 
of chapter 53 of such title relating to classification and General 
Schedule pay rates.

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